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

Introduction & Overview 1 Monica Bae Regional Lead, Capital Markets CDP SEA & Oceania CDP is a global environmental impact non-profit working to secure a thriving economy that works for people and

million baht or 5.17%. The decrease is due to the market of Non-Destructive testing, Inspection and Certification testing and Mechanical testing services are not recover - Cost of service and administrative

Million Baht (56%) from Q2/2016. The main causes for the lower net profit are economic in Thailand have not yet recover and intense competition. Discussion and Analysis of the Company and its subsidiaries

dropped from slacked domestic market during Quarter 3. However, the market situation started to recover in the late of the Quarter 4. Moreover, sales of customer in packaging for milk and yogurt segment

by thriving exports and tourism. Manufacturing production fared better, in line with manufacturing sector indicators tracing the promising trends in core economies. Against this backdrop, KResearch

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

purchase orders and 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, so the Company

revenues from sales during such period to drop drastically, and after the ease of such measures, sales from June onwards evidently started to recover. International sales: Revenue from sales of the second