November 13, 2020 Subject: The Management Discussion and Analysis for the third quarter ended September 30, 2020 To: President The Stock Exchange of Thailand Well Graded Engineering Public Company Limited

million baht or 5.79 percent respectively from the trade situation. war affects customers in the electronic tonic group Which is the customer in the main target group of the company in which customers

addition, prepare marketing and sale plan to expand customer base of flexible packaging and plastic woven bag. All the time, Development as mentioned above, The company has improved its performance. It is

margin decreased by 3 percentage points to 7% in 2019 from 10% in 2018. SGA expenses decreased by 2% [THB 19m] due to reduced SGA expense at the Jiaxing plant. Payout Analysis For the year 2019 the company

million]. Payout Analysis For the year 2017 the company paid an interim dividend of THB 805 million in Q4/17. For the year 2016 the company paid full dividends of THB 1,610 million (THB 2.00/share). An

quarter is usually the low season for retail businesses, due to the impact of the rainy season, with frequent downpours causing a slowdown in customer traffic. Although the export and tourism sectors

, Tambol Ban Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com บริษัท อาปิโก ไฮเทค จ ากดั (มหาชน) AAPICO HITECH PUBLIC COMPANY LIMITED Ref

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE UNREVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THIRD QUARTER ENDED

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE REVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE THIRD QUARTER ENDED 30

that are able to adapt themselves are more likely to survive and outperform their counterparts. In anticipation of such developments, VGI was the first company in the market to seize the opportunity to