MDA_EN_ FY2019 Management Discussion and Analysis Fiscal year ended February 29, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the audited financial

2,093 Unit: million Baht 31 December 2018 31 December 2017 Fin an cia l St at us Total Liabilities 5,607 5,492 Total Asset 18,824 19,546 Total Equity 13,218 14,054  The Company posted net loss for the

) 886 2,093 Unit: million Baht 31 December 2018 31 December 2017 Fi na nc ia l St at us Total Liabilities 5,607 5,492 Total Asset 18,824 19,546 Total Equity 13,218 14,054 • The Company posted net loss for

Price (THB./ton) 20,942 18,695 HRC Cash Margin (THB./Ton) 1,937 3,327 Unit: million Baht 31 March 2018 31 December 2017 Fin an cia l St at us Total Liabilities 5,789 5,492 Total Asset 20,209 19,546 Total

Selling Price (THB./ton) 20,702 17,403 HRC Cash Margin (THB./Ton) 891 1,033 Unit: million Baht 30 June 2018 31 December 2017 Fin an cia l St at us Total Liabilities 5,774 5,492 Total Asset 19,743 19,546

purchasers, negotiating with relevant parties including managing and implementing the completion of the disposal of asset in the amount of not exceeding 1,200 million Baht. On 9 April 2018, the Company, PP1

-House 30 June 2016 30 Sep 2016 30 June 2018 Unit: Baht Unit: Baht Unit: Baht Total Asset 1,672,189,000 1,615,547,000 1,429,142,401 Reviewed Reviewed In-House Calculation of the transaction size 30 June

Price (THB./ton) 20,715 18,079 HRC Cash Margin (THB./Ton) 483 1,423 Unit: million Baht 30 September 2018 31 December 2017 Fin an cia l St at us Total Liabilities 4,801 5,492 Total Asset 18,459 19,546

include Nomination and Remuneration Committee, Corporate Governance Committee and Risk Management Committee Remuneration for individual Directors for year 2018 Name of Directors Remuneration for Director

asset of the Company is negative. 2. Net Operating Profits Criteria Cannot be calculated since the net profit of the Company is negative. 3. Total Value of Consideration Criteria Total value of