Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business

V2 24/08/60 09:22 น. 0 V2 24/08/60 09:22 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the Second Quarter of 2017 The Thai economy in the second quarter

Company’s working capital is indirectly subsidized via trade creditor in form of loan and via business partners in form of raw material supported for production (under Collateral Management Agreement – CMA

profit and remuneration using business coordination with both management team, including expand market channel, improve production line and cost control to increase gross profit margin and long-term

consumers-oriented goodwill. (3) Increase profit and remuneration using business coordination with both management team, including expand market channel, improve production line and cost control to increase

expansion with consumers-oriented goodwill. (3) Increase profit and remuneration using business coordination with both management team, including expand market channel, improve production line and cost

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

not executive management or controlling shareholders from the past until current and shall not be after the acquisition of SEL. Thus, such transaction is not considered as a connected transaction

MDA_Q3'17_En (Translation) Management Discussion and Analysis for the 3 rd Quarter ended November 30, 2017 AEON Thana Sinsap (Thailand) Public Company Limited (“The Company”) has already submitted

Company is ready to consider developing potential projects with the use of appropriate fund regarding the Company’s cash flow in order to reduce the risk in its liquidity management. As of 30 September 2018