financial position for the fourth quarter and year ended December 31, 2018 with those of 2017. This report discusses principal changes in the audited consolidated financial statements. Overall market

performance and financial position for the fourth quarter and year ended December 31, 2018 with those of 2017. This report discusses principal changes in the unaudited consolidated financial statements. Overall

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

consumption and the improvement of the service sector according to the number of thai and foreign tourists. However, Public expenditure shrinks from both regular expenditure according to central budget

securities for sale), financial advisor, lead underwriter, co-underwriter, the effective date of the Registration Statement, the conditions for cancellation of the offer for sale in the case that the amount of

household sector increased in all categories, particularly other consumer loans and auto-leasing. Financial institutions expect demand for business and household credit to increase later in the year

-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2020 comparing operating performance and financial

MDA_E_FY17 Management’s Discussion and Analysis Fiscal year ended February 28, 2018 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) already submitted the audited financial

revenue decreased 169.9 MB or 13.3 percent. This is because there are quite a few projects from the governmental sector in 2018 and those projects were delayed. The total operating expenses in the Q4-2018

MDA_E_FY16 Management’s Discussion and Analysis FY2016 ended February 28, 2017 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) already submitted the audited financial statements