Management Discussion and Analysis for the 3rd Quarter 2020 Ended November 30, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated reviewed

to AEON cardholders. Summary of Operation Results 1. Operating Results Revenues The Company reported 13,607 million baht of total consolidated revenues for the nine-month period of 2017, showing an

analysis of consolidated financial position as at 30 June 2017 ..................................................................... 3 The analysis of operating result for six months

First Quarter of 2018 WHAUP finished our 1Q2018 with a Net Income of Baht 716.2 million, 162.8% increase from 1Q2017. 1. RESULTS OF OPERATION FOR 1Q2018 Consolidated Financial Statements 1Q2017 1Q2018

capital in the business. . The consolidated financial statements of the group of businesses pose net loss of 7.78 million baht Equity holders of the parent net loss of 9.84 million baht. The net loss per

MDA_EN_1Q17 Management Discussion and Analysis for the 1 st Quarter 2017 ended May 31, 2017 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated

the Transaction, the Company will execute a Share Subscription Agreement with conditions precedent and Loan Agreement with conditions precedent in respect of the Transaction (collectively, the

(“the Company”) has already submitted the consolidated reviewed the 1st quarter financial statements as of May 31, 2019 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The

share (0.06) (0.15) 60% Management’s Discussion and Analysis (MD&A) for year 2017 18 Table 5: Condensed Consolidated Statement of Financial Position Unit: Million Baht Assets 2017 2016 + / (-) Current

share Basic loss per share (0.06) (0.15) 60% Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 18 Table 5: Condensed Consolidated Statement of Financial Position Unit: Million Baht