December 2018. In 1Q19, THB 1,238.9mn of The Lofts Asoke project was transferred and recorded as a revenue and the Diplomat 39 project recorded a revenue from transferred of THB 271.3mn. For the future

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

formerly only managed by Vienna House for EUR 8.9mn (THB 347mn). On 1 March 2018, all economic benefits, risks, obligations, and rights attached to the hotel were transferred to the purchaser, while the

transferred in breach of trust. SECTION 41 In managing a trust or delegating any person to manage a trust in accordance with Section 37, if there is any expenses, proceeds or other properties obliged to pay a

know or should not have known that the acquired property has been disposed or transferred in breach of trust. SECTION 41 In managing a trust or delegating any person to manage a trust in accordance with

the person acquired that property did not know or should not have known that the acquired property has been disposed or transferred in breach of trust. SECTION 41 In managing a trust or delegating any

reached 46%. The project is due to complete in 3Q20. • In December, the Company transferred an approximately 20% of total net leasable area (“NLA”) office space at Singha Complex to an anchor tenant and

% in Puncak Berlian Sdn. Bhd. (“PBSB”) and secured a transferred media operation in offices and Malayan Railways from Redberry Sdn. Bhd., increasing its total shareholding in PBSB to 65.0%. Accordingly

), which includes the properties which had been transferred to CPN Retail Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 2Q18, CPN has an average

), 29 food courts, 7 office towers, 2 hotel properties, 1 residential property (totaling 11 units), and 3 real estate properties for sale (totaling 1,227 units), which includes the properties transferred