Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the

on the Rectification of Providing the Financial Assistance to Connected Person 2. Information Memorandum on the Acquisition of Assets The Board of Directors’ Meeting of Global Service Center Public

Supervisory Board concerning Rules of Management for Retail Funds, Non-retail Funds, Funds for Institutional Investors and Private Funds; “complex return mutual fund” means a mutual fund that offers return to

fund management agreement, as the case may be: (a) type of assets to invest; (b) return of each type of assets; (c) investment proportion; (d) investment duration; (e) fund’s expenses; (6) in case of an

following funds: (a) a fund which clearly states that it shall hold the assets in which it has invested until its maturity or throughout each investment period or the term of private fund management contract

relationship and / or connection with the management, directors, major shareholders and controlling persons of the company and subsidiaries. B. considered as an acquisition and disposal of assets of listed

V2 27/08/63 0 V2 27/08/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2020 The Thai economy in the second quarter of 2020

- current assets held for sale Ending cash and cash equivalents (31 Dec 2018) Unit: THB millions Osotspa Public Company Limited Q4’18 and FY18 Management Discussion & Analysis 27 February 2019 Q4’18 and 2018

results As of March 31, 2020, the operating assets under GLAND comprise of; 1.) 3 office buildings (aggregate occupancy rate at 93%), which includes 2 office under management of CPN Retail Growth Leasehold

Public Company Limited (FSMART) 3Q18 Management Discussion and Analysis Financial Position MB % MB % MB % Current assets 1,348.32 31.7% 1,256.81 32.6% (92) -6.8% Non-current assets 2,912.13 68.4% 2,603.09