represented the appraised value reviewed by the independent appraiser. Page 2 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 In October 2019, SET announced that S was listed

Adjusted Book Approach method (Book value as of December 31, 2017 is THB 213.55 million) which was appraised by Phet Siam Appraisal Company Limited, an independent appraiser approved by the Securities and

project value at completion was appraised by Sasirachada Co.,Ltd. ** Recoverable amount as at the agreement date is calculated on the project value by cost approach at the shareholding proportion 80%. Basis

entitled to renew the lease for further 3 years of each lease period. The leased price is 240 baht per square wa per month), which is appraised leased price by GPV Global Properties Valuation Co., Ltd. (an

the companies’ shares have reasonably. Based on the implementation and the appraised value of land from independent appraisers. 9 . The opinions of Audit Committee and/ or directors different from the

Impact on Future Operating Results Due to the outbreak of the coronavirus disease 2019 (COVID-19), bringing about changing circumstances in business operations, by which the Corporate Group has assessed

COMASS’s ordinary shares has been mutually agreed by the parties based on the fair value of business of COMASS which is appraised by the discounted cash flow approach method and the operating result forecast

, which appraised By Orion Advisory Company Limited as the financial advisor of the Company. Nevertheless, the financial advisor of the Company has the opinion that the adjusted book value approach is the

has considered such Share Purchase Price based on the fair value of GSG’s business which is appraised by the discounted cash flow approach. Such appraisal has been made by the financial advisor by

-ร่าง- (UNOFFICIAL TRANSLATION) Codified up to No. 5 As of 28 September 2018 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 Supervisory Board No. Tor Jor. 14/2558 Re: Provisions relating to Offer for Sale of Securities Issued by Foreign Company Whose Shares Have Been Traded or Are Purposed to be Traded on Foreign Exchange ___________________ By virtue of Section 16/6 of the...