Ban Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2019 2 Selling

-9320 1 Ref: PLC 2019/009 August 8, 2019 Subject: Management Discussion and Analysis Quarter 2 Ended 30-June-2019 To: The President of the Stock Exchange of Thailand Panjawattana Plastic Public Company

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 44.36 86.52 35.57 96.14 8.79 24.71 Service Income 5.94 11.59 0.00 0.00 5.94 #DIV/0

-TRANSLATION- 14 August 2019 Subject : Management Discussion and Analysis for Q2/2019 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

Microsoft Word - MD&A_E Q1_2561_จัดใหม่ Management Discussion and Analysis: MD&A 1. Company Situation Revenue from the waste treatment business for Q1/2018 slightly increased compare to Q1/2017. The

-TRANSLATION- 15 May 2018 Subject : Management Discussion and Analysis for Q1/2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

had decreased mainly caused by unrealized loss of marketable securities totaling Baht 10 million following the volatility during its downturn in stock and debt instrument market while the 6-month period

-TRANSLATION- 14 August 2018 Subject : Management Discussion and Analysis for Q2/2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

-TRANSLATION- 13 November 2018 Subject : Management Discussion and Analysis for Q3/2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance

Capital and receives support fee for the amount of totally not more than 1.2 million baht and ACS Servicing (Thailand) Co., Ltd provides the support on debt collection and litigation operations to ACS