Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com Management Discussion and Analysis for the year 2021 2 Total revenue increased by

10,960 million baht, grew 574 million baht or 5% y-y. In the second quarter of FY2022, the Company recorded revenue at 5,475 million baht, increased 131 million baht or 2% y-y. The increasing mainly came

Debts with fixed interest % 62% 49% Credit Rating by TRIS AA- AA- 1 Net debt after debt for capex and investments in progress that are not generating revenue and earnings as on date given. Figure 1

fixed interest % 73% 62% Credit Rating by TRIS AA- AA- 1 Net debt after debt for capex and investments in progress that are not generating revenue and earnings as on date given. Figure 1 :Repayment

February 18, 2020 Re: Management Discussion and Analysis for full year 2019 To: Director and Manager of the Stock Exchange of Thailand Revenue from sales and rendering of services L&E’s consolidated

Microsoft Word - MDA FY19 EN.docx February 24, 2020 To President The Stock Exchange of Thailand Subject Notification on the difference of revenue from sales and net profit YOY by more than 20 percent

year mainly due to: 1.1) Revenue from selling of electricity increase 23.91 million baht or 100% due to the Company recognized revenue from Saraburi Solar Farm Project. 1.2) Revenue from Sales decrease

Microsoft Word - MDA Q219 EN August 14, 2019 To President The Stock Exchange of Thailand Subject Notification on the difference of revenue from sales and net profit YOY by more than 20 percent

1 / year 2018 Change Million Baht % Million Baht % Million Baht % Sales revenue - net 108.37 92.86% 107.94 93.48% (0.42) -0.39 % Revenue from contract works 7.14 6.12% 6.40 5.54% (0.75) -10.48

Industrial (Thailand) Public Company Limited (“INGRS”or “the Company”) would like to provide an explanation about our financial performance for the financial year ended 31 January 2020: 1. Sales Revenue INGRS