Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s revenues continues to grow primarily from strong rental business performance

into this transaction is consistent with the strategic plan in the business operation of the Company, which emphasizes on investment expansion in line with the strategy aiming at growth alongside the PTT

and business opportunities in each individual sector and area across all industries. In parallel, we focused on the development of technological solutions with the aim of becoming “Customers’ Life

stimulus measures. Against this backdrop, KBank has established its business direction primarily by considering the balance of three dimensions – economy, society and environment – under good corporate

construction design. Many projects are gradually completed. Concurrently, many new projects that have been signed into contract or about to be signed which will allow the Company to begin to recognize revenue

shareholders’ meeting of the Company shall have approved the entering into the Transaction; and (2) No change has occurred, which causes a material adverse effect on assets, liabilities, business opportunity

4.3% YoY to THB 1,462mn mainly due to the expansion of hotel business through new hotels launch, through new acquisitions and the contribution from acquired assets under the Entire Business Transfer of

by 29.8% YoY to THB 2,233mn mainly from the expansion of the hotel business through new hotel launches and through new acquisitions • EBITDA and EBITDA margin were THB 509mn and 22.8% respectively

estate developer and its customers. Although overall economy is soft, the Company’s target group of customers can maintain their purchasing power.   For recurring income business, the Company had adjusted

% YoY to THB 6,976mn, preeminently due to full year consolidation of the hotel business in Europe and from acquired assets under the Entire Business Transfer of Unicorn Enterprises Limited (EBT of UE