Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

million Page 22 5.3 Shareholders’ Equity Analysis As of December 31, 2018, total Shareholders’ Equity were Baht 100,850 million increasing by Baht 13,994 million or 16% from the year 2017. The main reasons

”) reported 2019 total revenue of THB 12,275m, increased by 63% YoY. Major drivers of such growth were 104% increase in revenue from sales of house and condominium together with 27% increase in revenue from

Total sales 195.08 98.93 150.81 99.95 29.35 525.24 98.89 439.43 99.66 19.53 Other revenues 2.11 1.07 0.07 0.05 2,914.29 5.88 1.11 1.51 0.34 289.40 Total revenues 197.19 100.00 150.88 100.00 30.69 531.12

business relating with the main business of the Company, medical device business. Value of consideration : Total value is not exceeding of Baht 305 million, paid by cash and shares of WCI Holding PCL (“WCIH

and buildings with 9 title deeds of total areas of 5-1-05.8 Rai (2,105.08 Square Wah) located at Rop Wiang, Mueang, Chiang Rai from three sellers; Central Land & House Complex Co., Ltd., C P T Hotel and

assets 9. Property, plant and equipment 10. Intangible assets 11. Other assets Total assets Liabilities and shareholders’ equity (Unit:Baht) Consolidated The Company only ( 20..) ( 20..) (20..) (20

Imports of Alloy Steel and Galvanized HRC into Thailand due to strengthening of Thai Baht and removal of Safeguard duties on Alloy Steel in February 2019. The total shipment volume dropped by 40% and

performance as forecasted. In 2Q18 Dusit Thani PCL (“the Company”) reported total revenue of THB 1,125 million, up 3.9% yoy. This growth was driven by the growth in Other Businesses offsetting a slight decrease

-2.3% Other income 7.79 8.03 -0.24 -3.0% 12.82 14.42 -1.60 -11.1% Total revenue 852.18 935.47 -83.29 -8.9% 1,710.98 1,752.33 -41.35 -2.4% Cost of goods sold & service 741.76 802.70 -60.94 -7.6% 1,485.01