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

กัด 57,367.16 13.78 CGS-CIMB SECURITIES (THAILAND) COMPANY LIMITED 3 โนมูระ พัฒนสิน จํากัด (มหาชน) 52,937.34 12.71 CAPITAL NOMURA SECURITIES PUBLIC COMPANY LIMITED 4 ไทยพาณิชย จํากัด 51,375.72 12.34

Competition 1.1 Electricity industry and Economic situation in Thailand In 2018, Thailand’s peak demand in Electricity Generating Authority of Thailand (EGAT)’s system was 28,338 megawatts, occurred on April 24

expand 4 percent for the whole of 2017. The report showed that Thailand’s export was improved mainly from a global trade recovery in which agricultural and electronic products were major contributions. In

in Thailand 18 December 2018: Establishment of a new subsidiary as part of hospitality business restructuring. The Company established a new, wholly- owned subsidiary, U Global Hospitality Company

. Meanwhile, farm income declined due to a more-severe-than expected impact of the drought. The Bank of Thailand reduced Thailand’s economic growth projection for 2020 to contract 5.3% (as of March 2020

, Tambol Ban Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com 1 บริษัท อาปิโก ไฮเทค จํากดั (มหาชน) AAPICO HITECH PUBLIC COMPANY LIMITED

China, main global importer, put downward pressure on the price of cassava chip and flour from Thailand. As for Q4/2017 performance compared to Q3/2017, the Ethanol fuel business had sales revenue of THB

entitled for subscription of new ordinary shares (Record Date) and Subscription period To: The President of the Stock Exchange of Thailand Enclosure: 1. No. For. 19/2018 Capital Increase, Waiver from

, Bangkok 10900, Thailand Fax : (662) 936-1669 ทะเบียนเลขที่ 0107554000097 Registration No. 0107554000097 HYDROTEK PUBLIC COMPANY LIMITED บริษทั ไฮโดรเท็ค จ ำกดั (Translation) No. 024/0461 April 4, 2018