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

According to the Bank of Thailand and Office of the National Economic and Social Development Board (NESDB) data. Thailand’s economy in the second quarter of 2023 expanded by 1.8% y-y, decelerating from 2.6

13.7% from 2Q20. When comparing with 3Q19, net profit declined by 16.3% mainly from the increased in provisions as a result of the continued uncertainties from the economic slowdown as impacted by COVID

Page 4/20 Economic Overview and Competition among Commercial Banks In the first quarter of 2020, Thai economy highly contracted from the same period last year as the COVID-19 pandemic has caused

of Thailand and NESDB, overall Thai economy in 2017 expanded by 3.9%, higher than 3.3% growth in 2016. This was mainly from acceleration of private consumption, export sector, and private investment in

enhancements benefitting both the top and bottom line as we expect 2020 to be a more successful year” 2. Outlook Economic growth was approximately 1.6% in Q4 2019 compared to the same period last year with

well as medical service concerning health and esthetics. 2. Overview of operating results in the Quarter 1’2018. The global economy has continued its steady growth as a result of a tightening monetary

1,112.0 1,148.8 1,628.5 (36.8) (3.2) (516.5) (31.7) Profit for the period 50.4 59.7 69.8 (9.3) (15.6) (19.4) (27.8) The effects of COVID–19 are more severe than expected. Overall, the Thai economy in 2020

-4.2 percent. Exports may record a slower growth rate in line with an economic slowdown among Thailand’s trade partners and a high 2018 base. However, the Thai economy is expected to receive a boost from

1,240.35 (112.24) (9.05%) 2. ECONOMIC SITUATION Thailand economic situation in Q2/2020 in Central and Eastern regions contracted compared to the same period of 2019 due to the COVID-19 pandemic, which are