strength as well as effort to maintain monetary return in the eyes of shareholders. Page 3 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 The Company has adopted

downwards the 2020 GDP forecast in their Monetary Policy Report, saying the economy was likely to contract by 8.1%. Although Thailand has successfully controlled the spread of COVID-19 so far, leading to a

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

20T H ANNIVERSARY 1 Securities and Exchange Commission, Thailand Annual Report 2012 SEC ANNUAL REPORT 20122 THE YEAR OF CHANGE The year 2012 was the time for change to become the visionary partner whose balance between proactive and preventive approaches has led to stakeholders’ confidence in the Thai capital market. THE YEAR OF CHANGE 20T H ANNIVERSARY 1 02 MESSAGE FROM THE CHAiRMAN 04 MESSAGE FROM THE SECRETARY-GENERAl 06 SEC BOARd 09 CApiTAl MARkET SupERviSORY BOARd 12 ExECuTivE OFFiCERS 13 O...

sharp contraction in the first quarter of 2020 as economic activity was crippled due to efforts to control the spread of COVID-19. The World Economic Outlook of the International Monetary Fund estimated

initiative of the International Monetary Fund and the World Bank. The results ref lected a satisfactory level of Thailand's compliance with the international standards. Certain deficiencies were identified and

exchange rate was 31.30 THB/USD, stronger than the level 31.62 THB/USD during the same period last year, but weaker than 30.28 THB/USD seen in the previous quarter. The Monetary Policy Committee (MPC

the monetary policy, at the meeting on December 24, 2019, the Bank of Thailand (BOT) revised the inflation target from a point target of 2.5% with a band of +/-1.5% which has been set since 2015 to a

% from the previous forecast of 4.1%. The Bank of Thailand also maintained the policy interest rate at 1.50% during the Monetary Policy Committee meeting in June. The performance of Central Pattana Public

4) Monetary tightening as the Bank of Thailand (BOT) signaled raising the interest rate in the period ahead while financial market rates are on an upward path. However, the Bank in-house research