MDA_EN_ FY2019 Management Discussion and Analysis Fiscal year ended February 29, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the audited financial

purchase ordinary shares Eureka Design Public Company Limited No. 2 Allotted to the existing shareholders of the company in proportion to their shareholding. The Meeting of The Board of Directors of Eureka

Page 1 of 6 Performance Overview In 2017 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a consolidated net profit of Bt572mn, representing a growth of 236% YoY with

Baht or 5.72% compared to same period of 2017) due to the declining in raw water sales volume and net profit attributable to Equity holders of the parent company was 580.63 million Baht, decreased by

income surged significantly, especially the 19% increase in bad debt recovery. However, this year the Company will focus on fee-based income expansion. Revenues Structure Profit and Loss Statement Unit

and also use it as working capital; (7.2) The request for the License return also reduces the risk of capital structure management; resulting in generating cash flow for the Company and supporting the

10 บมจ.0107537002109 Page 1 of 14 บริษทั ดีมีเตอร ์คอรป์อเรชัน่ จ ำกดั (มหำชน) Demeter Corporation Public Company Limited เลขท่ี 191/43 อำคำรซีทีไอ ทำวเวอร ์ชัน้ 21 ถนนรชัดำภิเษก แขวงคลองเตย เขต

revenue structure and support sustainable growth strategy. In 2019, CPN progressed with the following new investments. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page

inevitably affected the Company’s operating revenue. In addition, the Company had invested in renovating its long overdue hotels to enhance competitive edge in the market. Moreover, the economic slowdown and

Dusit Thani PLC Management Discussion and Analysis For 3Q19 and 9M19 P a g e | 1 Executive Summary In 9M19, Dusit Thani PLC (“The Company”) reported the net profit including attributable to non