25 September 28 November PAGE 5 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Certifications and Awards from Government Agency On August 23, 2019, The Company has received an award as a role model of

attributed mainly by number of factors, namely 1.) Growth in Tourism sector from visa-on-arrival measure and Hong Kong disturbance which reflects an increasing in tourists 2.) Government spending for

trust’s features and management; (a) “[name of the trust] is a trust under the Trust for Transactions in Capital Market Act B.E. 2550 (2007) created by this instrument and shall become valid when the

) Steady growth in private consumption from stimulus packages and recovering agricultural product prices from production expansion and 4) Other supporting factors, such as government spending and other

2020 (Source: Ministry of tourism and sport) For the second quarter of year 2020, the company suspended all flights since 7 April 2020 according to government orders as well as the announcement from

communication, filing such applications or waiver application and evidence to the relevant government agency or authority and listing of FVC-W3 on the MAI; and (4) to carry out any necessary and reasonable acts

. (1) Expand opportunity to enter into skincare, cosmeceuticals or cosmetics and medical business, which has positive growth trend and being one of government business enterprise support as Policy

and the Company’s shareholders as follows. (1) Expand opportunity to enter into skincare, cosmeceuticals or cosmetics and medical business, which has positive growth trend and being one of government

shareholders as follows. (1) Expand opportunity to enter into skincare, cosmeceuticals or cosmetics and medical business, which has positive growth trend and being one of government Ref. WINNER 0009/20108 Page 9

MDAE_3Q19 Management Discussion and Analysis for the 3 rd Quarter 2019 Ended November 30, 2019 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the