for reference. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use

. Nevertheless, Thailand continued to maintain its strong external fundamentals over the course of 2018 with a current account surplus of approximately 7.5 percent of GDP and international reserves standing at 1.3

appliances. For the past six years, tourism has continued to expand briskly. In 2017 alone, Thailand received approximately 35 million foreign visitors, generating Baht 1.82 trillion (approximately US $53.6

Managing Director of Accounting and Finance, and the disposition of land of the Company’s subsidiary (Amendment) To President The Stock Exchange of Thailand K.C. Property Public Company Limited (the “Company

(“MACO”) will be completed in 3Q 2018/19. This restructuring enables VGI to focus on building the most robust offline-to-online or online-to-offline (“O2O”) ecosystem in Thailand and designates MACO as the

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

3 more branches in the Bangkok area to access target customers even more comprehensively. International Expansion During the second half of 2023, the Company plans to open the second After You Dessert

accommodative stance relatively intact in light of easing inflationary pressures amid weakening oil prices in the global market. In Thailand, economic growth for 2019 is expected to decelerate to a range of 3.5

- Translation - Page 1 of 6 CBG 006/2020 20 February 2020 Subject Management discussions and analysis for the fiscal year ended 31 December 2019 To President The Stock Exchange of Thailand We

Securities and Exchange Commission (the “SEC”), in cooperation with the PricewaterhouseCoopers Thailand (“PwC Thailand”), has developed this internal control sufficiency evaluation form (“evaluation form”) as