support project in the first quarter of 2019 is more difficult and varied than the previous year which effected higher cost than the first quarter of 2018 6. Cost of goods sold (E-Commerce) Cost of goods

was more difficult and varied than the previous year which effected higher cost. Therefore, the proportion of cost decreasing is less than the proportion of revenue decreasing. 6. Cost of goods sold

for equity crowdfunding. Furthermore, in the case of ICOs, imposing the aggregate limit would not be an effective investor protection mechanism. This is because it would be very difficult to enforce and

new clients in the COVID- 19 situation is quite difficult. The managements and team brainstorm for strategy how to propose work that is suitable for the COVID-19 situation as the alternatives to the

from the announcement. Financial structure The Company emphasizes the importance of financial structure management efficiency which should be flexible in difficult circumstances and able to maintain the

leak-detecting system. · In a case where level of floor or computer centre has lifted for the purpose of instalment the air conditioner system, including instalment electric system and network system

level of floor or computer centre has lifted for the purpose of instalment the air conditioner system, including instalment electric system and network system below, it shall install water leak sensor in

beginning of the year and was raised to B7 on May 8, 2017, while FY16 mandate was reduced from B7 to B5 on July 25, 2016 and adjusted down to B3 on August 25, 2016 before lifted back to B5 on November 25

lockdown in Thailand was lifted and business activities resumed in this quarter. However, economic recovery remained vulnerable as service sector continued to be impacted by the absence of foreign tourists

Page 1 of 9 Singha Estate Public Company Limited Management Discussion and Analysis 2Q20 Executive Summary Since May 2020, restriction has gradually been lifted and lockdown measure started to be