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 Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company and subsidiaries

due to Employee benefit obligation. Central Retail Corporation Public Company Limited Page 7 Financial Position 1. Total assets as of December 31, 2019 and December 31, 2018 were THB 187,022 million and

liquidity ratio was 1.35 times. The Company maintained healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.09 times. 2019 Outlook 2018 was the final

the financial constraint which lead to more flexible position of the working capital. The backlog securing of company, however, depends on the result of bidding process and the facilities support from

a fast- developing company and its industrial sector is growing at a jumping rate, therefore the investment is expected to provide the cashflow sustainability.  Company shall position itself at a

: June 2013 – Current Position: Fund Manager / Investment Department 2. Kiatnakin Fund Management Company Limited: June 2011 – May 2013 Position: Fund Manager / Investment Department 3. Krung Thai Asset

(International Program), Thammasat University - Bachelor of Art in Economics (International Program), Thammasat University 1. Krung Thai Asset Management Public Company Limited: June 2013 – Current Position: Fund

แบบแสดงรายการขอมูลการเสนอขายหุนกูท่ีมีอนุพันธแฝง (แบบ 69-DEBT-SP-1) บริษัท .......... (ชื่อไทย/อังกฤษของผูเสนอขายหุนกูท่ีมีอนุพันธแฝง) ใหระบุขอมูลในหนาปกอยางนอย ดังตอไปน้ี 1. ลักษณะที่สําคัญของหุนกูท่ีมีอนุพันธแฝง (“หุนกู”) ท่ีจะออกภายใตโครงการน้ี ดังน้ี (1) ชื่อหุนกูตามโครงการ (2) ประเภทผูลงทุนที่เสนอขาย (3) ลักษณะสําคัญของหุนกู (4) ปจจัยอางอิง (5) มูลคาการเสนอขายตามโครงการ ทั้งนี้ ตองไมเกินมูลคาตามมติท่ีไดรับใหออกหุนกู (6) มูลคาไถถอนของหุนกู (7) อันดับควา...

Limited Page 3/15 Financial position Total Assets As of 31 December 2018, the Company and subsidiary has total asset amounted to Baht 30,632 million, decreased 5% from year 2017 which has total asset Baht