renovated in 2017, namely CentralPlaza Rama 3. • Strong performances of existing shopping malls, such as CentralPlaza Rama 2, CentralPlaza Pinklao, CentralPlaza WestGate, CentralPlaza Grand Rama 9, and

costs of newly opened malls and renovated projects from 2018 to 2019, namely Central Phuket Floresta, Central i-City, Central Village, CentralWorld, CentralPlaza Chiangrai, CentralPlaza Chonburi

of 20.6% YoY due to the following factors. • Contributions from newly opened food courts in 2018, namely at Central Phuket Floresta, as well as renovated food court opened in 2018 at CentralWorld and

CentralPlaza Mahachai, and in 2018, namely at Central Phuket Floresta, as well as renovated food court opened in 2018 at CentralPlaza Rama 3 • Strong performances of existing food courts both in BMA and

renovated projects in 2019, namely Central i-City, Central Village, CentralWorld, CentralPlaza Chiangrai, CentralPlaza Chonburi, CentralPlaza Ladprao, Central Phuket Festival and CentralFestival Pattaya Beach

renovated to be ready for sale to customers, resulting in higher costs. (3) Gain on Sales of Land and Structures Held for Future Development In 2018, The Company has gain on sales of land held for future

on to the seller’s remaining land. This resulted in shortage of rooms. Moreover, the four other buildings were 19 years old, which had never been renovated. The utility systems were outdated and run

. This resulted in shortage of rooms. Moreover, the four other buildings were 19 years old, which had never been renovated. The utility systems were outdated and run-down. It was then necessary to renovate

upgrade to increase sales area for high- margin products instead of store expansion The Company has successfully minor renovated 3 Index Living Mall stores to increase sales area for high-priced and high

management. Store renovation (Store transformation) Since the COVID-19 situation where stores were closed, the Company has successfully renovated 5 stores of Index Living Mall, including Rama 2, Kaset-Nawamin