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

Company has recorded an allowance for expected credit losses (Allowance for doubtful accounts) for receivables overdue in accordance with the Thai Financial Reporting Standards No. 9 “Financial Instruments

Fax. 0 2204 2616 Statement of Financial Position (Baht) Liabilities and shareholders’ equity Liabilities Trade and other current payables 65,975.77 Total current liabilities 65,975.77 Long-term

. Market and Competitive Environment The Thai economy in FY22 started off with a positive tone of post-pandemic recovery with the tourist and hospitality- related sectors mostly benefiting from the border re

extend tenors. Most Innovative Bond Deal Award from The Thai Bond Market Association In 21 February 2019, BGRIM was awarded the Most Innovative Bond Deal from The Thai Bond Market Association. This is the

quarters (equity only) 4/ Calculated from the total consideration value and other expenses e.g. tax and stamp duty The maximum size of this Transaction is 11.74% calculated on the basis of NTA as indicated

Thai language version is the definitive and official document of the Tender Offeror and shall prevail in all respects in the event of any inconsistency with this English language translation.” Amendment

6M’2019 to Baht 51 million, primarily due to 1) change in accounting method for BGYSP earnings contribution from equity method to consolidation method after raising stake from 49% to 100% in Q3’2018, 2

from the heads quarter in approximately 265 Million Baht. There will no impact on shareholders’ benefits. If the Company drawdowns loan from financial institution, debt to equity ratio will be increased

/16 Thai Wa Tower, South Sathorn Road, Tungmahamek sub- district, Sathorn, Bangkok Registered Capital: 2,500,000,000 THB (Two Billion and Five Hundred Million Baht Only) Number of Share: 25,000,000