TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Capital Market Supervisory Board No. Tor

of 100% acquisition of Ordinary Shares of Suburb Estate Company Limited Agenda 3 To approve of ratification of 100% acquisition of Ordinary Shares of Thai Bonnet Trading Zone Company Agenda 4 To

investments by the equity method while lower depreciation due to the change in estimating useful lives of assets at Dusit Thani Manila to reflect the real future economic benefits and in line with the Company’s

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

; however, an increase in selling and administration expenses as a result of the opening of Baan Dusit Thai and consulting expenses for other projects in progress caused the negative impact to EBITDA

V3 22/02/62 14:27 น. 0 V3 22/02/62 14:27 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2018 In 2018 the Thai economy grew by 4.1 percent, up

and according to target. In 2019, Thai economy has decelerated with GDP reported at 2.4% decreased from 4.1% in 2018 as a result of declining in export growth and Baht appreciation. The world-trade

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

V2 30/08/61 14:31 น. 0 V2 30/08/61 14:31 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2018 The Thai economy in the second

in the Universe of ESG 100 securities group of 2018. Results of the Quality Assessment of the Annual General Meeting of Shareholders Thai Investors Association has assessed the Annual General Meeting