E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2019 Thai economic activity in the third quarter of 2019

corporate customers. PASSET’s mutual fund AUM as of 31 December 2018 was Baht 64,618 million with total 29 funds under management consisting of 26 mutual funds and 3 property funds. PASSET’s market share in

by a final judgement in an offense concerning property, only for a cause arising from a deceitful, fraudulent or dishonest act that results in widespread damage, either under Thai or foreign laws; (3

E_1 Legal_FA_2015_12_29-c A HibrWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2018 The Thai economy in the third quarter of 2018 grew at a

to CPN Retail Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 3Q18, the average occupancy rate of CPN’s shopping malls stood at 92%, a

(“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 3Q19, the average occupancy rate of CPN’s domestic shopping malls stood at 92%, equal to the same period of previous year

hedging, once deducting those costs, net gain was Baht 302 million 16 management consisting of 22 mutual funds and 3 property funds. PASSET’s market share in terms of mutual fund was 1.3%. In 2Q18, PASSET’s

management consisting of 22 mutual funds and 3 property funds. PASSET’s market share in terms of mutual fund was 1.3%. In 2Q18, PASSET’s fee income from mutual fund business totaled Baht 123 million. As of 30

. The government spending would still be the crucial driver for Thai Economy, especially the investment in large transportation infrastructure projects such as Double – track railway project and sky train

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4