May 15, 2020 Subject : Management Discussion and Analysis for 1st quarter ended March 31, 2020 Attention : President The Stock Exchange of Thailand 1. Operating Performance 1.1 Revenues Consolidated

of Thailand Overall operating performance of the Group Unit: Million Baht Q1’ 2020 Q1’ 2019 Increase (decrease) Variance (%) Total revenues 1,572 1,677 (105) (6%) Net profit 73 81 (8) (10%) The Group’s

(110.05%) by compared with the net profit at 53.99 million baht same period at last year. The changing over than 20% from the main causes as follows: 1. Revenues from service amount of 277.62 million baht

158,067 235,449 (32.9%) Food and beverage revenue 172,835 219,300 (21.2%) Other revenues 66,367 77,322 (14.2%) Hotel income 397,269 532,071 (25.3%) Cost of sales and services 275,326 283,641 (2.9

276.92 Million Baht to 333.25 Million Baht or 11.46% due to increasing revenues from contract manufacturing (OEM), construction services and revenues from industrial coatings section. 3. The increasing of

from services 31.45 0.8 37.31 0.8 (5.86) (15.7) Revenue from sales and services 4,117.80 99.2 4,431.69 99.5 (313.89) (7.1) Other incomes 31.60 0.8 24.45 0.5 7.15 29.2 Total revenues 4,149.40 100.0

another to falsify documents and make false entries of revenues from sales in SINGHA?s 2007 financial statements in a total amount of 543.3 million baht or 47.3 percent of the total of goods sold. This

Version) Increase (Decrease) Million Baht Million Baht Million Baht Percentage Total Revenues 841.14 1,265.18 (424.04) (33.52) Cost of Goods Sold and Service 873.94 1,157.10 (283.17) (24.47) Sell and

member dealers to provide quality financial services to AEON cardholders. Operating Results • Revenues In the fiscal year 2016, the Company’s consolidated revenues amounted to 17,759 million baht, an

% as compared with the total revenues for Q1 2019 of 441 million Baht, comprising of: (1) revenue from sales of residential condominium units of 59 million Baht (7.4% of total revenues); decreasing by 89