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

1 - Translation – Bor.Chor.Ngor 0328/2017 September 26, 2017 Subject: Connected transaction : Renewal of a hotel management advisor agreement Attn : President The Stock Exchange of Thailand With

(Translation) CS 0297/2019 August 13, 2019 Subject: Connected transaction : Renewal of a hotel management advisor agreement Attn: President The Stock Exchange of Thailand With reference to the Board

- person and such transaction is in the manner of unfair treatment to the fund or causing fund to lose its best benefit. Except that the transaction is specified in Clause 13; (3) Management company perform

(Translation) - 4 - person and such transaction is in the manner of unfair treatment to the fund or causing fund to lose its best benefit. Except that the transaction is specified in Clause 13; (3) Management

1 - Translation – Bor.Chor.Ngor 0351/2018 September 25, 2018 Subject: Connected transaction : Renewal of a hotel management advisor agreement Attn : President The Stock Exchange of Thailand With

. Opinion of the Audit Committee: The Audit Committee has considered the transaction and has opinion that the management fee is reasonable and be proposed to the Board of Directors for further approval

% of the Company NTA but less than 3% of NTA of the Company. Opinion of the Audit Committee: The Audit Committee has considered the transaction and has opinion that the management fee is reasonable and

million baht or 0.93% which more than 0.03% but less than 3% of NTA of the Company. Opinion of the Audit Committee: The Audit Committee has considered the transaction and has opinion that the management fee

July 2006 shall be repealed and replaced by the following provision: “Clause 13. When engaging in any affiliated transaction for the fund, the management company shall act in the interests of the fund