(Translation) NEP-AC 001/2561 10 May 2018 Subject : Management Discussion and Analysis for 1st Quarter ended March 31, 2018 To : The President The Stock Exchange of Thailand Operating Result NEP

Management Discussion and Analysis (MD&A) Padaeng Industry Public Company Limited and its subsidiaries For the year ended December 31, 2019 1 | Padaeng Industry Public Company Limited and its

No. INSET 007/2563 24 February 2020 Subject Management Discussion and Analysis of the Year 2019 Operating Results, Ending 31 December 2019 Dear Governors and President Market for Alternative

4_MDA Year2019 EN -Translation- No. ECF2 007/2020 February 28, 2020 Subject: Management Discussion and Analysis of the year 2019 ended December 31, 2019 To President The Stock Exchange of Thailand

November 6, 2017. 4. Unanimously approved the related transactions with the related companies (Details as attachment) Please be informed accordingly Yours sincerely, Kiyoyasu Asanuma Managing Director 2

No. IFS 057/2562 7 October 2019 Subject Management Discussion and Analysis of the 2nd Quarter 2019 Operating Results Dear Governors and President Market for Alternative Investment (mai) Infraset

par value of preferred shares is 10 Indian Rupees per share 2.3. The management of the Company has appraised the share price of the Joint Venture Company by using the Discounted Cash Flow method (DCF

No. IFS 061/2562 11 November 2019 Subject Management Discussion and Analysis of the 3rd Quarter 2019 Operating Results Dear Governors and President Market for Alternative Investment (mai) Infraset

to encourage listed companies and others whose buildings or offices are located on Vibhavadi-Rangsit Road to join the efforts in managing waste in their respective premises efficiently and set an

Management Discussion and Analysis of the Company's operation for the three-month period ended 30 September, 2019 with details as follows: Unit: Million Baht (Unit: Million Baht) Consolidated financial