November 8, 2017 Reference no. RWI /RY/061/2560 Subject : Management’s Discussion and Analysis of Business Operations of the Third Quarter of 2017 Dear The Director and Manager of the Stock Exchange

November 9, 2018 Subject : Management Discussion and Analysis for nine-months and 3rd quarter ended September 30, 2018 Attention : President The Stock Exchange of Thailand 1. Operating Performance

stability of VCM production, and more balance of ECH market. Analysis of Cost and Expenses 1. In Q1 2018, Cost of sales was 4,159 MTHB, increased by 485 MTHB comparing to 2017 or 13.2% due to the increase of

accounts, the overall sales volume slightly decreased compared to Q1’ 18 due to the scheduled maintenance. Analysis of Cost and Expenses In Q1 2019, Cost of sales was 3,700 MTHB, decreased by 500 MTHB

for Epichlorohydrin from the weak Epoxy demand. Analysis of Cost and Expenses 1. In Q2 2019, Cost of sales was 3,696 MTHB, increased by 292 MTHB comparing to 2018 or 8.6% due to higher sales volume

volume from China. Analysis of Cost and Expenses 1. In Q2 2018, Cost of sales was 3,385 MTHB, decreased by 256 MTHB comparing to 2017 or 7.0% as a result of lower sales volume as described above. The gross

the improved selling price across all products, especially for Epichlorohydrin (“ECH”) caused by limited export from China and PVC from better market condition. Analysis of Cost and Expenses 1. In Q3

partially offset by higher sales volume of all main products as a result of stable operation. Analysis of Cost and Expenses 1. In Q3 2019, Cost of sales was 3,445 MTHB, decreased by 715 MTHB comparing to 2018

February caused by technical issue at our supplier’s site. Analysis of Cost and Expenses 1. In Q1 2020, Cost of sales was 3,255 MTHB, decreased by 445 MTHB comparing to Q1 2019 or 12% due the drastic decline

หน้า 1 จาก 1 Translation May 8, 2018 Subject: Management explanation and analysis for Quarter ended 31 March 2018 Attn: The Managing Director, the Stock Exchange of Thailand Pacific Pipe Public