equipment, it decreased 23.78 million Baht. Machinery and other assets decreased due to depreciation based on rules and transfer of completed assets during installation to machinery and equipment assets. - 10

of transaction: Lease the shopping mall (partial building and structures, excluding land) and the utilities systems including transfer the Ownership of movable assets. However, the contract of the

13486, including relevant licenses 6,336 square meters 3 76 items of machinery and equipment for the manufacturing business, including relevant licenses - This is to improve the financial position and

contractor’s equipment and meterials manufacture dalay delivery as well because it located in countries which still has serious of COVID- 19 outbreak. Last, due to the government preventive policy, main

million or 48.75%. Income from ownership transfer of housing and condominium units to customers from Mana Patanakarn Co., Ltd., a subsidiary company that operates real estate development business, decreased

and Equipment 151.7 6.1% 130.8 5.7% -20.9 -13.8% Leasehold rights and buildings 1,330.8 53.3% 1,284.4 55.8% -46.4 -3.5%   JAS Asset’s Management Discussion and Analysis for FS2018 Page4/5 31-Dec-17 31

recorded as expenses. Moreover, employees’ expenses increased from the transfer of employees from Asia Capital Group Public Company Limited and extra expenses related to preparation to be listed in the

activities in order to stimulate the sales including payment for specialized business tax and local maintenance tax for real estate ownership transfer which increases from the same quarter of 2018. Also

progress of the Company’s residential projects Project Operated By Project Value (MB) Total Units Sales Progress Cumulative Transferred Value (MB) Start of Transfer in Year No. of Sold Units Million Baht

demonstrates the growth resiliency of CPN’s operating results despite the ongoing major renovation at CentralWorld and the transfer of CentralFestival Pattaya Beach to CPN Retail Growth Leasehold REIT (“CPNREIT