. Worse, Brexit risks became heightened in the wake of political change in the United Kingdom. The World Economic Outlook of the International Monetary Fund cut its 2019 global economic growth projection to

Economic Outlook of the International Monetary Fund for October 2019 cut this year’s global economic growth projection to 3.0 percent from the previous forecast of 3.2 percent. The figure is the lowest

only after NPAs are sold. Expected credit losses (2019: Bad debts and doubtful accounts) For the three-month period ended June 30, 2020, the Company recorded a total expected credit losses Baht 1,367

TRANSLATED VERSION As of June 3, 2014 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Capital

will affect the internal control system and the good corporate governance and may lead to conflicts of interest.  In addition, it is forecast that GSTEL may incur additional expenses which will affect

between accounting system and forecast of investment returns. This might reflect Indian?s stronger accounting system, enforcement and investor protection.  Note: The research paper was presented under the

TRANSLATED VERSION As of June 3, 2014 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. 27 Notification of the

automotive customers accounted for approximately only 2% of our total revenue from industrial customers. Regarding measures in response to COVID-19 pandemic, we have adopted measures to ensure stability and

, complete and true and does not cause any misunderstanding or not missing any material information. 16 Qualification of Independent Advisor Not applicable 17 Financial Forecast for the Current Year None 18

Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the