GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2020 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

% 0.0% Net profit margin 5.2% 4.3% 0.9% 7.4% 7.1% 0.3% Earnings per share (Bath/Share) 0.16 0.13 0.03 24.3 0.22 0.21 0.01 7.8 For the first 9-month period of 2020, the Company and its subsidiary’s profit

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 June 2020 Bangkok Airways Public Company Limited and Its Subsidiaries Bangkok Airways Public Company Limited and

negotiation between the Company and the Seller and took into account the fundamental intrinsic value of the assets and business based on historical and potential earnings and cash flow of the business. It has

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the First Quarter ended 31 March 2020 1. Q1/2020 Highlights Figure 1: Quarterly results  In Q1/2020

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

term. In addition to achieving revenue growth, the company-wide cost optimization is ongoing and translated into EBITDA expansion of +9% YoY and +2.4% QoQ to stand at Bt18,905mn, a reported margin of

Bt223,078mn decreasing 4.2% from lower interest-bearing debt, which currently stood at Bt97,700mn, down from Bt109,100mn. Total equity was Bt64,529mn increasing 12% from retained earnings. Net debt to EBITDA

from lower interest-bearing debt which decreased slightly to Bt102,800mn. The company has a spectrum liability of Bt14,267mn to be paid to the NBTC in 2H18. Total equity was Bt56,069mn increasing 11

the Revenue Department’ s challenge for the company to pay the withholding tax on revenue sharing ( see Note 20 on Contingent Liabilities). Net FX gain was Bt12mn, compared to Bt41mn in 3Q17 and Bt106mn