(Translation) Management’s Discussion and Analysis For the operating results of Quarter 2 2017 Global Green Chemicals Public Company Limited Management’s Discussion and Analysis Global Green

administrative expenses 98.56 100.45 1.89 1.92% 293.80 301.13 7.34 2.50% Operating profit 428.70 412.15 (16.55) (3.86%) 1,422.44 1,366.98 (55.46) (3.90%) Finance cost 24.89 35.10 10.22 41.06% 81.54 105.82 24.27

the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has significantly increased both

shut down early to February due to the slowdown of the market. Hence, there Q1/19 production will be low comparing to other quarter. Executive Summary The company's operating results in the year 2018 has

Operating EBITDA of THB 50 Million during the current Quarter compared to THB 41 Million Last Year Quarter. The Company has recorded a net loss of THB 433 Million for the Quarter against a net loss of THB 311

period of previous year. The total revenue of each operating segments for the three-month period ended 31 March 2020 of the Company and its subsidiaries had changed from the previous period of last year as

Companies Licensing Business Operation Rules Fees Related Circular Letter Licensing/Ministerial Regulation Activities not deem to be classified as operating securities business Business Operation Rules

. Analysis of Overall Operating Results for the Company and its subsidiary 1.1 Important circumstance during the year In April 2018, the Company acquired 800,000 ordinary shares of Aesthetic Zecret (AT-ZE

reported under share of gain/loss from investment in joint ventures. Page 4 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 9M19 operating performance of Hospitality

Limited” to “WIIK PT Company Limited” with the Ministry of Commerce. Analysis of the operating results of WIIK and Subsidiaries for the year ended December 31, 2019 as follows; Summarized of the Statement