results based on its audited consolidated financial statements which ended 31 December 2019 as follows: Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read

amount through "Boonterm Kiosk" (Million Baht) 10,442 10,337 10,430 9,943 9,786 41,980 40,496 -3.5% Total number of "Boonterm Kiosk" as the period ended (Kiosk) 130,053 129,208 129,011 130,283 130,481

ended 31 December 2019, which revenue and net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 31 December 2019 31 December 2018

RATIOS For the Three Months ended on 30 June 2016 30 June 2017 Gross Profit Margin 40.3% 32.9% Net Profit Margin1 42.2% 62.6% Return on Equity 7.04% 12.11% Debt/Equity Ratio 1.50x 0.76x Net Interest

“Company”) submitted its separate financial statement and its consolidated financial statement for the second quarter of 2017 ended on 30 June 2017 which were reviewed by the auditor. The Company hereby

ended on September 30, 2016, as follows: Particulars Q3/2016 Q3/2015 Increase (decrease) Million Baht % Million Baht % Million Baht % Revenue Revenue from selling immovable property 609.57 87.90% 822.47

15,000 20,000 25,000 Total Assets Total Liabilities Total Shareholder Equity 31-Dec-16 30-Sep-17 Million Baht 7 3. KEY FINANCIAL RATIOS For the Three Months ended on 30 September 2016 30 September 2017

AIM 1 Ref.: EFORL039/2017 November 14, 2017 Subject: Management Discussion and Analysis for the third quarter of 2017 (Q3/2017) and for nine month periods ended September 30, 2017 To President The

is based on the consolidated financial statements of the Company and TSE, comprising statements of financial position as at 30 September 2017 and statements of comprehensive income for the year ended

MDA_Q3'17_En (Translation) Management Discussion and Analysis for the 3 rd Quarter ended November 30, 2017 AEON Thana Sinsap (Thailand) Public Company Limited (“The Company”) has already submitted