Translation August 9, 2017 Subject: Management explanation and analysis for Quarter ended 30 June 2017 Attn: The Managing Director, the Stock Exchange of Thailand Pacific Pipe Public Company Limited

recorded at 2,104 million baht, which is the same level as last year. However, finance cost accounted for 11% of total revenues, slightly decreased from 12% in the fiscal year 2016. A decrease in finance

The total value of the payment for shares including liabilities from purchased of land, building and properties of the Modern Company is 295 million Baht and the cost of renovating the factory and

million baht by AFS Corporation Co., Ltd., which is a subsidiary company of AEON Financial Service Co. Ltd., (“AFS”) that holds 100% of total shares of AFS Corporation Co., Ltd. The details are as follows

resolved that service fee of Shared Service for finance and accounting functions charged to ACS Capital is reasonable and shall be proposed to the Board of Directors for further approval. Opinion of the

total transaction size is, approximately 16.83% of the total assets of the company, based on the consolidated finance statements ending June 30, 2019. 7. Criteria for Determination of Consideration Value

concerning the trustee and trust manager. In this regard, the trust manager is responsible for the management of the trust, including the investment in the infrastructure asset whereas the trustee shall be

Report a major accomplishment. The OECD is grateful to the Japanese government for their long-standing support and partnership. Thank you also to the Asian Development Bank and the International Finance

delay the purchase of raw materials in order to produce the products. The company is in the process of negotiating with the raw material suppliers and planning to solve the problems. For the three-month

Company is current asset in which accounted for 50.5% of the total assets and non-current asset accounted for 49.5% of the total assets. THB MB % THB MB % Current assets 665.3 55.7 575.0 50.5 Non-current