expanded at a slower pace compared to the previous quarter, with merchandise exports contracting as global trade weakened, resulting in a decline in domestic industrial production. Meanwhile, tourism

% 28.5 4.7% 72.7 - Remark: (1) Percentage of Total Revenue Item 1st Quarter 2020 2021 Number of New Equity Branches Opened during period (Branch) 1 1 Number of Equity Branches at Period End (Branch) 172

was expected to expand at a slower pace compared with the same period last year due to a contraction in merchandise exports and a slowdown in tourism growth resulting from uncertainty about the trade

expanded at a slower pace compared with the same period last year due to a contraction in merchandise exports resulting from uncertainty in the trade policies of major countries and the Baht’s ongoing

% Revenue from Retail Merchandise 6.9 0.9% 13.7 4.4% 98.6% Total Revenue from Sales of Food and Beverages 739.4 100.0% 314.0 100.0% -57.5% Revenues 1st Half % Change 2019 2020 THB Mn % (1) THB Mn % (1

% and was mainly due to (1) the opening of new branches, (2) increased sales of raw material to franchisees and (3) increased sales of retail merchandise. Franchise fee income increased from THB 13.0 Mn

sectors. Tourism was heavily affected by airspace and border closures, while merchandise exports fell sharply as demand from major trading partners fell, impacting both manufacturing production and domestic

respectively, an increase of THB 43.5 Mn or 3.1%. This was mainly due to (1) the opening of new branches, (2) increased sales of raw material to franchisees, (3) increased sales of retail merchandise and (4

to franchisees and (4) increased sales of retail merchandise. However, in the nine months ending 30 September 2018 and 2019, the economic situation and consumer confidence continuously worsened which

% Revenue from Retail Merchandise 3.4 0.5% 10.4 1.7% 208.4% Total Revenue from Sales of Food and Beverages 710.0 100.0% 616.1 100.0% -13.2% In the 1st quarter of 2019 and 2020, revenue from sales of food and