LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q3/2017 2 2. Economic Situation The Thai economic activity in the third quarter of 2 0 1 7 continued to expand. Export–oriented manufacturing businesses

Outlook Continued robust growth of Thailand Tourism industry 2017 Thailand tourism revenue increased by 9.5% from 2016 to THB 2.75 trillion, accounted for approximately 20% of GDP, contributed by revenue

uncertainty of US economic policy. But, the global economy trend as continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in past time. Including, the income

quarter of 2019 continued to expand driven mainly by domestic demands. Private consumption expanded in all categories supported by the improvement in purchasing power from the rise in farm and non-farm

/2019, the Company and its subsidiaries recorded total sales of Baht 1,240 million, a decrease of 7% YoY, occurred from a decline in domestic branded sales at 12% YoY while export branded sales continued

new government. Furthermore, digital disruption continued to negatively impact certain business operators’ income and operating costs. Under these circumstances, KBank put in place more stringent

uncertainty of US economic policy. However, the global economy has continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in the first half year. Income and

. However, export branded sales continued to grow from sales recognition of Long Quan Safe Food JSC (LQSF) in Vietnam.  In Q3/2018, the Company and its subsidiary recorded loss of Baht 124 million, mainly

impacted due to continued weakening of international market for flat products and increase in imports of Alloy Steel and Hot Dipped Galvanized HRC into Thailand due to strengthening of Thai Baht and removal

: The Company continued to expand our key strategic formats of 1 Robinson Lifestyle Center, 3 Thai Watsadu and 3 GO! malls. http://www.rinascente.it/ Central Retail Corporation Public Company Limited