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

financial statements for the three-month period ended 31 March 2019 and 2020 Revenues Q1/20 Q1/19 Change +/(-) Revenue from hotel operations 232 367 (36.9) Revenue from property development operations 238 115

Management’s Discussion and Analysis For the Financial Results of Quarter 2 Year 2017 Ended June 30, 2017 1 ABBREVIATION ADB = Asian Development Bank COD = Commercial Operation Date EBITDA = Earnings

beneficial to the operation of SEC Caravan to Provincial Areas project driven by and with the collaboration of the province and local agencies concerned, and the major issues are concluded as follows

price fluctuations in the assets such as shares, government or corporate bonds and properties. Stakeholders should thus have a prudent risk management scheme ready for any possible scenarios,? concluded

companies or executives, news release or media interview should be given when the SEC approval has been obtained and accounting issue has been concluded. Giving new release or interview concerning projected

stages. Besides, investment must be achieved by the least amount of money but at the highest probability of success during the investment period and life expectancy after retirement. The paper concluded

such as company policy or strategic plan, and factors or risks that may have impacts on future performance and risk management measures. In addition, the SEC provided recommendations concluded from the

regulations will be amended to support the conversion which will be beneficial to investors and facilitate the private sector?s investment expansion without compromising investor protection,? concluded Mr

expansion along with our country?s competitiveness in the international area,? Vorapol concluded.