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

due to the adjustment of the wheat distribution strategy and the wheat management plan, which is the main raw material during the year, to maximize benefit to the company. บริษัท ที เอส ฟลาวมิลล จํากัด

, 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

, revenue generated by Yours was not significant but growth rate was satisfactory. In addition, Yours supported property management services in other MK’s main business. 2) In this quarter, the Company

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

, personal loans business, and non-performing loan management business was the important main factor driving the Group's overall performance to continue growing compared to the previous year. For the Company's

main strategies are namely, invasion of the housing market, expansion of service income, financial liquidity management and adding value to existing assets. As for the performance in Q1/2021, the net