: Management Discussion and Analysis For the years ended 31 December 2019 Summary of Performance Sales Revenue For the years ended 31 December 2018 and 2019, the Company recorded total sales revenue of THB

investment in ONE CITY CENTER (“OCC”) – grade A office building development project for a total investment value of THB 8,771.4mn. Management outlook and future projects Despite the real estate market in

13 million baht or 1% y-y, and represented 34% of total revenues. The Company continues to expand its customer base by launching new privileges and campaigns to AEON credit cardholders. For example

Income Statement Highlights of Performance in Q3/2018 and 9-month of 2018  9 month’s total revenues growth at 32.9% and net profit growth at 26.1 which is in line with the Company’s target Q3/2018 Q3/2017

362.6 401.6 (39.0) (9.7) Premises and equipment expenses 186.8 186.5 0.3 0.2 Other expenses 154.3 143.3 11.0 7.7 Total 703.7 731.4 (27.7) (3.8) Profit from Operations Before Expected Credit Losses and

percent in 9-months period of 2019. Thus, the details of the Company group can be described as follows: Summary of Income Statement Highlights of Performance in Q3/2019 and 9-month of 2019  9 month’s total

shares purchase : Total 5,403 common shares , which purchase from ; -Connected persons = 4,006 shares -Other persons = 1,397 shares Price per share : Baht 2,870.- ( which is Book Value as at 30 September

reflects a strong new base line of net profit of the Company.  Cash Collection was 708 million Baht, increased 37.3% from the same period last year. This was slightly decline from Q4/2018 due to the

97.68 -15% % Net Profit / Total Revenue 18% 32% -14% % Net Profit excl. Disposal of Land / Revenue from Hospital Operations 19% 22% -3% Non-Controlling Interests 0.15 0.26 -43% Net Profit Attributable to

(Million Baht) % Revenue from Sales 42.54 36.01 39.18 36.34 2.84 7.82 Other Revenue 0.34 1.08 0.30 1.08 (0.78) (72.22) Total Revenue 42.88 37.09 39.48 37.42 2.06 5.51 Costs of Sales 30.05 27.88 29.23 28.04