-1- AIT (VP-SEC) 026E/2020 August 10, 2020 Subject: Management's Discussion and Analysis of Operating Results for Q2-2020 To: The President of The Stock Exchange of Thailand Summary of Operations Q2

BMA and provinces with double digit growth, such as CentralPlaza Rama 2, CentralFestival Samui, CentralMarina and CentralPlaza WestGate. Revenue from hotel operations Hotel operations are considered

Xayaburi Power Company Limited, (EGCO holds a 12.50% ownership interest.), is a hydro power plant project, Run-of-River. The project is located in the Laos People’s Democratic Republic (Laos PDR). The

Management 11  Market Risk Management 14  Liquidity Risk Management 16  Operational Risk Management 17  Cyber Risk Management 17  Strategic Risk Management 19 3. Business Directions and Operations of Core

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

book, which are based on its original cost. Non-recurring item CPN has non-recurring items which are excluded in an analysis in 2Q19 and 1H19 comparing to the same period in the previous year as follows

under CPN’s book compared to GLAND’s book, which are based on its original cost. Non-recurring item CPN has non-recurring items during 2019 compared to the previous year as follows: • In 2Q19, CPN

in line with government orders and decrees related to COVID-19. The Company as well received notification from CAAT to temporarily suspend all flight operations since 7 April 2020. In mid of May 2020

Management and Risk Factors 7 2.1 Credit Risk Management 7 2.2 Market Risk Management 7 2.3 Liquidity Risk Management 8 2.4 Cyber Risk Management 8 3. Business Directions and Operations of Core Businesses 9

knowledge-based seminars, namely “Open Doors to Myanmar and Cambodia”, to provide interested SME entrepreneurs with relevant information as guidelines for business operations in these two markets, as well as