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

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

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flow from operating activities was 92.5 MB, increased by 14.7 MB when compare with Q2/2019, the effective due to the increase of trade and other receivable and inventory, but there is a management of

4.50 million for the first quarter 2018, increase by THB 0.06 million when compared to the first quarter 2017. by increase Non-performing debt management amount of THB 0.20 million and by decrease

, decreased by Baht 2.3 million or 0.7% compared to Q1 2017. The operating expenses increased by Baht 8.5 million or 4.9% compared to Q1 2017 partly from an increase of the management fee in Q1 2018 of Baht 2.1