traditionally strong, and where sales were unusually strong in the prior period in connection with the World Cup soccer tournament, and due to seasonally heavy rains and floods in the northeast depressing demand

heavy rains and floods in the northeast depressing demand for DIY home improvement categories where Thai Watsadu is traditionally strong. Central Retail Corporation Public Company Limited Page 6 III

repercussions on the global economy, compounded by a steep recession. It was a grim scenario, with uncertainty looming large. One year later, we stand in a very different place. Brent crude oil price has had a

beginning of the year, depressing farm income and the purchasing power of farm households, which represent a majority of the population. Coupled with high levels of household debt, these factors limited the