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

-brand was Baht 483.3 million, decreased 17.4% from 1Q19, decrease as the mall is closed. - The sales Revenue of Sabina-brand Non store retailing was Baht 99.8 million, increased 9% from 1Q19, increased to

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

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 Page 1 Overview of the operating result for the fourth quarter of 2019 The company’s total revenue for the fourth quarter of 2019 was THB 63,405

-brand increased 8.2% - The sales Revenue of Sabina-brand Non store retailing(online) increased 61.5% - The sales Revenue of Sabina-brand Export increased 42.7% - The sales Revenue from OEM decreased 2.3

from Marketing Business of the Company, Bangchak Green Net Co.,Ltd., Bangchak Retail Co., Ltd., and share of profit from associated companies 3/ EBITDA from Power Plant Business of BCPG Plc., its

Company’s sales of bottled domestic energy drink under Carabao Dang trademark (“Carabao Dang”) rose by 0.5% less than the market’s growth rate as the Company rearranged the sales and marketing plan which had

as well as the effectiveness of cash van distribution system that having access to over 180,000 retail stores nationwide. Meanwhile, sales of branded product by 3rd party’s manufacture decreased by THB

close management and monitor of performance of over 1,500 personnel in on-ground marketing teams and cash van sales force to promptly action on any changing circumstances in order to bond good relations