* (%) 23% 29% 28% (1%) 5% 22% 28% 6% Net profit margin (%) 15% 16% 16% (0%) 1% 14% 16% 2% * Exclude costs of depreciation and amortization 1 Management Discussion & Analysis Management Discussion & Analysis

Change +/(-) (Unit: Million Baht) QoQ YoY Operating revenue1 6,587 9,067 19,990 120% 203% 12,329 29,057 136% Cost of sales (exclude depreciation and amortization) (4,751) (6,574) (13,979) 113% 194% (8,846

baht 275.60 million (exclude Dividend revenue) from the same period of last year or increase 73.2% resulted revenue from metal business increase the company report a profit Baht 10.44 million increase

holders (Exclude Gain (Loss) on exchange rate) 426 127 299 236.2% Net profit (loss) attributable to equity holders Margin (%) (Exclude Gain (Loss) on exchange rate) 5.8% 2.9% 2.8% EBITDA 1,036 600 436 72.7

equity holders (Exclude Gain (Loss) on exchange rate) 432 426 6 1.3% Net profit (loss) attributable to equity holders Margin (%) (Exclude Gain (Loss) on exchange rate) 5.6% 5.8% -0.2% EBITDA 1,031 1,036 -5

holders (Exclude Gain (Loss) on exchange rate) 299 281 18 6.5% Net profit (loss) attributable to equity holders Margin (%) (Exclude Gain (Loss) on exchange rate) 4.1% 4.5% -0.4% EBITDA 887 828 58 7.0% 99

(Exclude Gain (Loss) on exchange rate) 406 308 98 31.7% Net profit (loss) attributable to equity holders Margin (%) (Exclude Gain (Loss) on exchange rate) 6.0% 5.5% 0.5% http://www.aapico.com/ http

profit (loss) attributable to equity holders 562 402 159 39.6% Net profit (loss) attributable to equity holders Margin (%) 6.9% 5.9% 0.9% Net profit (loss) attributable to equity holders (Exclude Gain

holders Exclude Gain (Loss) on exchange rate and one-time expenses 420.6 590.7 -170.2 -28.8% Net profit (loss) attributable to equity holders Margin (%) Exclude Gain (Loss) on exchange rate and one-time

profit (loss) attributable to equity holders (Exclude Gain (Loss) on exchange rate) 647.7 159.5 488.3 306.2% Net profit (loss) attributable to equity holders Margin (%) (Exclude Gain (Loss) on exchange