S Hotels & Resorts, A Singha Estate Company 123 Suntowers Buliding B, 10th Floor, Vibhavadi-Rangsit Road, Chom Phon, Chatuchak, Bangkok 10900, Thailand +66 (0) 2058-9888 | contactus

– Translation – GRC-02/2020/026 12 November 2020 Subject: Establishment of New Subsidiaries To: President The Stock Exchange of Thailand Singha Estate Public Company Limited ("the Company") would

and more service content to every unit of product sold was realised. This is encouraging for future performance as volumes recover and start to grow again. Even under these trying conditions, Golden

in 2017 is expected to recover gradually from last year, supported by the government’s infrastructure investment, the recovery in both of export and tourism sectors. However, the Thai economy faces

obtains a tendency to continuously recover and more stability. Due to the reasons that China’s economy enables to be expanded while US’s economy still slightly slowdowns. However, this slowdown is expected

service personnel by a major client, due to COVID 19, and is expected to recover in the near future. This client has recently listed our company in their formal vendor registry, plus we have added new major

adverse economic situation led to a cautious consumer spending across customer segments. However, the Company expected total usage amount to continue to recover from 2nd quarter of this year. The Company

be carried out according to the measures laid down, the situation can be resolved, and the economy could recover. The Company has been monitoring the situation closely and has launched several policies

sector continued to recover as the number of foreign tourists increased due to the relaxing of travel restrictions, especially international travel, and the relaxing the practice of wearing masks across

from the repayment of fully amortized debt from MDX Asset to our 2 subsidiaries for a total of THB 70.85 million and also repayment under the rehabilitation plan of Gateway Estate Co., Ltd. to MDX for