effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same direction from investment motivation of both governmental and private

and flat QoQ. For 9M20, core service revenue declined - 4. 4% YoY, EBITDA contracted - 3%YoY and net profit declined -13%YoY. FY20 guidance is revisited, core service revenue is expected to contract low

V2 27/08/63 0 V2 27/08/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2020 The Thai economy in the second quarter of 2020

Thai language version of the Tender Offer is the definitive and official document of the Tender Offeror and shall prevail in all respects in the event of any inconsistency with this English language

TRANSLATED VERSION Codified up to No. 2 As of June 12, 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. 2 13

TRANSLATED VERSION Codified up to No. 2 As of June 12, 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference

trial and process of legal execution 1. Cases in the process of court trial: 1.1 Media Agency Thai Company Limited is in debt to the Company according to the purchase agreement to manage broadcasting time

associates of THB 27.89 million. Progress of major debtors which is in the process of court trial and process of legal execution 1. Cases in the process of court trial: 1.1 Media Agency Thai Company Limited is

towards the trade war between the US and China that has caused market demand to contract. Marketing Business recorded an increase in total marketing sales volume, especially through retail sales which is