No: AH 02022023 February 28th, 2023 Subject: Management Discussion & Analysis (MD&A) for the financial statements of fiscal year 2022 ended as of December 31, 2022 To: The President The Stock Exchange

) AAPICO HITECH PUBLIC COMPANY LIMITED Ref No: AH 02082023 August 11th, 2023 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 2nd Quarter of Fiscal Year 2023 Ended as of

No: AH 02112024 November 12th, 2024 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 3rd Quarter of Fiscal Year 2024 Ended as of September 30th, 2024 To: The

619 -9% -6% -4% 4% -14% -4% 38% 6% 3,754 5,940 321 1,143 3,359 5,980 489 1,212 -11% 1% 52% 6% Total Revenues 5,664 5,656 5,384 -5% -5% 11,157 11,040 -1% 2 Revenues In the first half of fiscal year 2020

| www.shotelsresorts.com Page 2 of 9 Discussion of results of operations: Year 2018 and Year 2019 Year 2018 Year 2019 Change THB million % THB million % THB million % Revenue from services 2,575.7 100.0% 3,818.1 100.0

than last year. Personal loan Receivables was 338,117 million baht, with the growth of 4% from the same period last year. In the fiscal year 2016, the Company’s total cards reached 7.81 million cards

MDA_E_FY17 Management’s Discussion and Analysis Fiscal year ended February 28, 2018 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) already submitted the audited financial

investment is set to pick up in the next two years. Government capital expenditure in the 2018 fiscal year increased by 15 percent from the 2017 fiscal year to Baht 622 billion (approximately US $18.3 billion

Change in fair value of available-for- sale investmetns ▪ Recognised in OCI (Other Comprehensive Income) THB 1.8 million ▪ Recognised in P/L THB 1.8 million Change in fair value of interest rate swaps

slowdown, uncertainty surrounding international trade policies and the Baht’s ongoing appreciation, will continue to pose major downside risks. Consequently, the government has rolled out various fiscal