lower than the rate stated in the loan and debenture agreements at 2.5 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway

recoverable amount is lower than the carrying amount. In 2018, the consolidated financial statements has recorded loss from impairment of THB 505 million consisting of impairment goodwill (THB 86 million

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

Equity ratio Time 1.59 1.68 Net Interest Bearing Debt to Equity ratio Time 1.35 1.39 * The operational results were calculated based on the consolidated financial statements which consist of the Expressway

information contained herein. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. This material contains “forward-looking” statements that relate to

able to continuously generate cash sales in each branch. 3. Analysis of Operating Results Profit & Loss Statements (MB) for the Quarter 1 Ending 31 Mar +/(-) % 2019 2018 Revenues from sales and services

Financial Statements ended 31 March 2019, which have been audited by the Company’s authorized auditor. The Company would like to clarify the operating results of the Company and its subsidiary, please kindly

of 3,400 million Baht in the Consolidated Financial Statements in Q1 2018. Statement of Financial Position Assets As at 31 March 2019, the total assets were 21,507 million Baht; decreased by 105

paid 0 (0) +100% Cash from other financing activities 0 0 - Net Cash flows from (used in) financing activities (75) 316 -124% Exchange differences on translating financial statements 0 0 - Net increase

% Dividend paid 0 (0) +100% Cash from other financing activities 0 0 - Net Cash flows from (used in) financing activities (75) 316 -124% Exchange differences on translating financial statements 0 0 - Net