E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

12 การแปลงสภาพ CPNRF เป็น REIT_E - Translation - No. 051/2017/040 21 July 2017 Subject: Information Memorandum regarding the Conversion of CPN Retail Growth Leasehold Property Fund into CPN Retail

license at the amount of Baht 567.40 million in the third quarter of 2017. The impairment of license was estimated the recoverable amount of value in use, determined by discounted future cash flows, the

quarter of 2017. The impairment of license was estimated the recoverable amount of value in use, determined by discounted future cash flows, the terminal growth rate and discounted rate used in the

estimated on the recoverable amount of value in use, determined by discounted future cash flows, the terminal growth rate and discounted rate used in the assumptions are based on their management’s judgment

licenses and relating assets at the amount of Baht 1,479.09 million in 2017. The impairment of assets related to the licenses were estimated the recoverable amount of value in use, determined by discounted

empirically provides rational explanations for this phenomenon by investigating whether the incremental pricing effects are determined by future earnings uncertainty and firm fundamentals that are founded on

relating assets at the amount of Baht 1,479.09 million in 2017. The impairment of assets related to the licenses were estimated the recoverable amount of value in use, determined by discounted future cash

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 13 Executive Summary Revenue and net profit have growth according to the business plan In 2Q18, the Thai

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