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

. Liabilities As of 31 December 2017, the Company saw total liabilities of 224.52 million baht, decreasing by 223.95 million baht or 49.94% year-on-year as the Company repaid long-term loans to financial

Million Baht decreased from the last year 130.51 Million Baht. In 2016, get hold of the debtor to repay its debt for a long time amount 288.81 Million Baht and Loss from reducing the principal debt and

date remained less than 1 year. 3. Long-term loans and financial lease liabilities (deducted current portion of long-term loans) decreased Baht 124.45 million due to the repayment of loans to financial

period ended September 30, 2019 The Separated Financial Statement For the year period of (unit: million baht) Q3/2019 Q3/2018 YoY 9M/2019 9M/2018 YoY MB. % MB. % Sales and Services 269.26 408.84 (139.58

increased when compared to the same period last year resulted from interest on short-term and long-term loans that the Company had drawn down for the hotel operations and the River Wing renovation project. Ms

the same period last year resulted from interest on short-term and long-term loans that the Company had drawn down for the hotel operations and the River Wing renovation project. Ms. Siriwan

results for the 2nd quarter of 2019 which has variance of over 20 percent comparing to the same period of the previous year. The relevant details are as follows:- “Net earned premium” and “Commission and

owners pursuant to section 82 of the Securities and Exchange Act B.E. 2535 (1992) within one year from the date on which the fact that the registration statement contained false information becomes known

2020, other income groups have decreased by 48 million baht or 93% Compared to the same period last year, mainly from the same period of the previous year, there was income from long outstanding