MDA_EN_1Q24 Management Discussion and Analysis For 1st Quarter 2024 ended May 31, 2024 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated

amended the former Bankruptcy Act, with major changes as listed below. 1. To be consistent with the Business Security Act, B.E. 2558 (2015), the term “secured creditor” has been redefined to include secured

Consolidated Statement of Financial Position Unit : Million Baht 30 September 2017 30 September 2016 +/- Assets Current assets Cash and cash equivalents 264 623 -58% Temporary investment-trading security 19 - 0

the following details. Financial performance Statement of income Consolidated financial statements for the 9-month ended 30 September 2017 30 September 2018 Change (Reviewed/Restated) (Reviewed

Summary of Consolidated Financial Results 31 March 31 December 2018 2017 + (-) % (in million Baht) Current assets Cash and cash equivalents 851 591 31% Temporary investment-trading security 12 12 (5%) Trade

stop production in February 19. For selling price, average selling price of Q1/2019 is 19,160 baht/ton which decrease comparing with 20,939 baht/ton of last year. Consolidated cost of goods sold and cost

Tender Offer for all Securities in Thai British Security Printing Public Company Limited, Increase of the Registered Capital, Allocation of the Newly Issued Ordinary Shares to the Company’s Existing

Capital, Conditional Voluntary Tender Offer for all Securities in Thai British Security Printing Public Company Limited, Increase of the Registered Capital, Allocation of the Newly Issued Ordinary Shares to

Disposal”). By calculating on a Net Operating Profit basis after tax deduction, the highest transaction size is 33.63 percent of the Value of the Net Profit of the Company according to the consolidated

the Regulation of Total Value Repayment. It bases on consolidated financial statement yearly 2017 equals to 1,214,621,392 baht which is the last financial statement. The details are as follow; • Real