. 014 / 2020 May 13, 2020 Subject Explanation of the operating performance for 3-month period ended March 31, 2020 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company

Subject: Management Discussion and Analysis - for the period of 1Q2019. To: The President of Stock Exchange of Thailand B-52 Capital Public Company Limited (“the Company”) would like to notify the operating

like to notify the operating results that the Company reported net loss for the three-month period ended 30 June 2019 of Baht 15.7 million, net loss decreased by Baht 15.7 million or 90.4% compared to

”) would like to notify the operating results that the Company reported net loss for the three-month period ended 30 June 2019 of Baht 15.7 million, net loss decreased by Baht 148.5 million or 90.4% compared

Public Company Limited (“the Company”) would like to notify the operating results that the Company reported net loss for the three-month period ended 30 September 2019 of Baht 30.4 million, net loss

of profit from investments in associates 33.6 59.2 -25.6 -43.2% Net Profit 215.0 304.8 -89.7 -29.4% Increase (Decrease) The operating result of the Company for Q1 2019/2020 (1 April 2019 to 30 June

-9.9 -24.7% Share of profit from investment in associates 126.8 174.8 -48.0 -27.5% Net Profit 999.3 903.2 96.1 10.6% Million Baht Increase (Decrease) The operating result of the Company for FY 2019/2020

February 28, 2019 Subjects : Clarification of operating results for the Year 2018

: Million Baht Operating results of the Company For the Year ended December 31, 2018 2017 (Restated) Changes % Revenues : Revenues from sales and services 987.27 930.88 56.39 6.06 Gain on purchase price lower

stocks for production. Cash flow received from operating activities increased from the same period of last year, because the Company received debt repayment during period. Cash flows used in investing