MDA_EN_2Q20 Management Discussion and Analysis for the 2 nd Quarter 2020 Ended August 31, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the

No. CAZ 002/2019 26 February 2019 Subject: Management Discussion and Analysis Year ended 31 December 2018 Attention: The President The Stock Exchange of Thailand CAZ (Thailand) Public Company Limited

Exchange Commission 333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak Bangkok 19000, Thailand Hotline: 1207, Tel: +66 2033 9999 Remarks: (1) Business days from Mondays to Fridays except holidays specified by

driven by global trade recovery and well-performing trading partners’ economies. Also, tourism sector robustly expanded, reflected from an increasing number of international tourist arrivals especially

(Translation) th August, Ref: SET-- Re: Management's Discussion and Analysis and Operating Results for Quarter / Dear: The President The Stock Exchange of Thailand Filter Vision Public Company

management for the year 2017 To: President Stock Exchange of Thailand The Company would like to clarify the following reasons for changes to profit (loss) in the consolidated financial statements for the year

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 10 August 2020 No. ZEN 2563-016 Subject Management Discussion and Analysis for the

public investment and underpin private sector sentiment. Moreover, some production may be relocated to Thailand in response to US-China tariffs, particularly in sectors such as electronic and automotive

. Establishing a new foundation for the future of Thailand – The government’s policies to lay a long-term foundation for the country include (1) Rebalancing the economy by strengthening the domestic sector

of Thailand and NESDB, overall Thai economy in 2017 expanded by 3.9%, higher than 3.3% growth in 2016. This was mainly from acceleration of private consumption, export sector, and private investment in