SHR and the Company significantly as well as financially support potential future growth of SHR. Nevertheless, the Company intend to maintain its shareholding in SHR at 60% of SHR's paid-up capital

card business in 2016, the key sector which make up the growth of credit card business. Focusing on card recruitment activities, the Company has developed more card recruitment channels including setting

for Bangkok real estate business in 2019 and necessity to increase caution in business operation, the management maintain positive view over luxury condominium1 market, appraising from sales volume of

, SHR will remain the Company's subsidiary, and the Company will maintain its minimum shareholding in SHR at 58.76% of SHR's paid-up capital after its capital increase On 22 April 2019, the Company’s AGM

viewed at https://sustainablefinance.sec.or.th/Bond . The SEC has developed and launched the “ESG Product Platform” in January this year to be used as a comprehensive and alternative information

-retail offering rules already in force, the ASEAN CIS cross-border offering rules will be comprehensive and more user-friendly. The proposed drat rules have been developed under the ASEAN Capital Markets

revenue for the next few years, and it has developed a prudent strategy to maintain return to shareholders during this time. This has included restructuring DTC to allow for greater flexibility and enhanced

domestic population and major developed countries . These uncertainties would pressure telecom industry and our core service revenue, while competition is anticipated to remain high with pricing strategy to

consistent with market conditions, through effective customer screening, in order to maintain overall portfolio quality. In parallel with this, we developed data analytics technologies so as to introduce loan

strength as well as effort to maintain monetary return in the eyes of shareholders. Page 3 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 The Company has adopted