subsidiaries and affiliated 2.5 Operating expenses 2.5.1 Personnel expenses 2.5.2 Premises and equipment expenses 2.5.3 Taxes and duties 2.5.4 Directors’ remuneration 2.5.5 Others expenses Total Expenses

Shares of loss of subsidiaries and affiliated 2.5 Operating expenses 2.5.1 Personnel expenses 2.5.2 Premises and equipment expenses 2.5.3 Taxes and duties 2.5.4 Directors’ remuneration 2.5.5 Others

, meanwhile, dropped at the steepest rate in over four years while the average manufacturing PMI reading for Q1 suggested only a fractional improvement in operating conditions. However, the Thai economy has

health and esthetics. 2. Overview of operating results for the year 2019. Thai’s economic has trend to growing lower continuously, Not only exporting business but Travelling business also have trend to

Operating Results of the Company in Q3/2019 Q3/18 Q3/19 9M/18 9M/19 Change +/(-) (THB million) YoY 9M Operating Revenue 215 312 45% 620 911 47% Gross Profit 147 202 37% 420 592 41% EBITDA 62 98 58% 161 284 76

and offer for sale of securities under the law of the Kingdom of Thailand; or (c) any non-compliance with the requirements, procedures, or conditions required in the offer for sale or the allocation of

Thor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems and Providing Services to Clients of Securities Companies and Derivatives Intermediaries dated 6 September 2013

Board No. Tor Thor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems and Providing Services to Clients of Securities Companies and Derivatives Intermediaries dated 6

due to the unfavorable economic and industry conditions i.e. Thai energy drink market, according to Nielsen data, reduced by 2.8% in 2017 and shrank by another 3.6% in the 1Q/2018 as compared to the

. 018 / 2018 May 9, 2018 Subject Explanation of the operating performance for 3-month period ended March 31, 2018 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company