MDA_EN_ FY2019 Management Discussion and Analysis Fiscal year ended February 29, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the audited financial

Meeting of Shareholders No. 1/2020, which is scheduled to be held on 25 February 2020. The Company expects to be able to dispose of one or more assets within a 12-month period. Attachment 1 Page 2/11 2

% as compared to the same period of last year which incurred the realized net profit of 423.62 million Baht. However, the Company reported EBITDA in amounting of 73.00 million Baht, decreased by 503.65

the -4.6% YoY drop in 4Q22 from the previous year, indicating the easing competition in this period. The 5G users continued the growth momentum and reached 7.2mn subscribers. AIS Fibre sustained the

from Utilities Business consists of Excessive Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities

’ meeting, i.e., the period from May 8, 2018 to May 16, 2018, which is equal to THB 7.66 (information from SETSMART on www.setsmart.com). Therefore, the issuance and offering of newly issued shares must be

8.7% and net profit stood at THB 11,738 mn, an increase of 4.7% from the same period in the previous year (YoY). The shopping mall business, which is the Company’s core business, continues to perform

and banks. TBSP also provides other services including data printing, enveloping and mailing service, one-stop services relating to data management, forms, stationeries and equipment, document storage

financial institutions and banks. TBSP also provides other services including data printing, enveloping and mailing service, one-stop services relating to data management, forms, stationeries and equipment

provides other services including data printing, enveloping and mailing service, one-stop services relating to data management, forms, stationeries and equipment, document storage and destruction services