Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s revenues continues to grow according to its business plan. In 1Q19, the Thai

expenditure and investment in state enterprises compared to the same period of last year. The reasons are not only regular expenditures according to disbursements that have been accelerated in the previous

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

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 13 Executive Summary Revenue and net profit have growth according to the business plan In 2Q18, the Thai

the country. Public spending contracted compared to the same period last year due to the decreased in both regular and capital expenditures by the central government. In addition, they were disbursed in

for Research and Policy Determination of the Social Security Office, the Project of Central digital platform development to connect social security services to specific insured persons of the Social

the central government cloud of CAT Telecom Public Company. In addition, the important new projects in 2021, such as the Project of information and communication technology Installation of the New

consumption and the improvement of the service sector according to the number of thai and foreign tourists. However, Public expenditure shrinks from both regular expenditure according to central budget

in Information and Communication Technology and the D–ticket Project of State Railway of Thailand. Furthermore, the important new projects in 2021, such as the Storage Purchase Agreement Project for