1 / 3 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  Explanation and analysis of financial performance for the three-month period ended 31 March 2019

. 022 / 2018 August 9, 2018 Subject Explanation of the operating performance for 3-month period ended June 30, 2018 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company

. 004 / 2021 March 1, 2021 Subject Explanation of the operating performance for the year 2020 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company Limited would like to

Conclusions Risk Based Explanation • Fama and French (2018) model ⋄ Market ⋄ SMB ⋄ HML ⋄ RMW ⋄ CMA • Hou, Xue, and Zhang (2015) q-factor model ⋄ Market ⋄ ME ⋄ ROE ⋄ IA Motivation Explaining Value Data Results

representative in Thailand Information as of XX XX XXXX Name of the ARFP Fund Unit Class SRI Fund Class code Type of mutual fund Risk Level Low 1 2 3 4 5 6 7 8 High Risk Profile Explanation Investment policy and

Fund Unit Class SRI Fund Class code Type of mutual fund Risk Level Low 1 2 3 4 5 6 7 8 High Risk Profile Explanation Investment policy and strategy Calendar year performance and benchmarks over the past

1/2 Ref: CIG 015/2018 March 12, 2018 Subject: Profit and loss reporting the financial statements for the year ended December 31, 2017 and explanation of more than 20 percent fluctuation in profit and

| www.digitaltechplanet.com No. DIGI 201902/009 26 February 2019 Subject: Management Discussion and Analysis - Explanation of net profit (loss) for the year ended 31 December 2018. To: The President of Stock Exchange of

1 Ref: CIG 003/2563 February 26, 2020 Subject: Profit and loss reporting for the year 2019 and explanation of more than 20 percent fluctuation in profit and loss compared to that of last year. To

2 มิถุนายน 2554 620/5 Moo 11 Nongkham, Sriracha, Chonburi 20230 Thailand Tel. 66-38 480-020-1 FAX. 66-38 480-080 (TRANSLATION) AF. 025 / 2017 August 10, 2017 Subject Explanation of the operating