three month-period and nine month-period ended September 30, 2019 with details as follow; unit: million baht Items 3-month periods ended 30 September Changes 2018 2019 Amount % Amount % Amount % Revenue

while revenue from residential projects is expected to increase in 2H19 and accordingly with CPN’s business plan. In 2Q19, growth in the Thai economy decelerated primarily driven by a decline in export

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Exchange (Baht 58 million). The Consolidated Net Loss stands at Baht 869 million against Baht 431 million due to drop in sales volume and selling prices. Unit : million Baht Q 3/2019 Q 3/2018 Group Revenues

oil price throughout the quarter, leading to an inventory loss. However, despite the refinery Hydrogen Production Unit and Hydrocracking Unit temporary shut down, refinery’s average crude run remained

) (60.0) (40.0) (20.0) 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 0 200 400 600 800 1,000 1,200 1,400 1,600 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Sales Revenue Unit: Million Baht  Thai

Q3/16 Q2/17 Q3/17 Change +/(-) 9M/16 9M/17 Change +/(-) (Unit: THB million) QoQ YoY 9M Operating revenue 5,176 5,459 4,243 (22%) (18%) 16,214 15,067 (7%) Gross profit 1,046 1,256 1,199 (5%) 15% 3,485

the spread of COVID-19, the company has prepared measures to ensure stability of the electricity and utilities systems, for example: the Business Continuity Plan: BCP, safe house preparation for field

into the next year, close attention should be paid to the timing of the Federal Reserve’s tightening monetary policy under the anticipated new Federal Reserve chairman, the US tax reform plan and the

the company’s strategies and policies on the business continuity management (BCM) and the business continuity plan (BCP), including allocation of resources and budgets to relevant units properly, and