October 30, 2020 Subject: The Management Discussion and Analysis for the year ended 31st December 2019 To: President The Stock Exchange of Thailand Well Graded Engineering Public Company Limited (“the

Page 1 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 9M19 total revenue of THB

of the main customers in South America expanded more branches and the new policy of the Company to sell products to only one customer in some country where the customer has high market shares in

allotment of newly issued ordinary shares to the existing shareholders of the Company in proportion to their shareholding (Right Offering) which expect to subscribe during 27 – 31 May 2019. After the capital

is less than the net asset value of the acquisition of shares at the acquisition date. The Company is still considering the gain from the acquisition of the business resulting from the difference

571,890,666.- classified into 571,890,666 ordinary shares, with par value of Baht 1 per share Name of debentures : Debentures of Saha Pathana Inter-Holding Public Company Limited No.1/2020 series 1 due B.E

amounting at Baht 92.95 million. Moreover, back in January 2020 the company decided to purchase 55 % of ALP FPI Parts Private Limited shares from our previous partner. This caused the company to suffer from

circumstances, the Company is adamant in maintaining shareholders’ return and return at present and in the long-term. Shares Repurchase Project On February 20, 2020, the Board of Directors passed a resolution of

underground optic fiber network project. The company named “Smart Infranet Company Limilted”. Its registered capital of Baht 1 million, divided into 100,000 ordinary shares, valuing at Baht 10 each, and the

1 | P a g e Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 4, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Tel. 66 2 654 3344 Fax. 66 2 654