MDA_E_FY17 Management’s Discussion and Analysis Fiscal year ended February 28, 2018 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) already submitted the audited financial

established Dusit Foods Co., Ltd. holding 99.7% shares to invest 25.977% in NR Instant Produce Co., Ltd. (NRIP) as an associated company. NRIP produces and exports sauce, ready to cook and seasoning powder. It

Thailand has also indicated more optimism by revising upwards their GDP growth forecast for 2017 to 3.5% from 3.2% that was estimated at end of 2016. 1 The Nielsen Company (Thailand) Co,.ltd. 2 The Bank of

2020. At the present, Forth Smart Trading Co., Ltd., a subsidiary of the Company, has already received a license from the Ministry of Finance through the Bank of Thailand to do personal loan, nano

December 2017. Thus, we reiterate the revenue growth forecast for the Company at 20% for 2017. 1 The Nielsen Company (Thailand) Co,.Ltd. 2 MD&A 3Q 2017 (Ended 30 September 2017) MASTER AD PLC MANAGEMENT

Note: 1/ EBITDA from Refinery Business of the Company, BCP Trading Pte. Ltd. and Bongkot Marine Services Co., Ltd. 2/ EBITDA from Marketing Business of the Company, Bangchak Greenet Co.,Ltd., Bangchak

the Company to dispose of its ordinary shares of Origin Prime 2 Co., Ltd. (“Origin Prime 2”), a subsidiary of the Company (a company in which the Company holds 100 percent of the total ordinary shares

below, (1) The Board of Directors resolved to approve the Company to dispose of its ordinary shares of Origin Prime 2 Co., Ltd. (“Origin Prime 2”), a subsidiary of the Company (a company in which the

REAL ESTATE HOLDINGS LLC AREH II LLC AREH III LLC AROUND LOGISTICS MANAGEMENT CO., LTD. BACONCO COMPANY LIMITED BIEN HOA PACKAGING JOINT STOCK COMPANY BINH MINH PLASTICS JOINT STOCK COMPANY CASTLETON

LLiimmiitteedd 496, Moo 9, Samrong Nuea Subdistrict, Mueang Samut Prakan District Samut Prakan Province 10270 (1) The transaction under which Origin One Co., Ltd., a subsidiary of the Company, invested in the real