plan regarding the expansion of biodiesel business of the Company. Details of the Board of Directors’ opinion and details of the capital increase and the allocation of the newly issued ordinary shares

transferred. The THB 39.6mn increased in administrative expenses was because the Company is in an expansion period.   In 9M19, the Company’s distribution costs and administrative expenses was THB 711.1mn

the entering into of the transaction The Board of Director has considered that the Leasehold Transaction of One Thonglor will support the subsidiary business operation, business expansion of the Company

will support the subsidiary business operation, business expansion of the Company and its long-term growth in the future as specified in section 8. (Translation) — 3 — 10. Opinions of the Audit Committee

34.4mn increased in administrative expenses was because the Company is in an expansion period. In 1H19, the Company’s distribution costs and administrative expenses was THB 494.2mn, increased by THB

from the expansion of business of the Company due to the increase of cost of program right which was invested during the period to support the business growth. In addition, the Company has an outstanding

MDA_EN_2Q20 Management Discussion and Analysis for the 2 nd Quarter 2020 Ended August 31, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the

timing and nature of the activities cannot be clearly determined as yet. With regards to future business expansion, the Company expects that it will be able to make use of cash flow from operations

expansion into business factoring loans, the Company has continuously grown in term of factoring loan. The credit approval is increasing and no non-performing loans due to the strict criteria of customer

enter an expansion phase again. Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2020 3. Financial highlights (based on Thai FRS) Q2 2020 Income statement