(for period) 61,974 The Calculation of size of transaction will be based on the latest financial statements, WICE will be based on 31 December 2018 and WICE SG will be based on 31 December 2018 1

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

statements of the Company as at March 31, 2017, which is higher than THB 20 million or 3.00 percent of the NTA of the Company. The Company, therefore, is required to proceed as follows: (a) disclose

24.9% to THB 51mn from THB 41mn in the same period last year. FINANCIAL POSITION MACO started the consolidation of COMASS’s statements of financial position since 30 June 2017 (the date on which the

(Pneumatic Tube Carrier Systems) already completed at projects. . Analysis of results of operations. Statements of Comprehensive Income – Consolidated (Million Baht) For six-month periods ended June

income statements in which decreased by Baht 0.15 million or 37.5 percent in comparison with the same period of previous year. 1.7 Earning (loss) before interest and tax and Net Profit (loss) for the

financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, the manufacture and distribution of treated water business and electricity production business

of Thailand ices PCL. statements rter ending lts can be s ny and the C ement show rter of 2016 profit was p While, the igher than od at 30.4% ction of pur ed as follow Q2/2017 55.4 322.7 1.2 379.3

attributable to the equity holders of the Company increased to 22.9% from 12.3% in 3Q 2016. FINANCIAL POSITION MACO started the consolidation of COMASS’s statements of financial position (balance sheet) since 30

at 3.28 percent, Debt to Equity ratio at 1.87 times and Interest Bearing Debt to Equity ratio at 1.41 times. * The operational results were calculated based on the consolidated financial statements