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
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
Commission concerning Additional Rules for Mutual Fund Investing in Derivatives and Credit Linked Notes ; (3) investment units of a mutual fund whose returns calculation is made in a complicated way (complex
mutual fund whose returns calculation is made in a complicated way (complex return fund); (4) investment units of a mutual fund whose net exposure in commodities is made through its investment in commodity
mutual fund whose returns calculation is made in a complicated way (complex return fund); (4) investment units of a mutual fund whose net exposure in commodities is made through its investment in commodity
fund of which the returns calculation is made in a complicated way (complex return fund); (d) investment units of a mutual fund of which the fund's net exposure in commodities is made through its
Commission concerning Additional Rules for Mutual Fund Investing in Derivatives and Credit Linked Notes; (c) investment units of a mutual fund of which the returns calculation is made in a complicated way
countries with high grid emissions can be higher than for ICE vehicles. Incorporating this issue into Standard criteria for private vehicles would be complicated by having to account for grid emissions in not
complicated, then the Company can control the risk. - Risk of sale of product. Due to the new production line, the Company will have a higher volume of finished goods. Therefore, the sale of fast-growing