Discussion and Analysis 1Q2020 DISCLAIMER The information contained in this material has been prepared by Singha Estate Public Company Limited (“S” or “Singha Estate”) solely for information purpose and does

accounting standards. (4) Liquidity and Capital Sufficiency The Corporate Group has appropriate capital management, having prepared operating cash flows statements every day to acknowledge the daily cash-in

concerning real estate is prepared correctly and legally binding; (2) ensure that the investment in the real estate for the REIT will be made properly by complying with, at least, the following processes: (a

made or prepared by financial advisors who are in the list of financial advisors approved by the Office. For the foregoing purpose, the Office hereby issues the following regulations: Clause 1 This

the Board of Directors’ meeting and the Company has prepared the Information Memorandum concerning the Connected Transaction of the Offering and Allocation of the Newly Issued Shares of Hydrotek Public

for the most recent quarter prior to filing the application shall meet the following criteria: (a) the financial statements shall be prepared in accordance with the financial reporting standards in

provided in the registration statement are prepared in a currency other than Thai Baht, the issuer is required to disclose the exchange rate between the financial reporting currency and Thai Baht. The

(loss); total assets; total liabilities; and net assets or liabilities. 4. If the financial statements provided in the registration statement are prepared in a currency other than Thai Baht, the issuer is

regard, the SEC Office may grant a waiver if it is necessary and appropriate: (1) a person having duty according to this Notification would be able to submit the information or the documentation prepared

case may be; “updated prospectus” means the following prospectuses: (1) prospectus for an open-end mutual fund that shall be prepared during the period specified by the Notification of the Capital Market