Step 1: Identify the elements of set A. A is defined as the set of natural numbers less than 5. The natural numbers less than 5 are 1, 2, 3, and 4. So, A = {1, 2, 3, 4}.
Step 2: Identify the elements of set B. B is defined as the set of natural numbers greater than 2. The natural numbers greater than 2 start from 3 and go on indefinitely. So, B = {3, 4, 5, ...}.