Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s revenues continues to grow primarily from strong rental business performance

Ref. No. IVL 002/05/2019 7 May 2019 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Review Financial Statements and the Management Discussion and Analysis of Indorama

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, decreased of 8.8% with Capital Market business’s comprehensive income at Baht 808 million. Summary of operating performance Unit : Baht million 3Q20 2Q20 % QoQ 3Q19 % YoY 9M20 9M19 % YoY Net Interest income

Securities Companies and Derivatives Intermediaries _____________________________ By virtue of Section 16/6 and Section 113 of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and

Securities Companies and Derivatives Intermediaries _____________________________ By virtue of Section 16/6 and Section 113 of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and

Securities Companies and Derivatives Intermediaries _____________________________ By virtue of Section 16/6 and Section 113 of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2019 Executive Summary The Thai economy in the last quarter in 2019 continued to grow