: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2023 4 In 2023, the Federation of Thai Industries (FTI) forecast the car production to be at 1,950,000 units or increased by 3.7% from

indicated more optimism by revising upwards their GDP growth forecast for 2017 to 3.5% from 3.2% that was estimated at end of 2016. IMPORTANT EVENTS IN 1Q 2017/18 June 2017  Master Ad Company Limited (“MACO

merchandise exports, resulting in an expected economic growth at the rate 4.0% which is higher than the previous forecast of 3.5%. Economic outlook for 2017 Thai economy is expected to grow at rate 4.2

downwards the 2020 GDP forecast in their Monetary Policy Report, saying the economy was likely to contract by 8.1%. Although Thailand has successfully controlled the spread of COVID-19 so far, leading to a

ควบรวมกิจการ (Synergy forecast) การอธิบายขอ้สมมุติฐาน ประกอบการจัดทําประมาณการณ์ทางการเงนิ (Financial forecast assumptions) การวเิคราะหภ์าวะอตุสาหกรรม (Industry status and valuation) ฯลฯ และจัดเตรยีมกา

notes, for example: - The issuer must be clearly identified between the fact and the issuer’s opinions. In case where the issuer demonstrates a forecast rate of return, historical payout ratio and any

formation. Hence, the NESDB has cut down its growth forecast for the Thai economy in 2023 to the range of 2.5%-3.0% from the previous forecast of the range of 2.7%-3.7%, which the supporting factors still

diagram as well; (2) What is the estimate of return in various situations and the possible highest loss? In this regard, such estimation shall employ reasonable assumptions and be prepared with due care; (3

year. The Bank of Thailand (BoT) also upgraded its GDP growth forecast for this year from -8.1% YoY to - 7.8% YoY. However, it revised down next year’s forecast from 5.0% to 3.6% (vs. our forecast at 3.4

Transaction Comparables are as follows: Peer Companies on the Stock Exchange : Food Industry/Food & Beverage Gross Net Profit Estimate : THB 5.33 Million in 2018 5.2 Payment Method The Buyer and the Seller