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

company has still managed the cost of goods sold efficiently. In this regard, the cost of sales has decreased significantly since the management of distribution channel to less the cost. For the

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

from furniture as the core business decreased 7.59 from the previous year. That caused from the management policy of some distribution channels in domestic to enhance the efficiency of expenses. Such

% q-q which came from more effective management in logistic & distribution. Mil THB 56 53 6 42 55 Q2 18 Q2 19 105 +0.6% 17.7% 9.0% 9.2% TBSP TKS %SG&A Extra Exp TKS 1.1% 9.6% 7.0% 104 17.7% (0.5%) 6M19

effective management in logistic & distribution. Mil THB 56 55 1 6 43 40 Q3 18 Q3 19 101 +1.1% 16.2% 8.8% 6.5% 0.2% 9.3% 7.1% 100 16.6% 0.9% +389.3% -7.2% TBSP TKS Extra Exp TKS %SG&A to Sales Conso -1.3

from distribution fee from outsourced service provider of warehouse management and goods distribution that the company started using since September 2018 which is a total cost of 10.84 million baht

expenses represented at THB 8 mil. (1.2%), 31.8% decremental primary by lower logistic expenses which came from more effective management in logistic & distribution. Net Profit Statements of Financial

last year which came from more effective management in logistic & distribution. Statements of Financial Position and Selling and Administrative expenses Financial cost Unit : THB million Change Y2019

) seeking of resolution and meeting of unitholders; (15) restrictions of right to receive distribution, management of undistributed income and the voting right of unitholders; (16) issues concerning trustee