hampered by low economic growth among Thailand’s key trading partners, particularly China and Japan. The tourism industry was slow to recover as well. Although global and domestic economic conditions were

Sector Allocation / Top 5 of Issuer Allocation Front-end fee Back-end fee Switching-in fee Switching-out fee Transfer fee Remark

postponing investment plans for additional capacity in the country temporarily. However, it is expected that the industry will recover in the second half of this year due to high demands for HDD usage

in orders in the first half year, which is expected to recover in Q3/2018. Towards the end of the year 2016, the Company invested in a new factory building in response to the increasing demands from

thoroughly affected, and this negatively impacts private consumption, along with exacerbated financial vulnerability among households and businesses, which will require assistance and time to recover. The

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

strong start to regain customer’s confidence. Although the situation has recently improved and the shopping centers, the Company’s core business, are expected to re-open according to government orders, the

global steel consumption increased. The overall steel market prices have risen over the second half of 2017 especially in China. Therefore, the steel product is expected to recover together with the

China. Therefore, the steel product is expected to recover together with the liberalization of international trade begins to Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 6 effective

: ……………………………………………………………… ………………………………………………………………………… ………………………………………………………………………… Fees to be charged to unitholders (% of trading value) Sector Allocation / Top 5 of Issuer Allocation Fee items Maximum charge Actual charge Front-end fee Back-end fee Switching-in fee Switching-out fee