2020 MD&A 6  We are seeing a trend in industry that due to poor margin number of cracker, PO/MTBE projects have been delayed to conserve cash; this will help to restore the margin to replacement

holders or warrant substitute holders will receive once they exercise their rights under warrant or warrant substitute. However, currently the Company is not able to calculate the right adjustment ratio of

described hereinafter shall not subordinate any returns, which the warrant holders or warrant substitute holders will receive once they exercise their rights under warrant or warrant substitute. However

the warrant holders or warrant substitute holders will receive once they exercise their rights under warrant or warrant substitute. 9 However, currently the Company is not able to calculate the right

1% higher coal consumption. • Maintenance cost increased by THB 19 million mainly due to GE Phase 5 replacement and repair costs. Cost of sales of goods and rendering of services of SPP business in Q3

production of the company can substitute the import HRC. - As the above reasons, the Company believe that with the new working capital injected to the Company and lower debts (partly are converted to equity

state-of-art steel mill and the production of the company can substitute the import HRC. - As the above reasons, the Company believe that with the new working capital injected to the Company and lower

substitute) โดยขายใหกับผูลงทุนที่เปนผูฝากเงินผานสาขาธนาคาร ผูลงทุนจึงอาจเขาใจผิดคิดวาเปนสินคาที่มีความเสี่ยงต่ํา ซึ่งหากผูลงทุนที่ไมเขาใจในลักษณะความเสี่ยงของ กอง term fund เกิดสูญเสียเงินลงทุนจํา

export value equaled to THB 111,540 million mainly from higher export to China since higher demand of chicken meat consumption to substitute lower supply of pork from disease outbreak. Overall chicken

appropriate persons to be the substitute attorney in fact to perform the above. Please be informed accordingly, Sincerely yours, Singha Estate Public Company Limited // (Mr. Naris Cheyklin) Chief Executive