profits by 12.5% as a result of higher efficiency gains from effective cost controls, despite a decrease in total revenue by 3.4% primarily due to the decline in revenue from sales, consistent with the

to generate revenue stream amidst softened tourism sentiment. However, both hotels showed effective cost control in both room and food and beverage management. Cost of sales In 3Q19, CPN reported costs

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

hotels showed effective cost control in both room and food and beverage management. Cost of sales In 2Q19, CPN reported costs of sales at THB 284 mn, a decrease of 63.3% YoY (for the first six months of

strongly, especially on a same-store basis that continues to grow together with cost effective management. Excluding the non-recurring items, total revenue increased 9.0% YoY and net profit increased 7.4

following factors. • Higher cost of land lease and amortization at CentralPlaza Rama 2 as a result of the extension agreement on June 28, 2018, which is effective until 2055 and 2060 (some parts). Hence, a

following factors. • Higher cost of land lease and amortization at CentralPlaza Rama 2 as a result of the extension agreement on June 28, 2018, which is effective until 2055 and 2060 (some parts). Hence, a

-affirmed to AA- by TRIS Industry spreads weak Management focus on cost and cash flow improvement Exceptional items adversely impacted core EBITDA Strong Thai Baht adversely impacted translated earnings 2 3Q

sales compared to the same period of 2018 which has cost of sales 767.27 million baht or 88.70% of sales due to proper product management and effective resulting in reduced cost of sales. - Selling and

proper product management and effective resulting in reduced cost of sales. Yours Sincerely, Mr. Perapol Suwannapasri Managing Director