transaction. The Company has restructured the proposed transaction to be explicit for problem-solving in terms of reducing competition in the Map Ta Phut area. Subsequently on December 26th, 2018, the ERC had

. The Committee viewed that the Thai economy would expand at a slower rate in 2020 than previously forecasted and much further below its potential due to the outbreak of coronavirus, the delayed enactment

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

to a loss on foreign currency exchange of Baht 31.0 million in Q4 2021, caused by appreciation of Thai Baht. This loss on foreign currency exchange was mainly associated with the USD loan related to

of Baht 128.9 million in Q2 2022, caused by depreciation of Thai Baht. This gain on foreign currency exchange was mainly associated with the USD loan related to the SGAH transaction and was non-cash in

was Baht 2.8 million in Q2 2024, compared to a gain on foreign currency exchange of Baht 110.9 million in Q2 2023, due to depreciation of Thai Baht in Q2 2024. Gain on foreign currency exchange in Q2

UNOFFICIAL TRANSLATION Codified up to No. 3 As of 9 June 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference

(UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

(UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force, and that this English translation is strictly for reference. Notification of the Capital Market

(UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand can neither undertake