Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc./(Dec.) % Construction income

million, a decrease from 2017 of THB 20.41 million or 16.82 per cent. The main reasons are as follow: 1. Income from service and commission of the Consolidated Financial Statements, amount of THB 702.32

deduction of earned premium net of reinsurance and commission and brokerage income totaling Baht 32.97 million as a result of the deduction in net retention and portion of high risk products. 2. Operating

(035) 350 880 Fax (035) 350 881 Website: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2024 2 Total revenue decreased by 7.5% year-on-year. Sales and service income

the result of continue growth in core business revenues that increased by 10% y-y, especially in personal loan and hire purchase products as well as a strong growth revenue from bad debt recovery by 42

Debts with fixed interest % 49% 58% Credit Rating by TRIS AA- A+ 1 Net debt after debt for capex and investments in progress that are not generating revenue and earnings as on date given Figure 2

2018 of 147 million Baht, (3) other income including trademark and trade name fees of DEAN & DELUCA of 246 million Baht (31% of total revenue); significantly increased by 324% as compared to Q1 2018 of

and Analysis For the 1 st Quarter Ended 31 March, 2018 Page 2 2. Operation performance according to consolidated financial statement Unit : Million Baht 2018 2017 Revenue from sale and rendering of

generated total revenues of 5,619 million Baht; or increasing by 118% as compared to the total revenues in Q2 2017 of 2,579 million Baht. This was mainly due to the increase in revenue from sales of the

% of total turnovers with revenue of 5,646 million baht, an increase of 629 million baht or 13% y-y. In the third quarter of 2018, credit card revenue was 1,914 million baht, an increase of 222 million