Equity (%) 15.32% 17.67% 23.26% Return on Assets (%) 10.66% 12.25% 16.37% Return on fixed assets (%) 89.99% 116.94% 161.08% Asset turnover times 1.09 1.06 1.17 Financial Policy Ratios Debt to Equity times

Price (Bht./ton) 18,690 16,163 HRC Cash Margin (Bht./Ton) 1,700 1,586 Unit: million Baht 31 December 2017 31 December 2016 Fin an cia l St at us Total Liabilities 5,492 5,871 Total Asset 19,546 17,813

Total Asset 19,546 17,813 Total Equity 14,054 11,942  The Company posted net profit for the year 2017 amounted to THB 990 million which in last year was loss by THB 7 million due to; - Increasing of HRC

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