(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

excessive volatility in the global financial markets. The COVID-19 pandemic presents unprecedented challenges for our community and situation is evolving every day. Central Retail Corporation Public Company

a decrease of 6.78% when compared to the previous quarter and decrease 6.19% when compared to the same period of last year. Due to fluctuated situation of raw material price which effected to our

situation The Center for COVID-19 Situation Administration (CCSA) has announced the measures to mitigate Phase 3 starting on 1st June 2020 by re-open moderate to high risk businesses and activities which

Emergency Decree on Public Administration in Emergency Situation, B.E. 2548; the Bangkok Metropolitan Administrative has announced Temporary Closure of the Premises (No. 4) dated 27 March 2020, and requested

the country as much as possible, resulting in disruption of many businesses. In addition, the drought situation has reduced the income of the labor and farmers sector greatly. Gross Profit and Gross

information relating to impact from the Coronavirus Disease 2019 (COVID-19). The Company would like to disclose the impact from the aforementioned situation as follows; 1. Risks and Impacts on the Operations

government had commanded that the department stores are able to operate normally, the Company arranged marketing campaign continually which result in revenue in June come back to a normal market condition

Discussion and Analysis, Quarter 1 Ending 31 March 2020 (4) The Impact of the COVID-19 situation To: President of the Stock Exchange of Thailand Reference: (1) Document no. Tor. For. 4/2020 dated April 10

share, amounting the total of Baht 256,500,000 as per the Sale of Shares Agreement of NU dated 13 July 2018, with the precedent condition that the Company as the seller must receive the approval from the