= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of

and Company Secretary 695.1 - 15.7 - 68.3 - 87.6 - 355.8 - 2.2 165.5 Beginning 31 Dec 2019 Operating Activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX

Page 1 of 5 Performance Overview In 1Q18 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a 7% YoY decrease in total revenues, mainly from a drop of revenues from

to The Company 48.29 43.84 10% 224.70 109.75 105% * Non-cash items included depreciation as well as accounting adjustment (ie provision of staff benefit and SW income) Page 2 of 4 outside checkup

for agile organizational sustainability. Right after COVID-19 outbreak, the company made further strategic operation adjustment as follows: • Financial management (Income statement, balance sheet, and

issued ordinary shares to accommodate the adjustment of rights for the warrants of the Company based on the assumption that the rights under the warrants are exercised in full and ACO I will become a

Enclosure 3 1 INFORMATION MEMORANDUM ON THE CONNECTED TRANSACTION OF G J STEEL PUBLIC COMPANY LIMITED July 14, 2017 After the SSG group, led by SSG Capital Holdings Limited (“SSG CH”) expressed its

8 บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2018 G Steel Public Company Limited Page 1/14 Management Discussion and

) CFO CFI CFF Ending cash (30-Sep-19) *Included translation adjustment of THB 3mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 6 13 May 2019 KEY FINANCIAL

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary The Company effectively manages all businesses to mitigate the impact of COVID-19