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

Central Retail Corporation Public Company Limited Page 1 20 February 2020 Re: Management Discussion and Analysis Operating results for the three-month and nine-month period ended September 30, 2019

which had Central Retail Corporation Public Company Limited Management discussion and analysis /Page 5 higher margin than Food and Hardline segment, including the increasing of online sales which had

137 million or equivalent to 8.4% over the same period last year. Increase in revenue from rental services led by our fashion segment, followed by our food segment and our hardline Central Retail

by the increase mix of Hardline and Food segment and online sales which have lower margin than Fashion segment as well as discount given to customers to boost the sales. Central Retail Corporation

driven by the increase mix of Hardline and Food segment which have lower margin as well as pricing promotion to boost sales. Central Retail Corporation Public Company Limited Management discussion and

Yaki restaurant business - Central kitchen business 2.2 Gross profit by segment Unit: million baht for 3-month period ended June for 6-month period ended June Detail 2020 2019 diff % 2020 2019 diff

estate segment - 800.0 (800.0) (100.0%) Revenue from E-Commerce segment 0.1 3.1 (3.0) (96.8%) Revenue from real estate rental and service related segment - 5.7 (5.7) (100.0%) Revenue from trading of

from prior year by Baht 6.3 million or 71% due following to: Description 2Q2019 Million Baht 2Q2018 Million Baht Change Million Baht Change (%) Revenue from real estate segment - - - - Revenue from E

decrease from prior year by Baht 6.3 million or 71% due following to: Description 2Q2019 Million Baht 2Q2018 Million Baht Change Million Baht Change (%) Revenue from real estate segment - - - - Revenue from