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Management Discussion and Analysis For six-month period ended June 30, 2020 Bangkok Commercial Asset Management Public Company Limited 99 Surasak Rd., Silom, Bangrak, Bangkok 10500 Thailand Tel: 0

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

recognition from change in a client contract. Expenses analysis Q2 2018 Q2 2019 Increase/(Decrease) 1H 2018 1H 2019 Increase/(Decrease) THB mm THB mm THB mm % THB mm THB mm THB mm % Selling expense 68.4 113.7

Microsoft Word - ACE MDA Q320 - ENG 1 No. ACE-ACC-4/2020 13 November 2020 Subject Management Discussion and Analysis for the period ended 30 September 2020 To President The Stock Exchange of Thailand

Management’s Discussion and Analysis For the Financial Results of Quarter 2 Year 2017 Ended June 30, 2017 1 ABBREVIATION ADB = Asian Development Bank COD = Commercial Operation Date EBITDA = Earnings

Microsoft Word - MD&A Q2-2563_Eng12 Nov 2020 Nov 12, 2020 Subject Management Discussion and Analysis for the period of three months and the period of 1st half ended 30th September 2020 To President

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client lease contract. Expenses analysis  Selling expense during 2019 was THB 325.6 mm, which varies according to income from sales of real estate. The 2019 selling expense accounted for 9.3% of income