Review Panel (“QARP”) First step with confidence Activities for audit quality enhancement Summary of inspection results Next step for stability Conclusion Significant statistical information 3 4 7 8 13 31

market environment. While digital asset businesses are innovative and constantly related to technological advancement and financial innovation, SEC continues to promote the optimal use of digital assets

% YoY. The Company continues to emphasize on effective revenue generation through new shopping malls, enhancement of existing malls, new mixed-use development projects, such as residential development

year 131.9 million Baht or increased by 63% This was because the Company’s cash collection improvement. In the first quarter of 2018, the cash collection was 514.0 million Baht which increased from the

work plans to enhance the quality of financial reporting and audit work. Regarding the enhancement of regulatory frameworks imposed on auditors and audit firms, the Thailand Development Research

investment of THB 281 mn. Asset Enhancement Projects 1) CentralWorld started a phase-by-phase major renovation since 4Q16 and is expected to be progressively completed by 3Q18. Occupancy rate at the end of

firms demonstrated an improvement vis-à-vis the results from the previous inspection cycle. Such improvement was undoubtedly enabled by the formulation of audit firms’ root cause analysis process and

individual auditors’ engagement. The overall results of the inspection conducted on 13 audit firms in 2016 during the third cycle, which is between 2016 to 2018, indicated continuous improvement from the

this lower gross margin in 2019. However, The company believes that this investment would be a key factor for competitiveness enhancement in the long run. Selling and administrative expenses Selling and

December 2017. CPN continues to emphasize on effective revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping