. Overall market environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in

environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in investment in construction

million comparing to the net profit of Baht 1 million and Baht 50 million, respectively, in the same period last year. During this pandemic period, the Company has carefully managed the situation in all

financial statements due to an appreciation of the Thai Baht from 3Q17. Other Income increased from the share of profit from investment in DREIT and food business, which the company invested in 1Q18. Total

% 63 (119) -290% Elimination (52) (3) (7) (99) (10) Profit attributable to owners of the Company 993 1,146 1,007 1% -12% 3,076 2,153 -30% Basic earnings per share (Baht) 0.72 0.83 0.73 2.23 1.56 Note: 1

CentralPlaza Mahachai In 2017, the Thai economy continues to expand with the GDP growth of 3.9% compared to 3.2% in 2016. Factors that drive the economy include 1) Growth in exports at 9.9% from the previous

) (112) -102% Profit attributable to owners of the Company 1,174 993 1,316 12% 33% 3,855 4,393 14% Basic earnings per share (Baht) 0.85 0.72 0.96 2.80 3.19 Note: 1/ EBITDA from Refinery Business of the

Limited and its Subsidiaries Management’s Discussion and Analysis for the third quarter of 2017 ended 30 September 2017 Executive Summary For the third quarter of 2017, Thai economy grew more than 3.0

Group 5/ 44 36 (81) -284% -321% 270 24 -91% Others 6/ (76) (72) (61) (113) (190) Profit attributable to owners of the Company 1,060 1,007 1,856 75% 84% 4,137 4,009 -3% Basic earnings per share (Baht) 0.77

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan