“ The Lofts Ratchathewi” , a luxury condominium project, style loft, with total of 273 units, total project value of over THB 3,600mn. The official presales started on 6-9 September 2019 September Opened

the construction of TAIT 12 – a luxury condominium, located on Sathorn Road, soi 12 Management outlook and future projects Since August 2019 until the beginning of 2020, the Monetary Policy Committee

Major Events in 3Q19 New Retail Development to Become the “Center of Life” CPN celebrated an opening of the first luxury outlet format in Thailand, Central Village, on August 31, 2019. Celebrated an

- the Company has started the transfer of the ESSE Asoke – our first luxury condominium project in December 2018. We can achieve the transfer progress of 29% of total units sold and expect to complete to

in Kenya. Moreover, Elite Havens luxury villa rentals and management has expanded to Goa and Maharashtra, India. Unit: Baht million 2Q20 2Q19 Change 6M20 6M19 Change Hotel business 100 813 -713 -87.7

margins than fashion segment (2) sales discounts given to customers in connection with promotion (3) The increase in proportion of luxury products sold, which have lower gross margins in Italian department

Sales and Marketing: • Revised Sales and Marketing plan underway to better position as Luxury brand • Leveraging new partnership with social media agency to spur interest across multiple platforms which

:  Revised Sales and Marketing plan underway to better position as Luxury brand  Leveraging new partnership with social media agency to spur interest across multiple platforms which has created engagement in

projects, the Lofts Ratchathewi, and an ultra-luxury condominium project in Soi Sukhumvit 38, near BTS station – Thonglor, which is the third joint venture project with Tokyo Tatemono Asia Pte. Ltd. (“TTA

Management Discussion and Analysis 3Q18 and 9M18 P a g e | 2 On 18 September 2018, the Company has taken full control interest in LVM Holdings Pte Ltd which market and manage 220 luxury villas / vacation