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

(THIS REPORT DISCUSSES PRINCIPAL CHANGES TO THE REVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED 31

the company should receive in accordance with the terms of the current contract. This comprised of Chelsea Football Club Limited (CFC) and English Football League (EFL), in total of THB 92 million

from COVID-19 pandemic and were forced to close their dine-in services by the government orders. The Company entered into short-term contract with specific quantities and delivery term (Made to Order

%. Currently, the Company only sell to some industrial customers but in some quarters did not receive award from bidding, so the sales volume decreased. The Company entered into short-term contract with specific

. The Company entered into short-term contract with specific quantities and delivery term (Made to Order). This helps the Company to efficiently control inventories aging and procurement that prevent risk

1 (-Translation-) Ref. No. IRS.025/2019 October 31, 2019 Subject Acquisition of Shares in Hello Bangkok LED Co, Ltd., which is an Assets Acquisition Transaction of the Company, Issuance and Offering

Information and Communication Networks Public Company Limited D.K.J. Building, 5th Floor, No. 393, Sukhonthasawat Road, Latphrao, Latphrao, Bangkok 10230, Thailand Tax.ID.: 0107560000184 Website

THB 0.80 with the total value of THB 380,053,738.40 as a working capital for such business (please see details in Enclosure 1, No. 2) In addition, the Company shall amend the commercial contract from a

securities company or derivatives intermediary, excluding venture capital fund management company, inter-dealer brokerage company and registered derivatives intermediary. “ client ” means a person who uses