% in the previous quarter, driven mainly by a slowdown in domestic demand and private consumption. The exports sector fell sharply due to the continued strength of the baht, while tourism sector also

income decreased mainly due to lower gains on investments and net fees and service income. The main reason for the decrease in net fees and service income was the change in recognition of fee income from

considers the business restructure of the Company for purpose of handling the impacts from the downturn of the current economy, including the downturn of several industries other than the main businesses of

billion) of income, an 11.7 percent increase from 2016. The main driver of tourism income was spending by Chinese tourists. Meanwhile, global financial markets experienced occasional volatility amid

Australia to EGR Europe as delivery country. Gross profit margin decreased 4% duted to sold OEM project that high gross profit margin decrease, gross profit of Trading products decreased dued to Baht strength

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

representative or 360-degree technology. Until now, offering a deep discount to potential customers was not expected because of the Company’s financial strength with Net Interest-Bearing-Debt to Equity at 0.97

science, technology and innovation, to gain convenient access to capital with low cost in order to boost their strength and growth.Crowdfunding is an alternative fundraising channel enabling those

Trading products decreased dued to Baht strength. - 2 - Selling and Administrative Expenses In the three-month period ended 30 June 2017 and 2016, total selling and administrative expenses of the Company

compared to the same period last year by gaining from dividend received. The financial structure of the Company was in the strength level and cash flow could be managed effectively, hence, there was no