Management Discussion & Analysis ( - translation - ) For operating result of 2Q18, ended 30 June 2018 Raimon Land Public Company Limited | 9 August 2018 1 / 4 Major Events in 2Q18 and July 2018 April

Gross profit 98.77 56.14 48.74 56.88 50.03 102.63 Other income 0.08 0.04 3.77 4.40 (3.70) -98.01 Earnings before expenses 98.85 56.18 53.52 62.45 45.33 84.70 Administrative costs and management

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 012/2018/EN 15 August 2018 Subject: Management Discussion and Analysis of the Company and subsidiary for the period ended 30 June 2018 To: The President of the

Management Discussion and Analysis for the year ended December 31, 2017 The analysis of operating result for the year ended 31 December 2017 Comparing accumulated operating results with the same

Central Retail Corporation Public Company Limited Page 1 20 February 2020 Re: Management Discussion and Analysis Operating results for the three-month and nine-month period ended September 30, 2019

Group for the 6-month period would be Baht 316.54 million or an increase of 23.86 percent. Details of the changes or impacts are described in the Management Discussion and Analysis (MD&A) as attached

Corporate Group for the 9-month period would be Baht 446.70 million or an increase of 33.26 percent. Details of the changes or impacts are described in the Management Discussion and Analysis (MD&A) as

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

Management Discussion & Analysis ( - translation - ) For operating result of 1Q/19, ended 31 March 2019 Raimon Land Public Company Limited | 9 May 2019 1 / 6 Major Events in Q1/19 and April 2019

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously