offering of the newly issued preferred shares to be issued and offered to the existing shareholders in proportion to their shareholdings and to specific investors, disposal of assets, and convening of the

Analysis (MD&A) Page 4 of 14 Financial and Operating Performance in 2Q19 (1) Assets under CPNREIT comprises 5 shopping malls, namely CentralPlaza Rama 2, CentralPlaza Rama 3, CentralPlaza Pinklao (including

the Trade Debt reduction in 3., on April 26, 2017, the Company arranged for another paydown to ACO I in the amount of USD 480,000, or equivalent to THB 16,564,426.67, resulting in the Company’s

interest owed to ACO I is in the amount of USD 3,633,963, or equivalent to THB 125,405,236.71. 4. After the Partial Repayment in 2. and the Trade Debt reduction in 3., on April 26, 2017, the Company arranged

reduction to 241 THB/mmBtu in July (8% below Q2’2020 weighted average) while PTT projected that SPP gas price per unit would continually decline in the rest of the year. LNG Shipper license In Q2’2020

from impairment of assets - (15) - N/A N/A Share of profit of associate and JV 123 21 157 28% 635% Profit/(loss) before finance costs and income tax expense 1,956 (1,579) 806 -59% 151% Finance costs (365

6.8 percent decrease due to the effect of payment reduction by the Social Security Office for the payment paid based on high intensity of diseases (Adj RW> 2) and Qualitative indicators (Complaint and

postpaid segment. This has resulted in a reduction of %marketing expenses to total revenue from 11% in 2016 to 6.3% in 2017. • General admin expenses were Bt12,424mn increasing 5.2% YoY due to higher staff

the reduction in sugar price and related excise tax as well as costs relating to outsource of non-carbonated energy drink production since August 2017. As mentioned above, gross profit margin of

company engaging in the management of hotels and investments in international hotel companies. Over the past four fiscal years (year 2016-2019), the Company’ s consolidated total assets has grown at an