Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s revenues continues to grow primarily from strong rental business performance

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 14 Executive Summary CPN’s revenues continues to grow primarily from strong shopping mall performance

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis The Thai economy is expected to gradually recover in line with COVID-19

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 18 Executive Summary Revenue and profit continue to grow primarily from strong rental business performance

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

markets went into a tailspin, whereas turbulence was seen in manufacturing, service and tourism sectors, which in turn dampened domestic spending sentiment. The situation adversely affected the government’s

increase in dispatched volume to EGAT as well as the maintenance shutdown of main customers of Rayong Central Utility Plants in Q1/2018. When comparing Q2/2018 and Q2/2017, the revenue increased by Baht

บริษัท The gross profit in Q4/2017 of Rayong Central Utilities Plant increased by Baht 60 million or 7% compared to Q3/2017. This is due to the main customer resumed its normal operation in Q3/2017 after

in Q1/2018. When comparing Q1/2018 and Q1/2017, the revenue increased by Baht 350 million or 7% from Q1/2017 due to the increase in sales from Rayong Central Utility Plants after main customers have

of infrastructure investment such as the Eastern Economic Corridor (EEC), mass transit trains and high-speed railways will bolster business sentiment. Moreover, there are indications that suggest