Osotspa Public Company Limited Q3’19 and 9M’19 Management Discussion & Analysis 13 November 2019 Q3’19 and 9M’19 Management Discussion & Analysis Page 1/6 Financial Highlights - Overall Q3’19 Net

which the interest rate is approximately 9%-10% per year. Moreover, the management structure is not appropriate; therefore, the joint venture company has high unnecessary human resource management expense

. However, gross profit increased from 12.3% in Q1/2019 to 14.4% in Q1/2020. 2. Management Service (“MS”) had a increase in gross profit for Baht 6 million. Main reason was both client retention and new

Funds to invest in crypto assets under a risk level appropriate for the types of investors. For the Funds targeting ultra-high net worth investors***, they would be allowed to invest in crypto ETFs

Page 1 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 9M19 total revenue of THB

MDA Q1_2018 (Eng.) May 7, 2018 Subject : Interim Management Discussion and Analysis of Q1/2018 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements of

consolidate financial statement of 54.7 percent, excluding insurance business the Company’s debt management business gross margin equal to 61.9 percent perform similar level with the same period last year. For

1 --Translation- Sor Gor 75/2017 July 21, 2017 Subject: Management Discussion and Analysis for the second quarter ended June 30, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation- Sor Gor 85/2017 August 24, 2017 Subject: Management Discussion and Analysis for the second quarter ended June 30, 2017 (Audited) To: The President The Stock Exchange of Thailand

MDA 2017 (Eng.) February 20, 2018 Subject : Yearly Management Discussion and Analysis of 2017 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements of