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

, SEC has developed, reviewed, and revised regulations on the operation of investment management business covering the management of mutual fund from launching to termination, by doing as follows

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

Microsoft Word - 2005-014EN Management Discussion and Analysis for the Q1 2020 (Ending Mar 31, 2020) Ref. No. 2005/014EN May 13, 2020 Subject Management Discussion and Analysis for the Q1/2020

subsidiaries recorded a decrease of Baht 9.95 million or 6.51%, respectively. Early in the year. As a result, the revenue from the shipping management of the previous year more than this year. 2. Revenue from

, and pig iron Russia export price of the third quarter of 2019 averaged at USD 368/mt. FOB, slightly decreased from USD 369/mt. from the previous quarter. Management Discussion and Analysis Quarter 3

Expenses The company’s management cost in the 2nd quarter of 2017 is at 60.5 million baht, 5 percent of the sales revenue, the management cost remains the same as the 2nd quarter of the previous year

the previous year. Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 2019 Page 6 2.4 Administrative expenses and finance costs Administrative expenses and

Collection and other services revenues accounted 14.6% in total revenues. However, revenues from debts collection and management are a major component of growth in revenues in the previous year. Management and

probable forward looking macroeconomic factors and also set additional management overlay in the previous quarter. The non- performing loan ratio was 3.88% slightly increased from the previous quarter due to