ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0048/2020 26 February 2020 Subject: Management Discussion and Analysis of Operating Results for Fiscal Year 2019 To President The Stock Exchange of Thailand

November 13, 2018 Subject: MD&A for the financial statements of the 3rd quarter of fiscal year 2018 ended as of September 30, 2018 To: The President The Stock Exchange of Thailand Aapico Hitech Public

year, due to the delay approval process of budget expenditure of the government for the 2020 fiscal year. - Revenues from sales and beauty treatment services in Q2/2020 were THB 4 million decreased by 92

sales due to raw material used decreased by can push increased price of paper to customers. - Selling and administrative expenses of Q2/2016 was 10.97 percent of sale, decreased to 9.92 percent in Q2/2017

% on Q2/2018 or increased 0.52% from sales due to paper price increases. - Selling and administrative expenses of Q2/2017 was 9.85% of sale, decreased to 9.52% in Q2/2018 decrease of 0.33% due to sale

% increased to 89.50% on Q2/2018 or increased 1.39% from sales due to paper price increased. - Selling and administrative expenses of Q2/2017 was 9.90% of sale, increased to 10.23% in Q2/2018 increase of 0.33

paper form. In many cases this will result in their https://www.sec.or.th/cgthailand/TH/Documents/Assessment/ICGN%20Institutional%20Investor%20Responsib...

market.    The consultation paper is available at thaibma.or.th/EN/Rule/PublicHearing/PublicHearing07112024.aspx. Stakeholders and interested parties are welcome to submit comments and suggestions on

as a bondholders’ representative would be required to maintain proper financial qualifications throughout the operation.     The consultation paper is available at: https://www.sec.or.th/TH/Pages

efficient to foster trust and confidence in the Thai digital asset market among investors. The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=995 and the central legal