Increase / (Decrease) 2.82 0.70 Total Liabilities - Restated 34,784.91 37,811.27 Equity Total Equity - Previously Reported 63,281.18 62,452.77 Retained Earnings Increase / (Decrease) (3,109.45) (3,041.29

57.14 46.04 24.11 55.05 3.80 112.19 92.22 21.65 Earnings before interest and taxes (EBIT) 26.26 50.45 (47.95) 28.17 (6.78) 54.43 94.82 (42.61) Financial costs 0.03 4.48 (99.33) 0.04 (25.00) 0.07 8.02

company's true earnings from its normal operations. To exclude the assessment of the fair value of net assets and allocation of business acquisition costs as well as the effects of accounting standards, in

major shareholder, the company changed strategy in the business of SSK made SSK earnings improved significantly in the 9 months period of 2017. The gross profit increased 16.72 million baht or 260.44% and

Baht Millions] Q-o-Q Y-o-Y [3Q19 VS. 2Q19] [3Q19 VS. 3Q18] FX: THB/USD 30.4541 31.3450 31.3204 32.6681 Sales Revenue, THB 3,088.3 2,992.8 3,113.9 +3.2% 3,690.4 -16.3% [ Sales Revenue, USD $101.4 $95.5

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 18 Executive Summary Revenue and profit continue to grow primarily from strong rental business performance

domestic tourists and earnings of Thai labor have declined while unemployment rate has been increasing. In addition, whilst private consumption shows some growth but limits in some areas; therefore

Profit (Loss) (16.93) (2.20) 14.73 669.55 Earnings per share (Baht per share) (0.0032) (0.0005) 0.0027 540.00 Net Profit (Loss) The Company and subsidiaries (Consolidated) realized net loss of 16.93

development business. The Company recorded negative earnings before interest and taxes of 584 million Baht (120% of total revenue) in contrast to the 2Q 2018 with profit before finance cost and income tax of

SUBSIDIARY MANAGEMENT DISCUSSION AND ANALYSIS (For the Consolidated Financial Statements of the Year Period Ending December 31, 2018) (1) Overall Operating Results For the year 2018, the total revenue from