Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 12 Executive Summary Growth in both revenue and net profit demonstrates the effectiveness of retail

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

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Executive summary The overall global economy was projected to slow down significantly due to the COVID-19

store, retail and plaza and discount to tenants. Central Retail Corporation Public Company Limited Management discussion and analysis /Page 8 5. Selling expenses was THB 19,904 million, decreased by 13.0

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 Retail Corporation Public Company Limited Page 1 20 February 2020 Re: Management Discussion and Analysis Operating results for the year ended December 31, 2018 To: President The Stock

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Performance Overview Revenues and profits grew solidly. 2 new shopping malls: CentralPlaza Nakhon Ratchasima and

governments and central banks to deliver unprecedented level of fiscal stimulus and highly accommodative monetary policies. As for Asia, we were one of the first to have been hit by the virus and the

result of new branch opening at The Mall Bangkapi in October 2018, resulting in the growth in this quarter revenue recognition compared to last year. Moreover, the group has opened a new branch at Central