Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the first quarter ended March 31st, 2018 Management Discussion and Analysis of Business

operating loss and the lack of liquidity since 2008, the Company did not have sufficient funds to operate its business and had to cease the production of hot rolled coil, which further resulted in the

วิท 62 ถนนสขุมุวิท แขวงพระโขนงใต้ เขตพระโขนง กรุงเทพฯ 10260 http://www.sevenup.co.th Tel. 0-2741-5700-5 / Fax 0-2741-6878 / Company Tax ID : 0107545000021 7UP047/20 August 11, 2020 Subject: Management

Page 1 of 5 Performance Overview In 1Q18 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a 7% YoY decrease in total revenues, mainly from a drop of revenues from

cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. The Securities and Exchange Commission Notification of the Securities

responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. The Securities and Exchange Commission Notification of the Securities and Exchange Commission No

, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. The Securities and Exchange Commission Notification of the

for reference. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. _____________ Notification of the

undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. ----------------------------- Notification of the Office of the Securities and

any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. ----------------------------- Notification of the Office of the Securities and