_______________________________________________________________ Management Discussion and Analysis (MD&A) For the three-month period ended March 31, 2020 http://pdi.intranet/SiteDirectory/it/Image%20Gallery/image/logo2013.jpg 1 | Padaeng Industry Public Company

previous fiscal year. The sale growth rates compared to the previous fiscal year are from our 3 business categories as follows: - Aeroflex increased 5.0% - Aeroklas decreased 10.4% - Eastern Polypack

management company shall submit an application for establishment of a https://publish.sec.or.th/nrs/9022ae0.pdf E_1 Legal_FA_2015_12_29-c investment technologies plus varied functions in alignment with

sustainable growth. The SEC is also committed to expediting Thailand’s shift towards a low-carbon economy with the goals of achieving carbon neutrality by 2050 and net zero greenhouse gas emissions by 2065

and Governance (ESG) efforts that supports investors in their investment decision making.  SEC Secretary-General Ruenvadee Suwanmongkol said: “Building an ecosystem conducive to sustainable growth of

interesting stylized facts of equity mutual funds in Thailand, including (1) when comparing between risks and returns, the equity funds with high management fees often yield less returns than the market, and

playing a key role of driving provident funds as a savings tool for post-retirement.Provident funds therefore must have a good management structure that covers formation of returns, determination of boards

that his or her investment growth will outpace inflation and to be properly prepared for retirement. As a result, the SEC strategic plan has been implemented to encourage the investing public to have

regulatory changes. 5 2. Risk Management and Risk Factors 2.1 Credit Risk Management During the first quarter of 2019, the Thai economy recorded slower growth, over-year. The weakness came mainly from a

Management Discussion and Analysis Q2/2020 Page 1/6 JAS Asset Management Discussion and Analysis Q2/2020 Retail Synergy Management Discussion and Analysis Q2/2020 Page 2/6 J63/015 11 August 2020