) AAPICO HITECH PUBLIC COMPANY LIMITED Ref No: AH 01032020 March 3, 2020 Subject: Management Discussion & Analysis (MD&A) for the financial statements of fiscal year 2019 ended as of December 31, 2019 To

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2017 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

10 บมจ.0107537002109 Page 1 of 6 บริษทั ดีมีเตอร ์คอรป์อเรชัน่ จ ำกดั (มหำชน) Demeter Corporation Public Company Limited เลขท่ี 191/43 อำคำรซีทีไอ ทำวเวอร ์ชัน้ 21 ถนนรชัดำภิเษก แขวงคลองเตย เขต

4,947 million. Administrative expenses was lower by THB 200 million (-12.1% YoY) from lower personal costs and one-time item in Q4’17, i.e. provision for Kenya court case. However, the company invested

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2019 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Exchange Commission hereby issues the following regulations: Clause 1 In this Notification: “securities company” means a company obtaining license under the law on securities and exchange1 to undertake

., the subsidiary of the Company, and change in the accounting policy regarding the record of the land appraisal To: President The Stock Exchange of Thailand Attachment: Information Memorandum on the Asset

level at the end of fiscal year 2018, reflecting the adequacy of the Company’s provision for doubtful accounts. 5 Liabilities The consolidated liabilities of the Company as of May 31, 2019 totaled 71,470

at the end of fiscal year 2017, reflecting the adequacy of the Company’s provision for doubtful accounts. 5 Liabilities The consolidated liabilities of the Company as of May 31, 2018 totaled 65,158

Management Discussion and Analysis For the 2nd Quarter 2021 ended August 31, 2021 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated reviewed