Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

1802-008EN Management Discussion and Analysis for the year 2017 (Ending Dec 31, 2017) Ref. No. 1802/008EN February 20, 2018 Subject Management Discussion and Analysis for the year 2017 (Ending

Management Discussion and Analysis for the 2st Quarter 2017 ended August 31 Management Discussion and Analysis for the 2 st Quarter 2017 ended August 31, 2017 AEON Thana Sinsap (Thailand) Public

an increase in revenues from sales of 11.77 percent and an improvement of the inventory cost management, particularly for the main raw material cost, and the management of product mix efficiently

Baht (6.83) million or (28.1%) as the following reasons:  Total revenue increased Baht 36.70 million or 9.0% from Baht 406.54 million in Q1/2018 to Baht 443.24 million in Q1/2019. The main increase was

, the gross profit margin totaled THB 582.12 million or 66.83%, slightly higher than 66.25% in last year. The main reason is better cost management especially raw material which is the major part in cost

. 7 2 ) million or (2 0 2 % ) as the following reasons: • Total income increased Baht 92.32 million or 6% from Baht 1,580.25 million in 2017 to Baht 1,672.58 million in 2 0 1 8 . The main increase was

11.92 million baht increased or 5.60 percent when compared to same period of previous year of 212.89 million baht as main cause is reorganization and management which includes cost reduction on

of the Company. For the capital management, the main objective of the Company’s capital management is to adopt an appropriate capital structure for supporting business operations of the Company and

, respectively, due to increased revenue from the sales strategy adjustment of the WICE company Logistics (Hong Kong) Limited. Increased revenue from air cargo management, which is considered the main revenue of