1 AC and Board Presentation of 2014 Year End Financial Results

YOY Net Revenue Thailand 166,864$175, % North Asia 114,83669, % ROW 169,627215, % Total 451,327460, % Cost of sales (414,583)(408,860) Gross profit 36,74451, % US$'000 For the year ended December 31 Revenue and GP Summary

3 Revenue Pie Chart

4 Revenue Analysis Revenue Changes Thailand – Revenue decreased by $8.4 million from $175.3 million in 2013 to $166.9 million in 2014, or 4.8%. The decrease was primarily attributable to the fact that the volatile political situation adversely impacted the level of infrastructure investment and customer demand for our products. North Asia – Total sales increased by $45.5 million, or 65.6%, from $69.3 million in 2013 to $114.8 million in The increase in sales was primarily due to the fact that starting November 2013, the region's export sales were no longer made through EPAN, and as a result, a substantial portion of the export sales was moved to the North Asia region. The increase in sales was also contributed by the increase in the sales of manufactured products due to a different sales strategy, which increased both domestic and export sales. ROW – Revenue decreased by $46.4 million, or 21.5%, from $216.0 million in 2013 to $169.6 million in The decrease was primarily because starting November 2013, a substantial portion of the export business was transferred to the North Asia region rather than being conducted through the ROW region. The decrease was also attributable to the decrease in sales in APEC due to stronger competition in the Australia market and the depreciation of the Australian dollar.

AmountGP%AmountGP% Gross Profit Thailand $15, %$26, % North Asia 4, %3, % ROW 16, %22, % Total 36, %51, % US$'000 For the year ended December 31 Gross Profit Analysis

6 Gross Margin Pie Chart

7 Gross Profit Margin Analysis Gross Profit Margin Changes Thailand – The gross margin was 9.52% in 2014, down from 15.05% in 2013, a decrease of 36.7%. Our major clients in this region included government entities, private sector participants in the infrastructure sector and agents for governmental entities. The unstable political environment adversely affected Thai government’s spending on infrastructure. The gross margin of the Thailand region was eroded by the decrease in sales to the public sector, from which our subsidiaries in the Thailand region enjoyed a higher profit margin. North Asia – The gross profit margin was down from 4.47% in 2013 to 3.87% in The Company’s main product in this region is enameled wire, as the technology required to manufacture the product is low and the manufacturing process is not sophisticated, the Company’s business in the region was adversely affected by competition in the local market. In order to maintain the market share without sacrificing the product quality, the Company lowered the selling price to match competitors’ prices. ROW – The gross profit margin decreased from 10.34% in 2013 to 9.68% in The decrease of the gross margin was primarily due to the competition in the Australia market, where the Company’s Australia subsidiary lowered the selling price to compete with similar products imported from China by other competitors.

8 Headcount

9 Summary Income Statement Total Sales $451,327$460,676 Cost of Sales (414,583)(408,860) Gross Profit 36,74451,816 Income from Operations 5,18617,242 Income Before Tax 5,03516,784 Net Income 2,76111,266 Less: Net Income attributable to non-controlling interests 2,1895,419 Net Income (Loss) attributable to APWC 5725,847 Basic and Diluted Income (Loss) per Share (USD) $0.04$0.42 US$'000 For the year ended December 31

10 Net Income Analysis Net Income decreased from $11,266K to $2,761K for the following reasons: The operating profit decreased by $12,056 due to a) decreased revenue, b) increased costs of sales, c) inventory was written down due to the drop in the copper price, and d) $2,215K Allowance for Trade Receivables recognized in 2014 for SYE re: 營口億峰電線電纜有限公司 & 韓東亞電子 ( 上海 ) 有限公司. The exchange loss decreased by $1,039K. The income tax expense decreased by 3,244K.

11 Summary Balance Sheet 2014/12/312013/12/31 Current Assets 317,992302,249 Other Assets 60,68062,386 TOTAL ASSETS 378,672364,635 Current Liabilities 148,492128,125 Other Liabilities 9,0028,383 TOTAL LIABILITIES 157,461136,508 Total Shareholders’ Equity 221,211228,127 TOTAL LIABS and SHS’ EQUITY 378,672364,635 Net Book Value Per Share US$'000

12 Net Book Value Analysis Net Book Value Changes Net Book Value decreased from $11.38/share to $11.08/share mainly due to the exchange rate fluctuation US$ / AUD$US$ / RMB$US$ / SGD$US$ / THB$ Dec 31, 2013 Closing Rate Dec 31, 2014 Closing Rate Appreciation (Depreciation) of local currency against USD (8.42%)(1.69%)(4.23%)0.41%

13 Key Financial Ratios APWC General Cable 大亞萬泰 Current Assets / Current Liabilities Total Liabilities / Total Assets 42%84%57% Total Liabilities / Total Equity 71%539%134%

14 Thank You