Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

from operations increased from the last year by Baht 1,347.28 million or 25.90%. We have managed to grow our asset base comfortably at around 7.6%, which is considered to be an appropriate level given

the Glanzstoff acqui- sition in Europe, the acquisition of the balance minority interest (25%) in Trevi- ra as well as the announced projects in China and Indonesia will help grow the HVA portfolio

underpricing of risks. The Thai economy in 2017 is expected to grow by 3-4 percent on the back of exports and tourism, in line with the growth of the trading partners. At the same time, public investment in

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s revenues continues to grow according to its business plan. In 1Q19, the Thai

been. However, in the long term, the Company is confident that it will be able to grow sustainably, as the Company has been operating in accordance with its direction and strategy step by step as planned

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

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

consideration criteria (maximum acquisition value criteria). The transaction is categorized as small transaction, is not required to be disclosed according to the Notification of the Board of Governors of the

Ref Ref. HF 0021 / 2018 February 23rd, 2018 Subject : Notification of the resolution of the Board of Directors No. 1/2018 (Edit) To : Director and Manager of The Stock Exchange of Thailand We, Hwa