Broadgate Mutual Fund Brokerage Securities (Thailand) Company Limited Broadgate Mutual Fund Brokerage Securities (Thailand) Company Limited failed to provide a structure for managing, the work system

revenue structure and support sustainable growth strategy. In 2019, CPN progressed with the following new investments. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page

investment driven its business growth compatible with strengthen the revenue structure and support sustainable growth strategy. In 2019, CPN progressed with the following new investments. CPN debut the first

shopping malls and from the Company’s continuous effort to conserve energy and utilities in operations. Hence, the same- store utility cost decreased 8.2% YoY. • Higher maintenance, repair and personnel

year. As a result, same-store utility cost increased 3.2% YoY, which was lower than the increase in electricity Ft rate, and partly down to CPN’s continuous effort to conserve energy usage. Hence, the

partly down to CPN’s continuous effort to conserve energy usage. Hence, the cost-to-revenue ratio is expected to be similar to the magnitude of last year amidst the increasing trend of electricity Ft rate

last year. As a result, same-store utility cost increased only 0.9% YoY, thanks to CPN’s continuous effort to conserve energy usage. Hence, the cost-to-revenue ratio is expected to be similar to the

last year. As a result, same-store utility cost increased only 0.9% YoY, thanks to CPN’s continuous effort to conserve energy usage. Hence, the cost-to-revenue ratio is expected to be similar to the

CPN’s continuous effort to conserve energy and utilities in operations. • Higher maintenance, repair and personnel expenses to support the expansion of new shopping malls. Cost of food center services CPN

decreased 1.3% YoY, thanks to CPN’s continuous effort to conserve energy usage. Hence, the cost-to-revenue ratio is expected to be similar to the magnitude of last year amidst the increasing trend of