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 2020

หนา้ 1 จาก 1 Translation May 13, 2020 Subject: Management explanation and analysis for Year ended 31 March 2020 Attn: The Managing Director, the Stock Exchange of Thailand Pacific Pipe Public Company

Ref: SP 2020/008 Date : May 14, 2020 Subject : The Explanation to SET concerning the operating result for Q1/2020 more than 20% Attention : The Director and Manager of the Stock Exchange of Thailand

explanation from the company directors in order to make a prudent decision on their voting. The SEC requires that any material acquisition and disposal of assets subject to the shareholders? approval must have

management companies must provide explanation concerning the funds for investors? understanding and must also take necessary steps to ensure that investors learn of associated risks prior to making investment

2024 annual compliance reports. In this front, reporting of any non-application or unfinished application of the recommended guidelines shall be accompanied by the explanation of the associated

1 / 4 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the year ended 31 December 2019 • Explanation and

1 / 6 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the three-month period ended 30 September 2019

. 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

10 May 2018 Re Explanation and analysis of the Management for the 1st quarter of 2018 ended 31 March 2018 To Director and Manager, Stock Exchange of Thailand Whereas the Meeting No. 2/2561 of the