Limited Management Discussion and Analysis for the Second Quarter ended 30 June 2017 Page 4/22 improved consumer confidence and income of farm households. These drivers combined to support growth momentum

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

households. These drivers combined to support growth momentum and helped offset the still lingered at a low level of private investment and contracted in public spending. As the momentum from the above

the same period last year, reflecting the concentration of domestic demand. This, combined with structural factors such as the expansion of the global value chain and e-commerce, increased the

TV, print, magazines, etc. , combined with the ongoing development of new products and menu offerings. Additionally, the overall sales revenues increased also because of price adjustments made for the

signs of recovery especially in 4Q17 as evident by the more broad-based recovery from the external sectors to the domestic sectors. With exports registering a growth of 10.0% for the first 11 months of

. Whereas, key raw materials for production of amber glass bottle include cullet, soda ash, sand, and other raw materials. The two components combined make up to 70% of total cost of goods sold where sugar

of recovery especially in 4Q17 as evident by the more broad-based recovery from the external sectors to the domestic sectors. With exports registering a growth of 9.9% for total year 2017 comparing to

issuer has based its forecast. D. Off-Balance Sheet Arrangements Disclose all material off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on the issuer’s

lower transfers of condominium units, and decline in hotel revenue based on market conditions. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Consolidated Financial