13_MDA Q1_2563 EN -Translated Version- No. ECF2 018/2020 May 15, 2020 Subject: Management Discussion and Analysis of the 1st quarter ended 31 March, 2020 To President The Stock Exchange of Thailand

18.72% of the outstanding shares in Eastern Water Resources Development and Management Public Company Limited (East Water). - EGCO holds 12.50% of the outstanding shares in Xayaburi Power Company Limited

Management Discussion and Analysis For the 2nd Quarter 2023 ended August 31, 2023 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated reviewed

. Debentures, Solvency and Liquidity Management As of November 30, 2023, the Company has outstanding long-term debentures, representing unsubordinated and unsecured debentures, amount 8,562 million baht, reduced

31, 2023 Days sales outstanding days 2 2 Days of inventory outstanding days 34 39 Days payable outstandings days 44 47 Cash conversion cycle days (8) (6) 9 I 9 3. Key financial ratios Management

past collection history, aging profile of outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful accounts is adequate in the current circumstances

from non-social security patients which generated high margin and the increase of social security payment rate in the first half of year 2018. Moreover, the efficient cost management such as medicine

outstanding debts and the prevailing economic condition. Management believed that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit: Million Baht Consolidated financial

collection history, aging profile of outstanding debts and the prevailing economic condition. Management believed that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit

1 Ref: AC.024/2019 3 August 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating