high liquidity ready to be converted into definite amounts of cash, and low risk of value changing or pertaining insignificant value changing, most of which are bills or promissory notes issued, accepted

short-term investments with high liquidity ready to be converted into definite amounts of cash, and low risk of value changing or pertaining insignificant value changing, most of which are bills or

equivalent to 99.99 of the total sold shares held by NMG. The above transactions (“Komchadluek Business and Trademark Acquisition”), having a total value of 70.00 million Baht, is considered an acquisition of

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

Acquisition and Disposition of Assets B.E. 2547 (2004) (as amended (collectively the “Notifications on Acquisition and Disposition of Assets”). Upon calculation of the value of the Asset Disposition Transaction

Notifications”). The transaction size is 1.29 percent as calculated based on the total value of consideration criterion which granted the highest result, referenced from the consolidated audited financial

percent of the NAV during any financial year. This is part of the mechanism driving Thailand’s sustainable development. However, in any event that an asset management company considers that any company has

Line) to end together with the Project Management Agreement for Maintenance Service on Civil Infrastructure and E&M Systems for the MRT Blue (Translation) 4 Line Extension Project had the value of

infrastructure and E&M Systems for the MRT Blue Line Project, in the total value of Baht 2,777.7 Million (excluding VAT), with a transaction size of 8.96 percent of the net tangible asset value under the

Line) to end together with the Project Management (Translation) 4 Agreement for Maintenance Service on Civil Infrastructure and E&M Systems for the MRT Blue Line Extension Project had the value of