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

impacted our EOEG facility at Clear Lake, Texas and lowered HVA and Necessity production by over 45KT during a strong margin environment. Since startup, the plant is performing well into 3Q17 with margins

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 14 Executive Summary CPN’s revenues continues to grow primarily from strong shopping mall performance

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

percent. (Source: Ministry of Tourism and Sports). 3 ASIA’S BOUTIQUE AIRLINE For the overall Thailand tourism industry in 2019 increased only 4.2 percent. Tourists from South Asia region had the highest

) remained strong at 2.21 times, representing the company’s ability to repay its debts.

-to-capital ratio of 11.50%, indicating strong financial status. 6 /8 ( ) Union Textile Industries Public Company Limited : 205 4 . 39.5 10280 . 0 2323 1085..96 : 0 2323 9283 Office & Factory: 205 Moo 4

, the effect of the strong Thai Baht that limited the export performance of the Thai lime industry in general, and the proportionally high cost of combustible fuels Golden Lime Public Company Limited 3

pallet handling 3. 24 hour door-to-door services for customers in Asia Strong relationship with various airline and sea line Important financial information (Unit: Singapore Dollar) Balance Sheet 2018 2017

- term investment) was 0.87 times. Debt service coverage ratio (DSCR) remained strong at 2.25 times, representing the company’s ability to repay its debts.