(Translation) 14th November, 2017 Ref: SET-2017-020 Re: Management's Discussion and Analysis and operating results for the 3rd Quarter 2017 Dear: The President The Stock Exchange of Thailand Filter

quarter, the company has controlled the selling and administrative expenses for more efficiency. However, the Company and its subsidiaries have set aside provision for additional employee benefits at the

excess supply. These factors affect the sales volume and selling price. Therefore has a direct impact on the company's gross profit and net profit. Moreover, the Company and its subsidiaries have set aside

Company and its subsidiaries have controlled the selling and administrative expenses during the year. Moreover, the Company and its subsidiaries have set aside provision in first quarter of the year for the

profit and net profit. Moreover, the Company and its subsidiaries have set aside provision in first quarter for additional employee benefits at the amount of approximately 7.7 million baht in order to

membership of Dow Jones Sustainability Indices (DJSI). CPN is the only property developer company and be one of twelve company in Thailand that has been selected to be a membership of DJSI World for two

receivables 818 731 +12% Inventories 968 812 +19% Other current assets 190 96 +98% Total current assets 2,013 1,731 +16% Property, plant and equipment 2,005 1,781 +13% Investments in joint venture 4 5 -27

% from decreasing of revenue as mentioned. Major Development in 1Q19 On 5 January 2019, the Company closed Dusit Thani Bangkok hotel for the construction of Dusit Central Park project, a mixed-use property

advertising and promotion transactions to impact on total sales reduction and also selling expenses reduction. However, there is no impact on net profit. o CMG : TFRS 15 set a principle to recognize CMG

THB 446mn on capital expenditures and investments, primarily in the purchases of investment properties, property, plant & equipment, long-term financial assets, and acquisition (net of disposal) of