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

23_MDA Q3_2563 EN -Translation- No. ECF2 038/2020 16 November 2020 Subject: Management Discussion and Analysis of the 3rd quarter and 9-month period ended 30 September 2020 To President The Stock

Income Q3 2018 Q3 2019 Increase/ (Decrease) 9M 2018 9M 2019 Increase/ (Decrease) THB mm THB mm % THB mm THB mm % Dividend and Management income 102.4 112.0 9.4% 260.0 312.7 20.3% Others 72.2 55.7 (23.0

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

Management Discussion and Analysis Fiscal year ended February 28, 2022 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the audited financial statements for

Management Discussion and Analysis For the 1st Quarter 2022 ended May 31, 2022 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated reviewed the

Management Discussion and Analysis For the 1st Quarter 2023 ended May 31, 2023 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the consolidated reviewed the

1,386 51% 5% 4,773 5,778 21% Non-controlling interests 77 179 181 134% 1% (44) 627 N/A Earnings per share (Baht per Share) 0.67 0.96 1.01 3.47 4.20 Statement of Income 6 | Management Discussion and

equivalents has decrease due to paid annual bonus to the employees and management amount of Baht 9.49 million, dividend paid to the shareholders in May 2017 amount Baht 6.79 million, purchase of land in Chiang

Page 1 of 11 - Translation - Ref. WINNER 0029/2019 November 14, 2019 Re Management Discussion and Analysis (MD & A) for Q3/2019 period and for the nine-month ended September 30, 2019 To The President