Business Operations 2 2. Risk Management and Risk Factors 4 2.1 Credit Risk Management 4 2.2 Market Risk Management 4 2.3 Liquidity Risk Management 5 3. Business Directions and Operations of Core Businesses

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

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

(THIS REPORT DISCUSSES PRINCIPAL CHANGES TO THE UNREVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED

December 2017. CPN continues to emphasize on effective revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping

MDAE_3Q19 Management Discussion and Analysis for the 3 rd Quarter 2019 Ended November 30, 2019 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the

11 Management Discussion and Analysis Fiscal year ended February 28, 2019 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) already submitted the audited financial statements for

คำอธิบายและวิเคราะห์งบการเงินรายไตรมาส สำหรับไตรมาสที่ 3 ปี 2545 Management Discussion and Analysis For the 1st Quarter 2019 ended May 31, 2019 AEON Thana Sinsap (Thailand) Public Company Limited

businesses will be the core platform for continuous growth in selective upstream & downstream integration over the next 5-10 years. On a proforma basis, this acquisition will add 25% to IVL’s 2018 core EBITDA

MDAE_3Q18 Final2 Management Discussion and Analysis for the 3 rd Quarter 2018 ended November 30, 2018 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the