. Business Recovery from the COVID-19 According to an improvement of COVID-19 infection control, the easing lockdown measures and the reinstatement of economic activities, the Company set its strategies and

discussions between the group companies. Sharing of resources and operating with a Business Continuity Plan (BCP) - we know what to control. 3. Cash Flow Management Manage cash flow so that the Group and its

to the increase in total revenue especially from dessert café. At the same time, the expense has increased at a smaller proportion as a result of the Company’s ability to manage costs which allows the

million baht. As a result, the expense to income ratio (Cost-to-Income Ratio) this year increased to 39.7%, driven from the expansion of subsidiaries in overseas. However, the Company will be able to manage

manage its efficiency in operating and administrative expenses well through the Digitalization process in the future. The separate financial statements has cost-to-income ratio at 37.8%. Expected Credit

prepared the production of B100 to follow the new standard of Monoglyceride content not exceeding 0.4%. Together with ability to efficiently manage raw material cost, gross profit was improved from the

and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to effectively manage SG&A expenses. 4 Financial expenses Our financial expenses in Q2

human resources policies. We believe that our SG&A expenses have become normalized and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to

lower than last year at 44% 5 of total revenues. However, the Company was able to effective control the operating and administrative expenses. In 2019, the Company has developed AEON Thai Mobile

Management Discussion and Analysis 3Q18 and 9M18 P a g e | 2 On 18 September 2018, the Company has taken full control interest in LVM Holdings Pte Ltd which market and manage 220 luxury villas / vacation