cost reduction during mall temporary closure which in line with a decrease in revenue. Administrative Expenses Total administrative expenses constituted expenses on personnel, marketing & promotion

from cost reduction during mall temporary closure which in line with a decrease in revenue. Administrative Expenses Total administrative expenses constituted expenses on personnel, marketing & promotion

THB 250 mn, a decrease of 1.1% YoY) in line with the decrease in revenue. Both hotels showed effective cost control in both room and food and beverage management. Cost of sales In 3Q18, CPN reported

expenses related to transference which is in line with a decrease of transfer value, an effective cost management, and together with trimming variable cost such as marketing expenses considering unfavorable

of sales at THB 345 mn, a decrease of 25.9% YoY (for nine months of 2019, costs of sales at THB 704 mn, a decrease of 48.8% YoY). The decrease is in-line with the lower revenue from sales as described

2019, costs of sales at THB 359 mn, an increase of 60.5% YoY). The decrease is in-line with the lower revenue from sales as described earlier. Total admin. expenses stood at THB 1,684 mn, a 17.1

cost control in both room and food and beverage management. Cost of sales In 1Q19, CPN reported costs of sales at THB 75 mn, a decrease of 44.6% YoY. The decrease is in-line with the lower revenue from

December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

profit and loss statement will start to decline since 3Q/2019 onwards due to a decrease in CFC fees, in line with the adjustment of sponsor status from Principal partner to Global partner, which will last

to temporary close shopping malls as well as a decrease in rental expense incurred to CPNREIT for the sublet of Hilton Pattaya. CPN demonstrated prudent cost control measures to be in-line with a