/2018 to Baht 278.20 Million in Q1/2019 an increased Baht 8.28 Million or 3.07% due to rubber glove customers expand their production and world economy is slowly recovery. - Cost of the sales and services

expand their production and world economy is slowly recovery. - Cost of the sales and services of Q1/2017 was 92.30% decreased to 90.26% on Q1/2018 or decreased 2.04% from sales due to can increase prices

and electronic sector, while non-durable goods sector was marginally increase. Domestic demand slowly improved in all sector as regular income. As a result, domestic industries expanded and business

lessen countrywide spread control measurements, Thai economy was slowly recovering from the world economy contraction. Private consumption slightly recovered from the ease of measurements. Export sector

uncertainty of US economic policy. But, the global economy trend as continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in past time. Including, the income

uncertainty of US economic policy. However, the global economy has continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in the first half year. Income and

economic policy. But, the global economy trend as continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in past time. Including, the income and unemployment

have gradually stopped providing fixed-speed unlimited price plans and expect the impact of suppressed ARPU to slowly be unwind. Handset subsidies remained elevated in 4Q18 due to seasonality while

people work from home resulting in the decrease in MRT ridership especially in April 2020 and gradually increase after the government relief measures. However, the ridership was slowly recovering than the

Page 1 of 9 Singha Estate Public Company Limited Management Discussion and Analysis 2Q20 Executive Summary Since May 2020, restriction has gradually been lifted and lockdown measure started to be