-1- AIT (VP-SEC) 005E/2022 21 February 2022 Subject: Management's Discussion and Analysis of Operating Results for the year 2021 and Q4-2021 To: The President of the Stock Exchange of Thailand

. In 2018, the Thai economy has grown at a continuously solid level with a GDP expansion of approximately 4.1% YoY. The growth is attributed to a number of factors, namely 1.) strong export growth

. In 2018, the Thai economy has grown at a continuously solid level with a GDP expansion of approximately 4.1% YoY. The growth is attributed to a number of factors, namely 1.) strong export growth

outbreak. In 1Q20, overall economy was largely affected by the coronavirus disease (COVID- 19) outbreak globally, including the Thai economy, resulting a deep economic deceleration throughout the year. Thai

while revenue from residential projects is expected to increase in 2H19 and accordingly with CPN’s business plan. In 2Q19, growth in the Thai economy decelerated primarily driven by a decline in export

-2841-5925 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2018 comparing operating performance and financial

Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2018 comparing operating performance and financial position for the

Translation (Translation) - 1 - Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot

Microsoft Word - ลำดับที่ 87_12_สน29-49สายงาน.doc (Translation) - 1 - Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 13 Executive Summary Revenue and net profit have growth according to the business plan In 2Q18, the Thai