page 1/6 (TRANSLATION) Ref. WINNER 0004/2019 February 26, 2019 Re Management Discussion and Analysis (MD&A) for the year 2018 and for the year 2017_revised 2 To The President The Stock Exchange of

1 / 7 Explanation and analysis of financial performance and status for Q3/2018 • Explanation and analysis of financial performance for the nine months at the end of 30 September 2018 • Explanation

, upgrading technology in order to increase output of HDI products and the unexpected appreciation of the THB against foreign currencies, which had the effect of a decline in sales revenue, a low production

comprises of: (1) revenue from sales of residential condominium units of 6,115 million Baht (69% of total revenue), an increase of 191 million or 3% as compared to 2017 (2) revenue from Food and Beverages of

absence of revenue from the property development business and increase in administrative expense as explained above. Summary of Financial Performance Analysis of the Operating Results Revenues For the

Performance Analysis (YoY) In 1Q 2018, the Company reported a consolidated operating revenue of THB 290 million, a significant increase of 53.1% YoY. The strong performance was mainly driven by the

MDA_EN_2Q20 Management Discussion and Analysis for the 2 nd Quarter 2020 Ended August 31, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the

separated statements recorded 148.57 million baht as Fees and Services income for year ended 2017 which increased by 20.29 million baht or 15.81% because Research fees and Consulting service fees increase up

Management Discussion and Analysis Q1/2018 Page 1/4 JAS Asset Public Company Limited - Translation - IR61/006 10 May 2018 Subject: Management Discussion and Analysis, 1st Quarter Ending 31 March 2018

MD&A Y2019 (E) - Final RATCH Group Public Company Limited Management Discussion and Analysis For the Year Ended December 31, 2019 Management Discussion and Analysis For the Year Ended December 31