1 / 5 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the year at the end of 31 December 2018

for doubtful account from the delayed project 56.85 million baht had the detailed explanation as follows:- In November 2015, the Company was hired as a contractor to install electricity transmission

1/2 Ref: CIG 015/2018 March 12, 2018 Subject: Profit and loss reporting the financial statements for the year ended December 31, 2017 and explanation of more than 20 percent fluctuation in profit and

1 Ref: CIG 003/2563 February 26, 2020 Subject: Profit and loss reporting for the year 2019 and explanation of more than 20 percent fluctuation in profit and loss compared to that of last year. To

2 มิถุนายน 2554 620/5 Moo 11 Nongkham, Sriracha, Chonburi 20230 Thailand Tel. 66-38 480-020-1 FAX. 66-38 480-080 (TRANSLATION) AF. 025 / 2017 August 10, 2017 Subject Explanation of the operating

. 004 / 2019 February 27, 2019 Subject Explanation of the operating performance for the year 2018 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company Limited would like to

the year 2016 that had comprehensive loss in the amount of Baht 53.55 million. The Company would like to provide the explanation on the changes of the Profit and Loss for the 2nd quarter of the year

ที่ BCH No. BCH.174/2017 15 August 2017 Subject : Explanation of the change in operating results of Q2/2017 which exceed 20% To : The President The Stock Exchange of Thailand Bangkok Chain Hospital

ที่ BCH No. BCH.211/2017 8 November 2017 Subject : Explanation of the change in operating results of Q3/2017 which exceed 20% To : The President The Stock Exchange of Thailand Bangkok Chain Hospital

ที่ BCH No. BCH 018/2018 26 February 2018 Subject : Explanation of the changes in operating results for the year ended 31 December 2017 which exceed 20% To : The President The Stock Exchange of