11 Management Discussion and Analysis Fiscal year ended February 28, 2019 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) already submitted the audited financial statements for

108.1 mm for the first quarter of 2020, decreasing by 42.3%, compared to the same period of the previous year. Expenses Analysis Q1 2019 Q1 2020 Increase/ (Decrease) THB mm THB mm % Selling expense 42.5

Limited) 33.37 percent of total shares. In this regard, SAFE plans to invest in more other projects and is on the process of feasibility study. 4 6. Benefits to the Company related to the capital increase

, SAFE plans to invest in more other projects and is on the process of feasibility study. 4 6. Benefits to the Company related to the capital increase/share allotment. This capital increase under a general

Ref. No. IVL 003/02/2019 26 February 2019 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

. specifying the source of data used in decision making, the study of analysis/research article, criteria in selecting the investment, fund manager’s rationale for deviating investment plan from the conclusion

: - Industry analysis: - Study and analysis of fundamental factors of the business to be invested. (3) Prescription of criteria for selecting an analysis/a research to support an investment decision. (4

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 12 Executive Summary Growth in both revenue and net profit demonstrates the effectiveness of retail

stemmed partly from the low base of previous year and also from the launch of new car models. Based on the Bank in-house research, new car sales for the year 2017 is now projected to increase by 4.7% with