stable QoQ. Return on Asset stood at 13.9% which increased from 2Q18. This resulted of efficiency in ARPU management and cost effective control. Return on Equity stood at 46.0%, increasing from 2Q18, due

the net trade debt repayment of USD 123,899,729, or equivalent to THB 4,275,683,281.33, under the debt to equity conversion scheme where the conversion price will be fixed at THB 0.1961 per share

of the year 2018 which was Baht 156.18 million for Baht 14.32 million or -9.2% due to decrease in employees and management benefits and reward of subsidiaries as significant. Finance costs Finance

Water Sales, and Wastewater Treatment Services. 2 Other Revenue consists of Excessive Charge, Service Fees for Wastewater Management, and Revenue from Solar Rooftop 3 Gross Profit from Operation excludes

Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue from Utilities Business. 4 Other Incomes mainly consists of Interest Income from Loans to GHECO

the Royal Gazette, respectively. Meanwhile, the Association of Investment Management Companies (AIMC) would prepare a notification of investment unit redemption systems, to be approved by SEC. This is

30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES AND EQUITY BREAKDOWN 31 DECEMBER 2017 30 SEPTEMBER 2018 (THB mn

Current liabilities Non-Current liabilities Equity 3,978 0 4,801 4,801 41.8% 58.2% 45.0% 55.0% 2.3% 28.3% 69.4% 36.7% 59.9% 3.5% MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY

) AAPICO HITECH PUBLIC COMPANY LIMITED Ref No: AH 01032020 March 3, 2020 Subject: Management Discussion & Analysis (MD&A) for the financial statements of fiscal year 2019 ended as of December 31, 2019 To

www.aapico.com บริษัท อาปโก ไฮเทค จํากัด (มหาชน) AAPICO HITECH PUBLIC COMPANY LIMITED Ref No: AH 03082019 August 14, 2019 Subject: Management Discussion & Analysis (MD&A) for the financial statements of the 2nd