Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis The Thai economy is expected to gradually recover in line with COVID-19

disposed asset is located in the vicinity of Charan Sanit Wong Road, Bangkok, totaling 21 rais, 3 ngan, 45.3 square wa. The value of such land as appraised on May 22, 2017 by T.A. Management Corporation

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Executive summary The overall global economy was projected to slow down significantly due to the COVID-19

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis Economic overview The tightening of COVID-19 containment measures in

on the current condition, and 30,000 baht / square wah* in case of approval granted to the land development. The appraisal prices above were proposed by T.A. Management Corporation (1999) Co., Ltd

Sustainability Officer at Siam Cement Group3. Ms. Prapasri Puntujariya, Sustainability Management Manager at Bangchak Corporation Public Company Limited4. Ms. Benjamas Chotthong, Director of the Project

. Vayupak Fund 1 by MFC Asset Management Public Limited https://market.sec.or.th/public/idisc/Download?FILEID=dat/news/201904/19035698.pdf 19075763.pdf Bangchak Corporation Plc. Management Discussion

Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources CONTENTS

CORPORATION INVESTMENT ADVISORY SECURITIES , COMPANY LIMITED TRINITY SECURITIES COMPANY LIMITED TMB ASSET MANAGEMENT COMPANY LIMITED TALIS ASSET MANAGEMENT COMPANY LIMITED TISCO SECURITIES COMPANY LIMITED TISCO

, 2017 by T.A. Management Corporation (1999) Co., Ltd., an independent appraiser approved by the Office of Securities and Exchange Commission, is amounted to Baht 149,829,000. The details of the Assets are