(“The Company”) would like to submit the Management Discussion and Analysis of the Company’s operation for the three-month period ended 30 September 2018 with details as follows: Unit: Million Baht

Company Limited and its subsidiaries had the operation results for the nine-month period ended September 30, 2018 with the following details: unit: THB million 2018 2017 Change (THB million) Change

-Sep) operating results based on its reviewed consolidated financial statements ended September 30, 2019 as follows. Highlights on Q3-2019 Operating results Unit : Million Baht Q3-19 Q3-18 Q2-19 % Change

Company’s Q3-2020 (Jul-Sep) operating results based on its reviewed consolidated financial statements ended 30 Sep 2020 as follows. Highlights on Q3-2020 Operating Results Unit : Million Baht Q3-20 Q3-19 Q2

addition, the economic impact of Covid-19 will be only fully visible in the Q2-Q4 period of the year. However, as our business is essential to many manufacturing processes, and as we are quite diversified

hit merchandise exports, and domestic demand. Private consumption indicators indicated the slower expansion in most sectors. Manufacturing production and private investment contracted. Nevertheless

categories, boosting manufacturing production. Private investment indicators also signified growth, particularly in machinery and equipment. Nevertheless, public spending declined mainly from the contraction

continued to grow well by c.20%.  Net profit in Q2/2017 was Baht 61 million, a decrease of 57% YoY due to 1) higher cost per unit resulted from lower capacity utilization; 2) higher depreciation resulted

.  Net profit in Q3/2017 was Baht 78 million, a decrease of 52% YoY due to 1) higher cost per unit resulted from lower capacity utilization YoY; and 2) higher depreciation resulted from additional

related persons pursuant to the Connected Transactions Rules Appendix 1 8 4.3 Overview of Business Operation SGAH Group carries out its automotive parts manufacturing business in the Republic of India