ASIAN ALLIANCE INTERNATIONAL PUBLIC COMPANY LIMITED / ASIAN ALLIANCE INTERNATIONAL PUBLIC COMPANY LIMITED Common share IPO         ASIAN ALLIANCE INTERNATIONAL PUBLIC COMPANY LIMITED / By Existing

fund management fee from Solaris Asset Management Company Limited (“Solaris”) decreased.  The company recognized share of loss from associated companies of Baht 2.24 million which consist of:-  Share

profit of selling part of investments in associated company as disclosed in the financial statement in which the equity method is applied as follows;  Gain on sales of investment in associate 10.63

Share of profit on investment in associated company (27.61) 50.88 (78.49) (154.26) 132.50 64.03 68.47 106.93 Finance cost 58.36 55.46 2.90 5.23 114.50 97.25 17.25 17.74 Profit before income tax 10.47

83.95 51.57 32.38 62.79 132.13 117.88 14.25 12.09 Total expenses 194.66 152.85 41.81 27.35 515.15 490.90 24.25 4.94 Share of profit on investment in associated company 101.59 54.22 47.37 87.37 234.09

. and share of profit from associated companies 2/ EBITDA from Marketing Business of the Company, Bangchak Green Net Co.,Ltd., Bangchak Retail Co., Ltd., and share of profit from associated companies 3

associated companies, finance cost and income tax expenses 1,429.05 1,646.57 (217.52) (13.21) Share of profit (loss) from investments in associated companies 316.27 190.93 125.34 65.65 Finance cost (713.33

venture was renamed to Ratchada Alliance; which U City still holds 50% of the ordinary shares. The purpose of this JV is to invest and develop real estate projects for sale. MANAGEMENT DISCUSSION & ANALYSIS

premium at no more than 90 million baht is not appropriate since 150-200 MW power plant project and the associated consignments remain uncertain while additional investment of 7,850 million baht is needed

information and associated risks carefully and thoroughly when deciding to open a trading account for each product type. For example, opening a derivatives trading account for a block trade comes with various