of Hilton Pattaya Hotel with CPNREIT after the transfer of the asset into CPNREIT was completed. Revenue from sales Revenue from sales of real estate comprises the transfer of ownership in residential

THB 887.7mn while that of 1H19 was THB 2,351.6mn. Of which, THB 685.6mn and THB 2,072.0mn, respectively, were from sales of real estate • Gross profit from sales of real estate in 2Q19 was THB 179.1mn

revenue breakdown by business segment First quarter (Unit: Million Baht) 2020 2019 Change Change (%) Revenue from sales of real estate 1,626 3,053 (1,427) (47) Revenue from hotel operations 187 290 (103

Management’s Discussion and Analysis (MD&A) Page 11 of 16 Revenue from sales decreased 35.4% YoY, cost decreased 21.5% YoY while, gross profit margin stood at 28.9%. Performance of real estate business Revenue

absence of revenue from hotel operations. Performance of real estate business Revenue from sales In 2Q20, the Company has residential project for sale which are sold out and transferred 5 projects

at 63.6%, a decrease from 67.9% in the same period of previous year in-line with expectation. Performance of real estate business Revenue from sales In 1Q20, the Company has residential project for

operating revenue breakdown by business segment (Unit: Million Baht) Second quarter 6-month period 2020 2019 Change % 2020 2019 Change % Revenue from sales of real estate 2,233 1,992 241 12 3,859 5,045 (1,186

full-year 2019 was THB  3,624.2mn. Of which, THB  499.0mn and THB 3,055.6mn, respectively, were from sales of real estate (transfer ownership to buyers) • Gross profit from sales of real estate in 4Q

%) Revenue from food center services 169 211 204 21% (4%) Revenue from real estate sales 216 377 142 (34%) (62%) Other income 492 699 577 17% (17%) Total revenues 7,962 9,028 8,719 10% (3%) Excluding non

%) 528 633 20% Revenue from real estate sales 818 485 602 (26%) 24% 2,385 1,229 (48%) Other income 853 563 603 (29%) 7% 1,872 1,743 (7%) Total revenues 9,221 9,201 9,413 2% 2% 26,320 27,330 4% Excluding