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

offered securities; nor contain any assurance in relation to the value or returns on the offered securities; nor shall they certify the accuracy and completeness of information contained in the registration

that Mr. Charoen Sirivadhanabhakdi is the controlling person of SSNL who provides funding for SSNL’s tender offer of SSC shares, Mr. Sakchai Thanaboonchai certified the completion and accuracy of the

information known to be false or incomplete which may mislead materially the making of such analysis or forecast, or omit to consider the accuracy of such information, or by distorting the information used in

and accuracy of the disclosed information. Moreover, robust disciplinary actions should be set out against those who fail to comply with the firms’ ethical requirements. In a long run, audit firms might

to decline low single digit YoY vs GDP forecast of -7% to -8% with the focus on being competitive to gain fair market share in mobile business Home broadband on contrary has been the beneficiary of

the making of such analysis or forecast, or neglect to consider the accuracy of such information, or by distorting the information used in the making of the analysis or the forecast, and disclose or

false or incomplete which may cause material misunderstanding in the making of such analysis or forecast, or neglect to consider the accuracy of such information, or by distorting the information used in

from sources believed to be reliable; however, GMO does not guarantee the accuracy, adequacy or completeness of such information. The information contained herein may be based on (i) data that may no

any responsibility for its accuracy nor be held liable for any loss or damages arising from or related to its use. ----------------------------- Notification of the Office of the Securities and Exchange