Tambon Thachin,Amphur Muangsamutsakhon,Samutsakhon 74000,Thailand. - 2 - *Note: The financial statements for the year ended December 31, 2018 are presented as consolidated financial statements. Due to the

No. INGRS059 14 September 2020 Subject : Management Discussion & Analysis (MD&A) for the consolidated financial statements of the 2nd quarter ended 31 July 2020 To : The President The Stock Exchange

Syndicate Public Company Limited ( the “Company”) and its subsidiaries hereby submit the Annual Financial Statements, ending March 31, 2018 and 2017, together with the clarification of the performance of the

Ref. No. IVL 004/02/2020 26 February 2020 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

Ref. No. IVL 005/11/2019 11 November 2019 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Review of Financial Statements and the Management Discussion and Analysis of

“we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the years ended December 31, 2019 as follows

” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the six months period ended Jun 30, 2019

“Company” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the nine months period ended Sep 30

using the straight-line method for depreciation and apply the revised estimated useful lives for the financial statements starting 1st January 2020. The details of the estimated useful lives of assets in

represented revenues from sales on consolidated financial statements of THB 312 mil., dropped by THB 36 mil. or 10.3% negative growth mainly due to 1) decline on revenue from security printing in this quarter