Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis Economic overview The tightening of COVID-19 containment measures in

, primarily due to business combination consolidated TBSP Public Company Limited (“TBSP”) since April 4, 2018. Excluding TBSP, Company’s core revenues increased by 4.3% or THB 14 mil from q-q. For 6M19, Company

its core business and disposition of non-performing business units achieving a favorable result by no realizing of depreciation and carrying successive losses of Power Plant business performance. • Net

during the third quarter of 2019, despite, there was a decrease in operating results in some businesses, however, as for other core businesses the Company could turn back, such as the mobile phone and

%) Marvel Pack 0.3 - 100.0% In 3Q19, T.K.S. Technologies Public Company Limited (“Company”) reported total revenues growth of 3.6% or THB 22 mil from q-q. Excluding TBSP, Company’s core revenues increased by

of a holding company, the sizes of the company operating the core business and the others shall be specified in comparison to the specified sizes under relevant regulations. Should the ratios do not

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

, credit, and property funds in nine core businesses that Apollo specializes in. Seller : Goldman Sachs Investments Holdings (Asia) Limited Address : Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius

funds in nine core businesses that Apollo specializes in. Seller : Goldman Sachs Investments Holdings (Asia) Limited Address : Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius c/o Goldman Sachs

piano and violin of Ritmuller’s brand The Company’s core business is to distribute the products in Thailand and the main target of the Company’s customers are working women who care for good quality