(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

excessive volatility in the global financial markets. The COVID-19 pandemic presents unprecedented challenges for our community and situation is evolving every day. Central Retail Corporation Public Company

unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2018 but later terminated the contract with the

policy and political situation which were clearer. This will result in people spending more on consumption. The issues that need to be tracked is the rubber price, the competition in foreign markets

the previous year due to an unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2018 but later

same period of the previous year due to an unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2

an unfavorable condition of the Company’s traditional trade channel because of the terminated contract with the distributor, which was effective since 30 June 2019. Further in this year, the period

rights since it is a warrant that has a condition of related use. In case TKT-W1 warrants are exercised, TKT-W3 warrants will not be able to exercise equal to the number of TKT-W1 warrants that have

or time certificate of deposit, such deposits or certificate of deposit shall not have any restriction on redemption before maturity. (2) investing in treasury bills, Thai Government Bonds, state

deposits or certificate of deposit shall not have any restriction on redemption before maturity. (2) investing in treasury bills, Thai Government Bonds, state enterprise bonds which are unconditionally