or equivalent to 60 percent of the total shares in Oversea Green Energy Company Limited which invests in the project management service of Iwaki-Fukushima and Ueda Solar Power Projects in Japan to the

Year Ended December 31, 2017 Page 1 (Translation) 1. Significant events of the year 2017 1.1 The Progress of Projects 1.1.1 Collinsville Solar Power Project in Australia ("The Project") On May 5, 2017

this regard, such decreased revenue was caused by main factor that project value was not so much. However, when compared with numbers of project in the current year. The core projects in 2017 comprised

million baht 1,247 1,247 1,247 ratios Key financial Liquidity ratios Current ratio times 3.09 3.14 3.31 Quick ratio times 2.35 2.47 2.67 Cash ratio times 0.37 0.45 0.68 Receivable turnover times 4.71 4.67

platforms to serve both consumers and enterprises. Our VDO platform called AIS PLAY received higher awareness and was listed among the top five of video-viewing applications with current active subscribers

entering the Company’s properties. Page 5 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Additionally, the Company puts an emphasize on efficient cost management to

% from Q3/2019 and 38% from 9M/2019, respectively. • The decrease in operating revenue was mainly from the fall in purchasing power of domestic consumers as a result of the economic downturn and the

value of Baht 1,695 million 2. The meeting resolved to approve the authorization of directors to bind the Company or any person authorized by such directors to have the power to negotiate and determine

revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping malls with the net leasable area (NLA) of approximately

disclosed, nor statement that may be materially misleading. 2. Financial projection for the current year -None- 2 3. Pending material lawsuits or claims As of March 31, 2019, the Company had pending material