’ interests. Please be informed accordingly. Sincerely Yours, Mr.Thakoon Boonparn Managing Director

. Boondee Amnuayskul) Chief Executive Officer and Managing Director Translation

informed accordingly. Sincerely yours, T.K.S. Technologies Public Company Limited -Signed- Mr.Somkid Wekinvattanasaed Managing Director

the investors. Yours sincerely, (Mr. Somboon Fusriboon) Managing Director

หนา้ 1 จาก 1 Translation November 13, 2019 Subject: Management explanation and analysis for Quarter ended 30 September 2019 Attn: The Managing Director, the Stock Exchange of Thailand Pacific Pipe

receiving financial assistance To Managing Director The Stock Exchange of Thailand According to the Board of Director Meeting of Pan Asia Footwear Public Company Limited (“Company” or “PAF”) No. 4/2019 which

expansion projects of the subsidiaries. 4.Share of profit on investment in associated company decreased by Baht 3.25 million or 30.63% Sincerely yours, (Mr.Pongpat Patanavanich) Managing Director

rates decreased. 4. Share of profit on investment in associated company decreased by Baht 1.67 million or 14.85% . Sincerely yours, (Mr.Pongpat Patanavanich) Managing Director

. Somkiat Vongsarojana) Managing Director As the Planner

associated company decreased by Baht 3.45 million or 7.34 % Sincerely yours, (Mr.Pongpat Patanavanich) Managing Director