1,158 1,102 20.7% (4.8%) NNP - Owner of the parent 1,018 1,356 33.2% 575 682 674 17.2% (1.2%) EBITDA margin (%) 24.7% 28.9% 25.8% 29.2% 28.6% NNP margin (%) 7.6% 10.1% 8.4% 10.3% 9.8% % NNP - Owner of the

% in the previous year (for nine months of 2019 at 49.6% compared to the previous year at 50.5%) as new malls and malls under renovation performed a lower margin compare to existing malls. On a same

decreased 60.9% YoY, cost decreased 25.6% YoY while, gross profit margin stood at 3.4%. Performance of rental and services business Revenue from rental and services In 2Q20, the Company recorded revenue from

Analysis (MD&A) Page 9 of 15 Revenue from rental and services business decreased 60.9% YoY, cost decreased 25.6% YoY while, gross profit margin stood at 3.4%. Revenue from food center services business

%) 72% 2,700 3,175 18% Gross profit margin* (%) 24% 28% 27% (1%) 3% 22% 24% 2% Net profit margin (%) 10% 20% 16% (4%) 6% 14% 16% 2% Q4/2017 and 2017 Financial and Operating Highlights * Exclude costs of

marketin of Stateme h equivalent her receivable elopment cos me n of loans to n of loans re e Assets n associates roperties ding and equ hts and prep rrent Assets Shareholde fts and short- her payables ans

well as maintain the construction cost, the gross profit margin will be relatively high in 2017. II Food & beverages business Total Gross Profit was 307 Million Baht or 45% of revenue which slightly

handover to the customers by Q1 2018; as well as maintain the construction cost, the gross profit margin will be relatively high in 2017. II Food & beverages business Total Gross Profit was 307 Million Baht

as compared to 2Q 2018. The total gross profits margin for the food and beverage business for 2Q 2019 was 53%; as compared to 2Q 2018 of 47%. The Company’s total expenses of 862 million Baht (177% of

closure of additional four Dean & DeLuca stores in the US. The total gross profits margin for the food and beverage business for 3Q 2019 was 47% as compared to 3Q 2018 of 53%. The Company’s total expenses