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

) (32.24) (2.25) (6.98) Share of profit of investment in associate 0.88 0.67 0.21 31.34 Tax expense (63.40) (59.04) (4.36) 7.38 Profit for the year 296.01 283.21 12.81 4.52 Owners of the Company 259.14

426 76% EBITDA 24 81 238% 114 223 96% Net Profit (Loss) for the Company (13) 34 362% (9) 82 1,011% Gross Profit Margin (%) 52.2% 64.6% 12.5% 56.1% 63.2% 7.1% EBITDA Margin1 (%) 20.7% 32.8% 12.1% 26.2

) 120.53 597.88 Earnings per share (Baht per share) 0.02 (0.00) 0.03 597.88 Net Profit The company and subsidiaries realized net prof it of the 3rd quarter ended as of September 30, 2017, of THB 100.37

) 120.53 597.88 Earnings per share (Baht per share) 0.022 (0.004) 0.026 597.88 Net Profit The company and subsidiaries realized net profit of the 3rd quarter ended as of September 30, 2017, of THB 100.37

Profit (Loss) (72.28) 42.70 (114.98) (269.26) Earnings per share (Baht per share) (0.02) 0.01 (0.03) (269.26) Net Profit The company and subsidiaries realized net loss of Year 2017 ended as of December 31

relatively high delivery project value. Furthermore, in Q2–2020, the Company was affected by the ongoing outbreak of COVID–19 which caused the customers change their work methods and slow down their operation

Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its subsidiary for the three-month period ended March 31, 2019 Table 1

Component Limited (SACL, India Operation) which had contributed share of profit of Baht 80.4 million in 1H 2023. However, Purem AAPICO which is JV company commenced production in February 2024 and started to

67% EBITDA 58 83 43% 172 306 78% Net Profit (Loss) for the Company 13 36 177% 4 118 2,850% Gross Profit Margin (%) 59.6% 62.9% 3.3% 57.3% 63.1% 5.8% EBITDA Margin1 (%) 30.1% 30.9% 0.8% 27.4% 32.1% 4.7