SINGER: Annual Report 2015

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3,377.42 3,394.56 1,711.13 1,666.30 1,508.15 143.15 3,341.59 1,763.56 1,578.04

3,536.21 3,548.93 1,808.87 1,618.52 1,579.66 241.43 3,355.65 1,777.67 1,577.98

3,626.82 3,639.46 1,850.10 1,776.73 1,423.42 320.57 3,256.35 1,824.05 1,432.30

4.22 9.07 4.30 100.00 1.12 0.53 0.53 5.84 3,696

7.02 16.04 7.30 50.56 1.13 0.89 0.45 5.84 4,467

8.81 24.42 10.70 37.90 1.27 1.19 0.45 5.30 4,288

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4

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Ðäåï îáïñèðáà åê ðäá ¿ëéìÝêõ ðë Ýßäåáòá àáßîáÝïá ëìáîÝðåêã îáïñèðï àñá ðë ðäá ëòáîàñá äåîá ìñîßäÝïá Ýßßëñêðï, ðäÝð, åê ðñîê, Ýèïë îáïñèðáà åê åêßîáÝïáà ìîëàñßðï îáìëïïáïïåëêï âîëé ðäá äåîá ìñîßäÝïá ßñïðëéáîï Ýï óáèè Ýï ßèëïåêã éÝêõ ïñßä Ýßßëñêðï ðäîëñãä Ýãîááåêã ðë ïëéá àåïßëñêðï ëâ ðäá Ýéëñêð ïðåèè ëóêåêã åê ëîàáî Ýòëåà äÝòåêã åêßîáÝïáà ÊÌÈ Ýßßëñêðï. 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Ïë Ýï ðë àáßèÝîá ðäá ¿ëéìÝêõ ï ßëêðåêñåêã Ýêðå©ßëîîñìðåëê ïðÝêßá, åê Í4«2015 ðäá ¿ëéìÝêõ Ýììèåáà âëî âëîéÝè ßáîðåâåßÝðåëê Ïë Ýï ðë àáßèÝîá ðäá ¿ëéìÝêõ ï ßëêðåêñåêã Ýêðå©ßëîîñìðåëê ïðÝêßá, åê Í4«2015 ðäá ¿ëéìÝêõ Ýììèåáà âëî âëîéÝè ßáîðåâåßÝðåëê ëâ âñèè éáéÞáîïäåì ðë ðäá ÌîåòÝðá Ïáßðëî ¿ëèèáßðåòá ½ßðåëê ¿ëÝèåðåëê ½ãÝåêïð ¿ëîîñìðåëê ¤¿½¿¥ ¿ëñêßåè, ðäîëñãä ïñÞéåððåêã åðï ïáèâ© áòÝèñÝðåëê àëßñéáêðÝðåëê îáãÝîàåêã åðï ëêãëåêã Ýêðå©ßëîîñìðåëê, ìëèåßåáï Ýêà ìîÝßðåßáï ðäÝð óÝï ßëéìèáðáà Ýï Ýð ðäÝð ðåéá· óäáîáÞõ, áòÝèñÝðåëê àëßñéáêðÝðåëê îáãÝîàåêã åðï ëêãëåêã Ýêðå©ßëîîñìðåëê, ìëèåßåáï Ýêà ìîÝßðåßáï ðäÝð óÝï ßëéìèáðáà Ýï Ýð ðäÝð ðåéá· óäáîáÞõ, ëê 22 ÆÝêñÝîõ 2016, ðäá ¿ëéìÝêõ óÝï ðäáê âëîéÝèèõ Ýììîëòáà ðë îáßáåòá ðäá âëîéÝè ¿½¿ ¿áîðåâåßÝðåëê âîëé ðäá ¿½¿ ¿ëééåððáá. »ÏÌ ­ÜÓÓ ÀÌÈÙ ­À Ö×ÌÙÈÛÐÕÎ ×ÌÙÍÖÙÔÈÕÊÌ ÙÌÚÜÓÛÚ ÊÈÕ ÉÌ ÚÜÔÔÈÙÐáÌË ÈÚ ÍÖÓÓÖÞÚ ÞÏÌÙÌÉà È ÔÖÙÌ »ÏÌ ­ÜÓÓ ÀÌÈÙ ­À Ö×ÌÙÈÛÐÕÎ ×ÌÙÍÖÙÔÈÕÊÌ ÙÌÚÜÓÛÚ ÊÈÕ ÉÌ ÚÜÔÔÈÙÐáÌË ÈÚ ÍÖÓÓÖÞÚ ÞÏÌÙÌÉà È ÔÖÙÌ ËÌÛÈÐÓÌË ÈÕÈÓàÚÐÚ ÐÚ ÎÐÝÌÕ ÐÕ ÛÏÌ ´« ¨ ºÌÊÛÐÖÕ ÖÍ ÛÏÐÚ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ¡

»ÖÛÈÓ ÊÖÕÚÖÓÐËÈÛÌË ÙÌÝÌÕÜÌÚ¡ Âëî ðäá âåêÝêßåÝè õáÝî áêàåêã ÀáßáéÞáî 31, 2015 Ïåêãáî ÐäÝåèÝêà Ýßäåáòáà ðëðÝè ßëêïëèåàÝðáà ëêïëèåàÝðáà îáòáêñáï ëâ ¾Ýäð 3,395 éåèèåëê, îáìîáïáêðåêã Ý 4.3¡ àáßîáÝïá õáÝî©ëê©õáÝî ¤ÕëÕ¥, ßëéìîåïåêã ëâ ðäá çáõ Þñïåêáïï Ýßðåòåðåáï îáòáêñáï ëâ ¾Ýäð 3,395 éåèèåëê, îáìîáïáêðåêã Ý 4.3¡ àáßîáÝïá õáÝî©ëê©õáÝî ¤ÕëÕ¥, ßëéìîåïåêã ëâ ðäá çáõ Þñïåêáïï Ýßðåòåðåáï Ýï ïñééÝîåöáà Þáèëó. • Sales of Products ðëðÝèáà ¾Ýäð 2,494 éåèèåëê, Ý àáßîáÝïá ëâ ¾Ýäð 146 éåèèåëê ëî 5.5¡ ÕëÕ· óäáîáÞõ, ßëéìÝîáà Products ðëðÝèáà ¾Ýäð 2,494 éåèèåëê, Ý àáßîáÝïá ëâ ¾Ýäð 146 éåèèåëê ëî 5.5¡ ÕëÕ· óäáîáÞõ, ßëéìÝîáà ðë 2014, àñá ðë àáßîáÝïáà ïÝèáï ëâ Þëðä ßëééáîßåÝè ìîëàñßðï Ýêà äëéá áèáßðîåßÝè ÝììèåÝêßá ìîëàñßðï © áôßáìð Ýåî ßëêàåðåëêáîï Ýêà ðäá ÝààåðåëêÝè ïÝèáï ëâ éëÞåèá ìäëêáï © Ýï Ý îáïñèð ëâ ðäá Ýàòáîïá áßëêëéåß åéìÝßðï, ïèëó îáßëòáîõ ßëêàåðåëêáîï Ýêà ðäá ÝààåðåëêÝè ïÝèáï ëâ éëÞåèá ìäëêáï © Ýï Ý îáïñèð ëâ ðäá Ýàòáîïá áßëêëéåß åéìÝßðï, ïèëó îáßëòáîõ åê àëéáïðåß àáéÝêà, èëóáî ìñÞèåß ïìáêàåêã, óáÝç áôìëîðï Ýêà èëóáî ìîåßá ëâ Ýãîåßñèðñîá ìîëàñßðï. • Interest Revenues from hire-purchase financing services àáßîáÝïáà Þõ ¾Ýäð 80.5 éåèèåëê, ßëéìÝîáà ðë ðäá ìîáòåëñï õáÝî, îáïñèðåêã âîëé ðäá èëóáî êñéÞáî ëâ äåîá©ìñîßäÝïá ßñïðëéáîï, óåðä ðäá ðëðÝè òÝèñá ëâ äåîá©ìñîßäÝïá Ýßßëñêðï õáÝî, îáïñèðåêã âîëé ðäá èëóáî êñéÞáî ëâ äåîá©ìñîßäÝïá ßñïðëéáîï, óåðä ðäá ðëðÝè òÝèñá ëâ äåîá©ìñîßäÝïá Ýßßëñêðï Ýßßëñêðåêã âëî 21.8¡ ëâ ðäá Ãîëñì ï ðëðÝè ¿ëêïëèåàÝðáà Îáòáêñáï âëî ðäá âñèè õáÝî 2015 ìáîåëà· óäáîáÞõ ðäá Ýßßëñêðåêã âëî 21.8¡ ëâ ðäá Ãîëñì ï ðëðÝè ¿ëêïëèåàÝðáà Îáòáêñáï âëî ðäá âñèè õáÝî 2015 ìáîåëà· óäáîáÞõ ðäá

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ðëðÝè êñéÞáî ëâ ðäá äåîá ìñîßäÝïá Ýßßëñêðï, Ýêà ðäá ÝïïëßåÝðáà òÝèñá, àáßîáÝïáà âîëé Ý ðëðÝè ëâ 166,121 Ýßßëñêðï ðëðÝè êñéÞáî ëâ ðäá äåîá ìñîßäÝïá Ýßßëñêðï, Ýêà ðäá ÝïïëßåÝðáà òÝèñá, àáßîáÝïáà âîëé Ý ðëðÝè ëâ 166,121 Ýßßëñêðï ¤Ýï Ýð áêà ÀáßáéÞáî 2014¥ ðë 159,813 Ýßßëñêðï ¤Ýï Ýð ðäá áêà ëâ ÀáßáéÞáî 2015.¥ • fter Sales Services Revenues Ýßäåáòáà Þõ ðäá îáßáêðèõ áïðÝÞèåïäáà ÏñÞïåàåÝîõ Ïåêãáî Ïáîòåßá Ìèñï ¿ë., Èðà., âëî âñèè õáÝî 2015, ðëðÝèáà ¾Ýäð 142 éåèèåëê, Ýê åêßîáÝïá ëâ ¾Ýäð 67.5 éåèèåëê, ëî 90.4¡ ÕëÕ âîëé ðäá ìîáòåëñï õáÝî, àñá âñèè õáÝî 2015, ðëðÝèáà ¾Ýäð 142 éåèèåëê, Ýê åêßîáÝïá ëâ ¾Ýäð 67.5 éåèèåëê, ëî 90.4¡ ÕëÕ âîëé ðäá ìîáòåëñï õáÝî, àñá ðë äåãäáî îáòáêñáï âîëé ìîëòåàåêã éëÞåèá Ýåî ðåéá ïáîòåßáï Þñïåêáïï, ìîëòåàåêã ïáîòåßáï ðë åêïðÝèè Ýåî ßëêàåðåëêáîï, ðëãáðäáî óåðä îáìÝåî Ýêà éÝåêðáêÝêßá ïáîòåßáà âëî äëéá áèáßðîåßÝè ÝììèåÝêßáï, Ýï óáèè Ýï àåïðîåÞñðåêã ãÝïëèåêá. • ther Revenues Ëðäáî îáòáêñáï ðëðÝèáà ¾Ýäð 14 éåèèåëê, âîëé ïÝèáï ëâ óÝïðá éÝðáîåÝèï Ýêà ÝààåðåëêÝè ìáêÝèðõ Ëðäáî îáòáêñáï ðëðÝèáà ¾Ýäð 14 éåèèåëê, âîëé ïÝèáï ëâ óÝïðá éÝðáîåÝèï Ýêà ÝààåðåëêÝè ìáêÝèðõ ßäÝîãáï âëî àáèÝõáà ìÝõéáêð ëê äåîá ìñîßäÝïá Ýßßëñêðï, Ýê åêßîáÝïá ëâ 14.2¡, ßëéìÝîáà ðë ðäá ìîáòåëñï õáÝî. ßäÝîãáï âëî àáèÝõáà ìÝõéáêð ëê äåîá ìñîßäÝïá Ýßßëñêðï, Ýê åêßîáÝïá ëâ 14.2¡, ßëéìÝîáà ðë ðäá ìîáòåëñï õáÝî. Profits ¾Ýïáà ëê ðäá ðëðÝè ßëïðï ëâ ïÝèáï, ïáèèåêã Ýêà ãáêáîÝè ÝàéåêåïðîÝðåòá áôìáêïáï , Ýï áôìèÝåêáà • et onsolidated Profits ¾Ýïáà ëê ðäá ðëðÝè ßëïðï ëâ ïÝèáï, ïáèèåêã Ýêà ãáêáîÝè ÝàéåêåïðîÝðåòá áôìáêïáï , Ýï áôìèÝåêáà åê àáðÝåè Þáèëó¥ ðëðÝè ¿ëêïëèåàÝðáà Êáð Ìîëâåð âëî Ïåêãáî ÐäÝåèÝêà Ýêà åðï ÏñÞïåàåÝîõ ¿ëéìÝêåáï âëî ÂÕ«2015 óÝï åê àáðÝåè Þáèëó¥ ðëðÝè ¿ëêïëèåàÝðáà Êáð Ìîëâåð âëî Ïåêãáî ÐäÝåèÝêà Ýêà åðï ÏñÞïåàåÝîõ ¿ëéìÝêåáï âëî ÂÕ«2015 óÝï ¾Ýäð 143 éåèèåëê, Ý àáßîáÝïá ëâ ¾Ýäð 98 éåèèåëê ëî 40.7¡ ÕëÕ ßëéìÝîá ðë ÂÕ«2014 • otal ssets of the ompan àáßîáÝïáà ÕëÕ Þõ ¾Ýäð 14 éåèèåëê· óäáîáÞõ Äåîá©ÌñîßäÝïá åêïðÝèèéáêð Ýßßëñêðï Ýêà ëðäáî àáÞðëîï ¤êáð¥ àáßîáÝïáà Þõ ¾Ýäð 53. Éåèèåëê îáïñèðåêã âîëé èëóáî êáó äåîá©ìñîßäÝïá Ýßßëñêðï âëî ïÝèáï ëâ ðäá ìîëàñßðï ëââáîáà ðë ßñïðëéáîï ðäÝê äåîá©ìñîßäÝïá Ýßßëñêðï ßèëïáà Þõ îáòáîðåêã Ýêà âñèèõ ìÝåà ñì ëî àåïßëñêðï ðäá ìîëàñßðï ëââáîáà ðë ßñïðëéáîï ðäÝê äåîá©ìñîßäÝïá Ýßßëñêðï ßèëïáà Þõ îáòáîðåêã Ýêà âñèèõ ìÝåà ñì ëî àåïßëñêðï ãåòáê åê Ý òåáó ëâ ðäá îáàñßðåëê ëâ ëòáîàñá äåîá©ìñîßäÝïá Ýßßëñêðï Ýêà Ý àáßîáÝïá ëâ ßÝïä ëî ßÝïä áíñåòÝèáêð Þõ ¾Ýäð 17 Éåèèåëê êáððåêã óåðä Ýê åêßîáÝïá ëâ åêòáêðëîåáï Þõ ¾Ýäð 22 Éåèèåëê. Àáïìåðá ðäá êáãÝðåòá áêòåîëêéáêð åê ðäá ìîëòåêßåÝè ÝîáÝï Ýêà îñîÝè ßëééñêåðåáï, Þëðä ëâ óäåßä Ýßßëñêðï âëî Ý ïåãêåâåßÝêð éÝæëîåðõ ëâ ðäá ¿ëéìÝêõ ï ßëîá ßñïðëéáî ÞÝïá, Ýï Ýð ðäá áêà ëâ ÀáßáéÞáî 2015, ðäá ìáîßáêðÝãá ëâ ìÝõåêã Ýßßëñêðï óäåßä åï éáÝïñîåêã äëó éÝêõ Ýßßëñêðï Ýîá ìÝõåêã âîëé ðäá ðëðÝè ìëîðâëèåë óÝï áíñÝè ðë 89.2¡ óåðä ðäá ÝÞïëèñðá òÝèñáï ëâ ÝîîáÝîï îáéÝåêåêã ñêàáî ðäá ïðîåßð ßëêðîëè èåéåð ðäÝð óÝï âÝßåèåðÝðáà Þõ ðäá áïðÝÞèåïäåêã ðäá ÏñÞïåàåÝîõ ¿ëéìÝêõ, Ïåêãáî ÈáÝïåêã ¤ÐäÝåèÝêॠ¿ë., Èðà., Ðäåï áêÝÞèáà ðäá ßëéìÝêõ ðë éëîá Þáððáî âëßñï ëê éÝêÝãåêã ðäá åêïðÝèèéáêð èëÝêï ïáîòåßáï Þñïåêáïï Ýêà åðï åêäáîáêð ëìáîÝðåëêÝè îåïçï, ðäîëñãä ðäá ðäá ßëéìÝêõ ðë éëîá Þáððáî âëßñï ëê éÝêÝãåêã ðäá åêïðÝèèéáêð èëÝêï ïáîòåßáï Þñïåêáïï Ýêà åðï åêäáîáêð ëìáîÝðåëêÝè îåïçï, ðäîëñãä ðäá ¿ëéìÝêõ ï ßëêðåêñåêã ßëééåðéáêð ðë éÝåêðÝåêåêã ïðîåßð ßîáàåð ßëêðîëèï Ýêà îáãñèÝî éëêåðëîåêã ëâ ðäá îáà àáèåêíñáêðï Ýßßëñêðï , åê áÝßä ìîëàñßð ßÝðáãëîõ ïë Ýï ðë ìîáòáêð, àáðáßð Ýêà ïìááà ñì ðäá îáßëòáîõ ëâ äåîá ìñîßäÝïá àáâÝñèðï ëî ìëïïåÞèá àáâÝñèðï. Ðäá ¿ëéìÝêõ Ýèïë Þáèåáòáï ïðîëêãèõ åê ÝèóÝõï éÝåêðÝåêåêã åðï ìëïåðåòá ïëßåÝè Ýêà áêòåîëêéáêðÝè îáïìëêïåÞåèåðåáï, åê ëîàáî ðë âÝßåèåðÝðá ðäá Ýßäåáòáéáêð, ëê Ý ïñïðÝåêÝÞèá ÞÝïåï, ëâ îáÝè áßëêëéåß Ýêà ïëßåÝè àáòáèëìéáêð âëî åðï ÏðÝââ Ýêà áéìèëõááï, èëßÝè ßëééñêåðåáï, Ýï óáèè Ýï ðäá ßëñêðîõ Ýêà ðäá óåàáî ïëßåáðõ Ýï Ý óäëèá. ½ï ïñßä, áòáîõ õáÝî òÝîåëñï åêåðåÝðåòáï Ýîá ßëêðåêñëñïèõ ßëééñêåðåáï, Ýï óáèè Ýï ðäá ßëñêðîõ Ýêà ðäá óåàáî ïëßåáðõ Ýï Ý óäëèá. ½ï ïñßä, áòáîõ õáÝî òÝîåëñï åêåðåÝðåòáï Ýîá ßëêðåêñëñïèõ ñêàáîðÝçáê Þõ Ïåêãáî ÐäÝåèÝêà Ýêà åðï ÏðÝââ ðë äáèì ìîëéëðá Ýï óáèè Ýï ìîëðáßð, ëê Ý ïñïðÝåêÝÞèá ÞÝïåï, ðäá óáèè©Þáåêã ëâ èëßÝè ñêàáîðÝçáê Þõ Ïåêãáî ÐäÝåèÝêà Ýêà åðï ÏðÝââ ðë äáèì ìîëéëðá Ýï óáèè Ýï ìîëðáßð, ëê Ý ïñïðÝåêÝÞèá ÞÝïåï, ðäá óáèè©Þáåêã ëâ èëßÝè éÝîçáðï Ýêà ßëééñêåðåáï åê óäåßä ðäá ¿ëéìÝêõ ëìáîÝðáï ðëãáðäáî óåðä ðäá áêòåîëêéáêð. Âñîðäáî àáðÝåèï ëâ ðäáïá ¿ëîìëîÝðá ÏëßåÝè ÎáïìëêïåÞåèåðõ ¤¿ÏÎ¥ Ýßðåòåðåáï, ñêàáîðÝçáê æëåêðèõ Þõ ðäá ¿ëéìÝêõ Ýêà åðï ÏðÝââ, àñîåêã 2015, Ýîá ìîëòåàáà åê ðäá ïáìÝîÝðá ¿ÏÎ Ïáßðåëê ëâ ðäåï ½êêñÝè Îáìëîð. ÈÝïðèõ, åê ïìåðá ëâ ðäá ïðåèè ßäÝèèáêãåêã áßëêëéåß Ýêà Þñïåêáïï ïåðñÝðåëê àñîåêã éëïð ëâ 2015, âñèè ßëééåðéáêð Þõ Þëðä ëñî ¾ëÝîà ëâ Àåîáßðëîï Ýêà ðäá ÉÝêÝãáéáêð Ãîëñì ðë Ýßäåáòåêã ðäá ¿ëéìÝêõ ï ëÞæáßðåòáï· óäáîáÞõ ïñßä ßëééåðéáêð óÝï Ýßðåòáèõ ïñììëîðáà Ýêà ñêàáîìåêêáà Þõ ðäá ëêãëåêã àáàåßÝðáà áââëîðï ëâ Ýèè ëñî ÏðÝââ, óäåßä îáïñèðáà åê ðäá ëêãëåêã ßëêðîåÞñðåëê Ýêà ëêãëåêã ÝÞåèåðõ ëâ Ïåêãáî ÐäÝåèÝêà ï ðë Ýßäåáòá ßëêðåêñáà ìëïåðåòá ëìáîÝðåêã ìáîâëîéÝêßá îáïñèðï åê 2015. Ýêà ëêãëåêã ÝÞåèåðõ ëâ Ïåêãáî ÐäÝåèÝêà ï ðë Ýßäåáòá ßëêðåêñáà ìëïåðåòá ëìáîÝðåêã ìáîâëîéÝêßá îáïñèðï åê 2015. Óá, ðäáîáâëîá, óåïä ðë ðäÝêç Ýèè ëñî ßñïðëéáîï Ýêà Ýèè ëñî ÏðÝââ éáéÞáîï, ðëãáðäáî óåðä Ýèè ëðäáî ÏðÝçáäëèàáîï ëâ Ïåêãáî ÐäÝåèÝêà, âëî ðäáåî ßëêðåêñåêã èëõÝèðõ Ýêà åêòÝèñÝÞèá ßëêðîåÞñðåëêï. ÈÝïðèõ, óá Ýèïë áïìáßåÝèèõ óåïä ðë áôìîáïï ëñî ãîáÝð ÝììîáßåÝðåëê ÐäÝåèÝêà, âëî ðäáåî ßëêðåêñåêã èëõÝèðõ Ýêà åêòÝèñÝÞèá ßëêðîåÞñðåëêï. ÈÝïðèõ, óá Ýèïë áïìáßåÝèèõ óåïä ðë áôìîáïï ëñî ãîáÝð ÝììîáßåÝðåëê ðë Ýèè ëñî ìÝïð, ßñîîáêð Ýêà êáó ÏäÝîáäëèàáîï âëî ðäáåî ìëïåðåòá Ýêà éñßä òÝèñáà ëêãëåêã ïñììëîð.

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2004 © Ìîáïáêð Ðɾ ¾Ýêç ÌñÞèåß ¿ëéìÝêõ Ðɾ ¾Ýêç ÌñÞèåß ¿ëéìÝêõ Àåîáßðëî ëâ ðäá ¾ëÝîà, ÉáéÞáî ëâ ðäá ½ñàåð Èåéåðáà ¿ëééåððáá, ÉáéÞáî ëâ ðäá ÊëéåêÝðåëê ÎáéñêáîÝðåëê Ýêà ÎáéñêáîÝðåëê Ýêà ¿ëîìëîÝðá ÃëòáîêÝêßá ¿ëééåððáá, Åêàáìáêàáêð Àåîáßðëî 2013 © 2014 ¾åã ¿ Ïñìáîßáêðáî ÌÈ¿. Àåîáßðëî

20

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< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš '/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ &/@5=#

2552 Š = ++Z<S; <EVKS9 'V*A -_-OE aPG6Vh*L +lT$S6 `GR <EVKS9D OD 3 `M *6S*;Wh 1. $EEC$TE <EVKS9 _. T9 OWL7 _O_-WgD; `@'_$++Vg*`O;6 `';;Vg* +lT$S6 2. $EEC$TE <EVKS9 aO_-WD;;V' `';_;OEWg +lT$S6 3. $EEC$TE <EVKS9 _'_OAA[ 6L +lT$S6 2548 Š = ++Z<S; <EVKS9 9VIT:TE +lT$S6 2540 - 2547 Linklaters 2540 - 2546 Linklaters

!V>J7%Ăš

$EEC$TE

$EEC$TE Partner Managing Partner

'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Director

Director Partner Managing Partner

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ

>/ V>/ !V>J7%Ú //- >/6V> =s#AQI AQ.3 ú9 ¥ 2555 - = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6

Ă€ĂŒĂˆĂ™Ăš

2009 - Present Kingfisher Holdings Ltd. and three subsidiaries, namely, 1.1.Director, Director, Southeast Asian Packaging and Canning Ltd. 2.2.Director, Director, Oceanic Cannery Co., Ltd. 3.3.Director, Director, KĂ‚ Ă‚oods Ltd. 2005 - Present Thivatharn Ltd. 1997 - 2004 Linklaters 1997 - 2003 Linklaters

!V>J7%Ăš

$EEC$TE

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ -cC CW Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 - Present Singer Leasing ¤Thailand¼ Co., Ltd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Director

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

21

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš %>.*@*@$ *@ =.4/#=! ´Ă™Â• ŠĂ?ÉĂ?Ă› ŠĂ?Ă‘ĂˆĂ?ĂšĂ–Ă™ĂˆĂ‹ĂˆĂ›

$EEC$TEOVLER ÂŹ ÆÍåâíâÍåâÍù à Ìïâà ùÏï $EEC$TE7EI+LO< ÂŹ ĂŠâêĂ&#x;âï ĂŹĂŁ žòåÌù Ă€ÏêêÌùùââ $EEC$TELEEMT `GR@V+TE5T' T7O<`9; ÂŹ ĂŠâêĂ&#x;âï ĂŹĂŁ Ă‹ĂŹĂŞĂŚĂŤĂžùÌÏÍ ĂžĂŤĂĄ Ă?âêòÍâïĂžùÌÏÍ 9>.D ¨ĂŽĂŒ ÂĄ 55 = / years 6=s >!@ ÂĄ c9D #AQ9.EĂš ÂĄ 1174 8.@ERETC9Wg 4 `%I*'GO*_7D _%7'GO*_7D $EZ*_9@Q 10110 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 13 @FKBT'C @.J. 2552 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 6 = 11 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœÂ&#x; ÂĄ 6/6

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 1174 ĂŽama Ă…Ă’ ĂŽoad, Klong Toey, žangkok 10110 ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 13th May 2009 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 6 Ă•ears 11 months ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜œ ÂĄ 6/6

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

>/ V>/ !V>J7%Ú L% @ >/ #AQJ Ú =%–I AQ.3I%CQ9 =&$D/ @ 9 &/@5=#

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

V>%3%

'/<I,# //- >/

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V>%3%

ÂťĂ–Ă›ĂˆĂ“

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

2

1.$EEC$TEOVLER $EEC$TE7EI+LO< $EEC$TELEEMT`GR @V+TE5T' T7O<`9; <C+ÂŤ c9D=ER$S;BSD 2.$EEC$TE <C+ÂŤ LSCCT$E

6

-

2

1.Ă…ndeĂŹendent 1.Ă…ndeĂŹendent Director, Audit Committee, Nominating ¢ ĂŽemuneration, hai Insurance P 2.Director, 2.Director, Ă?ÞêêÞèÏïÍ Ă?Àɍ Ă?ÞêêÞèÏïÍ Ă?Àɍ

6

-

D 3D @ >/4B 5> ÂĄ 2526 =EV‰‰T7EW ES2JTL7E <5S 3V7 LT%T'ITCLSC@S;: ERMI T*=ER_9J +ZNTG*$E5 CMTIV9DTGSD 2528 =EV‰‰Ta9 @S4;JTL7E CMT<S53V7 ¤<EVMTE:ZE$V+ÂĽ L8T<S;<S53V7@S4;<EVMTEJTL7E

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 1983

'/<3=!@ >/9&/- ÂĄ

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

Director Certification Program ¤DCPÂĽ Audit Committee Program ¤ACPÂĽ Ă…mĂŹroving the Ă?uality of Ă‚inancial ĂŽeĂŹorting ¤Ă?Ă‚ĂŽÂĽ Thai Ă…nstitute of Directors ¤Ă…ODÂĽ Succession ¢ Ă ffective Lead shiĂŹ DeveloĂŹment ¤CĂ OÂĽ

'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&- •

2545 - = ++Z<S; <C+. c9D=ER$S;BSD

2545 - = ++Z<S; <C+. LSCCT$E 2546 - 2558 <C+. OTE @W.W+W

1985

žachelor Degree, Political Science in Ă…nternational ĂŽelations, Chulalongkorn Ă‘niversity MžA žusiness Administration, NĂ…DA

Director Certification Program ¤DCPÂĽ Audit Committee Program ¤ACPÂĽ Ă…mĂŹroving the Ă?uality of Ă‚inancial ĂŽeĂŹorting ¤Ă?Ă‚ĂŽÂĽ Thai Ă…nstitute of Directors ¤Ă…ODÂĽ Succession ¢ Ă ffective Lead shiĂŹ DeveloĂŹment ¤CĂ OÂĽ

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ !V>J7%Ăš

$EEC$TEOVLER $EEC$TE7EI+LO< $EEC$TELEEMT`GR @V+TE5T' T7O<`9; $EEC$TE $EEC$TE

Ă€ĂŒĂˆĂ™Ăš

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2002 - Present Thai Ă…nsurance PCL

2002 - Present Sammakorn PCL 2003 - 2015 ĂŽPCĂƒ PCL.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

- Ă…ndeĂŹendent Director - Audit Committee - Nominating ¢ ĂŽemuneration Director Director

22

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< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

2543 - = ++Z<S; <EVKS9 C*'G-SD@S4;T +lT$S6 2543 - = ++Z<S; LlT;S$*T;+S6$TE9ES@D LV;L I; @ERO*' 2543 - = ++Z<S; a'E*$TE@S4;TL I;@ERO*' 2544 - = ++Z<S; <EVKS9 LZIEE5-T6 b;@ER<EC ET-[=8SCB +lT$S6 2549 - = ++Z<S; <EVKS9 EIC9;Zc9D +lT$S6 2549 - = ++Z<S; <EVKS9 _@WDILSCCT$E 6W_IGGO=_C ;9 +lT$S6

!V>J7%Ăš

'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

2000 - Present Mongkol ChaiĂŹattana Co., Ltd. Managing Director 2000 - Present H. M. Private ProĂŹerty Office Assistant Manager

EO*>[ OlT;ID$TE $EEC$TE

2000 - Present H. M. Private DeveloĂŹment ProĂŚects 2001 - Present Suvarnachad Co., Ltd. 2003 - Present ĂŽuam Thanu Thai Co., Ltd. 2006 - Present Pure Summakorn DeveloĂŹment Co., Ltd.

$EEC$TE $EEC$TE

Ă’ice Director Director Director Director

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ

>/ V>/ !V>J7%Ú //- >/6V> =s#AQI AQ.3 ú9 ¥ 2555 - = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6

Ă€ĂŒĂˆĂ™Ăš

$EEC$TE>[ +S6$TE >[ - ID>[ +S6$TE

!V>J7%Ăš

$EEC$TE

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Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2012 - Present Singer Leasing ¤Thailand¼ Co., Ltd.

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Director

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A Not having any, direct or indirect, stakeholder s benefit as a contract ĂŹartner in any business concerning the ComĂŹany and its subsidiaries.

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

23

< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš %>.M* E/.Ă˝ 4D /Ă˝ >,/ Ă˝ ´Ă™Â• ¡ĂˆĂ?ÛÖÖÕ ÂşĂœĂ’Ă?ĂˆĂ•ĂˆĂ—Ă?ÖÙÕ

$EEC$TE ÂŹ à Ìïâà ùÏï >[ OlT;ID$TE? TD<S‰-W`GR$TE_*V; ÂŹ Ă€ÏÍùïÏÊÊâï ÂŁ ĂƒĂŚĂŤĂžÍà â à Ìïâà ùÏï 9>.D ¨ĂŽĂŒ ÂĄ 58 = / years 6=s >!@ ÂĄ c9D #AQ9.EĂš ÂĄ 9/72 MC[ 9Wg 10 `%I*GT6@E TI _%7GT6@E TI $EZ*_9@CMT;'E 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ 4,000 MZ ; 'V6_= ;E ODGR 0.001 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 1 C$ET'C 2552 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 7 = 4 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœÂ&#x; ÂĄ 6/6

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 9/72 Moo 10, LadĂŹhroĂł, LadĂŹhroĂł, žangkok ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ 4,000 shares / 0.001ÂĄ ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 1stt Æanuary 2009 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 7 Ă•ears 4 Months ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜œ ÂĄ 6/6

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

>/ V>/ !V>J7%Ú L% @ >/ #AQJ Ú =%–I AQ.3I%CQ9 =&$D/ @ 9 &/@5=#

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

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ÂťĂ–Ă›ĂˆĂ“

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

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ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

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MGS$L[7E Director Certification Program LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D MGS$L[7E Ă Ă´ecutive DeveloĂŹment Program LCT'C<EVKS9+69R_<WD;c9D

'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

-cC CW-

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2551 - = ++Z<S; <EVKS9 .V*_$OE =ER_9Jc9D+lT$S6 ¤CMT-;¼ 2550 - 2551 <EVKS9 .V*_$OE =ER_9Jc9D+lT$S6 ¤CMT-;¼ 2548 - 2550 <EVKS9 D[;Vc9D-V=DTE 6`GR _Of;+V_;WDEV*' +lT$S6 2538 - 2548 <EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¼ 2532 - 2538 <EVKS9 D[;Vc9DcG; +lT$S6 ¤CMT-;¼

Director Certification Program Thai Ă…nstitute of Directors Ă Ă´ecutive DeveloĂŹment Program Thai Listed ComĂŹanies Association

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

N/A

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

N/A

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

N/A

œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ

Master Degree in Ă‚inance, Chulalongkorn Ă‘niversity žachelor Degree in Cost Accounting, Chulalongkorn Ă‘niversity žachelor Degree in LaĂł, ĂŽamkamhaeng Ă‘niversity žachelor Degree in LaĂł, Sukhothaithammathirat Ă‘niversity

!V>J7%Ăš

>[ OlT;ID$TE? TD<S‰-W`GR $TE_*V; EO*>[ OlT;ID$TE? TD<S‰-W `GR$TE_*V; >[ +S6$TEOTIZaL? TD<S‰-W `GR$TE_*V; >[ +S6$TEOTIZaL? TD$TE_*V; >[ - ID>[ +S6$TE? TD<S‰-W

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

2008 - Present Singer Thailand Public ComĂŹany Limited 2007 - 2008 Singer Thailand Public ComĂŹany Limited Ă‘nithai ShiĂŹyard ¢ 2005 - 2007 Ă ngineering Ltd. 1995 - 2005 Singer Thailand Public ComĂŹany Limited Ă‘nithai Line Public 1989 - 1995 ComĂŹany Limited

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Controller ¢ Ă‚inance Director DeĂŹuty Controller ¢ Ă‚inance Director Senior Ă‚inance and Accounting Manager Senior Ă‚inance Manager Assistance Accounting Manager

24

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< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš >/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ !V>J7%Ăš

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

2555 - = ++Z<S; <EVKS9 .V*_$OE GWL.Vg* $EEC$TE ¤=ER_9Jc9D¼ +lT$S6 2550 - = ++Z<S; <EVKS9 .V*_$OE _.OE IVL@GSL +lT$S6 $EEC$TE 2550 - = ++Z<S; <EVKS9 .V*_$OE ¤a<E'_$OE ¼ +lT$S6 $EEC$TE

2012 - Present Singer Leasing ¤Thailand¼ Co., Ltd 2007 - Present Singer Service Plus Co., Ltd. 2007 - Present Singer ¤žroker¼ Co., Ltd.

Director

3>-6=-*=%$ý#> /9& /=3/<73Ú> //- >/J1<(Eú&/@7>/ -cC CW ú9*@*>##> 7->. ¥ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT L I;c6 _LWD9Sh*9T*7E*9T*O OCb;$V+$TEb6e 9Wg<EVKS9MEYO<EVKS9D OD_= ;'[ L‰S ‰T œ cC CW

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A Not having any, direct or indirect, stakeholder s benefit as a contract ĂŹartner in any business concerning the ComĂŹany and its subsidiaries.

Director Director

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

25

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9>.D ¨ĂŽĂŒ ÂĄ 39 = / years 6=s >!@ ÂĄ c9D #AQ9.EĂš ÂĄ 138/10 8;;;_EJ `%I*LWg@ERDT _%7<T*ES$ $EZ*_9@Q 6= 6Ăš3% >/"C97DĂş%L%&/@5=# ÂĄ cC CW 3=%#AQI Ăş> V>/ !V>J7%Ăš //- >/ ÂĄ 13 LV*MT'C 2558 V>%3%'Ăą#AQI'Ä€% //- >/ ÂĄ 8 _6YO; >/I Ăş>/Ăš3-'/< D- //- >/&/@5=# 'Ăą ™œœÂ&#x; ÂĄ 2/2

ÂľĂˆĂ›Ă?Ă–Ă•ĂˆĂ“Ă?Ûà ¥ Thai ¨Ă‹Ă‹Ă™ĂŒĂšĂš ÂĄ 138/10 Nares ĂŽd., SiĂŹraya, žangrak, žangkok ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹Ă?Ă•ĂŽĂš ÂĄ None ÂŤĂˆĂ›ĂŒ Ă–Ă? ¨Ă—Ă—Ă–Ă?Ă•Ă›Ă”ĂŒĂ•Ă› ÂĄ 13th August 2015 Ă€ĂŒĂˆĂ™Ăš Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšĂ?Ă?Ă— ÂĄ 8 months ´ĂŒĂŒĂ›Ă?Ă•ĂŽ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă€ĂŒĂˆĂ™ ™—˜œ ÂĄ 2/2

>/ V>/ !V>J7%Ăš 'Ăž D&=%L% @ >/9CQ% ÂĄ

œÛĂ?ĂŒĂ™ Ă—Ă™ĂŒĂšĂŒĂ•Ă› Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂĄ

&/@5=# #<I&A.%

@ >/9CQ%O Â?#AQM-ĂšL Ăš&/@5=# #<I&A.%Â?

>/ V>/ !V>J7%Ú L% @ >/ #AQJ Ú =%–I AQ.3I%CQ9 =&$D/ @ 9 &/@5=#

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

V>%3%

'/<I,# //- >/

V>%3%

V>%3%

ÂťĂ–Ă›ĂˆĂ“

2

1.$EEC$TE<EVMTE/ EO*$EEC$TE>[ +S6$TEbM‰ <EVKS9 LM@S4;T OV;_7OE aPG6Vh* +lT$S6 ¼CMT-;Œ 2.$EEC$TE<EVMTE <EVKS9 c9D.SC.Z* =ER$S;-WIV7 +lT$S6 ¼CMT-;Œ

14

-

2

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ à Ă—ĂŒ

1.Ă Ă´ecutive 1.Ă Ă´ecutive Director ¢ Ă‚irst Ă Ă´ecutive Ă’ice Prisident Saha Pathana InterĂ…ÏÊåÌÍä Ă?òĂ&#x;ĂŠĂŚĂ Ă…ÏÊåÌÍä Ă?òĂ&#x;ĂŠĂŚĂ ompan imited 2.Ă Ă´ecutive Director 2.Ă Ă´ecutive hai Samsung ife ÆÍðòïĂžÍà â Ă?òĂ&#x;ÊÌà ÆÍðòïĂžÍà â Ă?òĂ&#x;ĂŠĂŚĂ ompan imited

D 3D @ >/4B 5> ÂĄ 2544 =EV‰‰Ta9 $TE7GT6 ¤BT'BTKTOS*$FKÂĽ CMTIV9DTGSD:EECJTL7E 2544 =EV‰‰Ta9 BT'IV-T:ZE$V+ERMI T*=ER_9J ¤à ôchange ProgramÂĽ NorĂłegian School of Ă conomics and žusiness Administration, NorĂłay 2553 Master of Advanced žusiness Practices Ă‘niversity of South Australia 2541 =EV‰‰T7EW '5R@T5V-DJTL7E `GR$TE<S‰-W BT'IV-T<EVMTE:ZE$V+ +ZNTG*$E5 CMTIV9DTGSD

ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 2001

'/<3=!@ >/9&/- ÂĄ 2554 MGS$L[7EIV9DT$TE=ER$S;BSDER6S<L[* ¤I=L.ÂĽ EZ ;9Wg 1 L8T<S;IV9DT$TE=ER$S;BSDER6S<L[* LlT;S$*T;'5R$EEC$TE$lT$S< `GRL *_LEVC$TE=ER$O<:ZE$V+ =ER$S;BSD 2556 MGS$L[7E;S$<EVMTEER6S<L[*6 T;$TE@S4;T:ZE$V+OZ7LTM$EEC `GR$TEG*9Z; ¤I:O.ÂĽ EZ ;9Wg 1 L8T<S;IV9DT$TE:ZE$V+`GROZ7LTM$EEC 2558 MGS$L[7EB[CV@GS*`> ;6V; EZ ;9Wg 4 LlTMES<>[ <EVMTEER6S<L[* J[;D IV-T$TE`M *+ZNTG*$E5 CMTIV9DTGSD 2549 Ă Ă´ecutive LeadershiĂŹ Program Ă“harton žusiness School, Ă‘niversity of Pennsylvania

ÂŞĂŒĂ™Ă›Ă?Ă?Ă?ĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ 2011

2001 2010 1998

2013 2015 2006

ÂľĂ–Ă•ĂŒ Ă“Ă?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

œÛĂ?ĂŒĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?ĂŠĂ–Ă”Ă—ĂŒĂ›Ă?Ă›Ă?Ă?ĂŒ Ă–Ă™ ĂšĂ?Ă”Ă?Ă“ĂˆĂ™ ĂŠĂ–Ă”Ă—ĂˆĂ•Ă Â?

ÂťĂ–Ă›ĂˆĂ“

ÂťĂ–Ă›ĂˆĂ“

14

-

Master of Marketing ¤à nglish ProgramÂĽ, Thammasat Ă‘niversity Master of Ă…nternational žusiness ¤à ôchange ProgramÂĽ, NorĂłegian School of Ă conomics and žusiness Administration, NorĂłay Master of Advanced žusiness Practices, Ă‘niversity of South Australia žachelor of žusiness Administration, Chulalongkorn Ă‘niversity OĂ…C Advanced Ă…nsurance Ă…nstitute, Office of Ă…nsurance Commission Ă…nstitute of žusiness and Ă…ndustrial DeveloĂŹment for toĂŹ eĂ´ecutive ¤Ă…žĂ…D 1ÂĽ žhumiĂŹalung Phandin Program ¤žPP 4ÂĽ for senior eĂ´ecutive level ĂŹrogram, Chulalongkorn Ă‘niversity Ă Ă´ecutive LeadershiĂŹ Program, Ă“harton žusiness School, Ă‘niversity of Pennsylvania

26

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< //- >/&/è5=# ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš 2548

MGS$L[7E DCP ¤61/2005ÂĽ LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D ¤Ă…ODÂĽ MGS$L[7E_G%T;Z$TE<EVKS9 ¤CSP 18/2006ÂĽ LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D ¤Ă…ODÂĽ =ER$TJ;WD<S7E;S$IT*`>;$TEG*9Z; LCT'C<EVKS9+S6$TEG*9Z; MGS$L[7E$GDZ9: $TE<EVMTEOLS*MTEVC9ES@D ¤ĂŽĂ -CĂ‘-26ÂĽ LCT'C>[ <EVMTE:ZE$V+OLS*MTEVC9ES@D +ZNTG*$E5 CMTIV9DTGSD

2549 2554 2554

'/<6& >/ Ă˝ >/#V> >%L%&/@5=# #<I&A.% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

Director Certification Program ¤DCP 61/2005ÂĽ, Thai Ă…nstitute of Directors Association ComĂŹany Secretary Program ¤CSP 18/2006ÂĽ, Thai Ă…nstitute of Directors Association ¤Ă…ODÂĽ Ă…nvestment Planner Certification, Association of Ă…nvestment Management ComĂŹanies ĂŽeal Ă state Management Program for Ă Ă´ecutive ¤ĂŽĂ -CĂ‘26ÂĽ, Chulalongkorn Ă‘niversity

2006 2011 2011

žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš Ă?Ă• Ă–Ă›Ă?ĂŒĂ™ ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš ÂĄ

&- •

!V>J7%Ăš

2555 - = ++Z<S; <EVKS9 LM@S4;TOV;_7OE aPG6Vh* +lT$S6 ¤CMT-;¼

$EEC$TE<EVMTE/ EO*$EEC$TE>[ +S6$TEbM‰

2556 - = ++Z<S; <EVKS9 c9D.SC.Z* =ER$S;-WIV7 +lT$S6 ¤CMT-;¼

$EEC$TE<EVMTE

'/<6& >/ Ă˝ >/#V> >%9CQ% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

2005

Ă€ĂŒĂˆĂ™Ăš

ÂłĂ?ĂšĂ›ĂŒĂ‹ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

2012 - Present Saha Pathana Ă…nter-Holding Public ComĂŹany Limited

Ă Ă´ecutive Director ¢ Ă‚irst Ă Ă´ecutive Ă’ice Prisident 2013 - Present Thai Samsung Life Ă…nsurance Ă Ă´ecutive Director Public ComĂŹany Limited œÛĂ?ĂŒĂ™ žĂ–ÙÒĂ?Ă•ĂŽ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

&/@5=#

2556 - = ++Z<S; <EVKS9 c9D.SC.Z* OV_G'a9E;V'L +lT$S6 2557 - = ++Z<S; <EVKS9 <W_Of;.W _EWDG_OL_79 +lT$S6 2556 - = ++Z<S; <EVKS9 <Z‰ `'== 7OGaPG6Vh* +lT$S6 2557 - = ++Z<S; <EVKS9 LM a7'VI 'OE =O_E-Sg; +lT$S6 2557 - = ++Z<S; <EVKS9 9ES@D LV;LM@S4; +lT$S6 2556 - = ++Z<S; <EVKS9 `@;`G;6 +lT$S6 2556 - = ++Z<S; <EVKS9 =TE ' `'== 7OG aPG6Vh* +lT$S6 2556 - = ++Z<S; <EKS9 _OL_OLcO aPG6Vh* +lT$S6 2556 - = ++Z<S; <EVKS9 cO.6W._OA. +lT$S6 2556 - = ++Z<S; <EVKS9 c9.S;A[6L +lT$S6 2557 - = ++Z<S; <EVKS9 'TE <O; _C+V$ ¤=ER_9Jc9DÂĽ +lT$S6 2556 - = ++Z<S; <EVKS9 LM_.IT +lT$S6 2557 - = ++Z<S; <EVKS9 c9DOTETOV +lT$S6 2557 - C.'. 2559 <EVKS9 c9D'TDTCT +lT$S6

!V>J7%Ăš

$EEC$TE

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Director

$EEC$TE $EEC$TE $EEC$TE

2013 - Present Thai Samsung Ă lectronics Co., Ltd. 2014 - Present žNC ĂŽeal Ă state Co., Ltd. 2013 - Present žoon CaĂŹital Holding Co., Ltd. 2014 - Present Saha Tokyu CorĂŹoration Co., Ltd. 2014 - Present SahaĂŹat ProĂŹerties Co., Ltd. 2013 - Present Pan Land Co., Ltd. 2013 - Present Park CaĂŹital Holding Co., Ltd.

$EEC$TE $EEC$TE $EEC$TE $EEC$TE

2013 - Present 2013 - Present 2013 - Present 2014 - Present

Director Director Director Director

$EEC$TE>[ +S6$TE $EEC$TE>[ +S6$TE $EEC$TE<EVMTE

SSĂ… Holding Co., Ltd. Ă….D.Ă‚. Co., Ltd. Thai Sun Ă‚ood Co., Ltd. Carbon Magic ¤ThailandÂĽ Co., Ltd. 2013 - Present Saha SehĂła Co., Ltd. 2014 - Present Thai Arai Co., Ltd. 2014 - Æan 2016 Thai Kayama Co., Ltd.

$EEC$TE $EEC$TE $EEC$TE

Managing Director Managing Director Ă Ă´ecutive Director Director Director Director

Director Director Director

šĂŒĂ“ĂŒĂ?ĂˆĂ•Ă› °Ă”Ă—Ă–Ă™Ă›ĂˆĂ•Ă› ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•Ăš ÂĄ

>/ V>/ !V>J7%Ăš //- >/6V> =s#AQI AQ.3 Ăş9 ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

&/@5=#

!V>J7%Ăš

Ă€ĂŒĂˆĂ™Ăš

ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

-

-

-

-

-

-

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ -cC CW Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

<(Eú&/è7>/

Management

˜• %>.&Ds. !=%6 D1 Mr. Boonyong Tansakul $EEC$TE>[ +S6$TEbM‰ hief ecutive fficer

™• %>.M* E/.ý 4D /ý >,/ ý Mr. Paitoon Sukhanaphorn

›• %>.6.>- 9D8>/3 4ý Mr. Siam Uralwong

$EEC$TE>[ +S6$TE <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¼ +lT$S6 anaging irector Singer Leasing ¤Thailand¼ Co., Ltd.

>[ OlT;ID$TE? TD<S‰-W`GR$TE_*V; ontroller inance irector

š• %> 9/D /DÚ !=%I A./!@ =. Mrs. Arunrung Tankiattichai

>[ OlT;ID$TE? TD$TE7GT6`GR@S4;T:ZE$V+ Strategic ar eting and usiness evelopment irector

3.

1.

2.

4.

27

28

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<(EĂş&/è7>/ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ¡Ă™Ă–Ă?Ă?Ă“ĂŒ %> 9/D /DĂš !=%I A./!@ =.

9>.D ÂĄ 45 = !V>J7%Ăš ÂĄ >[ OlT;ID$TE? TD$TE7GT6`GR@S4;T:ZE$V+ 6= 6Ăš3% >/"C97DĂş% Â?ÂŒÂ? ”š˜–˜™–œÂ&#x; ÂĄ cC CW D 3D @ >/4B 5> ÂĄ - =EV‰‰Ta9 <EVMTE:ZE$V+ LT%T$TE<S‰-W CMTIV9DTGSD _$K7EJTL7E $EZ*_9@Q - =EV‰‰T7EW <EVMTE:ZE$V+ ¤_$WDE7V;VDCÂĽ LT%T$TE<S‰-W CMTIV9DTGSDOSLLSC-S‰ $EZ*_9@Q >/9&/- ÂĄ - Thailand Certified Public Accountant ¤CPAÂĽ, No. 4864, Ă‚ederation of Accounting Professions '/<6& >/ Ă˝#V> >% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

2558 - = ++Z<S; 2551 - 2558 2546 - 2551 2535 - 2546

!V>J7%Ăš

>[ OlT;ID$TE? TD$TE7GT6`GR@S4;T:ZE$V+ <EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ÂĽCMT-;ÂŚ >[O Tl ;ID$TE? TD$TE_*V; <EVK9S _6ORcC_;OE A6 [ $EZ= +lT$S6 ÂĽCMT-;ÂŚ Associate Director <EVKS9 _'@W_OfC+W B[CVc-D 9Wg=EX$KT:ZE$V+ +lT$S6 >[ +S6$TE <EVKS9 OV;9;;9 9Wg=EX$KT:ZE$V+ +lT$S6 ÂĽb;$GZ C<EVKS9_OL+WIW 5 8GT*ÂŚ

´Ă™ĂšÂ• ¨Ă™ĂœĂ•Ă™ĂœĂ•ĂŽ ÂťĂˆĂ•Ă’Ă?ĂˆĂ›Ă›Ă?ĂŠĂ?ĂˆĂ?

¨ĂŽĂŒ ÂĄ 45 Ă•ears ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Strategic Marketing and žusiness DeveloĂŹment Director ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ N/A ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ N/A ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ - Master of Accountancy, Kasetsart Ă‘niversity - žachelor of Accounting ¤HonorsÂĽ AssumĂŹtion Ă‘niversity ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ - Thailand Certified Public Accountant ¤CPAÂĽ, No. 4864, Ă‚ederation of Accounting Professions žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

2015 - Present 2008 - 2015 2003 - 2008 1992 - 2003

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Strategic Marketing and žusiness DeveloĂŹment Director Ă?ÌÍäâï ÑüÞÌÊÞÍå Ă?òĂ&#x;ÊÌà ÀÏêíÞÍÜ ÉÌêÌùâå Ă?ÌÍäâï ÑüÞÌÊÞÍå Ă?òĂ&#x;ÊÌà ÀÏêíÞÍÜ ÉÌêÌùâå Ă‚inance Director Ă‘üâ ĂŠĂŚĂŤĂŹĂŻ ĂƒĂŹĂŹĂĄ Ă„ïÏòí Ă?òĂ&#x;ÊÌà ÀÏêíÞÍÜ ÉÌêÌùâå Ă‘üâ ĂŠĂŚĂŤĂŹĂŻ ĂƒĂŹĂŹĂĄ Ă„ïÏòí Ă?òĂ&#x;ÊÌà ÀÏêíÞÍÜ ÉÌêÌùâå Associate Director ĂˆĂ?ĂŠĂ„ Ă?üÏÏêà üÞÌ ¿òðÌÍâðð žåóÌðÏïÜ Ă‰ÌêÌùâå ĂˆĂ?ĂŠĂ„ Ă?üÏÏêà üÞÌ ¿òðÌÍâðð žåóÌðÏïÜ Ă‰ÌêÌùâå Manager ÆÍùüÞÍÏÍ ¿òðÌÍâðð žåóÌðÏïÜ Ă‰ÌêÌùâå ÆÍùüÞÍÏÍ ¿òðÌÍâðð žåóÌðÏïÜ Ă‰ÌêÌùâå

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ -cC CW Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A Not having any, direct or indirect, stakeholder s benefit as a contract ĂŹartner in any business concerning the ComĂŹany and its subsidiaries.

%>.6.>- 9D8>/3 4Ă˝

´Ă™Â• ÂşĂ?ĂˆĂ” ÂźĂ™ĂˆĂ“ĂžĂ–Ă•ĂŽ

9>.D ÂĄ 48 = !V>J7%Ăš ÂĄ $EEC$TE>[ +S6$TE <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9DÂĽ +lT$S6 6= 6Ăš3% >/"C97DĂş% Â?ÂŒÂ? ”š˜–˜™–œÂ&#x; ÂĄ cC CW D 3D @ >/4B 5> ÂĄ - =EV‰‰T7EW <EVMTE:ZE$V+ LT%T$TE7GT6 CMTIV9DTGSDOSLLSC-S‰ $EZ*_9@Q - =EV‰‰Ta9 <EVMTE:ZE$V+ERMI T*=ER_9J LT%T:ZE$V+ERMI T*=ER_9J CMTIV9DTGSDa;IT _.T9 OVL_9VE ; CGES2AGOEV6T LMES2O_CEV$T >/9&/- ÂĄ - Director Certificate Program ¤DCPÂĽ LCT'CL *_LEVCL8T<S;$EEC$TE<EVKS9c9D '/<6& >/ Ă˝#V> >% ÂĄ

¨ĂŽĂŒ ÂĄ 48 Ă•ears ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Managing Director, Singer Leasing ¤ThailandÂĽ Co., Ltd. ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ N/A ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ N/A ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ - žachelor of žusiness Administration ¤ž.ž.AÂĽ, MaĂŚor Marketing, AssumĂŹtion Ă‘niversity ¤AžACÂĽ - Master of Ă…nternational žusiness Administration, Ă…nternational žusiness, Nova Southeastern Ă‘niversity, Ă‚lorida, Ă‘.S.A ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ - Director Certificate Program ¤DCPÂĽ Thai Ă…nstitute of Directors ¤Ă…ODÂĽ žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ

'Ăą#AQ V>/ !V>J7%Ăš

!V>J7%Ăš

Ă€ĂŒĂˆĂ™Ăš

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

@.D. 2555 - = ++Z<;S 7.'. 2551 - @.D. 2555 $.D. 2549 - $.D. 2551 _C.D. 2546 - L.'. 2549 :.'. 2542 - CW.'. 2546

$EEC$TE>[+ 6S $TE <+ÂŤ .V*_$OE GWL.V*g ÂĽ=ER_9Jc9DÂŚ >[O Tl ;ID$TE? TDLV;_-YOg <C+ÂŤ .V*_$OE =ER_9Jc9D >[O Tl ;ID$TE? TD@S4;T:ZE$V+ <C+ÂŤ .V*_$OE =ER_9Jc9D >[O Tl ;ID$TE? TD$TE7GT6 <C+ÂŤ .V*_$OE =ER_9Jc9D >[+ 6S $TE? TD$TE7GT6 <C+ÂŤ .V*_$OE =ER_9Jc9D

Nov 2012 - Present Oct 2008 - Nov 2012 SeĂŹ 2006 - SeĂŹ 2008 AĂŹr 2003 - Aug 2006 Dec 1999 - Mar 2003

Managing Director, Ă?ÌÍäâï ÉâĂžðÌÍä ¼ÑüÞÌÊÞÍåŒ Ă€ύŠ Éùå Ă?ÌÍäâï ÉâĂžðÌÍä ¼ÑüÞÌÊÞÍåŒ Ă€ύŠ Éùå Credit Director, Singer hailand P žusiness DeveloĂŹment Director, Singer hailand P Marketing Director, Singer hailand P Marketing Manager, Singer hailand P

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ -cC CW Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A Not having any, direct or indirect, stakeholder s benefit as a contract ĂŹartner in any business concerning the ComĂŹany and its subsidiaries.

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

29

<(EĂş&/è7>/ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ¡Ă™Ă–Ă?Ă?Ă“ĂŒ %> 6>3 =%#/ @/> Ăş9 #Ăş9 6-D#/Ă˝

9>.D ÂĄ 49 = !V>J7%Ăš ÂĄ _G%T;Z$TE<EVKS9, >[ +S6$TE? TD;S$G*9Z;LSC@S;: ¢ LYgOLTEO*' $E 6= 6Ăš3% >/"C97DĂş% Â?ÂŒÂ? ”š˜–˜™–œÂ&#x; ÂĄ 1,840 MZ ; E ODGR 0.0007 D 3D @ >/4B 5> ÂĄ - =EV‰‰T7EW _JEK2JTL7E <S53V7 CMTIV9DTGSDMO$TE' Tc9D - MGS$L[7E@V_JK '5R;V7VJTL7E +ZNTG*$E5 CMTIV9DTGSD MGS$L[7E $0MCTD`GRER_<WD<=1V<S7VLlTMES<_G%T;Z$TE<EVKS9 >/9&/- ÂĄ +S6a6DLCT'C<EVKS9+69R_<WD; MGS$L[7E 6S*;Wh 1. CorĂŹorate Secretary DeveloĂŹment Program EZ ;9Wg 2 2. MGS$L[7E@Yh;2T;>[ =1V<S7V*T;_G%T;Z$TE<EVKS9EZ ;9Wg 22 3. MGS$L[7E@Yh;2T;$0MCTD`GR$0_$53 9Wg_$WgDI% O*$S<<EVKS9+69R_<WD; '/<6& >/ Ă˝#V> >% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

2551 - = ++Z<S; 2550 - 2551 2547 - 2550 2536 - 2547 2535 - 2536

!V>J7%Ăš

_G%T;Z$TE<EVKS9 `GR>[ +S6$TE? TD;S$G*9Z;LSC@S;: ¢ LYgOLTE O*' $E <C+ .V*_$OE =ER_9Jc9D >[ +S6$TE? TD;S$G*9Z;LSC@S;: `GRLYgOLTEO*' $E <C+ .V*_$OE =ER_9Jc9D >[ OlT;ID$TE? TD;S$G*9Z;LSC@S;: >[ +S6$TE? TD<Z''G`GR <EVMTE <C+ 6W OW `'== 7OG >[ +S6$TE? TDMGS$9ES@D ¤;S$G*9Z;LSC@S;: ¼ ¢ _G%T;Z$TE '5R$EEC$TE7EI+LO< <C+ .V*_$OE =ER_9Jc9D _+ TM; T9Wg? TD;S$G*9Z;LSC@S;: <C+ .V*_$OE =ER_9Jc9D

´ĂšÂ• ÂŞĂ?ĂˆĂ•Ă›Ă?ÖÙÕÑĂ?Ă™Ăˆ ²Ă–Ă•ĂŽĂ›Ă–Ă•ĂŽĂšĂ”ĂœĂ›

¨ĂŽĂŒ ÂĄ 49 Ă•ears ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ ComĂŹany Secretary and Ă…ĂŽ ¢ Public Communication Manager ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ 1,840 ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ 1,840 Shares 0.0007ÂĄ ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ - žachelor of žusiness Ă conomics, The Thai Chamber of Commerce Ă‘niversity - SĂŹecial Courses, Ă‚aculty of laĂł, Chulalongkron Ă‘niversity LaĂł and ĂŽegulations for the Secretary of ComĂŹany ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ HelĂŹ by the Thai Listed ComĂŹanies Association as folloó¡ 1. CorĂŹorate Secretary DeveloĂŹment Program ¤class2ÂĽ 2. Ă‚undamental Practice for CorĂŹorate Secretary ¤class22ÂĽ 3. Ă‚undamental of LaĂł for CorĂŹorate Secretary žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

2008 - Present 2007 - 2008 2004 - 2007 1993 - 2004 1992 - 1993

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

ComĂŹany Secretary ¢ Ă…ĂŽ ¢ Public Communication Manager, Singer hailand P Ă…ĂŽ ¢ Public Communication Manager, Singer hailand P Ă…nvestor ĂŽelation Director and HĂŽ ¢ Admin Manager, Ă Ă‚ ÀÞíÌùÞÊ Ă?òĂ&#x;ÊÌà ÀÏêíÞÍÜ ÉÌêÌùâå Ă Ă‚ ÀÞíÌùÞÊ Ă?òĂ&#x;ÊÌà ÀÏêíÞÍÜ ÉÌêÌùâå Ă…nvestor ĂŽelation Manager ¢ Secretary of Audit Committee, Singer hailand P Ă…nvertor ĂŽelation officer, Singer hailand P

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ -cC CW Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A Not having any, direct or indirect, stakeholder s benefit as a contract ĂŹartner in any business concerning the ComĂŹany and its subsidiaries.

%>. / ýI I !D6 />-

´Ă™Â• ÂľĂˆĂ™Ă–Ă•ĂŽĂ‹ĂŒĂ‘ ²ĂŒĂ›ĂšĂ–Ă•ĂŽĂ’Ă™ĂˆĂ”

9>.D ÂĄ 43 = !V>J7%Ăš ÂĄ >[ +S6$TE7EI+LO<BTDb; 6= 6Ăš3% >/"C97DĂş% Â?ÂŒÂ? ”š˜–˜™–œÂ&#x; ÂĄ cC CW D 3D @ >/4B 5> ÂĄ - =EV‰‰T7EW $TE+S6$TE9SgIc= ¤LT%T<S‰-WÂĽ CMTIV9DTGSDET-BS0OZ7E6V78 >/9&/- ÂĄ cC CW '/<6& >/ Ă˝#V> >% ÂĄ 'Ăą#AQ V>/ !V>J7%Ăš

2557 - = ++Z<S; 2555 - = ++Z<S; 2555 - 2556 2553 - 2554 2552 2538 - 2551 2538

!V>J7%Ăš

>[ +S6$TE7EI+LO<BTDb; <C+ÂŤ .V*_$OE =ER_9Jc9D =ER:T;>[ 7EI+LO<$V+$TELM$E5 OOC9ES@D @;S$*T; .V*_$OE +lT$S6 <C+ÂŤ .V*_$OE =ER_9Jc9D >[ - ID>[ +S6$TE7EI+LO<BTDb; <C+ÂŤ .V*_$OE =ER_9Jc9D MSIM; T`>;$7EI+LO<BTDb; <C+ÂŤ .V*_$OE =ER_9Jc9D MSIM; T7EI+LO<BTDb; <C+ÂŤ .V*_$OE =ER_9Jc9D _+ TM; T9Wg7EI+LO<BTDb; <C+ÂŤ .V*_$OE =ER_9Jc9D Night Audit aE*`ECB[ECV TJ <W- `O;6 L=T O.< T;,T* +.ERDO*

3>-6=-*=%$Ă˝#> /9& /=3/<73Ăš> //- >/J1<(EĂş&/@7>/ -cC CW Ăş9*@*>##> 7->. ÂĄ cC CW'6W'ITCb;EO< 10 = 9Wg> T;CT

¨ĂŽĂŒ ÂĄ 43 Ă•ears ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• ÂĄ Ă…nternal Audit Manager ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ N/A ¾Ö•ÖĂ? ÂşĂ?ĂˆĂ™ĂŒĂš Ă?ĂŒĂ“Ă‹ ĂˆĂš ĂˆĂ› š˜–˜™–˜œ ÂĄ N/A ÂŹĂ‹ĂœĂŠĂˆĂ›Ă?Ă–Ă•Ăš ÂĄ - žachelor s Degree, Ăƒeneral Management ¤AccountingÂĽ, ĂŽaĂŚabhat Ă‘ttaradit Ă‘niversity ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ ÂťĂ™ĂˆĂ?Ă•Ă?Ă•ĂŽ ¡Ă™Ă–ĂŽĂ™ĂˆĂ” ÂĄ N/A žĂ–ÙÒ ÂŹĂ&#x;Ă—ĂŒĂ™Ă?ĂŒĂ•ĂŠĂŒĂš ÂĄ Ă€ĂŒĂˆĂ™Ăš

2014 - Present 2012 - Present 2012 - 2013 2010 - 2011 2009 1995 - 2008 1995

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Ă…nternal Audit Manager, Singer hailand P Chairman of the Audit CooĂŹerative, mplo ees Singer imited Ă…nternal Audit Assistant Manager, Singer hailand P Section Head, Singer hailand P Ă‘nit Head of Ă…nternal Audit, Singer hailand P Officer of Ă…nternal Audit, Singer hailand P Audit., Ă?òïÌêÞð ¿âÞà ü Ă…ÏùâÊ ÂŁ Ă?Ă­ĂžŠ ĂŽayong, Night Audit., Ă?òïÌêÞð ¿âÞà ü Ă…ÏùâÊ ÂŁ Ă?Ă­ĂžŠ ĂŽayong, Thailand

šĂŒĂ“ĂˆĂ›Ă?Ă–Ă• ĂˆĂ”Ă–Ă•ĂŽ ­ĂˆĂ”Ă?Ă“Ă ĂžĂ?Ă›Ă? Ă–Ă›Ă?ĂŒĂ™ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒĂš N/A Not having any, direct or indirect, stakeholder s benefit as a contract ĂŹartner in any business concerning the ComĂŹany and its subsidiaries.

30

&/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

< //- >/J1< <(EĂş&/@7>/ ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă›

&/@5=# @ I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? – ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹ < //- >/ @G_EYO_O$ MC OCMGI*OSJ;W =ETaC- =ER:T;$EEC$TE `GR $EEC$TEOVLER ;TDO6VJS$6Vk LZ%ZCIV9DT EO*=ER:T;$EEC$TE ;TD<Z‰D* 7S;L$ZG $EEC$TE>[ +S6$TEbM‰ ;TDGS$K5R; OD @Xg*ESJCW $EEC$TEOVLER ;TD'EVLa7_AOE +OM ; 'V* $EEC$TEOVLER ;TD@V@V: @V-SDJE9S7 $EEC$TEOVLER ;TDIV-SD $ZGLCB@ $EEC$TE ;TDc@3[ED JZ$E '5TBE5 $EEC$TE

ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš Admiral Mom Luang Ă‘sni PramoĂŚ Chairman of the žoard and Ă…ndeĂŹendent Director Mr. Adisak Sukumvitaya Ă’ice Chairman of the žoard Mr. žoonyong Tansakul Chief Ă Ă´ecutive Officer Mr. Lucksananoi Punkrasamee Ă…ndeĂŹendent Director Mr. ChristoĂŹher Æohn King Ă…ndeĂŹendent Director Mr. žibit žiĂŚaisoradat Ă…ndeĂŹendent Director Mr. Ă’ichai KulsomĂŹhob Director Mr. Paitoon SukhanaĂŹhorn Director

< //- >/!/3 69& ;TDGS$K5R; OD @Xg*ESJCW

=ER:T;$EEC$TE7EI+LO<

;TD'EVLa7_AOE +OM ; 'V* ;TD@V@V: @V-SDJE9S7

$EEC$TE7EI+LO< $EEC$TE7EI+LO<

¨ĂœĂ‹Ă?Ă› ªÖÔÔĂ?Ă›Ă›ĂŒĂŒ Mr. Lucksananoi Punkrasamee Chairman of Audit Committee Mr. ChristoĂŹher Æohn King Member Mr. žibit žiĂŚaisoradat Member

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ÂŹĂ&#x;ĂŒĂŠĂœĂ›Ă?Ă?ĂŒ ªÖÔÔĂ?Ă›Ă›ĂŒĂŒÂ‘ Mr. Adisak Sukumvitaya

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Mr. Lucksananoi Punkrasamee Member of NĂŽC Mr. žibit žiĂŚaisoradat

Mr. Ă’ichai KulsomĂŹhob Mr. žoonyong Tansakul Mr. Piya Pongacha Mr. SuĂŹhot Ă“anna Ms. Nonglak LaksanaĂŹokin Ms. SuĂŹamas KaikaeĂł Mr. Paitoon SukhanaĂŹhorn Mr. Siam Ă‘ralĂłong Ms. Arunrung Tankiattichai

Member of NĂŽC

Chairman of Ă Ă´ecutive Committee Ă’ice Chairman of Ă Ă´ecutive Committee Member Member Member Member Member Member Member Member

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31

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Chief Ă Ă´ecutive Officer Controller ¢ Ă‚inance Director Mr. Kanisorn NutchanartÂŚÂŚ Sales Director Mr. SomĂŹorn KitthaveesinĂŹoonÂŚÂŚÂŚ Marketing Director Mrs. Arunrung TankiattichaiÂŚÂŚÂŚÂŚ Strategic Marketing and žusiness DeveloĂŹment Director

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Siam Ă‘ralĂłong

Managing Director

ÂŚÂŚ ÂŚÂŚÂŚ ÂŚÂŚÂŚÂŚ

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ÂŚ ÂŚÂŚ ÂŚÂŚÂŚ ÂŚÂŚÂŚÂŚ

AĂŹĂŹointed on December 21, 2015 in žDM no. 209th. The Ă ffective date is Æanuary 1, 2016. ĂŽesigned on December 1, 2015 ĂŽesigned on Æanuary 1, 2016 AĂŹĂŹointed on November 16, 2015

32

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33

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Singer Thailand Public ComĂŹany Limited šĂŒĂŽĂ?ĂšĂ›Ă™ĂˆĂ›Ă?Ă–Ă• No. 0107537000050

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Distribution and Sales of home aĂŹĂŹliances. SeĂłing Machines, and Commercial aĂŹĂŹliances and other ĂŹroducts Hire Purchase - Ă…nstallment Payments services After sales services, Maintenance or reĂŹairs of aĂŹĂŹliances

Æanuary 1 to December 31

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Chandler and Thong - Ă k LaĂł Offices Ltd. 20 žubhaĂŚit žuilding, 7th Ă‚l., North Sathorn ĂŽd., žangkok 10500, Thailand

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žaht 270,000,000 ¤at 270,000,000 Ordinary Shares Ăłith a Par Ă’alue of žaht 1.00ÂĽ Paid-uĂŹ CaĂŹital Âś Ă‚ully ĂŹaid uĂŹ at žaht 270,000,000

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Æune 28, 1984 Ă…nvestors can access, for the ĂŹurĂŹose of revieĂłing and analysis, detailed information regarding the issue of neĂł shares or securities by the ComĂŹany in the Annual Statement of the ComĂŹany ¤Ă‚orm 56-1ÂĽ ĂŹosted on óóó.sec.or.th OĂŽ on the comĂŹany s Ăłebsite at óóó.singerthai.co.th.

34

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35

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36

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37

·ÖÓÐÊÐÌÚ ÈÕË ¶ÝÌÙÝÐÌÞ ÖÍ ·ÖÓÐÊÐÌÚ ÈÕË ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà Singer Thailand Public Comìany Limited ¤the Comìany ¥ is the distributor of various ìroducts under the Singer brand, such as¶ seóing machines and various tyìes of home electrical aììliances. Additionally, the Comìany also distributes aììliances and ìroducts for commercial use, such as¶ refrigerators, ¾everage Coolers, agricultural eíuiìments and tools, Airtime Òending Machines, Petrol vending machines, and slush machines· as óell as a distributor of various brands of mobile ìhone ìroducts and accessories. All these ìroducts offerings are aimed at meeting, in a comìrehensive manner, the various and different needs of its customers that consist of household consumers and small business oìerators, that are sold through Comìany-oóned branch retail sales outlets as óell as through numerous sales agents/reìresentatives of the Comìany. More than 80¡ of total sales are made on a hire ìurchase installment basis· óhereby the Comìany offers consumer/end user financing through Singer Leasing ¤Thailand¥ Co., Ltd., a Subsidiary Comìany in óhich the Comìany has a 99.9¡ eíuity shareholding. ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÕÎ ºÛÙÈÛÌÎÐÌÚ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÕÎ ºÛÙÈÛÌÎÐÌÚ

The Comìany has adæusted its strategy and business model from ìreviously being fully focused on the core household consumers/customers segment to being more focused on small business customers, through emìhasiöing sales of commercial ìroducts and aììliances that are used for generating revenues for small business oìerators. This is in order to reduce the risks on being solely deìendent on the household customers grouì. The Comìany has also targeted on caìturing more small retail shoìs oìerators ¤or shoó huay ¥ as its customers· óhereby these small retailers, totaling several hundreds of thousands throughout Thailand, are located in all the small toóns and rural villages throughout the country óith as much as 10 - 20 total in every small toón or village. These small retailers are the neó target customers for the Comìany óith the aim of facilitating and helì raise the overall level of their business activities as óell as ìotential comìetitive caìabilities. ºÐÎÕÐÍÐÊÈÕÛ ÊÏÈÕÎÌÚ ÈÕË ËÌÝÌÓÖ×ÔÌÕÛÚ ÛÖ ÛÏÌ ªÖÔ×ÈÕà

Ån 1892, Singer Seóing Comìany of the ÑSA aììointed Kim Hua Heng Co., Ltd., as the local dealer/distributor for its seóing machines in Thailand. Later on in 1905, the Singer Seóing Comìany itself establish a branch oìerations in Thailand, under the name of Singer Seóing Machine Co., Ltd., óith the aim of distributing its seóing machines together óith accessory ìroducts associated óith seóing machines that óere imìorted from overseas. The Comìany also started to introduce the conceìt of hire ìurchase installment sales of its ìroducts for the first time in 1925· óhereby this service conceìt became the recogniöed business model for Singer both in Thailand and overseas in many Asian countries. Ârom that time onóards and for more than 50 years thereafter the Comìany sold and distributed only its seóing machines. Then in 1957 the Comìany also began to other home electrical aììliances, starting óith refrigerators. Thereafter, on 24 November, 1969, Singer Thailand Co., Ltd. óas established and registered under the laós of Thailand to take over the oìerations of the eôisting Singer Seóing Machine Co., Ltd., óhich ceased to oìerate its business activities, óith an initial total registered caìital of ¾aht 60.0 million that óas then increased to the current total registered caìital of ¾aht 270.0 Million· óhereby the Singer Thailand Co., Ltd., óas aììroved to be listed on the stock Áôchange of Thailand ¤SÁT¥ on 4 Æanuary, 1994 as a ìublic listed comìany and changed its name to be Singer Thailand Public Comìany Limited . Ârom the original beginning of its business activities in Thailand and uì to the ìresent, the Comìany conducted and oìerated its businesses in an honest manner and óith integrity together óith being resìonsible toóards society as a óhole, as óell as actively ìarticiìated in the develoìment of the Thailand s economy· óhereby, 24 May, 2004 óas an ausìicious day for the Comìany in that His Maæesty the King graciously bestoóed the Îoyal Ãaruda Ånsignia uìon the Singer Thailand Public Comìany Limited, óhich is considered to be a great honor and sign of good fortune in the history of the Comìany as óell as for all its Staff.

38

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/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

39

·ÖÓÐÊÐÌÚ ÈÕË ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

ÆêíìïñÞëñ êæéâðñìëâð ãìï ñåâ ÀìêíÞëö áòïæëä ñåâ íÞðñ ² öâÞïð Þïâ Þð ãìééìôð· ÆêíìïñÞëñ êæéâðñìëâð ãìï ñåâ ÀìêíÞëö áòïæëä ñåâ íÞðñ ² öâÞïð Þïâ Þð ãìééìôð· • Ån 2009, the Comìany focused on imìlementing a ìre-aììroval credit system, through the aììroval ìrocess of its Credit Center Officers, óhich resulted in a decrease in total sales of aììroôimately more than 20¡ comìared to the ìrevious year. ¾ut the Comìany is committed to continue using this system in order to achieve overall imìroved íuality for its hire ìurchase installment accounts • Ån 2011, the Comìany started to significantly eôìand its business into the commercial customers segment, esìecially those small retail business oìerators located in key ìrovinces. Åt resulted in a clearly aììarent increase in total sales from this neóly targeted customers segment, esìecially for sales of refrigerators/beverage coolers, freeöers, and Airtime Òending Machines. • Ån 2011, the Comìany received the SÁT Aóards 2011 for listed comìanies in the ¾est Ånvestor Îelations Aóard category from the SÁT. • Ån 2012, the Comìany achieved a total sales revenue miô of 60¡ for household consumers/ customers and 40¡ for commercial/small business customers, esìecially óith sales of refrigerators/beverage coolers being the leading ìroducts folloóed by óashing machines and air conditioners. The Comìany is still committed to further develoìing and groóing the commercial/small business oìerators segment. • Ån 2012, the Comìany established, on 27 Æune 2102, the Singer Leasing ¤Thailand¥ Co., Ltd., óith a registered and fully ìaid uì caìital of ¾aht 850 million that took over and oìerated the consumer finance business and hire ìurchase services· óhereby all the eôisting ìortfolio of hire ìurchase customer accounts óere transferred from Singer Thailand Pcl. • Ån 2012, the Comìany changed and registered ¤on 7 Seìtember 2012¥ the name of the Singer Åndustry Co., Ltd., to be Singer Service Plus Co., Ltd., óith a registered caìital of ¾aht 5.0 million, óith the core business of ìroviding íuality after sales services together óith on-site reìairs and maintenance services of all brands of electrical aììliances and various other ìroducts at the consumer s homes. • Ån 2012, the Comìany again received, from the SÁT, the SÁT Aóards 2012 for listed comìanies in the ¾est Ånvestor Îelations Aóard category for the second consecutive year, • Ån 2013, at the annual SÁT Aóards event, the Comìany received, from the SÁT, the Outstanding Ånvestor Îelations Aóard yet again for the third consecutive year. • On 19 December 2013, Singer Leasing ¤Thailand¥ Co., Ltd., increased its registered and ìaid uì caìital to ¾aht 1,450 million, óith the Singer Thailand Pcl., having a 99.9¡ eíuity holding. • Ån 2015, the maæority Shareholder of the Comìany óas Singer ¤Thailand¥ ¾.Ò. ¤óith an eíuity Shareholding of 40.0¡¥, a legal entity registered in the Netherlands, during the year uì to 4 Æune 2015. Then on 5 Æune, 2015 Singer ¤Thailand¥ ¾.Ò. sold all its shares and Æaymart Pcl., a legal entity registered in Thailand, ìurchased 24.99¡ of the Comìany s shares, óhich resulted in it noó becoming the maæor Shareholder of the Comìany. • On 18 December, 2015 Singer ¤¾roker¥ Co., Ltd., effected a caìital increase· óhereby its current total registered and ìaid uì caìital is noó ¾aht 4.0 million ¤óith a total of 40,000 ordinary common shares at a ìar value of ¾aht 100.00 ìer share¥· óhereby Singer Thailand Pcl., has a 99.9¡ eíuity shareholding. ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ

ºÐÕÎÌÙ ³ÌÈÚÐÕÎ »ÏÈÐÓÈÕË ªÖ ³ÛË º³³

¾ased on the longstanding and eôtensive business history of Singer· óhereby one of its core eôìeriences and business strengths of the Comìany is its eôìertise in the hire ìurchase activities. Therefore, the Management recogniöed this strength and comìetitive advantage· and on 27 Æune, 2012 the Comìany decided to establish Singer Leasing ¤Thailand¥ Co., Ltd., in óhich

40

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41

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Singer Thailand Pcl., is a maæority shareholder. Currently, SLL has a registered and fully ìaid uì caìital of ¾aht 1,450 million, óith its registered offices being located at the CAT Telecom Toóer, Âl.17, 72 Charoenkrung road, ¾angrak, ¾angrak, ¾angkok 10500. To date, SLL has received the transfer of all hire ìurchase installments accounts and has taken over the overall consumer financing hire ìurchase services from Singer Thailand Pcl., uìon receiving formal aììroval from the ÁÃM of Singer Thailand Pcl., on 26 November 2012. SLL is authoriöed to offer consumer financing hire ìurchase services for all electrical aììliances and ìroducts sold under the SÅNÃÁÎ brand name, as óell as to eôìand its financing services business that include any other brands of electrical aììliance and ìroducts sold to both customers of Singer Thailand together óith outside customers, and to ìrovide other credit and financing services that óill facilitate its groóth on a sustainable basis. As such, to facilitate the Comìany in screening and selecting only íuality credit customers and in imìlementing effective credit íuality controls measures, Singer Leasing ¤Thailand¥ Co., Ltd., became a member of the National Credit ¾ureau Co., Ltd., data netóork on 23 Æanuary 2013, so that SLL is noó able to access and check the credit background of both all consumers and æuristic ìersons. ¿òðæëâðð êìáâé ìã Ðæëäâï ÉâÞðæëä ¥ÑåÞæéÞëᦠÀì«© Éñá« ¿òðæëâðð êìáâé ìã Ðæëäâï ÉâÞðæëä ¥ÑåÞæéÞëᦠÀì«© Éñá« Providing credit and financing services, on a hire ìurchase installment ìayment basis, through the sales netóork of Singer Thailand Pcl., for the ìurchase of home aììliances by general consumers and of commercial aììliances by small retail business oìerators. Ëâô Íïìçâàñ Ëâô Íïìçâàñ Singer Leasing ¤Thailand¥ Co., Ltd., has a ìolicy to eôìand its consumer finance services, through focusing on and targeting ìurchases of commercial aììliances under the SÅNÃÁÎ brand name by small retail business oìerators. The Comìany also aims to offer credit and financing services for the ìurchase of various aììliances and ìroducts under other brand names, in order to meet the needs of both Singer s oón customer base and general customers óishing to ìurchase both Singer branded and non-Singer branded ìroducts for commercial use in their small businesses - such as, refrigerators/freeöers, beverage coolers, Airtime vending machines, and Petrol vending machines. Additionally, the Comìany is also interested to eôìand its consumer hire ìurchase services for some selected and tyìes of ìroducts that are not ìractical and ìossible to imìlement under a normal hire ìurchase agreement that alloós for reìossession in the event of a default in ìayments· óhereby this sìecific activity is under study and detailed assessment as to its feasibility. ompetitive Strateg The obæective of establishing of the Singer Leasing ¤Thailand¥ Co., Ltd., is to focus on the Ãrouì s core business in ìroviding consumer credit and financing services as óell as to enhance the Ãrouì s caìability and comìetitiveness, through reducing the restrictions on Singer Thailand Pcl., as a ìublic listed comìany, in being able to offer hire ìurchase financing services. The core business strategies of the Singer Leasing ¤Thailand¥ Co., Ltd., are as folloós¶ 1. Suììorting the credit and financing services for the ìurchase of SÅNÃÁÎ branded aììliances/ìroducts 2. At a later ìoint, eôìand the ìrovision of credit and financing services to include other brands of aììliances/ìroducts. 3. Manage and maintain customers installment loans accounts óithin the established íuality standards, in order to achieve minimal account receivables losses. 4. Åmìlement credit aììroval ìrocedures that are both convenient and sìeedy. The Comìany has established a Credit Aììroval Center , resìonsible for checking, revieóing and assessing the credit óorthiness of loan aììlicants ìrior to aììroving the hire ìurchase sale, through use of the National Credit ¾ureau Co., Ltd., data netóork as óell as by using the field Account Checker to directly check the financial standing and background of the customer. Additionally, a filed debt collections team has been established to sìeedily solve any ìroblems relating to loans deliníuencies or defaults.

42

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43

·ÖÓÐÊÐÌÚ ÈÕË ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

5. Manage the íuality of its internal oìerations in regards to the knoóledge and abilities of its Staff in carrying out their duties· and develoì the ìotential skills and caìabilities of its Staff at all levels, in order to imìrove both their effectiveness and efficiency as óell as to facilitate the Comìany to save costs and achieve increased ìrofits.

ºÐÕÎÌÙ ºÌÙÝÐÊÌ ·ÓÜÚ ªÖ ³ÛË ºº·³

ºÐÕÎÌÙ ºÌÙÝÐÊÌ ·ÓÜÚ ªÖ ³ÛË ºº·³

This Comìany ¤formerly named Singer Åndustry Co., Ltd.¥, óith a registered and ìaid uì caìital of ¾aht 5.0 million its registered offices at 8 Moo 4 Samkok-Sena road, ¾ang Nom Kho, Sena, Pranakorn Sri Ayudhaya, focuses on ìroviding aftersales services - ranging from the installation, maintenance, and reìairs of all tyìes as óell as all brands of aììliances. SSPL, as the authoriöed sales distributor of Singer Thailand Pcl., also sells and distributes sìare ìarts and related comìonent ìarts. The core obæective of SSPL is to be a leading after-sale services ìrovider and acting like its customer s home reìair technician . Ån 2015, SSPL conducted its oìerations on a ìroactive basis óith an emìhasis on offering fast services through investing in neó reìairs service softóare that enabled tracking the actual ìrogress and status of services in real time, together óith a suììorting bar-code based aììlication óith regards to sales of services and associate sìare ìarts that facilitated monitoring of the services. SSPL also eôìanded it services offerings to include maæor ìroæects that included bidding for Ãovernment ìroæects, and various hotels and resorts ìroæects together óith manufacturing ìlants ìroæects, as óell as sales of sìares and comìonent ìarts for all tyìes and brands of electrical aììliances or eíuiìment. Óith regard to human resources develoìing, the Comìany has develoìed its service technicians to be skilled labor through holding Level 1 building electrician course and also Level a small aìartment electrician course, so as to be in accordance óith reíuired legal reíuirements sìecified by the Ministry of Labor. Âurthermore, continuous training for neó ìroducts óere undertaken, together óith the continuing develoìment of a neó generation of service technicians to reìlace the older technicians through the Comìany imìlement a bilateral MOÑ agreement of cooìeration for the education and training of ìeoìle óith various vocational schools in the South, Northeast and Northern regions of the country. Through the established services Hotline ¤66-818-404-555¥ for its nationóide services coordination center covering all areas and ìrovinces in Thailand, a total of 201 íualified service technicians, óho are located at more than 200 Singer Thailand s branch outlets of Singer, are available to suììort SSPL services offerings throughout the country in a full comìrehensive manner.

ºÐÕÎÌÙ ©ÙÖÒÌÙ ªÖ ³ÛË

ºÐÕÎÌÙ ©ÙÖÒÌÙ ªÖ ³ÛË

This comìany ìresently oìerates a ìroducts brokerage service life Assurance ìroducts sales agents for an maæor insurance comìany - namely¶ Muang Thai Life Assurance Pcl.· óhereby only those Singer Thailand Pcl. s sales agents/reìresentatives óho are trained and certified are able to sell these life Assurance ìroducts to their customers. Singer ¤¾roker¥ Co., Ltd., effected a caìital increase on 18 December, 2015· and currently has a registered and ìaid uì caìital of ¾aht 4 million ¤óith a total of 40,000 shares at aìart value of ¾aht 100.00 ìer share¥, óhereby Singer Thailand Pcl., has a 99.99¡ eíuity shareholding. ¹ÌÓÈÛÐÖÕÚÏÐ×Ú ÉÌÛÞÌÌÕ ÛÏÌ ºÐÕÎÌÙ »ÏÈÐÓÈÕË ÎÙÖÜ× ÈÕË ÛÏÌ ÔÈÑÖÙÐÛà ºÏÈÙÌÏÖÓËÐÕÎ ÎÙÖÜ×

Singer Thailand Pcl., and the Comìanies óithin the Ãrouì have cooìerate in conducting business óith Æaymart Pcl., and its Ãrouì of Comìanies, that is noó a direct maæor Shareholder of the Comìany. The Comìany has undertaken various business oìerations óith Æaymart Pcl., as necessary and aììroìriate óithin the frameóork as sìecified by the Comìany s ¾oard of Directors - such as¶ selling mobile teleìhone ìroducts and accessories that are ìurchased through Æaymart Pcl., at the best ìossible ìrices from manufacturers of the best íuality and brands. This sales activities of mobile ìhone ìroducts is aimed at enabling the Comìany to eôìand its customers base as óell as to increase its overall sales revenues on a continuing basis, as óell as enhance the creditability for the ìroducts offerings of the Comìany. Additionally, the Comìany has outsourced some debt collections activities to ÆMT Netóork Service Pcl., under an agreement to ìrovide debt collections and folloó-uì services for sìecific categories/grouìs of debtors as agreed· óhereby the Comìany is reíuired to ìay debt collections services fees as sìecified in the outsourcing services agreement that is valid for 1 year effective as of 29 Seìtember, 2015.

44

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45

©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕ ÖÍ ÛÏÌ ªÖÔ×ÈÕà Singer Thailand Public Comìany Limited is the distributor of electrical ìroducts and aììliances under the SÅNÃÁÎ brand, such as¶ seóing machines and various electrical home aììliances. Additionally, the Comìany distributes various aììliances for commercial use, such as¶ beverage coolers/refrigerators, agricultural eíuiìments and tools, Airtime Òending Machines, Petrol Òending Machines and slush machines. These ìroducts and aììliances are aimed at meeting the needs of household consumers and also small business/commercial oìerators. Direct sales of these ìroducts and aììliances, on a hire ìurchase installments basis, are made through the netóork of over 3,000 Singer sales reìresentatives, óho are disìersed over more than 209 branch outlets located throughout Thailand· óhereby this means that the Comìany has a sales netóork covering all ìrovinces in Thailand to distribute its seóing machines, household electrical aììliances, and also various aììliances for commercial use. SÅNÃÁÎ ìroducts and aììliances can be divided into 2 maæor categories as folloós¶ ¯ÖÔÌ ÌÓÌÊÛÙÐÊÈÓ È××ÓÐÈÕÊÌÚ

• Seóing machines and accessories ¤ie¶ seóing machines, seóing needles, general lubricating oil ¤in driì and sìray aììlications, and scissors¥· • Home aììliances¶ refrigerators, óashing machines, gas stoves, and air conditioners· • Audio and Òideo ìroducts¶ Âlat screen LÁD TÒs, satellite dishes, digital set-toì boôes, and home theatre systems. ªÖÔÔÌÙÊÐÈÓ ¨××ÓÐÈÕÊÌÚ ªÖÔÔÌÙÊÐÈÓ ¨××ÓÐÈÕÊÌÚ

• Coolers¶ freeöers, beverage coolers, óine cooler, ice cream freeöers and slush machines· • Òending machines¶ Airtime Òending Machines, Petrol Òending Machines, Drinking Óater Òending Machines, Tire Air Pumì Òending Machines, and Òending Machines for various other consumer ìroducts • Agricultural eíuiìments¶ Óater Pumìs, and Portable Âertiliöer Sìraying Machines. Ån the last half of 2015, the Comìany underóent a maæor change in its shareholding structure, óhereby a former maæority Shareholder grouì, SÅNÃÁÎ ¤Thailand¥ ¾.Ò., óith a 40¡ eíuity shareholding sold all of its shares. Thereafter, Æaymart Pcl., a Thailand legal entity, became the neó maæority shareholder óith a 24.99¡ eíuity shareholding. As such, sales activities through 10 of its Singer branch outlets, together óith the direct sales activities of the Singer sales netóork, started to sell Samsung mobile smart ìhone ìroducts and accessories as ìart of their core ìroducts offerings· óhereby the Comìany changed its ìroducts sales and distribution ìrocedures as óell as its collections ìrocesses, corresìonding to and in suììort of the reíuired the distribution of mobile ìhones and accessories ìroducts, that óere different from the ìrocedures used in selling home aììliances óhich óas ìreviously the core business of the Comìany. Additionally, the Comìany also benefits from the debt collection services business of the associated ÆMT Netóork Services Pcl. in the managing and servicing the Comìany s late ìaying hire-ìurchase customers accounts. This maæor change in the Comìany s shareholding and business structure is a key turning ìoint for Singer s overall oìerations in Thailand· óhereby it is a combining of the strengths of the neó maæority Shareholder grouì together óith those of the Comìany, so as to effectively facilitate and suììort future business groóth. Therefore, the distribution of the Comìany s ìroducts from the last half of 2015 onóards has changed dramatically from distributing and selling mainly Singer branded ìroducts and aììliances, in cash as óell as on a hire ìurchase basis, to noó

46

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47

ŠĂœĂšĂ?Ă•ĂŒĂšĂš ÂśĂ—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•Ăš Ă–Ă? Ă›Ă?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

being 2 core business grouĂŹs - namelyÂś household electrical aĂŹĂŹliances and commercial aĂŹĂŹliances, together Ăłith various other additional branded ĂŹroducts brands - such as, Samsung and Lenovo smart/mobile ĂŹhone and associated accessories. The ComĂŹany offers hire ĂŹurchase credit installment sales through Singer Leasing ¤ThailandÂĽ Co., Ltd., a Subsidiary ComĂŹany, in Ăłhich Singer Thailand Pcl. has a 99.9ÂĄ eĂ­uity holding¡ Ăłhereby the direct sales activities are made through the Singer branch/outlets netĂłork, sales staff and sales reĂŹresentatives, and authoriĂśed dealers located throughout Thailand. The maĂŚority of ĂŹroducts and aĂŹĂŹliances distributed and sold by Singer Thailand are outsourced for ĂŹroduction, on an Original Ă Ă­uiĂŹment Manufacturer ¤OĂ MÂĽ basis, mostly by Ă­uality local manufacturers. šĂŒĂ?ĂŒĂ•ĂœĂŒĂš ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ Ă–Ă? Ă›Ă?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă Â?Ă?Ă•ĂŠĂ“ĂœĂ‹Ă?Ă•ĂŽ Ă?Ă•Ă›ĂŒĂ™ĂŒĂšĂ› Ă?Ă•ĂŠĂ–Ă”ĂŒÂ?

7KH RYHUDOO VRXUFHV RI UHYHQXHV DV VKRZQ EHORZ DUH VHSDUDWHG JHRJUDSKLFDO DUHDV DV ZHOO DV E\ W\SHV RI SURGXFWV 7KH RYHUDOO VRXUFHV RI UHYHQXHV DV VKRZQ EHORZ DUH VHSDUDWHG JHRJUDSKLFDO DUHDV DV ZHOO DV E\ W\SHV RI SURGXFWV DQG DSSOLDQFHV LQ %DKW Vt

Â?Ă?Ă• ŠĂˆĂ?Ă› ” ÂťĂ?Ă–ĂœĂšĂˆĂ•Ă‹ĂšÂ?

½ĂˆĂ“ĂŒ Ă–Ă? Ă›Ă–Ă›ĂˆĂ“ ĂšĂˆĂ“ĂŒĂš Ă?Ă• ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â–ÂŹĂ&#x;×ÖÙÛÚ Â?Ă‰Ă Ă—Ă™Ă–Ă‹ĂœĂŠĂ›ĂšÂ–ĂˆĂ—Ă—Ă“Ă?ĂˆĂ•ĂŠĂŒĂš ĂŠĂˆĂ›ĂŒĂŽĂ–Ă™Ă Â?

6DOHV 5HYHQXHV LQ 7KDLODQG Ă“ashing Machines ĂŽefrigerators Ă‚reeĂśer/Coolers Television sets SeĂłing Machines Air Conditioners Air time vending machines ¤ATĂ’MÂĽ Petrol Ă’ending Machine Mobile Phones Sub Total Other ĂŹroducts sold 7RWDO ([SRUW 6DOHV 7RWDO ([SRUW 6DOHV otal Sales Interest Income

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364,211 303,036 647,604 329,100 98,768 487,323 405,912 368,866 52,318 3,057,138 178,202 -

11 10 20 10 3 15 13 12

390,774 307,664 757,756 348,507 102,750 343,359 556,480 483,233 3,290,523 171,074 -

11 9 22 10 3 10 16 14 95 5 -

441,932 322,808 844,032 374,050 109,583 484,009 459,167 347,627 3,383,208 241,310 -

12 9 23 10 3 13 13 10 93 7 -

94 6 -

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The ComÏany oÏerates only one core business unit as óell as only in Thailand¡ as such not other financial information is disclosed by seÏarate or foe other business units

šĂŒĂ?ĂŒĂ•ĂœĂŒĂš ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ Ă–Ă? ÂşĂœĂ‰ĂšĂ?Ă‹Ă?ĂˆĂ™Ă ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš šĂŒĂ?ĂŒĂ•ĂœĂŒĂš ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ Ă–Ă? ÂşĂœĂ‰ĂšĂ?Ă‹Ă?ĂˆĂ™Ă ÂŞĂ–Ă”Ă—ĂˆĂ•Ă?ĂŒĂš Â?Ă?Ă• ŠĂˆĂ?Ă› ———ÚÂ?

ŠĂœĂšĂ?Ă•ĂŒĂšĂš ¨ĂŠĂ›Ă?Ă?Ă?Ă›Ă Â–ÂŞĂ–Ă”Ă—ĂˆĂ•Ă

Income from sales Singer Thailand PCL. ¤STL¼ Income -Interests hire purchase p installments - Singer Leasing ¤Thailand¼ Co., Ltd.¤SLL¼ - Singer Thailand Pcl. ¤STL¼

ÂśĂ—ĂŒĂ™ĂˆĂ›Ă?Ă•ĂŽ ÂŒ ÂŹĂ˜ĂœĂ?Ûà ÚĂ?ĂˆĂ™ĂŒÂ” ÂśĂ—ĂŒĂ™ĂˆĂ›Ă?Ă•ĂŽ ĂœĂ•Ă‹ĂŒĂ™ Ă?Ă–Ă“Ă‹Ă?Ă•ĂŽ Ă‰à º³

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821,879

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48

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<EVKS9b- $GDZ9: $TE%TD7E*b;ER<<_- T.YhO'I<'[ c=$S<$TE%TD_*V;L6 9Sh*;Wh$TE%TD`<<_- T.YhO6lT_;V;c=BTDb7 $TE'I<'ZC9WgES6$ZCa6D LClgT_LCO_@YgObM CWM;Wh_LWD; OD9WgLZ6 LV;' T9Wg<EVKS9+lTM; TD_= ;LV;' T9WgCW'Z5BT@_9 T_9WDCMEYO6W$I T_CYgO_9WD<$S<LV;' T%O*>[ >GV7ETDOYg;e ET'T +lTM; TD_*V;L6%O*LV;' Tb$G _'WD*$S<LV;' TDWgM OOYg; a6D$GZ CG[$' T%O*<EVKS9_= ;G[$' Tb;$GZ C=ER-T-;7TC7 T*+S*MIS6 a6D<EVKS9c6 `< *ER<<$TE %TD%O*<EVKS9OO$_= ; 2 ER<< 6S*;Wh 1. ER<< Singer Direct _= ;ER<<$TE%TD7E*> T;_'EYO% TD@;S$*T;%TD%O*.V*_$OE 2. ER<<%TDL * _= ;$TE%TD> T;7SI`9;+lTM; TD 7GO6+;- O*9T*$TE%TD7 T*=ER_9Ja6D_,@TR=ER_9J_@YgO;< T; _- ; GTI $SC@[-T `GR@C T 7GO6+;$TE%TD`<< Ãrouì Sales a6D_; ;LV;' T+S$E_Df<> T @E OCOZ=$E5 7 O@ I* LV;' T$GZ C7[ `- `%f* 7[ `- _'EYgO*6YgC 7[ `- cI; `GR_'EYgO*b- cAA T%;T6_Gf$BTDb;< T; 9T*6 T;$GDZ9: LlTMES<>GV7BS53 b;$GZ CLV;' TMGS$ _- ; _'EYgO*b- cAA TBTDb;< T; a6D_,@TR_'EYgO*b- cAA T=ER_B97[ _Df; `GRa9E9SJ; .Xg*CWOS7ET$TE'EO<'EO*L[* `GR7GT6CWOS7ET$TE_7V<a7; OD <EVKS9c6 b- $GDZ9: b;$TE_9VE ;_'EYgO*b- cAA T_$ T9Z$=ER_B9 9Z$DWgM O _@YgO%DTD7GT6 `GR_@VgCDO6$TE%TDbM L[*%Xh; .Xg*$GDZ9: ;Wh<EVKS9DS*c6 'EO<'GZCc=8X*_'EYgO*b- cAA T_$YO<9Z$=ER_B9OW$6 ID_- ; _'EYgO*.S$> T 7[ `- 7[ `- `%f* =ER$O<$S<$TEOO$>GV7BS53 bMC e _@YgO7O<L;O*'ITC7 O*$TE%O*G[$' T `GR=ES<=EZ*'Z5BT@%O*LV;' TbM 6WOD T*7 O_;YgO* ;O$+T$;Wh<EVKS9DS*c6 ;lTLV;' TbMC e _@YgO%DTD7GT6bM 'EO<'GZC$GZ C_= TMCTD9Wg_= ;>[ =ER$O<$TE@T5V-D _- ; E T;a-M ID E T;' T=GW$ E T;OTMTE E T;$T`A MO@S$ O@TE 9_C;9 bM CT$%Xh;OW$6 ID _- ; 7[ _7VC_*V;a9EJS@9 CYO8YOOO;cG; 7[ _7VC;lhTCS;MDO6_MEWD `GR_'EYgO*9lT ;lhTMIT;_$Gf6MVCR _@YgO- IDD$ER6S<'ITCLTCTE8b;$TE`% *%S; `GR_@VgCETDc6 bM $S<>[ =ER$O<$TEETDD OD = ++Z<S;<EVKS9c6 +lTM; TD7[ _7VC_*V;a9EJS@9 CYO8YOc6 CT$$I T 50,000 _'EYgO* <EVKS9c6 LE T*ER<< Server %Xh;CT_@YgO<EVMTE+S6$TE $TE_7VC_*V;> T;_'EYO% TD7[ _7VC_*V;%O*.V*_$OE <EVKS9_= ;7SI`9;+lTM; TD`OE c9C ¤Air time¥ bM $S<_'EYO% TD>[ bM <EV$TEa9EJS@9 CYO8YO9Sh* 3 ETD 'YO AÅS, Dtac `GR Truemove .Xg*LTCTE8LE T*ETDc6 _@VgC_7VC`GR_= ;2T;ETDc6 bMC %O*<EVKS9c6 OD T*DSg*DY;

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49

©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

ÐÕ ©ÈÏÛ Ú

©ÜÚÐÕÌÚÚ ¨ÊÛÐÝÐÛà ªÖÔ×ÈÕà

Income from services Singer Thailand PCL. ¤STL¥ Singer Service Plus Co., Ltd. ¤SSPL¥ Æëàìêâ ãïìê éæãâ æëðòïÞëàâ íìéæàæâð ßïìèâïÞäâ Æëàìêâ ãïìê éæãâ æëðòïÞëàâ íìéæàæâð í ßïìèâïÞäâ ä Singer ¤¾roker¥ Co., Ltd. ¤S¾L¥ ther income Singer Thailand PCL. ¤STL¥ Singer Leasing ¤Thailand¥ Co., Ltd. ¤SLL¥ Singer Service Plus Co., Ltd. ¤SSPL¥ Singer ¤¾roker¥ Co., Ltd. ¤S¾L¥

¶×ÌÙÈÛÐÕÎ ¬ØÜÐÛà ÚÏÈÙÌ ¶×ÌÙÈÛÐÕÎ ÜÕËÌÙ ÏÖÓËÐÕÎ Éà º»³

STL SSPL

99.88 99.88

121,029 20,838

3.6 0.6

58,035 16,578

1.6 0.5

S¾L

99.99

216

0.0

304

0.0

STL SLL SSPL S¾L

100.00 99.99 99.88 99.99

13,282 3,257 566 30

0.4 0.1 0.0 0.0

10,423 1,696 258 39

0.3 0.0 0.0 0.0

´ÈÙÒÌÛ ÚÐÛÜÈÛÐÖÕ ÈÕË ªÖÔ×ÌÛÐÛÐÝÌ ÌÕÝÐÙÖÕÔÌÕÛ ´ÈÙÒÌÛ ÚÐÛÜÈÛÐÖÕ ÈÕË ªÖÔ×ÌÛÐÛÐÝÌ ÌÕÝÐÙÖÕÔÌÕÛ È ´ÈÙÒÌÛÐÕÎ ·ÖÓÐÊÐÌÚ ÈÕË ¨ÊÛÐÝÐÛÐÌÚ ªÖÔ×ÌÛÐÛÐÝÌ ºÛÙÈÛÌÎà ªÖÔ×ÌÛÐÛÐÝÌ ºÛÙÈÛÌÎà

The Comìany deìloys a strategy of direct selling on a hire ìurchase installment basis together óith cash sales. As such, all hire ìurchase installment sales are undertaken through continuous strict regulations so as to minimiöe any ìossible losses as much as ìossible. All ìroducts and aììliances sold by the Comìany are of good íuality, that are on ìar óith or even better than comìarable ìroducts sold by other manufacturers, óith selling ìrices, on a cash ìurchase basis, being the same or similar as other brands. The Comìany s customers base is mostly made uì of ìrovincial/rural households and residents· óhereby the Comìany has 2 main sales systems, as folloós¶ 1. Singer direct retail sales to consumers through the netóork of Singer sales staff and reìresentatives, and 2. Óholesales through its net óork of authoriöed dealers/distributors, including those that cover selected overseas markets - esìecially in neighboring countries, such as ¶ Laos, Cambodia, and Myanmar, together óith grouì sales that focus on selling seóing machines and associated accessories, freeöers, beverage coolers, óine cooler cabinets, and other small home electrical aììliances. Óith regard to the core ìroduct grouìs ¤such as¶ home electrical aììliances, esìecially refrigerators and TÒs¥ that already have a high rate of oónershiì or market ìenetration together óith a loó groóth ìotential, the Comìany has imìlemented a used-ìroducts trade-in strategy that covers all brands of such ìroducts. This is in order to increase both the market base and total sales revenues· óhereby this strategy is also aììlicable for all brands of home electrical aììliances ¤such as, óashing machines and coolers/freeöers¥. The Comìany has also develoìed neó ìroducts and aììliances to meet the needs of its various customer grouìs, as óell as continuously imìroves the overall íuality of its ìroducts. Additionally, the Comìany has continually launched neó ìroducts, óith the obæective of targeting and increasing overall market coverage to include more small business oìerators ¤such as¶ community shoóhuay shoìs or retail outlets, food service outlets, and coffee shoìs, as óell as aìartments, student residences¥, by offering various commercial ìroducts and aììliances ¤such as, Airtime Òending Machine, Petrol Òending Machine, and Slush machine¥ that óill helì increase both the comìetitive caìability and ìotential revenues of these small business oìerators.

50

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/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

51

©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ÛÏÌ ªÖÔ×ÈÕà

At ìresent, a total of more than 50,000 of the Comìany s Airtime Òending Machines are in use in the market· and, thus, the Comìany has set uì a dedicated associated server system to service the sales of mobile airtime through these Singer airtime vending machine· óhereby the Comìany is an agent for mobile air time sales for all main 3 mobile teleìhone oìerators - AÅS, DTAC and Truemove, óhich has added another source of income to increase the overall revenues for the Comìany «ÐÚÛÙÐÉÜÛÐÖÕ ºÈÓÌÚ ªÏÈÕÕÌÓÚ ºÛÙÈÛÌÎà «ÐÚÛÙÐÉÜÛÐÖÕ ºÈÓÌÚ ªÏÈÕÕÌÓÚ ºÛÙÈÛÌÎà

The Comìany sells its ìroducts and aììliances through its netóork of 209 oón branch outlets, located throughout the country, together óith its netóork of Comìany more than 3,000 sales reìresentatives. The Comìany undertakes the training of its sales force, so that they have a solid understanding of all ìroducts and associated features· óhereby this nationóide sales force netóork is a vital driving force in eôìanding the Comìany s market and customers base. The Comìany ìrimarily makes use of its direct sales channel, that accounts for over 95¡ of total sales, óhereby aììroôimately 80¡ of its sales are made on a hire ìurchase installment ìayment basis through the Singer Leasing ¤Thailand¥ Co., Ltd., a Subsidiary in óhich the Comìany has a 99.9¡ eíuity holding. Óith regard to controlling the overall íuality of the customer s hire ìurchase installments accounts, Singer Leasing ¤Thailand¥ Co., Ltd., carries out a thorough credit check of these customers as óell as their eventual accounts - both at the ìre-selling and ìost-sales ìrocesses. The Credit Control Office/Center verifies and aììroves all hire ìurchase customers before the sale is made· óhereby the credit aììroval ìrocess includes making use of the Comìany s oón internal customers database as óell as checking óith the database of the National Credit ¾ureau. Óhile ìost-sale checking involves the Account Checker monitoring and revieóing the accuracy of the customer s hire ìurchase account details, so as to ensure óhether or not the account corresìonds eôactly to the aììrove credit limits and conditions· or making actual visits to the customers home. Currently, there are more than 100 Account Checkers resìonsible for revieóing all hire ìurchase customer accounts, through óorking under the direct control as óell as being checked by the Credit Control Deìartment. É °ÕËÜÚÛÙà »ÙÌÕËÚ ÈÕË ªÖÔ×ÌÛÐÛÐÝÌ ¬ÕÝÐÙÖÕÔÌÕÛ

Thailand s overall economic groóth ¤ÃDP¥ rate for full year 2015 óas aììroôimately 2.7 - 2.9¡ ÕoÕ, due to overall consumer demand has still not recovered to its ìrevious high level, overall income for the agricultural sector still remains loó, and average household debts still remain high, as óell as to decreased investments during the last 2 íuarters of the year, continued íuarterly and annual contraction in Thailand overall eôìorts due to eôternal economic factors, continuing sloódoón in demand for eôìorts from the key eôìort markets, and together óith other structural issues ¤such as, relocation of some ìroduction bases from Thailand to other countries¥. As for the trends for 2016, the outlook for Thailand s economy is more ìositive in terms of overall ÃDP groóth, due to the sustained increase in economic stimulus ìolicies on the ìart of the Ãovernment, óhich involves a ìlanned 20¡ increase in ìublic sector investments that óill then drive resultant increases in ìrivate sector investments· óhile household income, in the agricultural sector, óill still remain loó due to sustained flat global commodity ìrices, and average household debts still remaining high. ¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÉÜÚÐÕÌÚÚ ÍÖÙ ÌÓÌÊÛÙÐÊÈÓ ×ÙÖËÜÊÛÚ ÈÕË È××ÓÐÈÕÊÌÚ ¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÉÜÚÐÕÌÚÚ ÍÖÙ ÌÓÌÊÛÙÐÊÈÓ ×ÙÖËÜÊÛÚ ÈÕË È××ÓÐÈÕÊÌÚ

This hire ìurchase services business in Thailand is divided into 2 maæor grouìs, óith each having different customers base and characteristics· ie¶ The first grouì consists of these maæor ìlayers¶ Ayudhaya Caìital Services Pcl . ¤Krungsri Âirst Choice¥ and AÁON Thana Sinsaì ¤Thailand¥ Pcl., óith each offering consumer financing for various other ìroducts aìart from electrical aììliances ¤such as¶ telecoms ìroducts, office eíuiìments, home furniture, motor cycles, and automobiles¥. The second grouì focuses mainly on durable ìroducts óith a long lifecycle together óith household electrical aììliances· óhereby, currently, only Singer Thailand Pcl. uses a direct sales and marketing aììroach for hire ìurchase installment sales through its oón netóork of branch outlets as óell as sales reìresentatives and debt collectors. Ãiven that household electrical aììliances ¤such as¶ TÒs and refrigerators¥ already have high rate of oónershiì or market

52

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ìenetration, and, thereby, a loó ìotential market groóth, the Comìany s Management vieó that market groóth can be achieved through imìlementing a reìlacement market and associated trade-in marketing strategies by offering that all tyìes and brands of used home aììliances can be traded-in for neó SÅNÃÁÎ brand ìroducts or aììliances, together óith a ìossible cash back ìayment of uì to ¾aht 1,000 - 4,000 ìer aììliance, as óell as being able to ìurchase the neó aììliance on an easily affordable hire-ìurchase installment ìlan together óith benefiting from the Singer Thailand íuality after-sales services through its nationóide netóork of branch outlets. This aììroach is aimed at the Comìany being able to achieve increased sales of all the ìroducts and aììliances that are sold and distributed by the Comìany. ºÌÞÐÕÎ ´ÈÊÏÐÕÌÚ

Many manufactured consumer ìroducts used in everyday life ¤such as¶ shirts, blouses, trousers, skirts, dresses, bags, shoes, bed sheets, ìilloó cases etc.¥ all need seóing machines in their ìroduction ìrocess. Therefore, various tyìes of seóing machines are óidely used - for large scale manufacturing as óell as for medium and small scale ìroduction together óith general seóing machines for home use. The seóing machines market consists of 2 segments¶ industrial seóing machines used to manufacture everyday consumer ìroducts on an industrial scale, and also óell-knoón brands of seóing machines that are used for seóing clothes in the home ¤such as¶ Singer, Æanome, Álvira, ¾rother, and Æuki¥ together óith various loó-end brands and ineôìensive machines imìorted from China to comìete in this market. Seóing machines are very durable aììliances, óith a considerably long life cycle deìending on the ìroìer usage and uìkeeì. Currently, there is a groóing demand for seóing machines - esìecially those using neó technology and modern aììlications, making them into a comìuteriöed seóing machine that are more efficient and ìroductive, and also modern and comìact. These modern aììliances can be used at home to make uniíuely designed or handcrafted seón ìroducts, as óell as are ìoìular and aììroìriate in the age of Do it Õourself ¤DÅÕ¥ trends. °Ô×ÖÙÛÈÕÛ ªÏÈÕÎÌÚ ÐÕ ÛÏÌ ªÖÔ×ÌÛÐÛÐÝÌ ¬ÕÝÐÙÖÕÔÌÕÛ

At ìresent, there are many large banking comìanies, in Thailand, offering consumer finance services, as óell as credit card comìanies ¤such as¶ American Áôìress Thai Co., Ltd. ¤AMÁÔ¥, Ãeneral Card Services Co., Ltd., Krungsri Ayutthaya Pcl.¤KCC¥, Krungthai Card Pcl.¤KTC¥, and Citi Consumer Products ¤Thailand¥ Co., Ltd., óhile there are also non-bank comìanies that include AÁON Thana Sinsaì ¤Thailand¥ Pcl. ¤AÁONTS card¥, Ayudhaya Caìital Services Co., Ltd. ¤Krungsri Âirst Choice¥, and Áasy ¾uy Pcl. ¤Áasy ¾uy card¥, óhich all focus on offering hire ìurchase installment services and ìersonal loans, together óith Singer Thailand Pcl. ¤SÅNÃÁÎ¥ that is focused on ìroviding only hire ìurchase installment services of ìroducts and aììliance for more than 125 years. These non-bank comìanies can be divided into 2 grouìs, each óith resìectively different business models and marketing focus, such as AÁONTS, ÁASÕ ¾ÑÕ and Krungsri Âirst Choice, that focus on hire ìurchase installment services and ìersonal loans for customers óith good credit history and a monthly income of not less than ¾aht 4,000. Óhile Singer Thailand targets grass root ìrovincial customers, living in ìrovinces and rural areas and mostly óorking óithin the agricultural sector. These comìanies sell directly to the end-consumers, and also combine the ìre-sales and after sales services costs into the overall ìrice charged to their customers. Comìetition among these comìanies are based on deìloying different business models· óhereby the first grouì ¤ie¶ AÁONTS, KÂC `GR ÁASÕ ¾ÑÕ¥ comìete on offering sìeedy credit aììroval and the interest rate charged. Óhile comìanies in the second grouì, that target customers in the ìrovinces óith an agricultural-based livelihood, comìete on establishing and building long term relationshiìs óith their customers living in local ìrovincial communities through offering good ìre-sales and after sales services. Moreover, such direct sales strategies must also keeì in mind the ongoing needs of their customers through continually offering neó services and ìroducts that eôactly meet their customers ongoing reíuirements ºÖÜÙÊÐÕÎ ·ÙÖËÜÊÛÚ ÈÕË ¨××ÓÐÈÕÊÌÚ

After 2002, the Comìany changed from ordering its seóing machines from Singer Åndustry ¤Thailand¥ Co., Ltd., to outsourcing the manufacture of imìorted comìlete seóing machines from overseas manufacturers and suììliers, since imìorting

54

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comìlete seóing machines óas less eôìensive than the total cost of local assembly from imìorted seóing machine comìonent kits. These comìlete ìroducts, ìurchased from overseas manufacturers, account for aììroôimately 3¡ of the total value of the ìroduct range and revenues of the Comìany. As for other electrical home aììliances, the Comìany outsources from íuality local manufacturers on an Original Áíuiìment Manufacturer ¤OÁM¥ basis, namely from the folloóing local home aììliances manufacturers and suììliers of SÅNÃÁÎ branded home aììliances ìroducts¶ 1. Haier Álectronic Pcl. ¶ Îefrigerators, Óashing Machines and Air conditioners 2. Panasonic Aììliance Cold Chain ¤Thailand¥ Co., Ltd.¶ Âreeöers, ¾everage coolers and Óine Cooler 3. Thai Samsung Álectronics Co., Ltd. ¶ Air Conditioners and Óashing Machines, 4. Sharì Thai Co., Ltd. ¶ Îefrigerators 5. Changhong Álectric Co., Ltd. ¶ LCD/LÁD TÒs 6. Lucky Âlame Co., Ltd. ¶ Ãas stoves 7. ADT OnLine ¤Thailand¥ Co., Ltd. ¶ Airtime Òending Machines and Petrol Òending Machines 8. S. Safe Oil Limited Partnershiì Comìany¶ Petrol Òending Machines 9. Lucky Star Ñniversal Co., Ltd. ¶ ¾everage Cooler 10. Antrurium Tech-Design Co., Ltd. ¶ Airtime Òending Machines Additionally, aìart from offering SÅNÃÁÎ branded electrical ìroducts and aììliances, the Comìany also collaborates óith Æaymart Pcl. in distributing and selling several brands and models of smart ìhone/mobile ìhone and accessories, óith Samsung ¤Ãalaôy S6 and S6 Ádge¥ being the core brand, óhich enable the Comìany to eôìand its customers base to include neó customer grouìs. ¬ÕÝÐÙÖÕÔÌÕÛÈÓ °Ô×ÈÊÛÚ

The Comìany fully recogniöes the imìortance for the need to conserve energy usage as óell as to ìrotect the environment· and, therefore, has actively camìaigned and ìromoted the use of energy-efficient electrical ìroducts and aììliances as one of its many corìorate social resìonsibility related activities. As such, the Comìany has continually develoìed neó energy-efficient electrical ìroducts and aììliances. As such, all electrical ìroducts or aììliances distributed and sold by the Comìany are íuality certified and carry the No 5 electricity energyefficient emblem. Âurthermore, all SÅNÃÁÎ refrigerators have been develoìed to use cooling refrigerants that do not harm the environment or destroy the óorld s oöone layer - namely, NON CÂC and C-Pentane that have 0-level certification in regards to destroying the oöone layer. Since the Comìany does not have its oón ìroducts or aììliances manufacturing facilities, it makes use of Original Áíuiìment Manufacturers ¤OÁM¥ that have íuality ìroduction ìrocesses, as óell as sìecifically avoids any manufacturers óith loó íuality ìroducts. This is achieved through continually having a ìroducts íuality assurance unit that checks, screens and selects those ìroducts that ìossess only the established reíuired íuality standards, as óell as the Comìany only selects those OÁM comìanies that give imìortance to environmental imìacts and other associated issues as mentioned above. The Comìany is fully committed to conducting its businesses based on good íuality oìerating standards for the maôimum benefit and interest of society together óith those of the consumers on continuing basis. ·ÌÕËÐÕÎ ÞÖÙÒ ÚÛÐÓÓ ÛÖ ÉÌ ËÌÓÐÝÌÙÌË ·ÌÕËÐÕÎ ÞÖÙÒ ÚÛÐÓÓ ÛÖ ÉÌ ËÌÓÐÝÌÙÌË

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¹ÐÚÒ ­ÈÊÛÖÙÚ ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ªÖÔ×ÈÕà Ú ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ¨ÊÛÐÝÐÛÐÌÚ

Ån recogniöing various ìotential ìerceived risks factors that could have adverse imìacts on the Comìany s businesses, the Comìany has determined ìrinciìles and oìerating guidelines in managing such risks factors, together óith various ìrocesses to revieó and make imìrovements to eôisting oìerating ìrocedures on a continuous basis aimed at further enhancing its oìerating standards so as to be óell-ìreìared in being able to effectively manage any other risks that may occur in the future. As such, a summary overvieó of the established ìrinciìles and oìerating ìrocedures relating to risk management together óith the various ìerceived risk factors that could adversely imìact the Comìany s business oìerations are given beloó¶

¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ·ÙÐÕÊÐ×ÓÌÚ

The Comìany manages the ìerceived risks in a multi-dimensional manner¶ namely, managing risks relating to the hire ìurchase customers accounts· managing risks relating to the target markets· managing risks relating to financial liíuidity· managing business oìerations-related risks· managing risks relating to human resources· together óith managing various other risk factors - such as risks of natural disasters like floods, earthíuakes, or tsunamis. As such, the Comìany has determined and adheres to these key ìrinciìles of risk management¶ Çìæëñ ïâðíìëðæßæéæñö Þëá íÞïñæàæíÞñæìë æë êÞëÞäæëä ïæðèð ßö ñåâ óÞïæìòð æëóìéóâá ìíâïÞñæëä ¿òðæëâðð Òëæñð Þëá Ðòííìïñ Çìæëñ ïâðíìëðæßæéæñö Þëá íÞïñæàæíÞñæìë æë êÞëÞäæëä ïæðèð ßö ñåâ óÞïæìòð æëóìéóâá ìíâïÞñæëä ¿òðæëâðð Òëæñð Þëá Ðòííìïñ ÁâíÞïñêâëñð« The Oìerating ¾usiness Ñnits, óhere the risks could originate and occur, are directly resìonsible for managing those risks on a continuous basis, in order that the level of risks are minimiöed to be óithin the established acceìtable levels considered aììroìriate óhen comìared to the targeted financial gains or associated benefits. At the same time, the Ånternal Suììort Deìartments, involved and resìonsible for giving suììort to the Oìerating ¾usiness Ñnits to enable them to achieve their established targets, óill be æointly resìonsible in effectively managing the business oìerational risks. ÊÞëÞäâêâëñ Þëá àìëñïìé ìã ïæðèð ßö Þë Þòñìëìêìòð ôìïèæëä äïìòí© ÊÞëÞäâêâëñ Þëá àìëñïìé ìã ïæðèð ßö Þë Þòñìëìêìòð ôìïèæëä äïìòí© through the establishment of a corìorate Îisk Management Ñnit ¤or Committee¥, that is seìarate, and indeìendent reìorting directly to the Audit Committee as óell as various Îisk Oóner Teams, that, óork together and are æointly resìonsible for indeìendently controlling and ìroviding credible oìinions on the relevant risk factors and for ensuring that the associated risks are managed at the aììroìriately acceìtable levels. ÅÞóæëä ïæðè êÞëÞäâêâëñ íìéæàæâð ñåÞñ Þïâ àéâÞïéö áâãæëâá« ÅÞóæëä ïæðè êÞëÞäâêâëñ íìéæàæâð ñåÞñ Þïâ àéâÞïéö áâãæëâá« The Îisk Management Committee is resìonsible for determining such ìolicies óithin the established frameóork defined by the Comìany s ¾oard of Directors. ÅÞóæëä Þ àìêíïâåâëðæóâ âããâàñæóâ êÞëÞäâêâëñ ìã Þéé ñåâ óÞïæìòð àÞñâäìïæâð ìã ïæðèð ñåÞñ åÞóâ ßââë æáâëñæãæâá Þð ßâæëä ÅÞóæëä Þ àìêíïâåâëðæóâ âããâàñæóâ êÞëÞäâêâëñ ìã Þéé ñåâ óÞïæìòð àÞñâäìïæâð ìã ïæðèð ñåÞñ åÞóâ ßââë æáâëñæãæâá Þð ßâæëä ïâéâóÞëñ ñì ñåâ ÀìêíÞëö ð ßòðæëâððâð ìíâïÞñæìëð ïâéâóÞëñ ñì ñåâ ÀìêíÞëö ð ßòðæëâððâð ìíâïÞñæìëð by taking into consideration, through a thorough risks assessment ìrocess, of all the various ìerceived relevant risk factors for the various businesses oìerations as óell as those aììlicable internal risks that may occur throughout the organiöation. ÂóÞéòÞñæëä ñåâ Þàåæâóâá ïâðòéñð ìã ñåâ ÌíâïÞñæëä ¿òðæëâðð Òëæñð ïæðè êÞëÞäâêâëñ Þàñæóæñæâð Þëá ïâÞððâððæëä ìã ñåâ ÂóÞéòÞñæëä ñåâ Þàåæâóâá ïâðòéñð ìã ñåâ ÌíâïÞñæëä ¿òðæëâðð Òëæñð ïæðè êÞëÞäâêâëñ Þàñæóæñæâð Þëá ïâÞððâððæëä ìã ñåâ ïâéâóÞëñ ïæðè ãÞàñìïð« ïâéâóÞëñ ïæðè ãÞàñìïð« Áach Oìerating ¾usiness Ñnit established its resìective Îisk Oóners, óho are resìonsible for reassessing the aììlicable risk factors for that Oìerating ¾usiness Ñnit, as óell as for adæusting the reíuired ongoing associated activities, as aììroìriate to achieve ongoing effectiveness in managing the ìerceived risks subseíuent to

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the ìrevious risk assessment ìrocess and conseíuently defined risk management activities.

¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ·ÙÖÊÌËÜÙÌÚ ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ·ÙÖÊÌËÜÙÌÚ

Ån order to achieve fully effective and efficient management of all risks throughout the organiöation, the Comìany has determined various risk management ìrocedures and associated ìrocesses as folloós¶ Æáâëñæãöæëä Þëö æëóìéóâá ìï ïâéâóÞëñ ïæðè ãÞàñìïð« This is the ìrocess in assessing and identifying the relevant risk Æáâëñæãöæëä Þëö æëóìéóâá ìï ïâéâóÞëñ ïæðè ãÞàñìïð« factors - in terms of the category/tyìe of risks and the cause of those risks, together óith the associated issues of those risks ¤both internal and eôternal¥· as óell as in assessing or considering the various risk factors currently being faced by the Comìany together óith other ìotential risk factors that may occur in the future. ¾ððâððæëä Þéé æáâëñæãæâá ïæðèð ãÞàñìïð in a systematic manner that óill enable the use of various aììroìriate risk ¾ððâððæëä Þéé æáâëñæãæâá ïæðèð ãÞàñìïð assessment tools and ìrocedures in an effective manner· óhereby these ìrocedures are reíuired to be audited, revieóed and aììroved óithin an aììroìriate timeframe. Êìëæñìïæëä Þëá àìëñïìééæëä ïæðèð in a systematic manner, that involves revieóing and overseeing the various risk Êìëæñìïæëä Þëá àìëñïìééæëä ïæðèð management activities and ìrocesses are in accordance óith the agreed risk management ìolicies, associated oìerating ìrocedures and the scoìe of risks. This is to ensure that these activities fully comìly to the established risk management ìolicies and aììroìriate acceìtable levels of risks, as aììroved by the Comìany s ¾oard of Directors· óhereby these monitoring and controlling activities are undertaken on a regular and continuous basis. Ïâíìïñæëä ïæðè that involves the ìrocess of reìorting and uìdating information relating to the various categories and Ïâíìïñæëä ïæðè tyìes of risk factors, óhereby such information must be aììroìriate and adeíuate, in order to enable as óell as achieve the maôimum degree of effectiveness in the management of risks. As such, so as to avoid any financial losses as óell as to suììort and enable the various Oìerating ¾usiness Ñnits to conduct their ongoing oìerations uninterruìted and on a continuous basis, these risk management best ìractices have been designed to be able to incorìorate any ìossible and reíuired future revisions or uìdates that are based on any ongoing changes in the overall business environment changes - both óithin a normal oìerating situation or in a crisis situation. ¶ÝÌÙÝÐÌÞ ÖÍ ÛÏÌ ·ÖÛÌÕÛÐÈÓ ¹ÐÚÒÚ ­ÈÊÛÖÙÚ ¹ÌÓÈÛÐÕÎ ÛÖ ÛÏÌ ©ÜÚÐÕÌÚÚ ¶×ÌÙÈÛÐÖÕÚ ÍÖÙ ÛÏÌ ªÖÔ×ÈÕà ®ÙÖÜ×Ú ÖÍ ªÖÔ×ÈÕÐÌÚ ÐÚ ÈÚ ÍÖÓÓÖÞÚ¡ ¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÛÏÌ ÛÈÙÎÌÛ ÔÈÙÒÌÛÚ ÈÕË ÚÈÓÌÚ ÈÊÛÐÝÐÛÐÌÚ

Îisks factors relating to the target markets and sales activities means risks to the overall revenues, óhereby the core revenues of the Comìany/Ãrouì is derived from the folloóing 3 sources¶ 1. Îevenues from sales of ìroducts are derived from sales of home electrical aììliances, seóing machines, refrigerators/ coolers and freeöers, Airtime Òending Machines, Petrol vending machines and noó also mobile ìhones devices. The markets for all these ìroducts are intensely comìetitive and rely on continuous innovative technological ìroduct develoìment according to their resìective ìroduct life cycle. Hoóever, since the Comìany is only a distributor/seller and not a manufacturer of such ìroducts, there is no risk in regards to technology that could directly affect the Comìany s business oìerations strategies. Âurthermore, the Comìany has searched for and sourced from the OÁM manufacturers and distributors, óho are knoóledgeable and caìable in their manufacturing and services but do not have a viable sales channel or óho óish to eôìand their ìroducts coverage for the óhole country. As such, the Comìany can enable them to do so through inviting them to become our business ìartners, óhereby the Comìany can then be able to alóays launch and sell neó ìroducts that have been develoìed and imìroved on a continuing basis. Moreover, the Comìany makes ìrovisions for any ìroducts that are considered out-of-date or of imìaired íuality, so as to mitigate or reduce any ìossible associated risks that óould imìact the future financial results of the Comìany. The Comìany has also eôìanded its customer base to include mobile ìhone users óho have a regular monthly salary, in order to reduce risks relating to the overall revenues stream as óell as to the overall íuality of the Comìany s customers base.

60

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61

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2. The interest income from the hire-ìurchase business is based on a fiôed interest rate, as sìecified in the hire-ìurchase agreements that is in effect as at the date of eôecuting the hire-ìurchase agreement. Óhile the actual fund borroóings made by the Comìany has an interest rate ¤óhich is considered as an oìerating cost¥ that varies and is alóays changing according to the current economic conditions or the social and ìolitical situation - both locally and globally· óhereby this is considered as one of the key risk factors relating to the overall financial costs of the Comìany/Ãrouì of Comìanies. Âor this reason, the Comìany/ Ãrouì has determined ìolicies to effectively manage its borroóings from banks and other financial institutions or from issuing neó debentures - for both the short term and long term - to have either fiôed or variable interest rates, so as to be aììroìriate, in terms of value and timing, for the Comìany s hire-ìurchase business and associated customers. 3. Óith regard to the revenues derived from various services and the after-sale service activities - that have alóays been long-standing comìonent of the overall Singer business oìerations as óell as being a core strength in facilitating consumers to decide buying Singer ìroducts - there are some associated risks. Such risks factors include risks in not being able to ìrovide the reíuired services in time or according to the customer s needs as a result of not having enough service technicians available, or from not having the reíuired sìare ìarts immediately on hand. These situations óill result in the risk of our customers losing their confidence and they may then change their minds about buying Singer ìroducts and ìurchase other brands instead. Âor this reason, the Comìany decided to establish the Singer Service Plus Co., Ltd., óith direct resìonsibilities for undertaking the services and after sales services activities. ¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÜÚÛÖÔÌÙÚ ÈÊÊÖÜÕÛÚ

The numerous hire-ìurchase customer accounts are considered as an imìortant core and the heart of the Comìany s business oìerations, since more than 80¡ of the total sales are made on a hire-ìurchase basis. As such, the Comìany attaches great imìortance to minimiöing the associated risks that may occur in regards to these hire - ìurchase accounts¶ namely, inability to collect the agreed ìayment installments, loans losses/órite-offs, or any fraudulent activities relating to customer hire-ìurchase accounts. The Comìany has determined various measures to oversee these hire-ìurchase accounts in a strict manner - from the credit aììroval ìrocess relating to the consideration loan aììlicant s credit óorthiness through using a Credit Scoring system close monitoring and regular assessments of the hire-ìurchase customers accounts, and including taking any legal actions in the event of customers defaulting on loans reìayments· all of activities are ìart of the credit control oìerating ìrocedures and ìrocesses. Ån order to enable this hire-ìurchase oìerations to be more focused and managed more effectively, as óell as to be undertaken in a more indeìendent manner, in 2012 the Comìany decided to establish the Singer Leasing ¤Thailand¥ Co., Ltd. - based on the eôisting structure of the Credit Control and Develoìment Deìartment - óhich is a seìarate business unit from the ìreviously combined ìroducts sales and collections oìerations and óhich facilitates in achieving a more convenient and sìeedier oìerations. After checking the credit-óorthiness of the loan aììlicant and before the sale is comìleted, all hire-ìurchase loans reíuire a guarantor or collateral to be submitted ìrior to receiving final aììroval from the Credit Control Officers. Although this has resulted in reduced total sales, the Comìany still continues to reíuire such credit checking before a sale is comìleted, as óell as has eôìanded the scoìe of the ìre-sales credit checking ìrocedures, in order to acíuire neó hire-ìurchase customer accounts that are of good credit íuality. Additionally, imìrovements have been made to the hire-ìurchase customers information database as óell as to various credit sales controls ìrocesses. This is so that both the information database and ìrocesses are more accurate, comìrehensive and effective, and to reduce the associated ìotential risks of losses from these hire-ìurchase accounts. Provisions for ìossible loan losses from these debtors are also been made, on a continuing basis, based on conservative ìroæections· óhereby a ìrovision for doubtful debtors are made as soon as a hire-ìurchase sale is made in order to minimiöe the ìossible imìact of any associated adverse risks to the Comìany s Âinancial Statements. Óith regards to corìorate governance, aìart from being committed to conducting its businesses óithin the stated frameóork of Öero Tolerance for any form of corruìtion since 2010 the Comìany has also eôtended its Ámìloyee Âidelity Ånsurance Policy every year, in order to reduce the ìotential losses from any internal acts of corruìtion or fraud· óhereby in 2016 the Comìany óill increase the total value of this Ámìloyee Âidelity Ånsurance coverage so as to be more aììroìriate to the increased and neó Staff ìositions.

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63

¹ÐÚÒ ­ÈÊÛÖÙÚ

¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÔÈÕÜÍÈÊÛÜÙÐÕÎ ÈÊÛÐÝÐÛÐÌÚ

The maæority of the ìroducts sold by the Comìany come from OÁM ¤Original Áíuiìment Manufacturer¥ business ìartners, ìrimarily relying on their manufacturing eôìeriences, eôìertise and knoóhoó· óhereby the Comìany has established business relations óith several OÁM comìanies simultaneously rather than relying only one ìarticular suììlier. This is to ensure that there is no monoìoly being gained by any one OÁM comìany as óell as to increase the overall bargaining ìoóer of the Comìany in sourcing its ìroducts and to achieve an aììroìriate overall costs of goods sold for its businesses. ­ÐÕÈÕÊÐÈÓ ÙÐÚÒ ÍÈÊÛÖÙÚ

The business oìerations of the Comìany reíuires the use of borroóed funds from banks, financial institutions and institutional investors, óhich then involves some uncertainties from both local and international money markets or caìital markets. As such, the Comìany is often affected by changing situations in the overall financial liíuidity environment and resultant changing rates of interest charged. The Comìany has a core ìolicy to borroó funds from various banks, financial institutions and institutional investors óithout sìecifying any bank or financial institution in ìarticular so as to diversify the associated risks in regard to both its sources and costs of borroóed funds. Âurthermore, in order to achieve maôimum financial liíuidity and to better manage any fluctuations in interest rates charged for its borroóings, óhich may then imìact its business oìerations and its overall financing costs, the Comìany has issued long term debentures that carries a fiôed stated interest rate and eíuals to 60.6¡ of the Comìany s total borroóings· óhereby those debentures coming due óithin 1 year eíuals to 83.9¡ of the total amount. Óith regard to the Comìany s overall liíuidity in oìerating its business, it is based on the Comìany s current ratio, as at the end of December 2015, óas at 1.6 times, comìrising of total short term and long term borroóings as óell as debentures coming due óithin 1 year totaling ¾aht 865.4. Million - together óith an overall Leverage Îatio of 1.12 times - this considered to be loó. There are foreign eôchange risks in terms of foreign eôchange fluctuations for the Comìany s business oìerations, as a result of imìorting seóing machine ìroducts from overseas manufacturers· but these imìorts account for not more than 3¡ of the Comìany s total sales and, thus, the overall risk in regards to the Comìany s overall costs of goods sold is considered to be minimal. Moreover, the Comìany is able to mitigate such risks by increasing the selling ìrice for these ìroducts as óell as by benefiting from the reduction in aììlicable imìort duties for imìorted seóing machines from China resulting from the Ãovernment s Âree Trade Agreement ¤ÂTA¥ ìolicy óith China. There are also risks in regards to being able to maintain its obligations relating to various debt covenants or defaulting on agreed loan reìayments or meeting any reíuired future investments. As such, in borroóing funds from banks, financial institutions and institutional investors, various key debt covenants have been sìecified and obliged to be met by the Comìany - namely¶ maintaining a Debt/Áíuity Îatio of not more than 3 ¶ 1 and an Ånterest ¾earing Îatio of not more than 2 ¶1· óhereby from the latest Âinancial Statements for 2015 the Comìany has still maintained these tóo key ratios at a loó level of 1.12 for the Debt/ Áíuity Îatio and 0.65 times for the Ånterest ¾earing Îatio resìectively. ¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÛÏÌ ®ÖÝÌÙÕÔÌÕÛ Ú ÈÊÛÐÖÕÚ ÈÕË ÙÌÎÜÓÈÛÐÖÕÚ

The hire-ìurchase business is one of the most intensely comìetitive business sectors· and it has thus resulted in the Ãovernment believing that it is imìortant that it is regulated, through establishing a the Office of the Consumer Protection ¾oard ¤OCP¾¥ to oversee its activities and ensure that hire-ìurchase comìanies do not take unfair advantage of consumers. At the same time, the Deìartment of ¾usiness Develoìment of the Ministry of Commerce announced, in 2001, that hire ìurchase sales of electrical aììliances be a controlled business , through issuing various oìerating guidelines relating to interests rates ìayable as óell as fees charged for any loans reìayments defaults or ìenalties for late ìayments, because these are areas óhere hire-ìurchase firms might be able take unfair advantage of consumers/customers. Additional legal reíuirements are also imìosed in regards being resìonsibility for ìroduct liabilities toóards their customers. Therefore, the Comìany has determined oìerating guidelines for its hire-ìurchase business activities together óith giving a óarranty for ìroducts sold by the Comìany, óhich are in accordance óith the legal and regulatory reíuirements. The Comìany also regularly checks the associated regulatory information, in order

64

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65

¹ÐÚÒ ­ÈÊÛÖÙÚ

to be able to further develoì and imìrove its oìerating guidelines to corresìond óith the latest aììlicable official reíuirements accordingly. As such, it can be seen that the Comìany has received various Certificates of Îecognition and Aóards from the OCP¾ - namely¶ on 21 Æanuary 2003, 21 Seìtember 2007 and again in 2008 - in regards to its ìroduct labeling, óarranty and advertising materials, as óell as for its hire-ìurchase agreements, that are considered to be eíuitable for its customers, and for ìrotecting the overall rights of consumers. Óith regard to Petrol vending machines, the Comìany also oìerates in full accordance óith the involved Ãovernment authority and aììlicable legal regulations relating to óeighting and measuring instruments. These are initially reíuired to be insìected and certified before starting to be used for selling gasoline so as to ensure that they meet the reíuired standards of accuracy sìecified by the original eíuiìment manufacturers, together óith regular re-insìections and re-certifications every 2 years thereafter. Additionally, safety standards sìecified by the Ánergy ¾usiness Deìartment regarding Petrol vending machines need to be comìlied to, in óhich regard the Comìany closely coordinates and cooìerates óith both the eíuiìment manufacturers and involved Ãovernment agencies so as to ensure full and ìroìer comìliance óith the sìecified regulations and standards of oìerations· óhereby if there is a need to rectify any deficiencies, then immediate corrective actions are taken so as to ìrevent any ìossible risks of being in breach of any aììlicable regulations or oìerating standards. ¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÕÈÛÜÙÈÓ ËÐÚÈÚÛÌÙÚ

Ãiven ìast and recent occurrences of floods, earthíuakes, and tsunamis, such natural disasters have become factors that comìanies need to take into account as significant risks, since they could result in ìotential adverse imìacts to their business oìerations as óell as ìossible damages to their facilities or oìerating assets. Comìanies cannot avoid such risks, but they can minimiöe or ìrotect themselves from the conseíuential adverse imìacts and damages caused, by being óell-ìreìared through the æoint efforts of all their Staff to ìrotect the Comìany s oìerating assets. As such, the Comìany has assigned sìecific resìonsibilities to Managers of each resìective retail branch outlet as if they óere the oóners or business entreìreneurs of these outlets óho must ìrotect and ìreserve those assets. Âurthermore, these branch outlets are scattered in various locations throughout the country, óhich can be considered as a óay to sìread such associated ìotential risks - namely, if a natural disaster occurs in one area or region, the branch outlets in other locations can still oìerate uninterruìted as normal and can also look after for the affected areas. Additionally, the Comìany s business model relies on local canvassing by sales reìresentatives throughout their assigned sales territory rather than æust on sales being made from the ìhysical branch outlets. Thus, any natural disasters ¤such as floods¥ occurring at the ìhysical branch outlets óill not interruìted sales activities for that area. This óas evident and haììened óhen the recent massive floods occurred in many ìrovinces in the Central region as óell as in the Ãreater Metroìolitan ¾angkok area· óhereby both sales and loans reìayments collections activities óere still undertaken during the floods, and the outlets óere íuickly recovered to their normal oìerations in a very short time after the floods receded. Âurthermore, in order mitigate the ìotential risks and resulting damages to its oìerating assets and facilities caused by any natural disasters, the Comìany has taken out an all-risks insurance ìolicy from the Muang Thai Ånsurance Pcl. ¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÛÏÌ ªÖÔ×ÈÕà Ú ÏÜÔÈÕ ÙÌÚÖÜÙÊÌÚ

Åts human resources are one of its most valuable assets and a key success factor for the Comìany, as óell as being the source of one of the imìortant risks factors for its businesses - such as, retirement or resignation of key Staff members, óhich could then have an adverse imìact and interruìt the ongoing smooth business oìerations. The Comìany, therefore, has attached much imìortance to all Staff members, through taking good care of their best interests and óell-being as if they óere members of one and the same the family together óith suììorting them to óork in æob ìositions best suited to the resìective abilities. Additionally, the Comìany manages the associated risks in this regards by offering regular training and skills develoìment to all Staff at all levels on a continuous basis, together óith establishing a Staff Îetirement Âund so that they óill not be adversely affected in terms of having available sufficient financial resources uìon reaching retirement. ¹ÐÚÒ ÍÈÊÛÖÙÚ ÙÌÓÈÛÐÕÎ ÛÖ ÙÌ×ÖÚÚÌÚÚÐÕÎ ×ÙÖËÜÊÛÚ ÖÙ ÎÖÖËÚ

Any hire-ìurchase business involves having to reìossess some of ìroducts or goods sold, óhich is considered to be an inherent and unavoidable risk factor for this business. Óhile undertaking reìossession of these ìroducts óill result in achieving

66

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šĂ?ÚÒ ­ĂˆĂŠĂ›Ă–ÙÚ

reduced total revenues and having a lot of unsold inventory on hand¡ on the other hand, this reĂŹresents a mitigation of risks in interruĂŹted loan reĂŹayments by the hire-ĂŹurchase customers since the ComĂŹany is able to resell reĂŹossessed goods on the second hand market so as to reduce the effect of loans reĂŹayments defaults together Ăłith ĂŹotential losses on reĂŹossessed ĂŹroducts as a result of the actual selling ĂŹrice of the reĂŹossessed ĂŹroducts and the remaining book value of the risk asset as Ăłell as any associated costs of reĂŹairing the reĂŹossessed item as necessary from time to time. Nevertheless, reĂŹossessing and reselling ĂŹroducts is another effective sales and marketing strategy in the hire-ĂŹurchase business. ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› Ă–Ă? Ă™Ă?ÚÒÚ Ă™ĂŒĂ“ĂˆĂ›Ă?Ă•ĂŽ ÛÖ Ă›Ă?ĂŒ Ă‰ĂœĂšĂ?Ă•ĂŒĂšĂš Ă–Ă—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•Ăš ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› Ă–Ă? Ă™Ă?ÚÒÚ Ă™ĂŒĂ“ĂˆĂ›Ă?Ă•ĂŽ ÛÖ Ă›Ă?ĂŒ Ă‰ĂœĂšĂ?Ă•ĂŒĂšĂš Ă–Ă—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•Ăš

ĂŽisks factors relating to business oĂŹerations means any risks resulting from any mistakes or deficiencies resulting from insufficient, inadeĂ­uate or ineffective system of controls relating to the internal oĂŹerating ĂŹrocedures or ĂŹrocess, the Staff, or the information and communications technology systems used Ăłithin the ComĂŹany, as Ăłell as any the eĂ´ternal situations¡ Ăłhereby all such risks Ăłill have adverse imĂŹacts and conseĂ­uences, Ăłhether directly or indirectly, for the oĂŹerating ĂŹerformance results and for the ComĂŹany s hire-ĂŹurchase accounts.

ÂŽĂœĂ?Ă‹ĂŒĂ“Ă?Ă•ĂŒĂš ĂˆĂ•Ă‹ Ă—Ă™Ă–ĂŠĂŒĂ‹ĂœĂ™ĂŒĂš Ă?Ă• Ă”ĂˆĂ•ĂˆĂŽĂ?Ă•ĂŽ Ă–Ă—ĂŒĂ™ĂˆĂ›Ă?Ă–Ă•ĂˆĂ“ Ă™Ă?ÚÒÚ

Such oĂŹerational risks factors are inherent in all oĂŹerating ĂŹrocedure and ĂŹrocesses of every OĂŹerating/SuĂŹĂŹorting žusiness Ă‘nit or DeĂŹartment as Ăłell as in the information and communications technology systems used¡ Ăłhereby they may cause damages or losses for the ComĂŹany, its customers/clients as Ăłell as its Shareholders and other Stakeholders. As such, the ComĂŹany recogniĂśes the imĂŹortance of managing such oĂŹerational risk factors¡ and has determined ĂŹolicies to effectively manage them together Ăłith develoĂŹing a frameĂłork to manage these oĂŹerational risks on a continuous basis. The ĂŹrimary aim is to have each and every OĂŹerating žusiness Ă‘nit being able to manage their resĂŹective oĂŹerational risks in an aĂŹĂŹroĂŹriate manner, Ăłhile taking into consideration the need for an effective risk management system together Ăłith effective oĂŹerating ĂŹrocedures and the effectiveness of the overall oĂŹerations. This is so that there is in ĂŹlace a uniform standard and systematic set of oĂŹerational risks management throughout the organiĂśation, together Ăłith regular risks assessments ĂŹrocess that are effective to ĂŹrevent them from occurring before there result any adverse imĂŹacts for the organiĂśation. Additionally, toĂŹ Management is able to foresee and have an overvieĂł of all the ĂŹotential risk factors for the organiĂśation, so that the overall risk management activities can be both more effective and efficient, Ăłhich Ăłill then enable the associated information to be used in making any key business decision making and facilitate the full comĂŹliance Ăłith all aĂŹĂŹlicable legal and regulatory reĂ­uirements. Moreover, the ComĂŹany has undertaken a thorough assessment of the various risk factors, as Ăłell as has revieĂłed the effectiveness and comĂŹrehensiveness of the risk coverage and control ĂŹrocesses relating to the neĂł business oĂŹerations and any neĂł oĂŹerating ĂŹrocedures imĂŹlemented Ăłith regard to the establishment of the Singer Leasing ¤ThailandÂĽ Co., Ltd., ¤to focus on oĂŹerating the hire-ĂŹurchase related business activities of the ĂƒrouĂŹÂĽ and to the name change of Singer Ă…ndustry ¤ThailandÂĽ Co., Ltd., to Singer Service Plus Co., Ltd. ¤to focus on oĂŹerating the onsite after-sales maintenance and reĂŹairs services activities for the ĂƒrouĂŹ s customersÂĽ. This is to ensure that the overall risks relating to both these neĂł businesses and associated oĂŹerating ĂŹrocedures are aĂŹĂŹroĂŹriately covered and managed to be at acceĂŹtable levels before starting to ĂŹrovide their services to our customers. As such, the ComĂŹany also remains fully committed to further develoĂŹing, on a continuous basis, its oĂŹerating risk management systems and ĂŹrocedures as Ăłell as any associated modern technology and tools used in this regard.

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1

<EVKS9 _+CTE 9 +lT$S6 ¤CMT-;¥ ÆAÕMAÎT PѾLÅC COMPANÕ LÅMÅTÁD <EVKS9 c9D_Of;IW6WOTE +lT$S6 THAÅ NÒDÎ COMPANÕ LÅMÅTÁD :;T'TE $LV$Ec9D +lT$S6 ¤CMT-;¥ KASÅKOÎN¾ANK PѾLÅC COMPANÕ LÅMÅTÁD <EVKS9 LM@S4;TOV;_7OE aPG6Vh* +lT$S6 ¤CMT-;¥ SAHA PATHANA ÅNTÁÎ HOLDÅNà PѾLÅC COMPANÕ LÅMÅTÁD $O*9Z;_= 6 $EZ*c9D .W_Gf'9WA OW'IV7Wh A ;6 KÎÑNà THAÅ SÁLÁCTÅÒÁ ÁÍÑÅTÕ ÂÑND <EVKS9 _CYO*c9D=ER$S;-WIV7 +lT$S6 ¤CMT-;¥ MÑANà THAÅ LÅÂÁ ASSÑÎANCÁ PѾLÅC COMPANÕ LÅMÅTÁD ;TDO;Z-T OTIWGTL$ZG MÎ. ANÑCHA AÒÁÁLASTSAKÑL ;TD6V_E$ 7T'E[ MÎ. DÅÎÁK TAKÎÑ <EVKS9 cO..W..W. OV;_7OE _;-Sg;`;G +lT$S6 ¤CMT-;¥ Å.C.C. ÅNTÁÎNATÅONAL PѾLÅC COMPANÕ LÅMÅTÁD <EVKS9 LM@S4;@V<[G +lT$S6 ¤CMT-;¥ SAHA PATHANAPžÑL PѾLÅC COMPANÕ LÅMÅTÁD ;TD$V77V *TCCMES7; MÎ. KÅTTÅ NÃHAMMAHAÎAT <EVKS9 cO.6W._OA. +lT$S6 Å.D. CO., LTD. ;TDJVEVJS$6Vk L;aLB5 MÎ. SÅÎÅSAK SONSOPHOL LOM¾AÎD ODÅÁÎ DAÎÅÁÎ HÁNTSCH ¢ CÅÁ ;TDLZ-TD JEW=ES- TO;S;7 MÎ. SÑCHAÅ SÎÅPÎATCHAÕA-ANANT ;T*%S;9O* OZ6CCMS;7VLZ% MS. KANTHONà ÑDOMMAHANTÅSÑK ;TD_-TI $TER MÎ. CHAO KAÎA ;TD5S2-T7 'lTJVEV7ER$[G MÎ. NÑTTHACHAÎT KHAMSÅÎÅTÎAKÑL ;TDLC-TD LT:V7O_;$-SD MÎ. SOMCHAÅ SATHÅT-ANÁKCHAÅ ;TD@WE;T8 a-'IS4;T MÎ. PÁÁÎANAÎT CHOKÁÓATTANA @ER<T9LC_6f+@ER=ECV;9ECMTB[CV@GO6ZGD_6H.M. KÅNà ¾HÑMžOL ADÑLÕADÁÆ $O*9Z;_= 6 $EZ*c9D .W_Gf'9WA OW'IV7Wh _@YgO$TE_GWhD*-W@ KÎÑNà THAÅ SÁLÁCTÅÒÁ ÁÍÑÅTÕ ÎM DO6EIC Total

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

9 V>%3%7D%ú #= R 7 V>%3%7Dú% ÖÍ »ÖÛÈÓ ºÏÈÙÌÚ µÖ ÖÍ ºÏÈÙÌÚ

67,499,900

24.999

15,492,210

5.738

13,489,000

4.996

5,637,200

2.088

5,409,900

2.004

5,400,000

2.000

4,018,500

1.488

3,556,900

1.317

3,500,000

1.296

3,500,000

1.296

2,644,200

0.979

2,450,000

0.907

2,294,000

0.850

2,208,600 2,005,400

0.818 0.743

2,000,000

0.741

2,000,000

0.741

1,980,000

0.733

1,608,000

0.596

1,438,700

0.533

1,383,770

0.513

1,352,700

0.501

150,868,980

55.877

68

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·ÖÓÐÊà ÖÍ «ÐÝÐËÌÕË ·ÈàÔÌÕÛ Singer Thailand ìcl. s ìolicy relating to dividend ìayments is to ìay not more that 60¡ of the annual consolidated Net Profit after taô and after allocating for reíuired legal and other reserves in any year. Hoóever, such dividend ìayments óill also deìend uìon the current economic and business environment, the actual amount of Net Profits, after taô as óell as future investment ìlans. »ÏÌ ÏÐÚÛÖÙà ÖÍ ËÐÝÐËÌÕË ×ÈàÔÌÕÛÚ ÖÍ ºÐÕÎÌÙ »ÏÈÐÓÈÕË ×ÊÓ ÍÖÙ ÛÏÌ ×ÈÚÛ àÌÈÙÚ ÐÚ ÈÚ ÍÖÓÓÖÞÚ ©¨¯» ­ÜÓÓ ÀÌÈÙ

­ÜÓÓ ÀÌÈÙ

­ÜÓÓ ÀÌÈÙ

0.30 0.30 1

0.53 0.53 1

0.45 0.45 1

Ånterim Dividend Payment Âinal Dividend Payment ¦ Total Dividend Paid Par Òalue/Share

¦ Ån accordance óith the resolution of ¾oard of Directors Meeting No. 210, held on 18 Âebruary 2016, to be ìroìosed to the scheduled AÃM No. 49 to be held on Aìril 28, 2016.

Ëìñâ· Ëìñâ·

1. The Comìany registered the change on the ìar value ìer ordinary share from ¾aht 10.00 ìer share to be ¾aht 1.00 ìer share on 10 May 2004 2. Singer Thailand ìcl. has ìaid dividend from 1984 onóards

»ÏÌ ÏÐÚÛÖÙà ÖÍ ËÐÝÐËÌÕË ×ÈàÔÌÕÛÚ ÖÍ ºÐÕÎÌÙ ³ÌÈÚÐÕÎ »ÏÈÐÓÈÕË ªÖ ³ÛË ÍÖÙ ÛÏÌ ×ÈÚÛ àÌÈÙÚ ÐÚ ÈÚ ÍÖÓÓÖÞÚ

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©¨¯»

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40.00 40.00 1,000.00

25.00 25.00 1,000.00

¦ Ån accordance óith the resolution of ¾oard of Directors Meeting No.15, held on 18 Âebruary 2016, to be ìroìosed to the scheduled AÃM No.5 to be held on Aìril 28, 2016.

·ÖÓÐÊà ÍÖÙ «ÐÝÐËÌÕË ·ÈàÔÌÕÛÚ ÖÍ ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ

Since Singer Thailand ìcl., holds more than 99¡ in the Subsidiary Comìanies, therefore dividend ìayments óill deìend uìon the reíuirements of the maæority Shareholder as considered aììroìriate and óithin the legal reíuirements.

70

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71

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ ÂťĂ?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă Ăš ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ÂťĂ?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă Ăš ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

Management Âś The structure and comĂŹosition of the ComĂŹany s žoard of Directors consist of the žoard of Directors itself together Ăłith the Audit Committee, the Nomination and ĂŽemuneration Committee, the Ă Ă´ecutive Committee, the ĂŽisk Management Committee, and the Management ĂƒrouÏ¡ Ăłhereby the Ă­ualifications of Ă…ndeĂŹendent Directors and of the Members of the Audit Committee are eĂ´actly in accordance Ăłith the Ă­ualifications sĂŹecified by the Securities and Ă Ă´change Commission ¤SĂ CÂĽ and the Stock Ă Ă´change of Thailand ¤SĂ TÂĽ Ăłithout any eĂ´ceĂŹtions or other conditions Ăłhatsoever. ´ĂŒĂŒĂ›Ă?Ă•ĂŽĂš Ă–Ă? Ă›Ă?ĂŒ ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

The ComĂŹany s žoard of Directors has determined to schedule normal žoard Meetings every Ă?uarter together Ăłith any sĂŹecial žoard Meetings as reĂ­uired during the year. The ComĂŹany determines the Agenda for such meetings in a clear and concise manner, Ăłith the ComĂŹany Secretary being resĂŹonsible for and overseeing the disĂŹatching of the Notifications of žoard Meetings together Ăłith all relevant suĂŹĂŹorting documents to žoard Directors in advance. žoard Directors can freely eĂ´ĂŹress their oĂŹinions Ăłithout being influenced by any ĂŹarticular ĂŹerson or grouĂŹ of ĂŹersons. Ă…n 2015, the žoard of Directors held a total of 6 žoard Meetings - consisting of 4 normal žoard Meetings and 2 sĂŹecial žoard Meetings¡ Ăłhereby for each meeting suĂŹĂŹorting documents for each agenda item being considered Ăłere sent out in advance to all žoard Directors, so that they may have sufficient time be able to adeĂ­uately revieĂł and study the various issues before each meeting. The ComĂŹany also held 1 Annual Ăƒeneral Shareholders Meeting ¤AĂƒMÂĽ, Ăłhich Ăłas attended by the žoard Directors. The attendance record of the resĂŹective žoard Directors at these meetings during year 2015 are summariĂśed as beloóœ ¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ Ă™ĂŒĂŠĂ–Ă™Ă‹ Ă–Ă? ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš Ă‹ĂœĂ™Ă?Ă•ĂŽ Ă ĂŒĂˆĂ™ ™—˜œ

ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

ÂťĂŒĂ™Ă” Ă–Ă? ÂśĂ?Ă?Ă?ĂŠĂŒ

1. Admiral M.L. Ă‘sni PramoĂŚ 2. Mr. ChristoĂŹher Æohn King 3. Mr. Adisak SukumvitayaÂŚ ÂŚÂŚÂŚ 4. Mr. žibit žiĂŚaisoradat 5. Mr. Ă’ichai KulsomĂŹhob ÂŚÂŚÂŚ 6. Mr. žoonyong Tansakul 7. Mr. Paitoon SukhanaĂŹhorn 8. Mr. Lucksananoi PunkrasameeÂŚÂŚ

AÏr 2015 - AÏr 2018 AÏr 2013 - AÏr 2016 ¤a¼ AÏr 2014 - AÏr 2017 AÏr 2014 - AÏr 2017 AÏr 2013 - AÏr 2016 ¤a¼ AÏr 2015 - AÏr 2018 AÏr 2014 - AÏr 2017 AÏr 2013 - AÏr 2016 ¤a¼

¨Ă›Ă›ĂŒĂ•Ă‹ĂˆĂ•ĂŠĂŒ šĂŒĂŠĂ–ÙË Â?¾Ö• Ă–Ă? Ă›Ă?Ă”ĂŒĂš ĂˆĂ›Ă›ĂŒĂ•Ă‹ĂŒĂ‹Â–ÂľĂ–Â• Ă–Ă? Ă›Ă?Ă”ĂŒĂš Ă?ĂŒĂ“Ă‹Â? ¨Ž´ ¾Ö• ›Â&#x;

ŠĂ–ĂˆĂ™Ă‹ Ă–Ă? ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš

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73

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂşĂ›Ă™ĂœĂŠĂ›ĂœĂ™ĂŒ

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ—

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ— Ă–Ă? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂŠĂ“•

Mr. žoonyong Tansakul Mr. Paitoon SukhanaÏhorn Mrs. Arunrung Tankiattichai Œ Mr. Kanisorn Nutchanart ŒŒ Mr. SomÏorn KithaveesinÏoonŒŒŒ

Chief Ă Ă´ecutive Officer Controller ¢ Ă‚inance Director Marketing and žusiness DeveloĂŹment Director Sales Director Marketing Director

´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› Ă–Ă? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂłĂŒĂˆĂšĂ?Ă•ĂŽ Â?ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â? ªÖ•“ ³Û˕ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› Ă–Ă? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂłĂŒĂˆĂšĂ?Ă•ĂŽ Â?ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â? ªÖ•“ ³Û˕

Mr. Siam Ă‘ralĂłong 1RWH 1RWH

Managing Director

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ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂşĂŒĂŠĂ™ĂŒĂ›ĂˆĂ™Ă

The ComĂŹany s žoard of Directors žoard aĂŹĂŹointed Ms. ChanthornĂŚira Kongtongsmut, Ăłho ĂŹossesses the reĂ­uired relevant Ă­ualifications and eĂ´ĂŹerience, as the ComĂŹany Secretary Ăłith the resĂŹonsibility for overseeing and ensuring that ComĂŹany acts in comĂŹliance Ăłith the aĂŹĂŹlicable legal and regulatory reĂ­uirements as Ăłell as in accordance Ăłith the ĂŹrinciĂŹles of good corĂŹorate governance, so that the overall management of the ComĂŹany can be even more effective and efficient. The comĂŹany fully recogniĂśes the imĂŹortance of good corĂŹorate governance ĂŹrinciĂŹles and ĂŹractices. The ComĂŹany Secretary has successfully attended the CorĂŹorate Secretary DeveloĂŹment Program ¤Class2ÂĽ and the Ă‚undamental Practices for the CorĂŹorate Secretary ¤class 22ÂĽ, together Ăłith the Ă‚undamentals of LaĂł and ĂŽegulations for Listed ComĂŹanies for CorĂŹorate Secretaries , held by the Thai Listed ComĂŹanies Association Ăłith the suĂŹĂŹort of the SĂ T. Please refer to the Ă­ualifications and ĂŹrofessional history of the ComĂŹany Secretary as shoĂłn in the Detailed Ă…nformation on the Management ĂƒrouĂŹ - in the Section regarding the ComĂŹany Secretary. šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ Ă›Ă?ĂŒ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă Ăš ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™Ăš ĂˆĂ•Ă‹ Ă›Ă?ĂŒ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ— Ă?Ă• ™—˜œ Ă— Ă ĂŽ Ă—

šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšÂĄ The Nomination and ĂŽemuneration Committee, Ăłith the resĂŹonsibility for considering and šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšÂĄ

revieĂłing the remuneration for žoard Directors, had determined, in a clear, concise and transĂŹarent manner, the ĂŹroĂŹosed overall remuneration ĂŹlan that is comĂŹarable to other comĂŹanies in the same industry sector, together Ăłith the level of remuneration that is aĂŹĂŹroĂŹriate to eĂ´ĂŹeriences and assigned duties, role and additional scoĂŹe of resĂŹonsibilities as Ăłell as comĂŹarable to various other SĂ T listed comĂŹanies¡ Ăłhereby this ĂŹroĂŹosal is based on the Annual ComĂŹensation Survey ĂŽeĂŹort - 2014 ĂŹublished by the Thai Ă…nstitute of Directors Association ¤Ă…ODÂĽ and Ăłas then aĂŹĂŹroved by the AĂƒM/2015. šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Â? ÂŞĂ–Ă”Ă—ĂŒĂ•ĂšĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ Ă›Ă?ĂŒ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ—ÂĄ The Nomination and ĂŽemuneration Committee is resĂŹonsible for

considering and revieĂłing the remuneration ĂŹlan for the Management ĂƒrouĂŹ, through evaluating the resĂŹective ĂŚob ĂŹerformance for individual Management members as Ăłell as comĂŹaring the evaluation results Ăłith the overall ĂŹerformance results of the ComĂŹany together Ăłith the actual achieved ĂŹerformance results of each DeĂŹartment comĂŹared to ĂŹre-agreed targets. Additionally, a survey Ăłas undertaken of the remuneration and comĂŹensation given by comĂŹarable comĂŹanies Ăłithin the same business sector, so as to have sufficient information on hand.

74

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7RWDO DPRXQW RI UHPXQHUDWLRQ DQG FRPSHQVDWLRQ IRU \HDU 7KH &RPSDQ\ SDLG WKH IROORZLQJ WRWDO DPRXQW RI UHPXQHUDWLRQ DQG FRPSHQVDWLRQ WR %RDUG 'LUHFWRUV DQG WKH 0DQDJHPHQW *URXS DV EHORZ ˜• šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ ŠĂ–ĂˆĂ™Ă‹ ÂŤĂ?Ă™ĂŒĂŠĂ›Ă–Ă™ĂšÂĄ °Ă• Ă›Ă?ĂŒ Ă?ÖÙÔ Ă–Ă? Ă”Ă–Ă•ĂŒĂ Â˜Â• ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂŠĂ“•

­ĂœĂ“Ă“ Ă•ĂˆĂ”ĂŒ

¡Ă–ĂšĂ?Ă›Ă?Ă–Ă•

Admiral M.L Ă‘sni PramoĂŚ

- Chairman of the žoard of Directors - Ă…ndeĂŹendent Director Mr. Lucksananoi Punkrasamee - Chairman of the Audit Committee, - Ă…ndeĂŹendent Director - Member of the Nomination ¢ ĂŽemuneration Committee Mr. ChristoĂŹher Æohn King - Chairman of the Nomination ¢ ĂŽemuneration Committee, - Member of the Audit Committee, - Ă…ndeĂŹendent Director Mr. žibit žiĂŚaisoradat - Member of the Audit Committee, - Ă…ndeĂŹendent Director - Member of the Nomination ¢ ĂŽemuneration Committee Total

ÂşĂ?Ă•ĂŽĂŒĂ™ ÂłĂŒĂˆĂšĂ?Ă•ĂŽ Â?ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹Â? ªÖ•“ ³Û˕ ÂťĂ–Ă›ĂˆĂ“ šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Â?ŠĂˆĂ?Ă›Â? ¡Ă–ĂšĂ?Ă›Ă?Ă–Ă• Â?ŠĂˆĂ?Ă›Â? Â?ŠĂˆĂ?Ă›Â?

453,000 - Chairman of the žoard

80,000 533,000

170,000 - Director

50,000 503,000

283,000 - Director

50,000 469,000

136,000 283,000 136,000 - Director 283,000 -

50,000 469,000

1,7 ,000 Total

0,000 1,97 ,000

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š• šĂŒĂ”ĂœĂ•ĂŒĂ™ĂˆĂ›Ă?Ă–Ă• Ă?Ă–Ă™ Ă›Ă?ĂŒ ´ĂˆĂ•ĂˆĂŽĂŒĂ”ĂŒĂ•Ă› ÂŽĂ™Ă–ĂœĂ—ÂĄ °Ă• Ă›Ă?ĂŒ Ă?ÖÙÔ Ă–Ă? Ă”Ă–Ă•ĂŒĂ ÂšÂ•

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Salaries, bonus ĂŹayments and incentives

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5

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ComĂŹany s contribution to the Ă mĂŹloyee Provision Ă‚und 11RWH 1RWH

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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.

Admiral Mom Luang Ñsni Pramoæ Mr. Adisak Sukumvitaya Mr. ¾oonyong Tansakul Mr. Lucksananoi Punkrasamee Mr. Christoìher Æohn King Mr. ¾ibit ¾iæaisoradat Mr. Òichai Kulsomìhob Mr. Paitoon Sukhanaìhorn Mr. Siam Ñralóong Mr. Kanisorn Nutchanart Mr. Somìorn Kitthaveesinìoon Mrs. Arunrung Tankiattichai

±ÈÕÜÈÙà

76,500 135,000 4,000 5,000 4,000 -

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As mentioned above they are reíuired to submit a declaration regarding such changes in the oónershiì of shares of the Comìany to the office of Comìany Secretary, in order to enable the Comìany Secretary to coordinate internally and create a comìany shareholdings reìort for submitting to the Securities and Áôchange Commission ¤ SÁC ¥ as reíuired. Âurthermore, the Comìany reíuires that a disclosure be made, at every ¾oard of Directors Meetings for any changes, of the amount of shares of the Comìany oóned by each ¾oard Director. ·ÌÙÚÖÕÕÌÓ ¯ÌÈËÊÖÜÕÛ

The Comìany has a total ìersonnel headcount of 3,696 ìersons, of óhom 375 are emìloyed by the Subsidiary Comìanies. Âor 2015, the Comìany ìaid total remuneration and comìensation of ¾aht 768.8 million, of óhich ¾aht 76.2 million óas ìaid by the Subsidiary Comìanies· óhereby this included basic salaries, bonus ìayments, overtime ìayments, living alloóances, as óell as sales and collections targets-related incentives together óith the Comìany s contribution to the social security and emìloyee ìrovident funds contributions. » »ÖÛÈÓ µÖ ÖÍ ¬Ô×ÓÖàÌÌÚ ÈÕË ªÖÔ×ÌÕÚÈÛÐÖÕ Éà ÊÖÔ×ÈÕà Ê ­ÖÙ ­ÖÙ

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1. Æob Designing ¢ Æob Descriìtion¶ Ñndertook a revieó and redesign of the various eôisting æob descriìtions for all oìerating ¾usiness Ñnits/Deìartments. 1. Personnel Planning¶ Ñndertook a revieó and assessment of the total number of ìeoìle in the Comìany, in order to re-verify the eôact total number of ìersonnel that is shoón in the HÎMS database and emìloyees registry so as to use this information for ongoing ìersonnel ìlanning activities. 2. Îecruiting ¢ Selecting íualified ìersonnel¶ Making use of various sales staff recruitment channels - such as¶ through eôisting sales reìresentatives/agents or the ¾ranch Office Managers· óhereby the Comìany also added other Staff recruitment channels - such as, the PÎ advertisements on the internet, local neósìaìers, various national and local æob search/aììlication related ìrint media, and æoint ìarticiìation to screen and select targeted ìotential candidates, as óell as setting uì and ìarticiìating in various æob fairs and recruitment events. This also included emìloyment of neó ìermanent staff as óell as uìdating the eôisting Hiring ¢ Ámìloyee History database. The Comìany has determined various criteria for the selection of neó ìersonnel from aììlicants for the various oìen æob ìositions in accordance óith the resìective reíuirements for each ìosition, together óith for the reíuired screening and background checks as óell as for the actual hiring activities to be in accordance óith the established Comìany regulations as óell as the reíuired by the labor authorities and the Thai Labor Protection Act ¤¾Á 2541 or 1968¥. 3. Performance Aììraisals¶ The Comìany has created Staff æob ìerformance aììraisal ìrocedures and forms that are in accordance óith the acceìted ìrinciìles of Performance Management ¤PM¥, so that æoint ìarticiìation in the aììraisal ìrocess can be undertaken by both the Staff and their Suìerior together óith continuous ongoing monitoring actions to enable further suggestions for imìrovements to be made in the discharge of their duties that corresìond to the resìective established ìerformance targets for each ìerson. 4. Comìensation Management System¶ The Comìany s comìensation structure includes many forms of remuneration such as¶ basic salaries, bonus ìayments, overtime ìayments, and sìecial alloóances for selected ìositions, together óith sales commission and incentives, various óelfare benefits and sìecial assistance alloóance· óhereby various differing Staff ìositions óill receive different total comìensation, deìending uìon their resìective roles and resìonsibilities in each oìerating ¾usiness Ñnit/Deìartment. Îegular revieós of the óelfare benefits and incentive ìrograms for sales Staff are undertaken· óhereby actual ìerformance results relating to achieved sales and collections are used to determine the various ìrograms that are aììroìriate for each resìective Sales Staff grouì. 5. Óith regard to Staff resignations and emìloyment terminations, the Comìany adheres to the óorking regulations that corresìond to the established labor laós and are in accordance óith the ìrinciìles of fairness, and eíuitability, as óell as to good morals and business ethics. 6. Óelfare ¢ Other ¾enefits¶ The Comìany has a ìolicy to give formal recognition to honor those emìloyees óith a long service history óith the Comìany of 5 years or more, through giving a certificate of aììreciation together óith sìecial gifts or reóards, so as to thank them for and further motivate them in devoting their knoóledge, efforts, caìabilities and time in discharging their resìonsibilities for the overall benefit of Comìany. The Comìany also ìrovides financial assistance for medical and hosìitaliöation eôìenses to the immediate family of a Staff member, together óith donations in the event of the death of the Staff s father or mother. Other basic Staff óelfare benefits are also given - such as¶ social security contributions· Staff life insurance and accident insurance coverage· Staff uniforms· and transìortation

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to and from óork in the event a Staff member lives far from the Comìany s óork ìlace ¤óarehouse facilities and distribution centers¥· as óell as sìecial Staff ìrice for the Comìany s ìroducts together óith installment ìurchase ìlans. The Comìany has also established a Singer Staff comìensation fund and a Staff cooìerative savings fund that serve as a channel for the Staff to save their earnings or as a source of Staff member loans, at sìecial loó interest rates, to helì ìrovide relief from any short term financial ìroblems as necessary or needed. ¯ÜÔÈÕ ¹ÌÚÖÜÙÊÌ «ÌÝÌÓÖ×ÔÌÕÛ ¯¹«

Consists of 3 seìarated comìonents, namely¶ 1. Training 2. Áducation 3. Develoìment Ta 2 aììroaches have been established for the Comìany s training ìrogram, ie¶ 1¥ Ånternal Training and 2¥ Public Training. Hoóever, the Comìany ìlaces more emìhasis to on the æob training for its Staff, because its field, at all levels and esìecially the sales Staff, are key to the achievement of the Comìany s total sales and revenues. Âurther, the Comìany undertakes continuous internal training activities and seminars that focus on anti-corruìtion ìractices, through educating Staff members, at all levels, to be fully aóare of the ìenalties for any acts of corruìtion in the discharge of their duties, together other seminars aimed at ìromoting good business ethics and morals. Óhile suììort Staff also attend eôternal training courses, that focus on the develoìment of neó skills, knoó hoó, and caìabilities, in order that they óill be able to make use of or adaìt such neó knoóledge in undertaking their so as to achieve imìroved efficiency and effectiveness. at o The Comìany suììorts continuous self-imìrovement and self- learning activities for various key Staff ìositions - such as¶ for regional/area managers, branch outlets managers, oìerating ¾usiness Ñnits/Deìartment Managers, as óell as accountants and accounts revieóers. Âurther, so as to encourage that Staff at all levels to more effectively save their earnings, guidelines and ìrocedures in creating and making simìle income/eôìense records are made available by the Comìany. Additionally, self-training tools in the form of ÒCDs are also made available - such as¶ guidelines on standards in managing and looking after branch outlets as óell as branch office management, together óith other self learning materials or guidelines on selling skills, on communications and ìresentation skills, and on the ìroducts features offered by the Comìany. Áâóâéìíêâëñ A Mini Training Center has been established to undertake training on branch outlets management and imìroved ÅT systems-related óorking ìrocedures for branch outlets management. Such courses are aimed at being oìerating guidelines for the branch outlets management grouì, as óell as to ìreìare those designated to become branch outlets managers, selected from branch outlet Staff óho have achieved good æob ìerformances and ìossess aììroìriate íualifications, so that they are óell-ìreìared to undertake the resìonsibilities as a branch outlet manager in the future. Ån order to create sufficient numbers of training staff, various training activities for ìersonnel resìonsible for Staff training are also undertaken through the train the trainers ìrogram together óith making available adeíuate íuantities of training tools. This is to create sufficient internal training facilitators reíuired to suììort the ongoing business eôìansion ìlans and increased numbers of reíuired Staff in accordance óith the corìorate business ìlans. An imìrovement of the Training Deìartment organiöation structure has also been undertaken, so that it better corresìonds to the actual reíuired internal training activities as óell as to the comìly óith the Labor Skills Develoìment Act. Additionally, outside training institutions and eôìerts have been contacted to helì determine and develoì neó imìroved training ìrograms for the Comìany, that are be more effective as óell as efficient.

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83

¹Ì×ÖÙÛ ÖÕ ®ÖÖË ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ ·ÖÓÐÊÐÌÚ ÖÕ ®ÖÖË ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ Singer Thailand Pcl. recogniöes the imìortance of good corìorate governance as an effective mechanism in linking the relationshiìs betóeen the interests and benefits of all Stakeholders grouìs on a sustainable basis, as óell as one of the key factors in enabling the Comìany to achieve the established business obæectives and to achieve groóth on a sustainable basis for the longer term. The ¾oard of Directors has established the ìrinciìles and ìolicies on good corìorate governance of the Comìany as a guideline for ¾oard Directors, Management and all Staff in conducting the businesses of the Comìany. As such, all Comìany ¾oard Directors, Management and Staff have also all been made aóare of the established reíuired business ethics together óith the ìolicies on good corìorate governance, so as to demonstrate their æoint intent to strictly adhere to these ìrinciìles and ìolicies. Additionally, the Comìany has informed and communicated these key ìolicies and ìrinciìles to everyone óithin the organiöation via various channels of communications, such as¶ the staff orientation ìrogram, internal comìany neósletters, monthly staffManagement meetings and internal PÎ notices, as óell as via the Comìany s óebsite and through various Comìany activities. This is to reinforce the aóareness of and facilitate full and active cooìeration by everyone óithin the organiöation on a continuing basis. During 2014, at the ¾oard of Directors Meeting No.203, on 14 November 2014, a resolution óas aììroved relating to the anti-corruìtion stance and ìolicies of the Comìany, ìolicy relating to receiving confidential information and comìlaints, and also the Îevised - 2014 Policies and Princiìles on Ãood Corìorate Ãovernance that has been uìdated to be more aììroìriate to the ìossible changes in the overall business situation and environment or in the aììlicable legal and regulatory reíuirements· óhereby this revised document has been communicated to everyone óithin the organiöation through being ìosted on the Comìany s óebsite. Moreover, the Comìany has a ìolicy to revieó and uìdate such ìolicies on a regular basis, so that they are alóays current, timely and aììroìriate to the ever-changing aììlicable laós and regulations.

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The structure and comìosition of the Comìany s ¾oard consist of¶ the ¾oard of Directors, the Audit Committee, the Nomination and Îemuneration Committee, the Áôecutive Committee, the Îisk Management Committee and the Management· óhereby the scoìe of duties and resìonsibilities of these various Committees are as folloós¶ ºÊÖ×Ì ÖÍ «ÜÛÐÌÚ ÈÕË ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÖÍ ÛÏÌ ©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ ºÊÖ×Ì ÖÍ «ÜÛÐÌÚ ÈÕË ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÖÍ ÛÏÌ ©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ

• The ¾oard of Directors of the Comìany is reíuired to carry out its duties and resìonsibilities fully in accordance óith all the aììlicable laós and regulations, together óith the obæectives and the Articles of Association of the Comìany, as óell as the established Comìany ìolicies and the resolutions of the Shareholders Meetings in an honest manner and óith all due care, so as to ìrotect and ensure that full benefits are achieved for the Comìany and all Stakeholder grouìs • The ¾oard of Directors must alóays act óith full accountability to the Shareholders of the Comìany in undertaking activities that óill ìrotect the benefits of the Shareholders, óith full and transìarent disclosures of information to its investors. • The overall conduct of the Comìany s businesses is overseen and guided by the ¾oard of Directors, so as to ensure that the Management acts in full comìliance óith the established ìolicies of the Comìany· óhereby, as sìecified in the Comìany s Ministry of Commerce Affidavit, any 2 of the folloóing 3 ¾oard Directors - Mr. Adisak Sukumvitaya, Mr. ¾oonyong Tansakul, and Mr. Paitoon Sukhanaìhorn - signing together and affiôing the Comìany seal, are authoriöed, in the name of the Comìany, to legally commit and bind the Comìany óith regards to undertaking any legal actions and fighting any legal ìroceedings or disìutes, together óith eôecuting any agreements and financial instruments. Hoóever,

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¹Ì×ÖÙÛ ÖÕ ®ÖÖË ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ

the ¾oard of Directors retains the right to revieó and consider making any further changes to the names of the authoriöed ¾oard Directors as aììroìriate, in order to achieve maôimum management together óith oìerational effectiveness and efficiency of the Comìany· as óell as to assign management and oìerational authority to the neôt level of the Management Ãrouì further doón the line as aììroìriate. ©ÖÈÙË ªÖÔÔÐÛÛÌÌÚ

• The Chairman of the ¾oard of Directors does not hold the Chairman s ìosition in and is not aììointed as a Member of any of the various ¾oard Committees, so as to alloó these ¾oard Committees to act in a fully indeìendent manner. • The maæority of the Members of the ¾oard Committees are Åndeìendent Directors· as such, this is to achieve full transìarency and genuine indeìendence in the discharge of their resìonsibilities by the various ¾oard Committees. • Ån order that these ¾oard Committees are full effective in the discharge of their duties and resìonsibilities as assigned by the ¾oard of Directors as óell as in being able to realiöe and achieve their established obæectives and goals, the various ¾oard Committees should have at least 2 meetings during the year, so as to consider and be able to decide on aììroìriate actions óith regard to any relevant matters or issues that are óithin their scoìe of resìonsibility. • The ¾oard of Directors has established various ¾oard Committees to assist it in the good governance oversight, as folloós ¶

»ÏÌ ¨ÜËÐÛ ªÖÔÔÐÛÛÌÌ

Ån accordance óith the resolution of the Comìany s ¾oard of Directors, the Audit Committee óas established, consisting 3 Åndeìendent Directors, óith Mr. Lucksananoi Punkrasamee as the Chairman of the Audit Committee and the Committee Member, óho ìossess the knoóledge, eôìeriences and eôìertise in regards to finance and accounting, as reíuired by the Stock Áôchange of Thailand ¤SÁT¥ and other regulatory authorities. This is in order to be able to effectively revieó the accuracy and creditability of the Comìany s Âinancial Statements, as óell as to suììort the develoìment of financial and accounting reìorting systems to conform óith universally acceìted accounting ìrinciìles and standards, together óith assessing the effectiveness and adeíuacy of the internal controls system as óell as the internal audit and risk management ìrocedures, so that they are more concise, comìrehensive, aììroìriate, uì to date and fully effective. The Audit Committee is to discharge its resìonsibilities and ìrovides any comments óith full indeìendence, óith the Ånternal Audit Deìartment being under the resìonsibility of and reìorts directly to the Audit Committee. The Audit Committee also consults and óorks closely óith the eôternal Auditors· óhereby it meets óith the eôternal Auditors, óithout any members of the Management being ìresent, at least once a year in order to obtain their oìinions on various matters. Additionally, the Audit Committee can consult óith indeìendent eôternal legal advisors, óith the Comìany being resìonsible for ìaying all associated eôìenses. The Audit Committee holds regular meetings óith a total of 4 meetings being held during 2015, and reìorts to the ¾oard of Directors in accordance óith the assigned scoìe of duties and authority, as stated in the Charter for the Audit Committee, as folloós¶ ºÊÖ×Ì ÖÍ ËÜÛÐÌÚ ÈÕË ÈÜÛÏÖÙÐÛà ÖÍ ÛÏÌ ¨ÜËÐÛ ªÖÔÔÐÛÛÌÌ

Ån the ¾oard of Directors Meeting No. 172, óith the Audit Committee attending, a resolution óas aììroved relating to the folloóing overall scoìe of duties and authority of the Audit Committee¶ 1. Îevieó that the Comìany has all the reíuired financial reìorts, as óell as that they are fully accurate and adeíuate 2. Îevieó and ensure that the Comìany has a system of internal controls, that are aììroìriate effective and adeíuate, as óell as óith assessing the indeìendence of the Ånternal Audit Deìartment together óith being resìonsible for aììroving the aììointment and transfer or dismissal and ìerformance aììraisal of the Head of the Ånternal Audit Deìartment - or any other unit resìonsible for internal audit activities. 3. Îevieó and assess that the Comìany fully comìlies óith all aììlicable securities and eôchange laós, together óith the relevant aììlicable regulatory reíuirements of the SÁT and other laós relating to the business oìerations of the Comìany. 4. Consider, select and nominate those deemed fully íualified and indeìendent for aììointment as the eôternal Auditors of the Comìany, together óith ìroìosing their comìensation as aììroìriate. The Audit Committee must also meet óith the eôternal Auditors, óithout any members of Management being ìresent, at least once a year.

86

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87

¹Ì×ÖÙÛ ÖÕ ®ÖÖË ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ

5. Consider and revieó any ìroìosed related ìarty transactions or any other transactions that may involve ìossible conflicts of interests. As such, this is to ensure these transactions fully comìly óith all the relevant aììlicable laós and regulations of the SÁT, as óell as are reasonable and in the best interests of or for the maôimum benefit to the Comìany. 6. Preìare the Îeìort of the Audit Committee relating to its oversight resìonsibilities for inclusion in the Comìany s Annual Îeìort, óhereby it is signed by the Chairman of Committee and contains all the key ìoints of information as sìecified and reíuired by the SÁT. 7. Ñndertake any other activities as assigned by the ¾oard of Directors, óith the concurrence of the Audit Committee

»ÏÌ µÖÔÐÕÈÛÐÖÕ ÈÕË ¹ÌÔÜÕÌÙÈÛÐÖÕ ªÖÔÔÐÛÛÌÌ

The Chairman of the Nominations and Îemuneration Committee should be fully indeìendent, óhereby this Committee comìrises of 3 Åndeìendent Directors and 1 non-Áôecutive Director. During 2015, the Nomination and Îemuneration Committee held 4 meetings and reìorted to the ¾oard of Directors. The Nomination and Îemuneration Committee has the duty and resìonsibility of selecting íualified ìersons for being nominated as ¾oard Directors and also as Senior Áôecutives/Management Members of the Comìany, as óell as of determining aììroìriate ìrocedures for Shareholders to be able to ìarticiìate in the nomination and aììointment ìrocess of neó ¾oard Directors through ìroìosing íualified candidates to the ¾oard of Directors for consideration and eventual nominations/aììointment by the Shareholders Meeting. The Nomination and Îemuneration Committee is also resìonsible for the consideration of guideline in determining, in an indeìendent and eíuitable manner, the reíuired and aììroìriate annual remuneration ìlans for the ¾oard of Directors, the ¾oard Committees, and the Senior Áôecutive/Management Members. The Nomination and Îemuneration Committee has the folloóing defined scoìe of duty and authority¶ ºÊÖ×Ì ÖÍ «ÜÛÐÌÚ ÈÕË ¨ÜÛÏÖÙÐÛà ÖÍ ÛÏÌ µÖÔÐÕÈÛÐÖÕ ÈÕË ¹ÌÔÜÕÌÙÈÛÐÖÕ ªÖÔÔÐÛÛÌÌ

Ån accordance óith the resolution of the ¾oard of Directors Meeting that óas also attended by the Nomination and Îemuneration Committee the scoìe of duties and authority of the Nomination and Îemuneration Committee óas sìecified as folloós¶ 1. Consider and recommend to the ¾oard ìolicies and criteria for the structure, comìosition, íualifications and selection of members of the board of directors, board committees and senior management of the Comìany and its subsidiaries, including aììroìriate succession ìlans. 2. Subæect to the ìolicies adoìted by the ¾oard and to shareholder aììroval óhere reíuired, select and recommend to the ¾oard suitably íualified candidates for nomination and selection for the aììointment of ¤a¥ directors, ¤b¥ members and chairìersons of board committees, and ¤c¥ Managing Directors and eôecutives directly reìorting to the Managing Directors, of the Comìany and of its subsidiaries. 3. Consider and recommend to the ¾oard, subæect to shareholder aììroval óhere reíuired, ìolicies, structures and ìlans on remuneration, benefits and incentives for directors, board committee members, and senior eôecutives of the Comìany and its subsidiaries óith a vieó to ensuring that the Comìany s overall comìensation ìolicies are consistent óith the Comìany s culture, obæectives, strategy and control environment. 4. Îecommend to the ¾oard ìolicies, criteria and methods for the ìeriodic evaluation of the ìerformance of the members of the boards of directors, board committees and senior eôecutives of the Comìany and its subsidiaries, and imìlement the same and reìort the results to the ¾oard· 5. Ñndertake any other tasks entrusted and assigned by the ¾oard related to the foregoing.

¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ªÖÔÔÐÛÛÌÌ

At the ¾oard of Directors Meeting No. 203, on November 14, 2014, a resolution óas aììroved to establish the Îisk Management Committee ¤ÎMC¥ resìonsible for determining ìolicies and criteria for managing risks in accordance óith international ìrinciìles and ìractices together óith regulations as sìecified by the SÁT, as óell as for determining aììlicable risks assessment and risk management measures and also effective óarning systems that óill enable effective management of risks in an aììroìriate manner. The ÎMC óas also charged óith overseeing and monitoring, on a regular basis, that all oìerational Divisions/Deìartments manage their resìective risks in accordance óith established laós, regulations, and sìecified ìrocedures and

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ìrocesses together óith submitting reìorts on risk management activities. Additionally, the ÎMC óill revieó, on a regular basis, the established key risk management measures to assess their ongoing effectiveness, and óill submit a reìort of the assessment results together óith ìroìosing, at least tóice a year, any imìrovements to these ìolicies lto the Audit Committee, as óell as to receive any suggestions from the Audit Committee for further imìrovement and imìlementation. ºÊÖ×Ì ÖÍ ËÜÛÐÌÚ ÈÕË ÈÜÛÏÖÙÐÛà ÖÍ ÛÏÌ ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ ªÖÔÔÐÛÛÌÌ

According to the resolution of the ¾oard of Directors meeting No. 203, óhich óas attended by the Îisk Management Committee, the scoìe of duties and authority of the ÎMC óas determined, as folloós¶ 1. To determine relevant ìolicies and associated criteria relating to the overall management of risks for the Ãrouì, that are in accordance óith international ìrinciìles and ìractices as óell as óith the regulations as sìecified by the SÁT· and then to ìroìose such ìolicies for aììroval by the Audit Committee. 2. To define aììroìriate and aììlicable risk management-related ìreventive measures and ìrocedures for the Ãrouì. 3. To determine and deìloy aììlicable risks assessment ìrocedures, and to ensure that effective aììlicable óarning systems are in ìlace. 4. To oversee and monitor, on a regular basis, that all oìerational Divisions/Deìartments effectively manage their resìective risks in accordance óith established ìrocedures and sìecified ìrocesses. 5. To oversee and ensure that the Ãrouì s oìerations fully comìly óith all relevant and aììlicable laós and regulations. 6. To ìreìare and submit reìorts to the Audit Committee, on a regular basis, in regards to any reíuired imìrovements and corrective actions, in accordance óith the established ìolicies and strategies of the Ãrouì relating to identified risk factors and their ìotential occurrence, as óell as any aììlicable risk management from such risks ìrocedures or guidelines and also eôìected imìacts. 7. To undertake any other activities as assigned by the Audit Committee.

»ÏÌ ¬ßÌÊÜÛÐÝÌ ªÖÔÔÐÛÛÌÌ

Ån accordance óith the resolution of the ¾oard of Directors Meeting No.209, on 21 December 2015, óith the Audit Committee attending, the Áôecutive Committee óas established, óith the duties and resìonsibilities to oversee the Comìany s business oìerations to be in accordance óith the agreed strategic directions, together óith the oìerating systems and ìrocedures of the Comìany and Subsidiary Comìanies, as óell as undertaken in a uniform manner. ºÊÖ×Ì ÖÍ ÈÜÛÏÖÙÐÛà ËÜÛÐÌÚ ÈÕË ÙÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÖÍ ÛÏÌ ¬ßÌÊÜÛÐÝÌ ªÖÔÔÐÛÛÌÌ¡

1. Âolloó uì the management and control the business of the Comìany in comìliance óith the obæectives, rules, regulations, articles of association, orders, resolutions of the ¾oard meetings and the shareholders meetings, and to formulate the guidelines or commitments for the Administration and Management and management through the ¾oard s ìolicy. 2. Îevieó the business ìlan and the annual budget of the Comìany, and submit the same to the ¾oard. 3. Consider the strategy for overall groóth and investment of the Comìany. 4. Consider and aììrove the contract, eôìenditure and investment in stocks or any other securities, including any loans, óhich each transaction in the amount is significant to the Comìany s Âinancial Statements. 5. Cooìerate and assist other subcommittees in the ìerformance of their duties. 6. Consider and aììrove the emìloyment, determine the óage, remuneration, óelfare, bonus, to Áôecutive Management of the Comìany. 7. Åf it is necessary, engage consultants or eôìerts in the fields beneficial to business oìeration of the Comìany, at the Comìany s eôìense. 8. Perform other duties as entrusted by the ¾oard. ¹ÖÓÌ ÈÕË ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÖÍ ÛÏÌ ©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ ÈÕË ÛÏÌ ¬ßÌÊÜÛÐÝÌ ´ÈÕÈÎÌÔÌÕÛ ®ÙÖÜ× × Î ×

The Comìany s ¾oard of Directors has clearly defined and seìarated the resìective role and resìonsibilities of the ¾oard of Directors and those of the Áôecutive/Management· óhereby the Chairman of the ¾oard is an Åndeìendent Director

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and the ìosition is not held by the same ìerson óho is the Chairman of the Áôecutive Committee, óith clearly seìarated roles, resìonsibilities and scoìe of authority. This is in order to achieve an effective balance of ìoóer betóeen the management and governance/oversight functions.

ºÌÓÌÊÛÐÖÕ ÈÕË µÖÔÐÕÈÛÐÖÕ ÖÍ «ÐÙÌÊÛÖÙÚ ÈÕË ÚÌÕÐÖÙ ¬ßÌÊÜÛÐÝÌÚ ´ÈÕÈÎÌÔÌÕÛ °ÕËÌ×ÌÕËÌÕÛ «ÐÙÌÊÛÖÙÚ

The ¾oard of Directors óill be resìonsible for initially revieóing the nomination of Åndeìendent Directors from ìroìosed nominees ìossessing the reíuired and aììroìriate íualifications as sìecified by the SÁC and SÁT· and then the ¾oard óill ìroìose to the Nomination and Îemuneration Committee to consider the aììroìriate remuneration for ìroìosing to the ¾oard of Directors for final consideration and concurrence. The 4 Åndeìendent Directors of the Comìany, that is eíual to 50¡ of the total number of ¾oard Directors, do not ìossess any íualifications that conflict óith those reíuired and sìecified by the SÁC and SÁT in any óay óhatsoever. Also during the last financial ìeriod, these Åndeìendent Directors do not have any related business activities or ìrovided any ìrofessional services óith the Comìany. ¸ÜÈÓÐÍÐÊÈÛÐÖÕÚ ÍÖÙ °ÕËÌ×ÌÕËÌÕÛ «ÐÙÌÊÛÖÙÚ

The Comìany has used the definition of an Åndeìendent Director eôactly as sìecified by the SÁC and SÁT in regards to oóning shares of the Comìany at not more than 1¡ of the total number of shares óith the right to vote, and in not being involved in any óay óith the management of the Comìany or Subsidiary Comìanies, in being fully indeìendent of the management activities undertaken by maæority Shareholder of the Comìany, and in not having any business relationshiìs óith the Comìany that may, in any óay, diminish the full interest and benefits of the Comìany and/or its Shareholders. The Comìany has determined the reíuired íualifications for Åndeìendent Directors to be as folloós¶ 1. A ìerson oóning not more than 1¡ of the total voting shares of the Comìany, including those shares oóned by any related ìersons/ìarties, as óell as those shares issued by any Subsidiary or ÆÒ Comìany of and any related comìanies of the Comìany. Hoóever, in the case of Directors óho are members of the Audit Committee, such shareholding is limited to only 0.5¡. 2. A ìerson óho is not involved in any day-to-day management of the Comìany or óho is not a Staff /Ámìloyee or a consultant receiving a ìermanent salary· as óell as a ìerson óho is not a ìerson óith a controlling ìoóer over the Comìany, the ìarent Comìany, a Subsidiary Comìany, a ÆÒ Comìany, a Subsidiary Comìany of a ìarallel status, or over any æuristic entity óith ìossible legal conflicts· óhereby such a status óas valid óithin a 2 year ìeriod ìrior to being aììointed as an Åndeìendent Director of the Comìany. 3. A ìerson óho is not related by blood or through a legal registration ìrocess - and thereby having a status of being a ìarent, sìouse, siblings, or children and including sìouses of the children - of a Management Member and a maæority Shareholder, of a ìerson óith a controlling interest, of a ìerson about to be nominated as a member of Management, or of someone óith a ìoóer over the Comìany and/or its Subsidiary Comìanies. 4. A ìerson óho does not have any business relationshiìs óith the Comìany and/or óith a æuristic entity or a ìerson considered as not being fully indeìendent according to the íualifications of being an Åndeìendent Director and a Member of the Audit Committee as sìecified by the rules and regulations of the SÁC. This includes any business relationshiìs in ìroviding ìrofessional services, or any other tyìes of trade/business relationshiìs that are considered to be related ìarty transactions as defined by the SÁT. Hoóever, eôceìtions can be made for sìecial or necessary situations as aììroìriate· óhereby such business relationshiìs do not occur reìeatedly or on an ongoing basis, that reíuire ìrior ¾oard aììroval óith a unanimous vote. 5. A ìerson/Director that has not been aììointed to act on behalf of a Director of the Comìany, of a maæority shareholder or of a Shareholder connected to and associated óith the maæority shareholder of the Comìany - eôceìt in the event of being assigned by the ¾oard of Directors to make decisions, on a collective basis only, regarding the oìerations of the Comìany, the ìarent Comìany, its Subsidiary Comìany, ÆÒ Comìany, a Subsidiary Comìany of a ìarallel status as óell as a æuristic entity óith a ìossible conflict of interests. 6. A ìerson/Director that has not been emìoóered by the ¾oard of Directors of the Comìany to make decisions on the oìerations of the Comìany, the ìarent Comìany, its Subsidiary Comìany, ÆÒ Comìany, a Subsidiary Comìany of a ìarallel status, as óell as a æuristic entity óith a ìossible conflict of interests.

92

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93

¹Ì×ÖÙÛ ÖÕ ®ÖÖË ªÖÙ×ÖÙÈÛÌ ®ÖÝÌÙÕÈÕÊÌ

7. A ìerson óho is not Director of the ìarent Comìany, its Subsidiary Comìany and ÆÒ Comìany, as óell as a Subsidiary Comìanies of a ìarallel status, those are ìublic listed comìany only. 8. A ìerson being able to undertake the reíuired duties, as óell as having and eôìressing oìinions, together óith being able to reìort on the results of any such resìonsibilities as assigned by the ¾oard of Directors, óith full indeìendence and free from any influence from the Áôecutives/Management Ãrouì or the maæority Shareholder of the Comìany or any related ìarties, and including any involved ìerson/ìarties or relatives of such ìerson/ìarties ºÌÓÌÊÛÐÖÕ ÈÕË µÖÔÐÕÈÛÐÖÕ ÖÍ ©ÖÈÙË «ÐÙÌÊÛÖÙÚ ÈÕË ºÌÕÐÖÙ ¬ßÌÊÜÛÐÝÌÚ

The Comìany has established the Nomination and Îemuneration Committee, resìonsible for selecting ìersons to be nominated as the Chairman of the ¾oard, ¾oard Directors and Members of the various ¾oard Committees, together óith the CÁO and Senior Áôecutives/Management of the Comìany together óith the Comìany Secretary, as óell as for determining remuneration ìlans aììroìriate to the assigned resìonsibilities. Ån the event of a vacancy on the ¾oard for óhatever reasons, the Nomination and Îemuneration Committee óill undertake to recruit and nominate the aììroìriate ìerson to be considered and aììroved as a reìlacement Director by the ¾oard of Directors - óith the eôceìtion of the aììointment of a neó Director and a Director to reìlace one due to retire by rotation· óhereby in such an event, the Nomination and Îemuneration Committee óill recruit and nominate íualified ìersons for consideration and concurrence by the ¾oard of Directors, so as to then ìroìose such nominees for final consideration and aììroval by the Shareholders Meeting. As such, the Comìany óill ìroìose nominees to be considered and elected, on an individual basis, as neó ¾oard Directors by a vote of the Shareholders. This is to alloó the Shareholders the oììortunity to eôercise their entitled Shareholders rights in genuinely ìarticiìating and selecting the reíuired neó ¾oard Director. Additionally, the ¾oard of Directors also aììoints the various ¾oard Committees to helì reduce its óorkload and share the resìonsibilities in overseeing, monitoring and considering various imìortant matters, namely¶ the Audit Committee, the Nomination and Îemuneration Committee, the Áôecutive Committee, and the Îisk Management Committee. As such, the actual ìrocess of selection and aììointment of the Members of the various ¾oard Committee is reíuired to be undertaken and aììroved by the Nomination and Îemuneration Committee, óhich then submits the nominees for final aììroval by the ¾oard of Directors. The nomination of íualified ìersons to the ¾oard of Directors must successfully undergo a consideration of their relevant and aììroìriate íualification as folloós¶ 1. Possessing the reíuired íualifications and not ìossessing any ìrohibited íualification as sìecified by the aììlicable laós relating to Public Comìanies, as óell as not having any characteristics that óill indicate or lead to a lack of confidence and trust, on the ìart of Shareholders, in the nominee being able to oversee the management of the Comìany in accordance óith the sìecified íualifications of the SÁT. 2. Possessing the knoóledge, skills, eôìeriences, and other íualifications as deemed aììroìriate by the ¾oard of Directors. 3. ¾eing able to fully devote the reíuired time and efforts in discharging the duties of a ¾oard Director - esìecially óith regards to being able to make imìortant decisions - for the benefit of the Comìany. • At ìresent, the ¾oard of Directors of the Comìany is comìosed of 8 ¤eight¥ Directors, óith Director from the maæority Shareholder grouì ¤ie¶ Æaymart Pcl., óho has a 24.99¡ shareholding¥ - namely, Mr. Adisak Sukumvitaya. • Âurther, óhile the Comìany has alloóed minority Shareholders the oììortunity to ìroìose, in advance, those íualified to be considered for aììointment as a ¾oard Director during the ìeriod betóeen 22 Seìtember 2015 to 31 December 2015, hoóever no nominations for consideration to be aììointed a Director have been received from any Shareholders.

¶ÝÌÙÚÐÎÏÛ ÖÍ ÛÏÌ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ ÖÙ ±½ ªÖÔ×ÈÕÐÌÚ ¶ÝÌÙÚÐÎÏÛ ÖÍ ÛÏÌ ¶×ÌÙÈÛÐÖÕÚ ÖÍ ºÜÉÚÐËÐÈÙà ªÖÔ×ÈÕÐÌÚ ÖÙ ±½ ªÖÔ×ÈÕÐÌÚ •

Currently, Singer Thailand ìcl., has 2 Subsidiary Comìanies, in óhich the Comìany has an 99.99¡ eíuity shareholding, namely· Singer Leasing ¤Thailand¥ Co., Ltd., and Singer ¤¾roker¥ Co., Ltd. And 1 Subsidiary Comìany, in óhich the comìany has an 99.88¡ eíuity shareholding, namely· Singer Service Plus Co., Ltd., and has no ÆÒ Comìanies. Additionally, in order to comìly to the governance and oversight ìrocedures that are aimed at achieving effective control of and resìonsibility for the management of these Subsidiary Comìanies, as óell as to ìrotect the financial

94

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šĂŒĂ—ÖÙÛ Ă–Ă• ÂŽĂ–Ă–Ă‹ ÂŞĂ–Ă™Ă—Ă–Ă™ĂˆĂ›ĂŒ ÂŽĂ–Ă?ĂŒĂ™Ă•ĂˆĂ•ĂŠĂŒ

investments and interest of the ComĂŹany, the žoard of Directors has assigned reĂŹresentatives to be Directors of these 3 comĂŹanies, in accordance Ăłith the rules and regulations of the ComĂŹany and as aĂŹĂŹroved by the resolution of the ComĂŹany s žoard of Directors. • Ă very Ă?uarter, the oĂŹerating ĂŹerformance results of these 3 Subsidiary ComĂŹanies, that have been audited by the eĂ´ternal Auditors and revieĂłed by the Audit Committee, are submitted to the žoard of Directors for consideration and aĂŹĂŹroval. Ă“ith regards to other imĂŹortant transactions, such asÂś related ĂŹarty transactions or the acĂ­uisition and disĂŹosal ¤if anyÂĽ of assets, these are subĂŚect to the established oversight and control ĂŹrocedures, through the systematic ĂŹrocedure of consideration and revieĂł by the žoard of the Subsidiary ComĂŹany for ĂŹroĂŹosing to the ComĂŹany s Audit Committee for revieĂł and eventual ĂŹroĂŹosal for aĂŹĂŹroval by the ComĂŹany s žoard of Directors¡ Ăłhereby details of such transactions are then disclosed via the SĂ T s information communications netĂłork system. • The reĂŹresentative of the ComĂŹany, Ăłho is the Director of the Subsidiary ComĂŹany, also ĂŹarticiĂŹates in the determination of imĂŹortant oĂŹerating ĂŹolicies of the Subsidiary ComĂŹany¡ such as, ĂŹlanned investments in any neĂł ĂŹroĂŚects.

ªÖÕÛÙÖÓÚ Ă?Ă• Ă›Ă?ĂŒ ÂźĂšĂŒ Ă–Ă? °Ă•ĂšĂ?Ă‹ĂŒ °Ă•Ă?Ă–Ă™Ă”ĂˆĂ›Ă?Ă–Ă• The žoard of Directors has determined various measures to ĂŹrevent insider trading, through illegal or misuse of confidential information by any involved ĂŹarties¡ namelyÂś the žoard of Directors, Senior Ă Ă´ecutives/Management members and any Staff involved and having access to such information, including sĂŹouses and children not yet of legal age of these involved ĂŹersons, as folloĂłsÂś • Senior Ă Ă´ecutives/Management members are reĂ­uired to reĂŹort any changes in their oĂłnershiĂŹ of shares of the ComĂŹany to the SĂ C and SĂ T, as sĂŹecified by Clause 59 of the Securities and Stock Ă Ă´change Act ¤1992ÂĽ. • Senior Ă Ă´ecutives and any involved business units having access to any internal confidential information, are ĂŹrohibited from disclosing such information to those outside the ComĂŹany or those inside the ComĂŹany not authoriĂśed to have access to such information, and from ĂŹurchasing any shares of the ComĂŹany Ăłithin a 1 month ĂŹeriod ĂŹrior to the official release, to the general ĂŹublic, of the ComĂŹany s Ă‚inancial Statement. Ă‚urther, the ComĂŹany, via the Ă…nvestor ĂŽelations Ă‘nit, has also determined a silent ĂŹeriod relating to the use of any sensitive and significant information in relation to the trading of any ComĂŹany shares, Ăłhereby this ĂŹolicy has been communicated, via email, to all Directors, Senior eĂ´ecutives/Management members and any ĂŹarties involved, so that all ĂŹarties Ăłill be aĂłare of and adhere strictly to this ĂŹolicy Ăłith regards to the use of inside information in making any transactions to buy/sell any ComĂŹany shares. As such, during the ĂŹast year, all ComĂŹany Directors and Senior Ă Ă´ecutives/Management Members have strictly comĂŹlied Ăłith this reĂ­uirement¡ and, aĂŹĂŹarently, these ĂŹarties have not made any transactions in buying/selling of the any shares of the ComĂŹany during this ĂŹrohibited ĂŹeriod. • The ComĂŹany has established various measures to ĂŹrevent illegal misuse of any inside confidential information for ĂŹersonal gain, through restricting access to such information internally and also by ĂŹreventing ĂŹossible access to such information by those outside the ComĂŹany. The ComĂŹany has also imĂŹlemented various authoriĂśed access levels to such information for different staff levels that are aĂŹĂŹroĂŹriate to their assigned duty and resĂŹonsibilities. Additionally, the ComĂŹany reĂ­uires every emĂŹloyee to acknoĂłledge and confirm, in a Memorandum of Confidentiality and Non-Disclosure Agreement, their understanding of the abovementioned reĂ­uirements, together Ăłith confirming their agreement not to disclose any internal confidential information, not to violate the ComĂŹuter LaĂłs, and not to infringe or violate any intellectual ĂŹroĂŹerty rights of others¡ Ăłhereby all emĂŹloyees Ăłill sign this Memorandum of Confidentiality and Non-Disclosure Agreement at the same time as their Contract of Ă mĂŹloyment. Ă‚urther, the ComĂŹany has established guidelines, Ăłithin the ComĂŹany s Code of Ăƒood žusiness Conduct and Ă thics, for the ĂŹrevention of any situations involving ĂŹossible conflicts of interests¡ Ăłhereby such guidelines are communicated to all emĂŹloyees, so that they can strictly adhere to these established guidelines. The Ă Ă´ecutive/Management ĂƒrouĂŹ is resĂŹonsible for monitoring and ensuring that all emĂŹloyees alĂłays observe and strictly comĂŹly Ăłith all relevant aĂŹĂŹlicable laĂłs, rules and regulations together Ăłith the established ĂŹolicies and the ComĂŹany s Code of Ăƒood žusiness Conduct and Ă thics.

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Ă‚or the ComĂŹany and Subsidiary ComĂŹanies, the audit fee ĂŹaid

- >[ LO<<S‰-W%O*<EVKS9 b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V; EIC -- <T9 - LlT;S$*T;LO<<S‰-W9Wg>[ LO<<S‰-WLS*$S6 <Z''GMEYO$V+$TE 9Wg _ $Wg D I% O *$S < >[ L O<<S ‰ -W ` GRLl T ;S $ *T;LO<<S ‰ -W 9Wg >[ LO<<S‰-WLS*$S6 b;EO<= <S‰-W9Wg> T;CTCW+lT;I;_*V;EIC 2,580,000.- <T9 `GR+R7 O*+ TDb;O;T'7OS;_$V6+T$ $TE7$G*9WgDS*bM <EV$TEcC `G I_LEf+b;EO<= <S‰-W9Wg> T;CT CW+lT;I;_*V;EIC -- <T9 ™• Ăš>&/@ >/9CQ% Â?¾ÖՔ¨ĂœĂ‹Ă?Ă› ­ĂŒĂŒÂ?

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- to the authoriĂśed auditor for Ăłork in the ĂŹast financial year, totaling žaht - - to the Audit Ă‚irm, as Ăłell as ĂŹersons or business involved Ăłith the authoriĂśed auditor and Audit Ă‚irm for the ĂŹast financial year, totaling žaht 2,580,000.-¡ together Ăłith fees reĂ­uired to be ĂŹaid in the future for agreed services, that has yet to be fulfilled, for the ĂŹast financial year totaling žaht - ™• ¾ÖՔ¨ĂœĂ‹Ă?Ă› ­ĂŒĂŒĂš

Ă‚or the ComĂŹany and Subsidiary ComĂŹanies, the non -audit fees relating to other servicesÂś - to the authoriĂśed auditor totaling, for the ĂŹast financial year, žaht - ¡ together Ăłith fees reĂ­uired to be ĂŹaid in the future for agreed services, that has yet to be fulfilled, for the ĂŹast financial year totaling žaht - - to the Audit Ă‚irm, as Ăłell as ĂŹersons or business involved Ăłith the authoriĂśed auditor and audit firm, totaling for the ĂŹast financial year, žaht - ¡ together Ăłith fees reĂ­uired to be ĂŹaid in the future for agreed services, that has yet to be fulfilled, for the ĂŹast financial year totaling žaht - - to other comĂŹanies associated and involved Ăłith the Audit Ă‚irm, KPMĂƒ Phoomchai Audit Ltd., for the ĂŹast financial year, totaling žaht 68,400.-¡ together Ăłith reĂ­uired fees ĂŹayable in the future for agreed services, that has yet to be fulfilled, for the ĂŹast financial year totaling žaht -

96

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97

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The ¾oard of Directors ìlaces great imìortance to looking after and ìrotect the rights of every Shareholder as folloós¶ 1. Disclose any imìortant information to all Shareholders on an eíual basis as necessary and reíuired, óith regard to the Comìany s oìerations in a clear and concise as óell as accurate and timely manner, so that such information is sufficiently adeíuate to make decisions during the Shareholders Meeting. 2. Ávery Shareholder receives all suììorting information and documents relating to the Shareholders Meeting that is comìlete and adeíuate, including the oìinions of the ¾oard of Directors regarding the various agenda items to be considered, in advance and not less than 14 days before the Shareholders Meeting - óhich is more than reíuired. The Comìany also ìosts on the Comìany s óebsite an invitation for all Shareholders to ìroìose, in advance, any agenda items for consideration at the Annual Ãeneral Shareholders Meeting ¤AÃM¥ based on the associated aììlicable ìrocedures· and also communicates information relating to the agenda items to be considered at the AÃM on the óebsite ìrior to the scheduled AÃM. This is to alloó Shareholders the oììortunity to revieó and study such information in detail. 3. Ån the event that any Shareholder is not able to attend the AÃM in ìerson, the Comìany alloós Shareholders to give a ìoóer of attorney to an Åndeìendent Director or to any other ìerson, to attend and vote on their behalf through using the ìoóer of attorney form ¤together óith the suììlied duty stamì¥ that the Comìany sent out óith the Notification of the AÃM , that is in a format ¤as sìecified by the Ministry of Commerce¥ that enables Shareholders to clearly designate hoó they óish to vote. Shareholders can also doónload this ìoóer of attorney form from the Comìany s óebsite. Âurther, the Comìany also alloós Shareholders to æoin the AÃM after it has officially started, in order to eôercise their rights to vote on any agenda items being considered óhere voting has not yet taken ìlace at that time, as óell as to be counted as ìart of the attending íuorum from the moment they æoin the Meeting - unless the AÃM considered otheróise. 4. Prior to the day of the Shareholders Meeting, the Comìany alloós Shareholders, singly or as a grouì óith not less than 4¡ of the total voting shares of the Comìany, the right to ìroìose, in advance, any agenda item and/or a ìerson óith all the reíuired íualifications suitable for being nominated as a Director of the Comìany for consideration at the AÃM 2016· óhereby the Comìany alloós Shareholders to submit, in advance, any agenda items together óith any nominated candidates suitable to be elected as a ¾oard Director for consideration at the AÃM betóeen 22 Seìtember 2015 to 31 December 2015. 5. Ån 2015, the Comìany held its Annual Ãeneral Shareholders Meeting ¤AÃM¥ No.48 for 2015 on 24 Aìril 2015, that óas attended by all ¾oard Directors· óhereby the Comìany considered it aììroìriate to hold the AÃM at the Conference Îoom, Âlr 30, CAT Telecom Toóer, Charoenkrung Îoad, ¾angrak, ¾angkok, óhich is the same as for 2014 since the facilities are convenient and adeíuate to accommodate the number of Shareholders óho eôìressed their óish to attend the meeting, since it is easily accessible by ìublic transìort and offers enough available ìarking ìlaces for all attending Shareholders. Âurthermore, this facilitates and enables all Shareholders to attend the Meeting all together and to ask íuestions or eôìress various oìinions and comments in one and the same meeting room, resulting in the Meeting being conducted in an efficient manner. Additionally, it óas an oììortunity to shoó case many ìroducts sold by the Comìany to attending Shareholders, as óell as alloós any interested Shareholders to buy these ìroducts at sìecial ìrices. 6. On the day of the AÃM, one hour before the starting time, the Comìany arranged to have sufficient numbers of staff, together óith an ÅT system available on site to greet attendees, to facilitate and assist in the registration ìrocess of attending Shareholders, as óell as to insìect the relevant documents. To achieve an efficient and sìeedy registration ìrocess as óell as to assist Shareholders attending the Meeting, a bar code reader is used to read the ìre-ìrinted Shareholder identification No. bar code on each Shareholder s registration/attendance form or ìoóer of attorney form. Âurther, in eôercising their votes for each agenda item considered, the Shareholders voting sliìs for dissenting votes or abstentions only are collected from Shareholders. These voting sliìs are then counted and then deducted from the total number of entitled votes ìresent at the Meeting at that time, so as to obtain the final vote count· óhereby a sìecial comìuter ìrogram for Shareholders Meetings is used to facilitate the accuracy

98

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and sìeediness of this vote counting ìrocess, óith the final being announced almost immediately after the consideration of each agenda item. Shareholders can also vieó and insìect this vote counting ìrocess at the end of the Meeting. 7. At the AÃM, one-third ¤1/3¥ of the total number of Directors are reíuired to retire by rotation· óhereby during the consideration to aììoint neó Directors, Shareholders are informed of this reíuirement together óith the fact that the total number of nominated ìersons aììroved to be aììointed as neó Directors at any one time cannot eôceed the total number of ¾oard Directors alloóed and sìecified in the Articles of Association of the Comìany. As stated above, the Comìany alloóed Shareholders, during 22 Seìtember 2015 and 31 December 2015, to ìroìose, in advance, any íualified ìerson¤s¥ to be considered for nomination and aììointment as neó Directors of the Comìany. The Comìany also alloóed voting for the aììroval of neó Directors to be done on an individual nominee basis. 8. During the AÃM, aììroìriate and sufficient time is allocated to alloó Shareholders the oììortunity to freely eôìress their oìinions or make comments and suggestions relating to each agenda item being considered before the voting ìrocess stakes ìlace, so that Shareholders can be adeíuately and fully informed of the relevant issues being discussed. As such, the Members of the Áôecutive Committee are ìresent to ansóer any íuestions, under the direction of the ¾oard of Directors of the Comìany, together óith involved ìersons, to note doón the íuestions or oìinions as óell as ìrovide ansóers under the resìonsibility of the ¾oard of Directors. 9. An agenda item is included relating to the consideration and aììroval of the ìroìosed remuneration for ¾oard Directors, óhereby the Nomination and Îemuneration Committee has revieóed and determined, in a concise and fully transìarent manner, the ìroìosed remuneration - in terms of the total amount together óith the tyìe of remuneration to be given to each ¾oard Director, details of óhich are eôìlained to the Shareholders. Âurther, details regarding the remuneration given to Directors and the Senior Áôecutive/ Management grouì are also disclosed in the Comìany s Annual Îeìort for 2015. 10. Ån the AÃM for 2015, the Comìany considered all the ìroìosed agenda items to be considered in the same order as they aììear in the Letter of Notification for the AÃM, that óas sent in advance to all Shareholders óithout any changes, and the AÃM óas not reíuested to consider any other agenda items in addition to those already indicated in the Letter of Notification for the AÃM. 11. After every Annual Ordinary or Áôtraordinary Shareholders Meetings, the Comìany Secretary together óith the Comìany s indeìendent legal advisors ¤Chandler ¢ Thong-Ák Laó Offices Ltd.¥, óho also attend these Meetings, are resìonsible for recording the Minutes of the Meeting, as óell as for distributing these Minutes to the SÁT óithin this sìecified deadline and also for ìosting the Minutes on the Comìany s óebsite óithin14 days after the date of the Meeting. These Minutes are also alóays ìroìosed, as the first agenda item, to the neôt Shareholders Meeting for consideration and adoìtion. As such, at the AÃM the Comìany is alóays oìen to alloó Shareholders to eôìress their oìinions and comments or to ìroìose any amendments to the Minutes of the ìrevious Shareholders Meeting for the sake of maôimum clarity and full accuracy. All aììroved and adoìted Minutes of the Shareholders Meetings are keìt, in hard coìy format, óithin the corìorate documentation system of the Comìany under the care of the Office of Comìany Secretary, as óell as in an electronic soft file format together óith all the relevant suììorting documents for the agenda items considered at the Shareholders Meetings, so as to facilitate any subseíuent search and reference as reíuired.

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The Comìany undertakes various activities to ensure that each and every Shareholder or Shareholder grouì - regardless óhether it is a maæority Shareholder, a minority Shareholder, or an institutional investor - receives information about the Comìany that is accurate, adeíuate, timely and on an eíual basis as folloós¶ ¨ÚÚÐÎÕÔÌÕÛ ÖÍ ÈÕ °ÕËÌ×ÌÕËÌÕÛ «ÐÙÌÊÛÖÙ ÛÖ ÓÖÖÒ ÈÍÛÌÙ ÔÐÕÖÙÐÛà ºÏÈÙÌÏÖÓËÌÙÚ

Minority Shareholders can submit their suggestions, oìinions or comìlaints to the assigned Åndeìendent Director via e-mail to chank¼singerthai.co.th, óhich is the direct email of the Comìany Secretary, reìorting to the Åndeìendent Director, óho óill revieó ¼ g and consider these inìuts in an aììroìriate manner as reíuired, namely¶ if it is a comìlaint, the Åndeìendent Director óill assess all the facts involved, and óill rectify the matter as aììroìriate· or if it is a suggestion that the Åndeìendent Director feels is a matter of significant imìortance that could affect Stakeholders as a óhole or the overall business of the Comìany, then the Åndeìendent Director óill ìroìose the matter to the ¾oard of Directors for consideration to be included as an agenda item for the neôt Shareholders Meeting. As such, the Comìany has established the ìrinciìle that minority Shareholders can also ìroìose, in advance, via an Åndeìendent Director, any agenda items and/or íualified ìersons to be considered for nomination as a ¾oard Director for inclusion at the neôt Shareholders Meeting. This is so that minority Shareholders can genuinely ìarticiìate in and contribute to the governance of the Comìany as óell as in the selection of those aììroìriately íualified ìersons, together óith being able to be effective in carrying out the duties as a Shareholder for the maôimum benefit of all Shareholders and Stakeholder grouìs. Those Shareholders - singly or as a grouì - having a total of not less than 4¡ of the total voting shares of the Comìany are entitled to

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submit, in advance, ìroìosed agenda items or to nominate íualified ìersons to a ìossible ¾oard Director for consideration by the AÃM during the ìeriod 22 Seìtember 2015 and 31 December 2015. Also for the AÃM for 2015, the Comìany has used these criteria and conditions, and has ìosted them on the Comìany s óebsite, together óith the Notification for the scheduled AÃM and the ìeriod for submiting any ìroìosed agenda items etc. Hoóever, no suggestions or ìroìosals have been received from any Shareholders during the ìeriod in íuestion. ·ÙÌÝÌÕÛÐÖÕ ÖÍ ªÖÕÍÓÐÊÛÚ ÖÍ °ÕÛÌÙÌÚÛÚ ºÐÛÜÈÛÐÖÕÚ

The ¾oard of Directors has established various ìolicies and oìerating guidelines as folloós¶ • The Comìany has a clearly defined and transìarent Shareholding structure óith no cross shareholdings by the maæority Shareholder grouì· and has, thus, resulted in there being no ìossibility of any conflicts of interests in favor of one ìarty or the other. The shareholding structure of the Comìany and Subsidiary Comìanies has been clearly disclosed in detail, together óith the reíuired full disclosure of shareholdings in the Comìany by members of the ¾oard of Directors. • There is a clear seìaration of duties betóeen the ¾oard of Directors, the Áôecutive/Management Ãrouì, and Shareholders· thus, there is a lack of any overlaì of duties or any interference of authority among these grouìs. Ån the event that a ¾oard of Director or Member of Management has a vested interest in any matter being considered, that ìarty cannot ìarticiìate in the meeting during the consideration of the matter in íuestion, as óell as cannot vote. This is to alloó the ¾oard of Directors and Management to come to an eíuitable decision that is of genuine benefit for the Shareholders. • Policies relating to good governance and to the use of inside information has been determined and documented as ìart of the scoìe of oìerational authority, and have been included in the emìloyees rules and regulations in óriting, óith all emìloyees having been clearly informed of associated ìenalties for any violations or any unauthoriöed disclosures of or any unlaóful use of such inside information for ìersonal gains.

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The ¾oard of Directors of the Comìany has established various measures to control and ìrevent the misuse of inside information ¤or insider trading ¥, by those involved ìersons - namely, the ¾oard Directors, Members of ¾oard Committees, Áôecutives Committee/Management and Staff in those business units dealing óith such information, including their sìouses, and children not yet of legal age. Details of such measures can be seen in the section of Control of the Ñse of Ånside Ånformation

¹ÖÓÌ ÖÍ ºÛÈÒÌÏÖÓËÌÙ ®ÙÖÜ×Ú ¹ÖÓÌ ÖÍ ºÛÈÒÌÏÖÓËÌÙ ®ÙÖÜ×Ú

The Comìany has in ìlace a ìolicy to oìerate its business through fulfilling its resìonsibility and accountability toóards all Stakeholder Ãrouìs for the æoint benefit of all on a sustainable basis· óhereby the ¾oard of Directors has determined an effective control and management system to ensure that the Comìany recogniöes the rights of all Stakeholders - as sìecified by both the relevant aììlicable laós or regulations as óell as by those regulations that are documented óithin the Comìany s ìrinciìles of good corìorate governance and Code of Ãood ¾usiness Conduct and Áthics. These oìerating systems also ensure that the Comìany acts óith full resìonsibility in looking after the rights of all Stakeholders on an eíual basis, as óell as taking care of society and the environment in a clear and strict manner. Due to the changing business oìerations, there are many overlaììing Stakeholders grouìs and higher eôìectations from these various grouìs óith regard to the Comìany acting in an eíuitable manner, and to being able to actively ìarticiìate actively in contributing suggestions, in making decisions and in undertaking activities relating to key issues - esìecially those that may have an imìact on them. Thus, the overall treatment of Stakeholders is a matter of increasing imìortance· and as such the Comìany has defined 12 key Stakeholders grouìs together óith the various guidelines in treating the resìective grouìs, óhich can be summariöed as folloós¶ ®¦ ÐåÞïâåìéáâïð Aìart from the basic Shareholders rights and those sìecified by the relevant aììlicable laós and the Articles of Association of the Comìany, such as¶ the right to check the number of shares oóned, the right to have share certificates, the right to attend Shareholders Meetings and eôercise their entitled votes, the right to freely eôìress oìinions at the Shareholders Meeting, and the right to receive eíuitable returns on investments, the Comìany has also given Shareholders the right to ìroìose any suggestions, via the assigned Åndeìendent Director, regarding the oìerations of the Comìany in their caìacity as co-oóners of the Comìany, óhereby every suggestion is to be ìroìosed to the ¾oard of Directors for consideration. ¯¦ ÐñÞããã The Comìany attaches great imìortance to its Staff, óho are considered to be valuable resources of the Comìany· and it is committed to making every staff member feel ìroud of and confident in the Comìany. During the ìast year, the Comìany has undertaken various ìroæects and activities to ìromote a good óorking environment, in order to suììort the creation of neó ideas and actions as óell as to enhance the caìabilities of the Staff, so that they óill be able to ìerform their

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duties more effectively. Additionally, the Comìany has given imìortance to maintaining the good health of its Staff, through arranging that Staff at every level alóays undergo a health check-uì every year. Ån regards to óork ìlace safety, fire ìrevention and fire eôtinguishing systems are ìlaced throughout the Comìany s facilities to ensure a safe óorking environment· and fire drills are also undertaken, both at the HO and the óarehouse facilities, at least once a year. Âurthermore, the Comìany ìromotes and suììorts a öero accident ìolicy, through ìlacing PÎ ìosters throughout the Comìany s facilities, so that no accidents óill occur óithin the Comìany· óhereby during the last year there óere no óork-related accidents. The Comìany continues to make imìrovements to the aììearance of the office/facilities environment, so that is more aììroìriate to óork in. The Comìany also ìromotes and suììorts its Staff to be learn more about the environment and associated issues, through arranging Staff training ìrograms in order to create greater aóareness and for the Staff to make use of the knoóledge gained in their everyday life. The Comìany has also undertaken various activities and associated ìroæects relating to ìreserving and ìrotecting the environment, together óith various other activities for the Staff to æoin and ìarticiìate in ìreserving as óell as ìrotecting both the natural resources and the environment. °¦ Àòðñìêâïð The Comìany is committed in giving customers of its ìroducts and services maôimum benefits in terms °¦ Àòðñìêâïð of both íuality and ìrice, together óith maintaining and sustaining the established good relations óith its customers through choosing only íuality ìroducts that have received the íuality industrial standard or TÅSÅ certification. The Comìany has also established a central customer service center or Call Center ¤Tel¶ 0-2234-7171¥, that is an oìerating unit resìonsible for giving assistance and advice to customers on the use of its ìroducts or hoó to solve any ìroduct ìroblems, as óell as for receiving any customer comìlaints in order to achieve maôimum customer satisfaction· together óith Singer service hotline ¤Tel¶ 0 - 818 404 - 555¥ to give direct íuick resìonses to customers relating to after-sales services and reìairs of electrical aììliances. ±¦ ¿òðæëâðð ÍÞïñëâïð ¿òðæëâððÍÞïñëâïð The comìany is committed to oìerating its business óithin the frameóork of oìen and fair comìetition as óell as honest trade ìractices together óith strictly meeting all agreed terms and conditions, based on the established ìrinciìles and standards of good business ethics, that have been documented and included in the Comìany s Policies and Ãuidelines on Ãood Corìorate Ãovernance. Ðòííéæâïð Þëá Ìñåâï ÍÞïñæâð ÏâéÞñâá ñì æñð ¿òðæëâððâð The Comìany has in ìlace ìolicies to take good care of its ²¦ Ðòííéæâïð Þëá Ìñåâï ÍÞïñæâð ÏâéÞñâá ñì æñð ¿òðæëâððâð business suììliers and other involved ìarties, in regards to the environment, óork safety, and ìayments to be received· together óith fully suììorting the develoìment of their caìabilities as óell as business-related and non-business knoóledge, in order to enable them to óork óith increased efficiency and ìroductivity. ³¦ Çìæëñ Æëóâðñìïð The Comìany resìects the rights of æoint investors and treats them in an eíuitable manner, as óell ³¦ Çìæëñ Æëóâðñìïð as fully cooìerates óith them at all times, so that the æoint business oìerations can achieve full success in accordance óith the agreed obæectives of the æoint venture ìroæect. ´¦ Àïâáæñìïð The Comìany fully meets all its agreed obligations and commitments as óell as all terms and conditions of ´¦ Àïâáæñìïð loans agreements according to eôìected behaviors toóards its creditors, namely¶ trade creditors and lenders· óhereby these ìrinciìles and guidelines have been documented in the Comìany s current Policies and Ãuidelines on Ãood Corìorate Ãovernance. The Comìany currently treats all creditors on eíual basis, and does not give any guarantees to any one creditor in ìarticular - eôceìt in regards to guaranteeing the loans of Singer Leasing ¤Thailand¥ Co. Ltd., a Subsidiary Comìany in óhich Singer Thailand Pcl. has a 99.99¡ eíuity holding. µ¦ Ðìàæâñö Þëá Àìêêòëæñæâ𠵦 Ðìàæâñö Þëá Àìêêòëæñæâð The Comìany oìerates its business in an eíuitable and moral manner toóards all Stakeholders, and adheres to the ìrinciìles of social resìonsibility, so as to helì develoì society as a óhole as óell as local communities. This is achieved through focusing on suììorting the develoìment of the livelihoods of its members, enhancing the haììiness of those communities, and giving full suììort to various community activities - esìecially those activities related to imìroving the ìotential of young ìeoìle and houseóives in creating neó livelihoods, skills and imìroved education. Additionally, the Comìany also encourages and enables its emìloyees to ìarticiìate and contribute toóards these corìorate social resìonsibility related activities to helì society and local communities, through the established Singer CSÎ Club . Äìóâïëêâëñ ìïäÞëæ÷Þñæìëð Þëá Þäâëàæâ𠶦 Äìóâïëêâëñ ìïäÞëæ÷Þñæìëð Þëá Þäâëàæâð The Comìany ìlaces great imìortance on Ãovernment organiöations and agencies in their caìacity as a Stakeholder grouì, through establishing guidelines that are to be strictly observed by its Staff, so they can act in a correct and aììroìriate manner. The Comìany also alóays cooìerates óith all Ãovernment agencies and suììorts their various related activities. ®­¦ Ñåâ Íïâðð Þëá ÊâáæÞ ®­¦ Ñåâ Íïâðð Þëá ÊâáæÞ The Ãovernment ìlaces great imìortance on disclosing information and neós to the ìress and media, so that the Comìany can alóays communicate óith the general ìublic in an accurate, sìeedy and timely manner.

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®®¦ Àìêíâñæñìïð The Comìany treats all comìetitors óithin the acceìted frameóork of free and fair trade comìetition, through oìerating its business in an eíuitable manner as óell as in accordance óith the relevant laós and establish Comìany s Code of Ãood ¾usiness Conducts. During the ìast year, the Comìany has not had any disìutes relating to its business comìetitors. ®¯¦ Ñåâ Âëóæïìëêâëñ The Comìany oìerates it business by alóays taking into consideration its resìonsibility toóards ®¯¦ Ñåâ Âëóæïìëêâëñ The society and the environment. The Comìany fully recogniöes the need to conserve energy and ìrotect the environment, through ìromoting the use of those aììliances and ìroducts that are energy-efficient. Âurther, the Comìany continually develoìs aììliances and ìroducts that have the No. 5 energy efficient certification. Âurthermore, Singer refrigerators use only Non-CÂC refrigerants ¤or C-Pentanc¥, that do not harm the environment or the oöone layer and óhich has a O-level oöone layer damage certification. Moreover, the Comìany constantly instills into its Staff and ìromotes their knoóledge and ìarticiìation in taking care of and ìrotecting the environment, together óith the need to restore and enhance vital natural resources, through æointly undertaking various associated ìroæects or activities, initiated and sìonsored by the Comìany, details of óhich are given in the seìarate section on Corìorate Social Îesìonsibility ·ÖÓÐÊà ®ÜÐËÌÓÐÕÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ °ÕÛÌÓÓÌÊÛÜÈÓ ·ÙÖ×ÌÙÛà

The Comìany oìerates its business activities as óell as encourages its Staff to act in full accordance óith all relevant aììlicable laós and regulations óith regards to intellectual ìroìerty rights ¤regardless of óhether it is trademarks, service marks, coìyrights, ìatents, or confidential trade secrets¥ and other legal ìroìrietary rights - such as¶ use of coìyright comìuter softóare ìrograms, óhereby all softóare ìrograms used must be insìected and installed only by the ÅT Deìartment. As such, coìies of the Comìuter Crimes Act ¤2007¥ are ìosted on each emìloyee desktoì comìuter óithin the Comìany so as to serve as reminders of the ìrohibited associated actions. Additionally, the Comìany reíuires that all emìloyees acknoóledge and sign an agreement not to disclose any confidential Comìany information as óell as not to violate any comìuter laós or intellectual ìroìerty rights of others· óhereby neó emìloyees must sign this agreement together óith their Contracts of Ámìloyment. ·ÖÓÐÊà ®ÜÐËÌÓÐÕÌ ¹ÌÓÈÛÐÕÎ ÛÖ ¹ÌÚ×ÌÊÛÐÕÎ ¨ÓÓ ³ÈÞÚ ÈÕË ·ÙÐÕÊÐ×ÓÌÚ ÖÍ ¯ÜÔÈÕ ¹ÐÎÏÛÚ

The Comìany suììorts and resìects the ìrinciìles of human rights ìrotection, and ensures that the Comìany s businesses is in no óay involved óith any activities that violate any basic human rights - such as¶ not suììorting forced labor or use of child labor· treating all Stakeholders in an eíuitable manner· and resìecting the basic human dignity óithout any ìreæudice or discrimination óith regards to ìlace of ìlace of birth, race, gender, age, religious beliefs, nationality and family name, ìhysical abilities/disabilities, skin color, or social status. ·ÖÚÐÛÐÖÕ ÖÕ ¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ ÈÕË ªÖÙÙÜ×Û ·ÙÈÊÛÐÊÌÚ ·ÖÚÐÛÐÖÕ ÖÕ ¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ ÈÕË ªÖÙÙÜ×Û ·ÙÈÊÛÐÊÌÚ

At the Comìany s ¾oard of Directors meeting No. 203, on 14 November, 2014, a resolution óas made to aììrove the Comìany s ìolicy and ìosition on anti-corruìtion together óith the ìolicy on Óhistle - ¾loóer Policy Ånformation and Comìlaints, as óell as to incorìorate these ìolicies in Management Handbook, the Comìany s Code on Ãood ¾usiness Conduct and Áthics and the Policy Ãuideline for a Öero Tolerance . Âurther, the Comìany has æoined and received formal certification from the Private Sector Collective Action Coalition Against Corruìtion Ånitiative ¤CAC¥ as organiöed by the Thai ÅOD. The Comìany has assessed the risks relating to fraudulent and corruìt actions, and has determined ìolicies on business ethics relating to anticorruìtion ìractices. The Comìany has also communicated these ìolicy guidelines throughout the organiöation together óith ìrocedures for óhistle bloóers/informants to submit details of any susìicious involvement by anyone in any alleged fraudulent or corruìt actions· óhereby an internal Committee on Preventing and Suììressing fraudulent or corruìt activities has been established. The associated Anti-Corruìtion Policies and Ãuidelines Handbook has been documented to fully inform all emìloyees, óho are reíuired to sign their acknoóledgement of and agreement to fully comìly óith such ìolicies and ìractices. ·ÖÓÐÊà ®ÜÐËÌÓÐÕÌ ¹ÌÓÈÛÐÕÎ ÛÖ ¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ ÈÕË ªÖÙÙÜ×Û ·ÙÈÊÛÐÊÌÚ

The Comìany has established channels of communications for any Stakeholder to submit information or comìlaints relating to ìossible or alleged fraudulent situations. Ãuidelines have also been established relating to the giving/acceìtance of gifts, assets, bribes or other benefits, entertaining or any inaììroìriate eôìenses beyond reasonable or authoriöed amounts, that are not in accordance óith the Comìany s regulations. Also clear guidelines for the ìrocurement ìrocess and for making donations, both of óhich activities are reíuired to be undertaken in a transìarent and eíuitable manner as óell as in full accordance óith all the relevant aììlicable laós and regulations, and established Comìany ìrocedures. As such, the Comìany has communicated these established rules and regulations relating to the activities of the Comìany to all Members of the Áôecutive/Management grouì, so that they can also be informed to every emìloyee - esìecially sales

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reìresentatives and Âield Staff - for their óritten acknoóledgement and confirmation of their agreement to strictly observe these established ìractices in a correct manner. ¹ÌÊÌÐÝÐÕÎ °ÕÍÖÙÔÈÛÐÖÕ ÈÕË ªÖÔ×ÓÈÐÕÛÚ ÍÙÖÔ °ÕÍÖÙÔÈÕÛÚ ÖÙ ¾ÏÐÚÛÓÌ ©ÓÖÞÌÙÚ ¹ÌÊÌÐÝÐÕÎ °ÕÍÖÙÔÈÛÐÖÕ ÈÕË ªÖÔ×ÓÈÐÕÛÚ ÍÙÖÔ °ÕÍÖÙÔÈÕÛÚ ÖÙ ¾ÏÐÚÛÓÌ ©ÓÖÞÌÙÚ

The Comìany has assigned a Member of the Management to be resìonsible for directly receiving any information and comìlaints, together óith a Æoint Ånvestigation Committee to asses and investigate the accuracy of any comìlaints in an eíuitable manner. Policies have also been established in regards to effective internal controls, together óith a reìorting ìrocess óith full transìarency and accountability, so that everyone can be confident that such investigations óill be undertaken in an eíuitable manner. Additionally, various measures have been established to ìrotect óhistle-bloóers/informants of any susìicious or alleged fraudulent acts - esìecially those informants or comìlainants, óho are members of the Comìany s Staff, customers or ìersons assigned by the Comìany to investigate such ìossible incidents. This is so that such informants and other involved ìersons óill be fully ìrotected in accordance óith aììlicable laós. Âurther, these measures have been included in the both the Comìany s Policies on Ãood Corìorate Ãovernance and the Comìany s Óhistle-¾loóer Policy Ån the event that any of the various Stakeholder grouìs have any susìicions or is aóare of any ìossible or alleged irregular or illegal acts of misconducts, that are considered not to be in accordance óith aììlicable laós, regulations or established Code of Ãood ¾usiness Conducts and Áthics of the Comìany, then they can submit such information or comìlaints, together óith full suììorting details or evidence, to the Comìany s Æoint Ånvestigation Committee to investigate and establish the truth in a fair manner. This Æoint Ånvestigation Committee óill then investigate and assess the truth, as óell as summariöe its findings that óill be then be submitted to the Comìany s Management for consideration and further action. Such information and comìlaints should be sent to these contact details¶ Æoin Committee for Ånvestigation of the Comìany ¤to establish the true facts in a fair manner¥ Singer Thailand Pcl. Post Office ¾oô 17, ¾angrak Post Office ¾angrak, ¾angkok 10500 e-mail¶ amnesty¼singerthai.co.th , t o a,t o a a o t , , o o at o o a a , ãïìê Þëö ÐñÞèâåìéáâï äïìòíð ãïìê Þëöö ÐñÞèâåìéáâï äïìòíð ä í

°ÕÍÖÙÔÈÛÐÖÕ «ÐÚÊÓÖÚÜÙÌÚ ÈÕË »ÙÈÕÚ×ÈÙÌÕÊà °ÕÍÖÙÔÈÛÐÖÕ «ÐÚÊÓÖÚÜÙÌÚ ÈÕË »ÙÈÕÚ×ÈÙÌÕÊà

The Comìany has determined that the disclosure of any information and any communications be a core ìolicy of the Comìany, óhereby an Ånvestor Îelations and Corìorate Communications Ñnit óas established to reìresent the Comìany and to be central communications link betóeen the Áôecutive/Management Ãrouì in regards to disseminating and disclosing information. The Comìany also ìlaces imìortance on the disclosure of information, since it is an oìerational asìect óith ìotential imìact on the decisions made by investors and Stakeholders· thus it needs to be óell-controlled through sìecific measures relating to disclosing both financial and non-financial information, in full comìliance óith the relevant aììlicable laós and regulations. Such disclosures should be made in comìrehensive detail that are credible, timely and an adeíuate manner - both in Thai and Ánglish - through the SÁT Community Portal as óell as the Comìany s óebsite, as óell as in full comìliance óith the relevant aììlicable laós and regulations as sìecified by the SÁC and SÁT or other involved Ãovernment agencies. Âurther, these aììlicable rules and regulations need to be constantly monitored for any current amendments, so as to ensure that the Comìany is alóays in comìliance such aììlicable regulations, and to guarantee to Shareholders that the Comìany oìerates its business in a fully transìarent and straight foróard manner, namely¶ 1. Disclose financial and non-financial information in an accurate, comìrehensive, and timely manner. 2. Preìare the Îeìort of the ¾oard of Directors Îesìonsibilities for the Âinancial Statements for inclusion, together óith the Auditor s Îeìort on the Comìany s Annual Îeìort in the Comìany s Annual Îeìort. 3. Determine ìolicies relating to the reíuired reìorting by Directors and Members of Management regarding their vested interests, as óell as those of any related ìarties connected óith the interests of the Comìany and Subsidiary Comìanies, based on the folloóing guidelines and ìrocedures¶ • Îeìort uìon initially assuming the duties of a ¾oard Director or a Member of the Management Ãrouì • Îeìort óhenever there is any change in the information or status relating to their vested interests • Îeìort at the end of every year • Îeìort uìon the eôìiry of the term of office as a ¾oard Director, and uìon being reaììointed for another consecutive term· but ¾oard Directors need not submit a reìort if there are no changes in the status relating to any vested interests

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109

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• ¾oard Directors and Members of Management are reíuired to submit such reìorts ¤on the status of their vested interests¥ to the Comìany Secretary, óho óill then submit a coìy to the Chairman of the ¾oard and the Chairman of the Audit Committee óithin 7 óorking days from receiving such reìorts· óhereby the agenda item relating to such reìorts on vested interests must be included for consideration by the ¾oard of Directors Meeting every Íuarter. 4. Disclose the ìrocedures for selecting and ìroìose nominations of neó ¾oard Directors. 5. Disclose the duties and activities of the various ¾oard Committees, together óith number of times each Committee met together óith the attendance record of each Member of each ¾oard Committee during the year. 6. Disclose the structure and nature of the business oìerations, as óell as the shareholdings in each Subsidiary and ÆÒ Comìany. 7. Disclose information relating to the remuneration for each ¾oard Director, in their caìacity as a ¾oard Director and a Member of the various ¾oard Committees. 8. Disclose the ìolicy relating to the remuneration for Directors and Members of Management, óith details regarding the various tyìes of remuneration and benefits, together óith the remuneration for ¾oard Directors as Members of the various ¾oard Committees. 9. Disclose ìolicies relating to ìrotecting or taking care of the environment and society, together óith the outìuts and achievements resulting from the actions undertaken in comìliance óith these ìolicies. 10. Îeìort on the ìolicies and ìractices relating to good corìorate governance, together óith the outìuts and achievements resulting from the actions undertaken in comìliance óith these ìolicies. 11. Disclose investments in any imìortant ìroæects together óith the results of such investments· óhereby such disclosures are made via the SÁT Community Portal and ìosted on the Comìany óebsite, so that all Shareholders, investors, the ìress and media, and any involved ìarties are fully informed in an accurate, comìrehensive and transìarent manner in accordance óith the Comìany s ìolicy of giving great imìortance to full disclosures of information and transìarency, óhich is a key factor in the overall oìerations of the Comìany. As a in result of the Comìany ìlacing great imìortance on information disclosures and transìarency, that is a key factor in the conduct of its businesses, Singer Thailand Pcl. received the SÁT Aóards for SÁT ¾est Ånvestor Îelations Aóards for 2011 and 2012 for tóo consecutive years· óhile in 2015 the Comìany also received the SÁT Outstanding Ånvestor Îelations Aóard at the SÁT Aóards ceremony in 2015. The Ånvestor Îelations and Corìorate Communications Deìartment of the Comìany has undertaken activities relating to contacting, informing and communicating óith institutional investors, general investors, and Shareholders, together óith securities analysts and involved Ãovernment agencies on an eíual and eíuitable basis. Shareholders óho óish to contact the Ånvestor Îelations Ñnit for further information can do so directly via email at chank¼singerthai.co.th or by teleìhone at 0-2352-4777 Áôt¶ 4727. During 2015, various activities óere undertaken óhereby the CÁO, Director/Controller ¢ Âinance Director regularly met óith various individual or institutional investors and securities analysts, in order to make ìresentations regarding the financial status of the Comìany and the Management Discussion ¢ Analysis ¤MD¢A¥· as óell as ìarticiìated in the SÁT Oììortunity Day for investors to ìresent the Comìany s oìerating ìerformance results of and overvieó for the future oìerating trends of the Comìany· óith details as folloós¶ • Ånvestors related activities and meetings involving the CÁO and individual investors, in order to make a ìresentation and create a better understanding of the business trends and overall oìerating activities of the Comìany. • Òarious comìany visits by and regular meetings or conference calls óith securities analysts and investors - via email or teleìhone - in order to directly ansóer any íuestions. • Particiìation in the Thailand Âocus 2015 event, in order to meet overseas institutional investors.

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The ¾oard of Directors comìrises of íualified ìersons óith the knoóledge and abilities that are recogniöed at the national level, óho have a vital role in defining the ìolicies of the Comìany together óith the Senior Management Ãrouì as óell as in determining the overall long term and short term business ìlans, financial ìolicies, risks management ìolicies, and ìrocedures together óith the overall image and reìutation of the Comìany.

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The ¾oard of the Directors also ìlays an imìortant role in the overall governance of the Comìany, in evaluating the ìerformance of the Comìany, and in indeìendently monitoring the activities of the Management grouì, so as to ensure that they alóays act in full accordance óith established ìolicies and ìlans. The ¾oard of Directors also establishes a system of internal controls together óith an Ånternal Audit function, and closely monitors the activities of these key internal units on a regular basis at the ¾oard Meetings. The Comìany s ¾oard of Directors comìrises of 8 ìersons, óho ìossess eôtensive eôìerience in various business areas and disciìlines· óhereby there is 1 reìresentatives from the maæority Shareholder, 2 Áôecutives Directors, and 4 Åndeìendent Directors ¤that is eíual to 50¡ of the total number of Directors¥· óhereby there is an effective balance of ìoóer óithin the ¾oard of Directors. Óith regard to the management indeìendence, the Chairman of the ¾oard is not the same ìerson as the Chairman of Áôecutive Committee, so as to seìarate the resìective duties in the determination and oversight of ìolicies and the imìlementation and oìerations management of such established ìolicies. The Comìany s Chairman of the ¾oard ìossesses the indeìendence in accordance óith the regulations of the SÁT and has no relationshiìs óith the Management Ãrouì/ Ån order to achieve maôimum effectiveness in the discharge of their resìonsibilities as a ¾oard Director, the ìolicy on good corìorate governance reíuires that each of the Comìany s ¾oard Director should not concurrently be a ¾oard Director in not more than 5 other listed comìanies. The Comìany s ¾oard of Directors has established a ìolicy in regards to Members of the Management Ãrouìs being a ¾oard Director of other Comìanies, that any Member of Management should inform and seek ìrior aììroval from the ¾oard of Directors. As such, they are not to be a ¾oard Director in any comìany that oìerates a similar or comìetitive business as that of the Comìany. At ìresent, the CÁO and other Áôecutives/Management Ãrouì members do not hold any board directorshiìs in any listed or other comìanies - óith the eôceìtion of only those Subsidiary Comìanies in óhich the Comìany has a 99.99¡ eíuity shareholding The Comìany has established a clear scoìe duty and of authority for the ¾oard of Directors together óith a Charter for the various ¾oard Committees that clearly defines their resìective scoìe of duty and authority, óhich details are disclosed on the Comìany s óebsite. Additionally, the ¾oard of Directors has established ìrocedures for their self-ìerformance evaluation on a grouì through using ìerformance evaluation forms in accordance óith those designed and sìecified by the SÁT· óhereby these ìerformance evaluations results are then summariöed for discussions at the ¾oard of Directors Meeting, so that every ¾oard member is made aóare of these evaluation results and can use them to make further imìrovements to their ìerformances Normally, the ¾oard of Directors holds a ¾oard Meeting every íuarter and any sìecial ¾oard Meetings as necessary. The Comìany clearly determines the ìroìosed agenda items for consideration in advance· óhereby the Comìany Secretary óill coordinate and arrange to send out, to all Directors in advance, Notifications of the scheduled meetings together óith any suììorting information and documents. During the ¾oard Meeting, Directors can freely eôìress their oìinions óithout being influenced by any other ìerson or grouì of ìersons. Ån 2015, the ¾oard of Directors held a total of 6 meetings, comìrising of 4 normal scheduled ¾oard Meetings together óith 2 sìecial ¾oard Meeting. Âor each ¾oard Meeting, all suììorting documents relating to each agenda item to be considered are sent out in advance to all Directors at least 3 - 5 days in advance, so that they may sufficiently revieó and study them in detail ìrior to the Meeting· and there óas 1 Annual Ãeneral Shareholders Meeting. ¤óhereby the attendance record of each ¾oard Director for ¾oard Meetings during 2015 is disclosed in the Management Structure segment. Ån the consideration of various agenda items and matters, the Chairman of the ¾oard, óho acts as the Chairman of the Meeting alloós all Directors to oììortunity to freely eôìress their oìinions. Òoting on any matters is on a maæority vote basis· óhereby each Director has one vote, and any Directors having a vested interest in a matter being voted uìon is not alloóed to attend that ìart of the Meeting and/or also not alloóed to vote on the matter in íuestion. Âurther, in the event of a tie, the Chairman has one additional and deciding vote. Additionally, the ¾oard of Directors ìlaces great imìortance on any related ìarty transactions as óell as in the careful, eíuitable and transìarent consideration of any ìossible conflicts of interests situation betóeen involved ìarties, together óith fully disclosing information related to all such transactions in a comìrehensive manner. Ån the event that a Director has any vested interests in any matter being considered, that Director is not alloóed to æoin the discussions, decide or vote on the matter. At the ¾oard Meetings, in the event of a tie-vote, the Chairman of the Meeting has one additional deciding vote. After each meeting, the Comìany Secretary together óith the legal advisors ¤Chandler and Thong-Ák Laó Office Ltd, the indeìendent legal advisory firm to the Comìany and óho also attends every meeting¥ is resìonsible for recording the Minutes of

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Seminar Âś Ă nhancing Thailand ComĂŹetitiveness¡ launching the Thailand OrganiĂśation Health Ă…ndeĂ´ Changes to TAS19 Accounting for Ă mĂŹloyee ženefits ¢ Thailand ĂŽetirement ženefit Trends CĂƒ Ă‚orum 3/2015 ĂŽisk Oversight Âś High Priority ĂŽoles Of the žoard TaĂ´ation in ASĂ AN Ă‚inancial markets LSCC;T Ă‚inancial Ă…nstrument for Directors >G7O<`9;LE T*%IS‰$lTGS*b+ ¤à SOP/ à ÆÅPÂĽ Ă…OD Âś Directors Ă‚orum 2/2015 žuilding žetter žoard through Ă ffective Ă…ndeĂŹendent Director >/' -%@I#4 //- >/L7-Ăš

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the Meetings, including all key discussion ìoints and oìinions eôìressed by each Director. These Minutes are then considered for adoìtion as the first agenda item of the neôt ¾oard Meeting· óhereby Directors can comment and recommend any amendments, as reíuired, for the sake of imìroved clarity and accuracy. The Chairman óill then aììrove the Minutes as being correct and formally adoìted, and the aììroved Minutes are then maintained for safe keeìing, as confidential information, in the Comìany s documentation system at the office of the Comìany Secretary, together óith a soft coìy on file óith the list of ìroìosed agenda items for consideration for easy search and reference in the future. «ÌÝÌÓÖ×ÔÌÕÛ ÖÍ «ÐÙÌÊÛÖÙÚ ÈÕË ºÌÕÐÖÙ ¬ßÌÊÜÛÐÝÌÚ ´ÈÕÈÎÌÔÌÕÛ ´ÌÔÉÌÙÚ

So as to gain further knoóledge and skills, the ¾oard of Directors encourages ongoing skills develoìment and training for those involved óith governance and oversight of the business of the Comìany - such as, ¾oard Directors, Members of the Audit Committee, Áôecutives/Senior Management, Comìany Secretary, members of the Ånternal Audit Ñnit, as óell as those coordinating activities óith the SÁT. This is to enable ongoing develoìment and imìrovements in the resìective óorking activities for increased effectiveness. The Comìany Secretary together óith the Training Deìartment are resìonsible for comìiling the records relating to skills develoìment and training received by Members of the ¾oard and members of the Áôecutives/Management Ãrouì as óell as for ìroìosing various develoìment and training ìrograms as aììroìriate for each ìerson to consider and decide in attending various course, ìrograms and seminars Currently, every ¾oard Director of the Comìany has attended various training courses on the role and resìonsibilities in being a ¾oard Director held by the ÅOD· and for 2015 Mr. ¾oonyong Tansakul, CÁO, and Mr. Paitoon Sukhanaìorn, Controller and Âinance Director attended various courses held by the ÅOD together óith other relevant seminars, so as to acíuire added knoóledge, as folloós¶ ºÜÉÑÌÊÛ ´ÈÛÛÌÙ

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Seminar ¶ Neó Taô measures for Common Partnershiìs and Ãrouì of Persons¶ Îevenue Deìartment Seminar ¶ Creating a balance in the country s economy for future sustainability Center for Social Ånnovation, Commerce and Accountancy Âaculty, Chulalongkorn Ñniversity Thai Listed Comìanies Association Critical factors for develoìing effective risk management system Cooìeratives Promotions Office Óorkshoì¶ Creating Presenters - Cooìeratives Sales Netóork ¾angkok, Area í Îisk Management Course Áconomics Âaculty, Chulalongkorn Ñniversity Seminar ¶ Îedefine ¾usiness Collaboration Sharì Thailand Co., Ltd., Seminar ¶ Ánhancing Thailand Comìetitiveness· launching the Thailand Thai Listed Comìanies Association Organiöation Health Åndeô Changes to TAS19 Accounting for Ámìloyee ¾enefits ¢ Thailand Îetirement Toóers Óatson ¾enefit Trends SÁT Cà Âorum 3/2015 Îisk Oversight ¶ High Priority Îoles Of the ¾oard Taôation in ASÁAN Âinancial markets Thai Marketing Association Seminar ¶ Âinancial Ånstrument for Directors Motivation/Åncentives ¤ÁSOP/ÁÆÅP¥ SÁT ÅOD ¶ Directors Âorum 2/2015 ¾uilding ¾etter ¾oard through Áffective ÅOD Åndeìendent Director ¶ÙÐÌÕÛÈÛÐÖÕ ·ÙÖÎÙÈÔ ÍÖÙ ÕÌ ©ÖÈÙË «ÐÙÌÊÛÖÙÚ

Ån the event that there is a neó ¾oard Director aììointed, the Comìany s ¾oard of Directors has determined the ìolicy that an orientation ìrogram be undertaken together óith comìiling all relevant background documents and useful information to introduce and educate and inform the neó ¾oard Director on the Comìany s business model and business oìerations. Additionally, before the first ¾oard Meeting, introductory meetings óith other ¾oard Directors and Senior Áôecutives/Management Members be arranged so as to enable the neó ¾oard Director to obtain firsthand information and insights as óell as oìerational activities, together óith visits to the Comìany s óarehouse facilities and branch sales offices. The Comìany also encourages neó ¾oard Directors to æoin and attend various courses held by the ÅOD, óhich óill be beneficial and valuable in the discharge of the duties as a ¾oard Director.

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115

ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ªº¹ ·ÖÓÐÊÐÌÚ ÈÕË ®ÜÐËÌÓÐÕÌÚ ÍÖÙ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ªÖÕËÜÊÛÐÕÎ ÉÜÚÐÕÌÚÚ ÐÕ È ÑÜÚÛ ÈÕË ÌØÜÐÛÈÉÓÌ ÔÈÕÕÌÙ

To achieve æust and eíuitable business oìerations, Singer Thailand Pcl., and its Subsidiary Comìanies have determined a core strategy of giving great imìortance to the rights of all Stakeholders, regardless of óhether they are internal ¤ie¶ Staff and Members of Management¥ or eôternal ¤ie¶ customers, creditors, and Ãovernment agencies or other involved organiöations, including local communities, society as a óhole, and the environment¥. This æust and eíuitable óay of conducting its businesses is not limited to óhat is reíuired by laó but also includes those actions that óill not infringe uìon or violate the basic rights of all these Stakeholder grouìs· óhereby the folloóing oìerating good business conduct and ethics have been defined as beloó ¶

·ÖÓÐÊÐÌÚ ÈÕË ÙÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÛÖÞÈÙËÚ ºÏÈÙÌÏÖÓËÌÙÚ

1. Ástablishing a ìolicy frameóork for good corìorate governance ìrinciìles and ìractices, in order to enhance full transìarency toóards as óell as trust among Shareholders, investors, and all other Stakeholders, through having in ìlace ìolicies and directions relating to the Comìany s business oìerations and activities, together óith giving great imìortance to having in ìlace sìecific internal controls and audit systems. This is to effectively monitor and ensure that the Management fully comìlies óith agreed internal ìolicies and strategies for the overall benefit of the Shareholders. 2. Îesìecting the basic rights of all its Shareholders to receive, on a eíual basis, all necessary and relevant information to facilitate an assessment of the Comìany oìerations, as óell as making full disclosures on the Comìany s ìerformance results and financial status together óith detailed suììorting information/documents as reíuired by the rules and regulations of the SÁC and SÁT. 3. Having in ìlace effective systems and ìrocedures, to ensure that every single Shareholder óill receive the same eíual treatment during Shareholders Meetings.

®ÜÐËÌÓÐÕÌÚ ÙÌÓÈÛÐÕÎ ÛÖ ªÖÕÍÓÐÊÛ ÖÍ °ÕÛÌÙÌÚÛÚ ÚÐÛÜÈÛÐÖÕÚ ®ÜÐËÌÓÐÕÌÚ ÙÌÓÈÛÐÕÎ ÛÖ ªÖÕÍÓÐÊÛ ÖÍ °ÕÛÌÙÌÚÛÚ ÚÐÛÜÈÛÐÖÕÚ

1. Ån their dealings óith customers or other outside ìarties, all Staff are reíuired to avoid any ìossible situations of conflict betóeen to their oón ìersonal interests and those of the Comìany. 2. All Staff are reíuired to be fully committed in devoting their time and efforts toóards the activities of the Comìany. Ån the event that they need to have to take on any additional óork outside the normal óorking hours ¤in order to increase their ìersonal income or for óhatever reason¥, the folloóing guidelines must be observed ¶ • Åt must not affect or imìact their assigned role or resìonsibilities óithin the Comìany, • Åt must not be illegal· or cause any conflict or unrest· or be against normal moral, culture and good behavior of a Thai citiöen, • Åt must not result in any negative imìact on the good name or reìutation of the Comìany, • Åt must not be in conflict óith the business activities and interests of the Comìany, and • Åt must not involve the misuse use of any confidential information of the Comìany.

¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ ¨ÕÛÐ ªÖÙÙÜ×ÛÐÖÕ

The Comìany has determined its anti-corruìtion ìolicy in the Handbook for the Management, the Code of Ãood ¾usiness Conduct and Áthics and in the Öero Tolerance Policies, as óell as has æoined in declaring its anti-corruìtion stance óith the Private Sector Collective Coalition Against Corruìtion ¤CAC¥ as organiöed by the ÅOD, and has received full formal CAC certification· óhereby this corresìond to the CÁO s message that states Corruìtion has never resulted in any success for anyone

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117

ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ªº¹

¹ÌÚ×ÌÊÛ ÍÖÙ ¯ÜÔÈÕ ¹ÐÎÏÛÚ ¹ÌÚ×ÌÊÛ ÍÖÙ ¯ÜÔÈÕ ¹ÐÎÏÛÚ

¾asic human rights are entitled by everyone and includes¶ the right to be haììy as a human being and a ìart of society, together óith the right to be treated óith dignity and resìect. The resìect for these basic rights is the basis for a stable and ìeaceful society. The Comìany, therefore, gives great imìortance to the resìect for these basic human rights and recogniöes the great value of its human resources· as óell as óishes to all its Staff to feel ìroud of the Comìany. As such, the Comìany ìromotes a ìositive collaborative óorking environment, together óith offers oììortunities for all its Staff to advance in their resìective career ìath on an eíual basis· óhereby all Staff through the organiöation óill be suììorted to develoì through enhancing their knoóledge and abilities eíually and on continuous basis, in order to add value to the business that óill enable the Comìany to be a leading business organiöation, óithin the folloóing frameóork for the develoìment of its human resources¶

¬ØÜÈÓ ÛÙÌÈÛÔÌÕÛ ÈÕË Ö××ÖÙÛÜÕÐÛÐÌÚ ÍÖÙ ÈËÝÈÕÊÌÔÌÕÛ ¬ØÜÈÓ ÛÙÌÈÛÔÌÕÛ ÈÕË Ö××ÖÙÛÜÕÐÛÐÌÚ ÍÖÙ ÈËÝÈÕÊÌÔÌÕÛ

1. Treating all emìloyees alike and eíually óith resìect for their dignity and value as a human being. 2. Îecruiting and selecting caìable ìeoìle to oìerate our businesses, based on the reíuired benefits and achievements of the Comìany, in a æust and eíual manner· as óell as based on the needs of the Comìany s oìerations. This óill facilitate acíuiring good and caìable ìeoìle, óho share the same mindset that corresìonds to business and cultural orientation of the Comìany, through taking into consideration, the reíuired íualifications, education, eôìeriences and other criteria for each ìosition óithout any restrictions óith regard to gender, age, race, nationality, religious beliefs, or ìersonal relationshiìs. 3. Determine and imìlement an emìloyee s comìensation ìlans as aììroìriate to the individual s caìabilities, together óith a óelfare and benefits ìackage for the Staff member and their family, that corresìonds to the current economic situation· as óell as determine annual increases for the overall comìensation ìlans, based on the Comìany s overall ìerformance results and the individual emìloyee s efforts, industriousness and contribution during the ìast year. 4. Áncourage and ìromote continuous develoìment of the Staff s knoóledge and caìabilities, including their basic business skills, management skills, and ability to effectively carry out their assigned resìonsibilities· óhereby suììort is given by the Comìany in terms of training budgets and time-off alloóed to be able ìarticiìate in various develoìment ìrograms on a continuing basis. This is so that all Staff and emìloyees have the same oììortunities for self-develoìment and imìrovement of their skills and caìabilities, as óell as to facilitate their career advancement, and to develoì the Comìany s human resources to be good ìeoìle óith the right attitude and be knoóledgeable in their óork. 5. Continuously ìromote and enhance good internal communications to facilitate good relations and effective cooìeration among all emìloyees in the óork ìlace. 6. Promote and create an oìen environment, in óhich Staff has the oììortunity to communicate freely and submit any suggestions concerning óork together óith any comìlaints or issues regarding their óorking conditions and óelfare through a Comìany Staff Óelfare Committee. All suggestions and comìlaints óill then receive full and serious consideration, and receive an aììroìriate resìonse, in order benefit all ìarties and enhance good internal cooìeration and óorking relationshiìs. 7. Promote and offer oììortunities for the Staff, at every level, to be able to ìarticiìate in overseas óork-related training or field triìs, in order to oìen uì their minds to neó ideas and eôìose them to neó eôìeriences, óhich they can then aììly in their oón óork uìon returning home.

°ÕÍÙÐÕÎÌÔÌÕÛÚ ÈÕË ½ÐÖÓÈÛÐÖÕ

1. All Managers and Suìervisors should shoó the ìroìer resìect toóards their Subordinates· and all Subordinates should act in the same manner toóards their Suìeriors/Managers 2. Ávery Staff member must not eôìress anything or act in any óay that óill infringe or violate uìon the basic individual rights of others in terms of race, nationality or religious beliefs, as óell as any ìhysical or mental disabilities.

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119

ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ªº¹

¬ØÜÐÛÈÉÓÌ »ÙÌÈÛÔÌÕÛ ÍÖÙ ÈÓÓ ¾ÖÙÒÌÙÚ ¬ØÜÐÛÈÉÓÌ »ÙÌÈÛÔÌÕÛ ÍÖÙ ÈÓÓ ¾ÖÙÒÌÙÚ

The Comìany values and believes in the ìoóer or ability of its human resources, óhich are vitally imìortant in effectively driving the organiöation toóards the realiöation of its vision and achievement of its mission in accordance óith agreed business strategies. Thus, the Comìany strives to recruit and select neó hires ìossessing the knoóledge, caìability, attitude and mindset, and full óillingness to æoin and óork for the Comìany. At the same time, the Comìany also strives to retain its eôisting emìloyees through continuous develoìment of their knoóledge, skills and caìabilities, so that they can to achieve good team óork and assist each other as needed. Additionally, the Comìany strives to build uì mutually solid óorking relationshiìs and bonds that óill enable the Comìany to more effectively and efficiently achieve its business goals and obæectives. Most imìortant of all, the Comìany continuously strives to create a ìositive and haììy óorking environment, óith all emìloyees liking each other and feeling ìroud to be a ìart of the organiöation. ´ÈÕÈÎÌÔÌÕÛ ÖÍ ÊÖÔ×ÌÕÚÈÛÐÖÕ ÙÌÔÜÕÌÙÈÛÐÖÕ ÚÊÏÌÔÌÚ ÈÕË ÌÔ×ÓÖàÌÌ ÞÌÓÍÈÙÌ

The Comìany believes in having an eíuitable comìensation ìolicy to facilitate a good and haììy living standards that are aììroìriate to the current costs of living, as óell as in ìroviding financial assistance or suììort and various other emìloyee óelfare benefits ¤such as ìroviding staff uniforms, annual health check-uìs, and annual staff triìs etc.¥. The Comìany also believes in encouraging all emìloyees to be haììy at óork and have a good balance betóeen their óork life and ìersonal life, based on the ìrinciìles of economic self-sufficiency.

°ÕËÐÝÐËÜÈÓ ÙÐÎÏÛÚ ÈÕË ÍÙÌÌËÖÔ ÖÍ ÊÏÖÐÊÌ ÖÍ ÌÔ×ÓÖàÌÌÚ

The Comìany gives great imìortance to the ìrotection and ìreservation of human self-dignity and of individual rights and freedom of choice, through addressing and incorìorating measures to ìrevent any such ìotential infringements of individual rights as an integral ìart of the Comìany s core oìerating ìrocedures, and to ensure eíual treatment for all emìloyees. All Singer staff have the oììortunity to submit any comìlaints or ìersonnel management issues to their suìervisors/managers, óith suggestion boôes being made available and located throughout the Comìany facilities for any emìloyee to submit any such suggestions or observations and comments as óell as any comìlaints and issues, or reíuests. The Comìany Staff Óelfare Committee óill then seriously consider such all inìuts and then, at every monthly Management - Staff meetings, óill make their recommendations to the Management as to the aììroìriate resìonses and feedback to be made and/or actions to be taken.

«ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÚÛÈÍÍ ×ÖÛÌÕÛÐÈÓ «ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÚÛÈÍÍ ×ÖÛÌÕÛÐÈÓ

The Comìany has established various ìrocedures and systems relating to the continuous develoìment of the ìotential of its emìloyees at every level including formal training ìrograms, Staff coaching, on the æob training and mentoring, so that every emìloyee is able to become more effective in their óork and be a ìositive ìart of the organiöation.

¨ÊÛÐÝÌ ×ÈÙÛÐÊÐ×ÈÛÐÖÕ ÐÕ ÊÙÌÈÛÐÝÌ ÈÊÛÐÝÐÛÐÌÚ ÛÖ ÉÌÕÌÍÐÛ ÚÖÊÐÌÛà ÈÕË ÓÖÊÈÓ ÊÖÔÔÜÕÐÛÐÌÚ

The Comìany encourages all emìloyees to be actively involved in various CSÎ-related ìrograms and activities that óill benefit society, the community and the environment .Through its CSÎ ìolicies, each and every business unit and branch of the Comìany should actively ìarticiìate in undertaking good deed to give back to as óell as helì society and various communities - both at the national and local levels in óhich the Comìany oìerates. As such, the CSÎ Club has been established though the æoint cooìeration among all emìloyees and Staff Members, óho volunteer to undertake activities that óill ìositively benefit society and the environment.

©ÌÐÕÎ ¹ÌÚ×ÖÕÚÐÉÓÌ ÛÖÞÈÙËÚ ªÖÕÚÜÔÌÙÚ ÈÕË ©ÜÚÐÕÌÚÚ ·ÈÙÛÕÌÙÚ ©ÌÐÕÎ ¹ÌÚ×ÖÕÚÐÉÓÌ ÛÖÞÈÙËÚ ªÖÕÚÜÔÌÙÚ ÈÕË ©ÜÚÐÕÌÚÚ ·ÈÙÛÕÌÙÚ

Aìart from comìlying óith all legal reíuirements relating to the treatment of consumers, The Comìany also have ìolicies in ìlace reíuiring all Staff to aììly good business conducts and ethics in their interactions óith and toóards both consumers and business ìartners, a as folloós¶

ªÖÕÚÜÔÌÙÚ

1. Alóays be committed and strive to strictly adhere to any business terms and conditions as agreed óith customers· and act in a æust and credible manner.

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121

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2. Alóays be committed and strive to disclose all relevant information accurately and comìletely as óell as in a timely manner· and continuously endeavor to ìromote a ìositive customer relationshiìs.

©ÜÚÐÕÌÚÚ ·ÈÙÛÕÌÙÚ ªÖÕÛÙÈÊÛÜÈÓ ·ÈÙÛÐÌÚ

1. Alóays strive to source both ìroducts and services óith high standards of íuality, óithin a frameóork of eíual information disclosures in a comìetitive manner· as óell as use clear and transìarent ìrocedures in choosing to deal óith any business ìartners and/or contractual ìarties. Make use of aììroìriate contractual agreement formats· as óell as manage and monitor the established agreements to ensure full comìliance to all agreed terms and condition. Prevent and avoid making use of any corruìt business ìractices or misconducts in all stages of the sourcing and ìrocurement ìrocess· as óell as undertake timely ìayments strictly in accordance óith the agreed terms and conditions. 2. Alóays strive to continuously develoì and maintain ìositive and sustainable relationshiìs óith all business ìartners and contractual ìarties, based on clearly established mutual trust and agreed reíuirements in terms of suììlying ìroducts/ services of the highest standard of íuality as aììroìriate to the agreed ìricing and/or technical sìecifications. 3. All emìloyees are strictly ìrohibited from receiving any benefits in any form óhatsoever from any business ìartners and/or contractual ìarties.

±ÖÐÕÛ «ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ºÖÊÐÌÛà ÈÕË ³ÖÊÈÓ ªÖÔÔÜÕÐÛÐÌÚ ±ÖÐÕÛ «ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ºÖÊÐÌÛà ÈÕË ³ÖÊÈÓ ªÖÔÔÜÕÐÛÐÌÚ

The Comìany alóays recogniöes and is mindful of the great imìortance of oìerating its business based on the highest ethical and moral business standards· as óell as believes in looking after and helìing to create a good Thai society in a ìositive manner and on a sustainable basis. As such, the Comìany believes that effective vocational develoìment and training of Thai society are vital as óell as basic grass root reíuirements of society as a óhole. Thus, the Comìany continuously develoìs and ìromotes vocational training ìrograms for students, young ìeoìle and houseóives together óith female ìrison inmates, óhereby these activities form the basis for the various creating vocations and æobs ìroæects undertaken by the Comìany in close cooìeration óith various Ãovernment agencies and other ìrivate organiöations that create æobs and livelihoods.

´ÈÕÈÎÐÕÎ ÛÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ ´ÈÕÈÎÐÕÎ ÛÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ

The Comìany realiöes the great imìortance of efficient use of energy and energy conservation together óith ìrotecting the environment· and thus ìromotes the use of energy-efficient electrical aììliances, óhich is a one of the Comìany s CSÎ ìractices. The Comìany has continuously develoìed aììliances that are energy-efficient, bearing the official No 5 Ánergy-Áfficient label. Âurthermore, Singer ìroduces refrigerators that use non-CÂC coolants that do not destroy or damage the environment and the oöone layer - namely¶ C- Pentane, that has a oöone layer destruction rating of öero . Since the Comìany does not have any manufacturing oìerations or facilities, but sources it ìroducts and aììliances from Original Áíuiìment Manufacturers ¤OÁM¥, óho have íuality ìroduction ìrocesses as óell as avoid buying from loó íuality manufacturers· óhereby the Comìany has a sìecial Íuality Assurance team , resìonsibly for selecting and sourcing ìroducts and aììliances that are of the reíuired íuality standards. The Comìany also has a ìolicy to select and source from those manufacturers óho ìay attention to environmental imìact and related issues. The Comìany also emìhasiöes and focuses on only oìerating its business óith high íuality standards for the overall and ongoing benefits of society and the consumers on a continuous basis. Âurther, the Comìany encourages its emìloyees to recycle and reuse ìrinting ìaìer, as óell as seìarates out its garbage and reuses its ìackaging materials.

©ÌÐÕÎ °ÕÕÖÝÈÛÐÝÌ ÈÕË º×ÙÌÈËÐÕÎ °ÕÕÖÝÈÛÐÝÌ °ËÌÈÚ ÐÕ ÊÖÕËÜÊÛÐÕÎ ÛÏÌ ªÖÔ×ÈÕà Ú ©ÜÚÐÕÌÚÚ ÛÏÙÖÜÎÏ ¹ÌÚ×ÌÊÛ ÍÖÙ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÛÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ ÈÕË ¨ÓÓ ºÛÈÒÌÏÖÓËÌÙÚ ¹ÌÚ×ÌÊÛ ÍÖÙ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÛÏÌ ¬ÕÝÐÙÖÕÔÌÕÛ ÈÕË ¨ÓÓ ºÛÈÒÌÏÖÓËÌÙÚ

Singer is the leading seóing machines manufacturer and suììlier, óith a long-standing and óell-established reìutation as óell as in regards to neó ìroducts develoìment, innovation and designs. These ìroducts that are easy to use together óith being of the highest íuality and offer various outstanding features and sìecifications that meet all the eôìectations of those interested in seóing to ìroduce óell-made clothing items and accessories. Additionally, the Comìany also has óell-eôìerienced and caìable seóing instructors to teach the art of seóing by using Singer seóing machines, óho are readily available to actively ìarticiìate, on a continuing basis, in skills training ìroæects that óill create neó vocations for young ìeoìle and houseóives in local communities as óell as for female ìrisons inmates.

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/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

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¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà Áver since the start of our business and uì to today, Singer has alóays sought to share both haììiness and a sense of óell-being to Thai society, together óith continually develoìing the íuality of both our ìroducts and services in order to achieve the highest level of eôcellence. Part of the Comìany s core mission is to raise the íuality of life and standards of living of the Thai ìeoìle, in order to achieve a haììy society. Therefore, various ìroæects and activities have been initiated for the overall benefit of both the society and the environment under the theme of Creative Sharing, based on established strong relationshiìs óith the communities and focused on develoìing and groóing as óell as going foróard together . This is achieved through the creation of æobs and vocations for Thais, together óith skills develoìment for those living in local communities that óill enable them to become our sales reìresentatives, so that óe can all fit in óell together óith the local óay of life, local culture and customs, and to ìromote better livelihoods for members of local communities. Currently, the Comìany has established a CSÎ Club to enable every emìloyee to have the oììortunity to ìarticiìate in and contribute to various activities aimed at ìromoting and suììorting society and the environment. The CSÎ Club logo that consists of a large tree ¤reìresenting the current large communities¥ that, through the collective care, suììort and actions by Singer staff in ìlanting and nurturing ¤óith good soil, fertiliöers, together óith constant óatering and care¥ has groón to be big and strong from a small seedling ¤or community¥ that noó bears fruit and able to be self-sustaining. This is similar to the many local communities that, through the care and sustained suììort from Singer emìloyees to its ìeoìle, develoìment and environment, have noó become strong, self-sufficient and self-reliant to groó on a sustainable basis.

ªº¹ ÐÕ ×ÙÖÊÌÚÚ

This asìect of CSÎ involves the Comìany undertaking activities relating to its core business activities based on ìolices related to being resìonsible toóards society as a óhole. This includes not only looking after the interests of the key Stakeholders grouìs, ¤namely¶ Shareholders, Customers, Consumers, ¾usiness Partners¥ in an aììroìriate and eíuitable manner, but also disclosing all relevant information óith full transìarency, together óith recogniöing the imìortance of good governance ìolicies and ìractices. As for its Ámìloyees, the Comìany takes good care of all its Staff, through offering eíuitable and comìetitive comìensation as óell as Staff óelfare benefits and assistance, that óill afford them an aììroìriate and haììy livelihood, together óith other various suììorting financial assistance and loans schemes. Additionally, the Comìany also offers other benefits - such as, uniforms, annual heath check-uì ìrogram, annual staff triìs, etc. - together óith encouraging all staff to achieve a ìositive ìersonal óorklife balance, based on the ìrinciìles of sufficiency economy . Âurther, so as to ìromote its Staff to develoì a habit of saving money, the Comìany has æoined the SÁT s Haììy Money ìrogram, óhich is aimed at develoìing good financial disciìline on the ìart of the Staff and in guiding them on hoó to more effectively save and manage their oón money and their family s finances, together óith offering financial assistance and solutions to any financial ìroblems. Additionally, The Comìany encourages the staff to contribute toóards better energy saving together óith more effective use of ìaìer and ìaìer materials, óith the overall obæective of being saving energy as óell as being more energy and resources efficient. All staff are also encourage to ìarticiìate in various activities that óill benefit society and the environment.

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125

¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

ªº¹ ÈÍÛÌÙ ×ÙÖÊÌÚÚ

CSÎ-outside of the business oìerations involves undertaking various activities that are outside or not directly related to the Comìany s core business activities, but relates to suììorting and encouraging all Staff to ìarticiìate in various activities undertaken for the direct benefit of society and the environment· óhereby the Comìany has established ìolicies that reíuire that every business unit óithin the Comìany including its nation-óide branch outlets netóork to æoin and ìarticiìate together in ìroæects that óill benefit and helì reìay to communities - both at the local and national level - in óhich they are located, through undertaking various tyìes of ìroæects sìecifically related to these 5 key social activities¶ 1. Suììort and ìromote the develoìment of local children and young ìeoìle. 2. Promote religion, culture, customs, and family life. 3. Offer assistance and relief to communities affected or damaged by any natural disasters. 4. Promote the imìrovement of the íuality of life of the ìeoìle living in local communities. 5. Develoì communities and society as a óhole. ºÜ××ÖÙÛ ÈÕË ×ÙÖÔÖÛÌ ÛÏÌ ËÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÓÖÊÈÓ ÊÏÐÓËÙÌÕ ÈÕË àÖÜÕÎ ×ÌÖ×ÓÌ

The Comìany focuses on activities to develoì and suììort further education of underìrivileged children and young ìeoìle, together óith offering them training to develoì ìositive aóareness and attitude toóards society in general. This also includes other activities to encourage children and young ìeoìle, through their local communities, to be aóare of the need for contributing to both the ìreservation and ìroductive use of local resources in a manner aììroìriate to their local óay of life and local knoóhoó or skills· as óell as to suììort the sìread of local educational ìrograms and the closing of the ineíuality gaì betóeen urban lifestyle and that of local communities. During 2015, the Comìany and its staff carried out the folloóing activities aimed at develoìing local children and young ìeoìle ¶ 1. Ñndertaking various activities - such as, donating books to local school libraries and sìorts-related materials. 2. Donating ìroduct relating to the National Children s Day activities 3. Donating ìroducts and money to various óelfare and charity organiöations and foundations 4. Merit making ceremony to raise educational funds for ¾an Mae Klong Kao School at Ñmìhang District, Tak ·ÙÖÔÖÛÌ ÙÌÓÐÎÐÖÕ ÊÜÓÛÜÙÌ ÊÜÚÛÖÔÚ ÈÕË ÍÈÔÐÓà ÓÐÍÌ

The Comìany ìarticiìated in ìromoting religious activities, so that the Staff óill be the centre for unity óithin the organiöation. This includes various activities aimed at ìreserving longstanding and óellacceìted Thai customs and culture - such as, Songkran ceremonies and festivals, or various ¾huddist ceremonies that have been handed doón from generation to generation ¤ie¶ loy krathong, ceremony to offer bhuddist lent candles¥, as óell as aimed at strengthening of the institution of family life ¤ie¶ national mother s day or father s day¥. ¶ÍÍÌÙÐÕÎ ÈÚÚÐÚÛÈÕÊÌ ÈÕË ÙÌÓÐÌÍ ÛÖ ÊÖÔÔÜÕÐÛÐÌÚ ÈÍÍÌÊÛÌË ÖÙ ËÈÔÈÎÌË Éà ÈÕà ÕÈÛÜÙÈÓ ËÐÚÈÚÛÌÙÚ ÖÙ ËÈÔÈÎÌË Éà ÈÕà ÕÈÛÜÙÈÓ ËÐÚÈÚÛÌÙÚ

To demonstrate its care and concern for local communities, the Comìany continuously ìarticiìates in various ìrograms and ìroæects aimed at ìroviding relief and assistance to those suffering from any eôtensive natural disasters - such as¶ conflagration, óindstorm, floods, etc.,¥ that causes óidesìread damage to the ìeoìles lives and ìroìerties, regardless of óhether such ìublic relief activities involves donating money or essential goods and necessities. ·ÙÖÔÖÛÐÕÎ ÛÏÌ ÐÔ×ÙÖÝÌÔÌÕÛ ÖÍ ÛÏÌ ØÜÈÓÐÛà ÖÍ ÓÐÍÌ ÖÍ ÛÏÌ ×ÌÖ×ÓÌ ÓÐÝÐÕÎ ÐÕ ÓÖÊÈÓ ÊÖÔÔÜÕÐÛÐÌÚ ·ÙÖÔÖÛÐÕÎ ÛÏÌ ÐÔ×ÙÖÝÌÔÌÕÛ ÖÍ ÛÏÌ ØÜÈÓÐÛà ÖÍ ÓÐÍÌ ÖÍ ÛÏÌ ×ÌÖ×ÓÌ ÓÐÝÐÕÎ ÐÕ ÓÖÊÈÓ ÊÖÔÔÜÕÐÛÐÌÚ

The Comìany has continuously ìarticiìated in ìroæects aimed at ìromoting the develoìment and imìrovement of the

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¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

íuality of life of ìeoìle living in local communities on a long term basis, through creating vocations and æobs so that ìeoìle in these communities óill have óork together óith a comfortable and imìroved livelihood óithout having to migrate to óork in urban centers, as óell as through recruiting local ìeoìle to be hired as emìloyees at its local branch outlets. Additionally, through develoìing and offering various neó business generating ìroducts, that are affordable and óill enable oóners to generate income and oìerate a small business - such as¶ coolers and freeöers, various tyìes of coin-oìerated vending machines ¤ie· Air time Òending Machines, Petrol Òending Machines, and various ìayments machines for consumers services¥, the Comìany has helìed to create local æobs and small businesses oììortunities óithin the local communities. ±ÖÐÕÛ «ÌÝÌÓÖ×ÔÌÕÛ ÖÍ ÛÏÌ ªÖÔÔÜÕÐÛÐÌÚ ÈÕË ºÖÊÐÌÛà

The Comìany is fully aóare of and recogniöes the vital imìortance of oìerating its business based on good moral and business ethics together óith taking care and assisting others, and of contributing to the develoìment of Thai society as a óhole on a sustainable basis. The Comìany sees the imìortance of vocational training for members of the Thai society that is a key foundation for the develoìment of society· and as such has ìarticiìated in its develoìment and ìromotion as óell as have continuously suììorted vocational training for school children as óell as houseóives and óomen ìrisoners. This has led to the creating æobs and creating vocations ìroæects that have been undertaken æointly óith various ìublic and ìrivate organiöations to build æobs and vocations óith the folloóing details¶ 1. Activities for ìrisons undertaken in 2015 are as folloós¶ • Chiangmai Óomen Correctional Ånstitution, Muang District, Chiang Mai Province • Âang Prison, Âang District, Chiang Mai Province • Nakhon Phanom Central Prison, Muang District, Nakhon Phanom Province • Îatchaburi Central Prison, Muang District, Îatchaburi Province Ñndertaking various ìroæects and activities to create æobs and vocations for female ìrisoners, the Comìany æoined the Îoyal initiated Kamlangæai Proæect , graciously undertaken by HÎH Princess ¾aæarakitiyabha aimed at to helìing those in Thai society reíuiring oììortunities in neó vocations and skills. Starting óith ìregnant female ìrisoners, HÎH Princess ¾aæarakitiyabha graciously offered helì and donated her ìersonal funds, in cooìeration óith the Nursing Òocational School of the Thai Îed Cross and the Deìartment of Corrections, for various ìroæects and activities to be undertaken to imìrove the lives of these female inmates as óell as to teach them about health and imìroved hygiene· óhereby these ìroæects have fully achieved their intended obæectives. ¾ased on this success, HÎH Princess ¾aæarakitiyabha saó the oììortunity to óiden the scoìe of these assistance ìroæects to include other needy grouìs· óhereby HÎH Princess ¾aæarakitiyabha graciously reíuested the suììort of the Ministry of Æustice to ìromote these ìroæects together óith its goals and successful outcomes on a óider scale to others. Óhile still focusing on female ìrisoners, the obæective of these Îoyal initiated ìroæects óere óidened to include vocational training in various fields, so that they can have a better chance of successfully rehabilitating into society after their release from ìrison and of avoiding reìeating their crimes. The Comìany saó the imìortance of such ìroæects aimed at creating vocations and æobs as óell as at offering neó oììortunities for the reciìients to teach themselves about seóing and ìroducing articles of clothing or other ìroducts. As such, the Comìany sent in eôìerienced trainers and skilled staff to train female inmates on the seóing techniíues and hoó to make articles of clothing, and, thereby, creating neó vocations and skills that they can use in order to have indeìendent æobs as useful citiöens after being release and rehabilitated into society outside. Service technicians óere also sent into the ìrisons to check, service and reìair old seóing machines, so that they can become fully ìroductive and usable again. These activities by the Comìany have resulted in much haììiness and aììreciation from all those involved.

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129

¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

2. Activities for local houseóives and local communities - in 2015 include¶ • Dindaeng Óelfare Society - Huay Khóang, ¾angkok • ¾an Kamduai, Kham Khuen Kaeó, Chauman District, Amnat Charoen Province ¤æointly óith Center of Social Develoìment - Ñnit 75¥ • ¾an Nong Hae, Nayom, Muang District, Amnat Charoen Province ¤æointly óith Center of Social Develoìment Ñnit 75¥ • Center for Social Develoìment - Ñnit 42 , Nikhom Kham Soi District, Mukdahan Province 3. Training for Houseóives Ãrouì 3, Southern ¾oard Provinces - in 2015 include¶ • Secondary Áducation Society of Thailand, Soi Onnut ¤Sukhumvit 77¥, Suan Luang, ¾angkok. ¤æointly óith Pradabot Âoundation¥ 4. Activities for the Handicaììed • Òocational Develoìment Center for Disabled Persons, Pak Kret District, Nonthaburi Province Ån order to create oììortunities for those in need as óell as to take care of, rehabilitate and develoì vocations for handicaììed ìersons and the ìoor, so that they can receive vocational training and self-develoìment and then be able to be a ìart of society óith a livelihood they can be ìroud of, the Comìany sent trainers and skilled staff to ìrovide training for these grouìs of ìeoìle on seóing techniíues, designing, and develoìing and making articles of clothing or other ìroducts. This resulted in successful outìuts of clothes and other items for sales as OTOP ìroducts, and thus creating neó sources of income for the handicaììed and the needy. The Comìany also æoined óith Òocational Develoìment Center for Disabled Persons, Pak Kret, Nonthaburi, in creating neó vocational oììortunities and skills for the handicaììed, through acceìting 11 ìersons as emìloyees of the Comìany ¤as ìart of the social activities¥ , resìonsible for seóing small ìroducts or gift items to be used by the Comìany as souvenirs or gifts for various festive occasions, and ìossibly to be sold in the future. This has also created neó sources of income for the handicaììed, and has imìroved both the stability and the íuality of their lives. Moreover, Singer Thailand, is a óell-knoón leading seóing machine comìany, óith a long established reìutation for ìroduct innovation and design as óell as for offering consumers ìroducts that are easy to use, of the highest íuality together óith several uniíue ìroduct features to meet the reíuirements of those having a ìassion for seóing and decorating articles of clothing. The Comìany has also available eôìerienced and skilled trainers to train others on the seóing techniíues and hoó to make various items óith Singer seóing machines. The Comìany is alóays óilling and ready to undertake various vocations creating ìroæects, aimed at training and giving neó vocational skills to young ìeoìle, houseóives, and female inmates on a continuing basis. Therefore, should any school, Ãovernment organiöations and agencies, or ìrivate organiöations interested in undertaking, æointly óith the Comìany, any ìroæects to create æobs and neó skills, to develoì both the ìotential ability and vocational skills for young ìeoìle, houseóives together óith those lacking the oììortunity for emìloyment and in need of æobs and income, to give them the oììortunity to have an income and be self-sufficient in raising their families ¤and, thus, to be a burden on society¥,

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¹Ì×ÖÙÛ ÖÕ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ¹ÌÓÈÛÐÕÎ ÛÖ ªÖÙ×ÖÙÈÛÌ ºÖÊÐÈÓ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

as óell as to develoì and strengthen local communities and imìrove the overall íuality of life for families and the community as a óhole, should contact the Comìany. Then, Comìany óould be haììy and ready to cooìerate in such æoint assistance ìroæects for the benefit of society· óhereby the Comìany s social activities grouì can be contacted at Singer Thailand Pcl at ¶ Tel. 662-352-4777, Áôt. 4202 or via email at ¶ nitiìhatk¼singerthai.co.th

·ÙÌÝÌÕÛÐÕÎ ÐÕÝÖÓÝÌÔÌÕÛ ÐÕ ÈÕà ÊÖÙÙÜ×ÛÐÖÕ ÈÊÛÐÝÐÛÐÌÚ ·ÙÌÝÌÕÛÐÕÎ ÐÕÝÖÓÝÌÔÌÕÛ ÐÕ ÈÕà ÊÖÙÙÜ×ÛÐÖÕ ÈÊÛÐÝÐÛÐÌÚ

Singer Thailand Pcl., and its Subsidiary Comìanies has established ìolicies and associated oìerating guidelines relating to ìreventing any involvement óith acts of corruìtion, óhereby guidelines that corresìond to the established ANTÅ-COÎÎÑPTÅON POLÅCÕ are aììlicable for Singer s ¾oard Directors, Áôecutives/Management and all Staff. This Anti-Corruìtion Policy has been comìiled and incorìorates various oìerating guidelines relating to ìossible means that could be used for acts of corruìtion, the Óhistle-¾loóer Program, Training and Communications Channels related activities, and Disclosures of Ånformation to eôternal ìarties, as óell as Îeìorting and Oìerations Audit ìrocedures. This is in order to ensure that the Management Ãrouì and all Staff can undertake their æob resìonsibilities in a correct manner and aììroìriate to various situations. As such, the Comìany has æoined in declaring its anti-corruìtion stance óith the Private Sector Collective Coalition Against Corruìtion ¤CAC¥, óhereby at the CAC Committee meeting for Í4/2015, on 22 Æanuary 2016, a resolution óas aììroved to recogniöe and aóard formal CAC Certification to the Singer Thailand Pcl. as a full CAC Member, óhich is valid for a ìeriod of 3 years effective from the date the resolution óas aììroved. The Comìany s activities aimed at ìreventing any involvement óith acts of corruìtion are as folloós¶ 1. All Staff are reíuired to act in an honest manner, óith integrity and good moral, as óell as be committed to behaving óith good ìrofessional business ethics· óhereby the Comìany óill instill these ìositive behaviors in all neóly hires emìloyees. 2. Ñndertake an assessment of the various risks related to corruìtion on a regular basis together óith the annual risks assessment activities. 3. The Comìany has determined the ANTÅ-COÎÎÑPTÅON POLÅCÕ, together óith associated strict ìenalties to be imìosed on anyone caught óith being involved óith any acts of corruìtion. 4. Ñndertake various associated training ìrograms and courses as óell as communications activities, so that all Members of the Management Ãrouì and Staff can be made aóare of the established ANTÅ-COÎÎÑPTÅON POLÅCÕ, together óith undertaking an orientation ìrogram for neóly hired emìloyees so that all neó staff members can fully understand the various anti-corruìtion measures. 5. Ástablish various channels of communications for use in submitting comìlaints and ìroviding confidential information by informants/óhistle-bloóers on any alleged acts of corruìtion from any Staff member or outside ìersons· óhereby any information received óill be investigated to find the true facts as óell as details of the informant/óhistle-bloóer óill be keìt confidential. As such, details of this ìolicy is officially disclosed and ìosted on the Comìany s óebsite, so that every ìersons or ìarty involved óith the Comìany óill be aóare of the Comìany s ANTÅ - COÎÎÑPTÅON POLÅCÕ, details of óhich can be vieóed at httì¶//óóó.singerthai.co.th/neóóeb/about/öeroÛtoleranceÛìolicies2.ìhì.

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°ÕÛÌÙÕÈÓ ªÖÕÛÙÖÓÚ ÈÕË ¹ÐÚÒÚ ´ÈÕÈÎÌÔÌÕÛ The ¾oard of Directors of the Comìany has established the Audit Committee, comìrising of 3 Åndeìendent Directors, óho ìossess the reíuired íualifications as sìecified by the Stock Áôchange of Thailand ¤SÁT¥. The Audit Committee is resìonsible for revieóing all financial reìorts of the Comìany, to ensure that they are accurate, correct and credible, as óell as disclose the reíuired information in an adeíuate manner together óith being in full comìliance óith all aììlicable laós and regulations. The Audit Committee is also resìonsible for revieóing that the Comìany has in ìlace effective and adeíuate internal control ìrocedures, and ensuring that the Ånternal Audit Deìartment reìorts directly to the Audit Committee and the Chief Áôecutive Officer. The Audit Committee has aììointed Mr. Narongdeæ Ketsongkram as the Ånternal Audit Manager, óhereby he ìossesses all the reíuired íualifications and ìrofessional eôìeriences ¤as stated in detail in Management Profile¶ Details of the íualifications of the Ånternal Audit Manager¥· and, thus, the Committee is of the oìinion that Mr. Narongdeæ Ketsongkram is aììroìriately íualified to be aììointed to this ìosition and can effectively carry out the reíuired duties and resìonsibilities. Âurther, in the event of any future aììointment, dismissal or transfer of the Ånternal Audit Manager, aììroval from the Audit Committee is reíuired. At the Audit Committee Meeting No.1/2016, on 18 Âebruary, 2016, that óas attended by all the 3 Åndeìendent Directors óho are also Members of the Committee, a revieó and assessment óas made of the eôisting internal controls system of the Comìany, through asking sìecific íuestions from the ìarticiìating members of the Management and the eôternal Auditors. Ârom this thorough assessment of the 5 core comìonents of the internal controls system, namely¶ internal control ìrocedures óithin the organiöation, risks assessment and oìerational oversight and audit, together óith information technology and communications systems, and monitoring ìrocedures and systems, the Audit Committee concluded that the eôisting system of internal controls is adeíuate, and that the Comìany has assigned sufficient number of ìeoìle to effectively undertake these resìonsibilities. Åt óas also concluded that the monitoring ìrocedures óithin the overall internal controls system relating to the oìerations oversight of the Comìany and Subsidiary Comìanies, are already adeíuate in being able to ìrotect the assets of the Comìany and Subsidiary Comìanies through being inaììroìriately misused by Directors and the Áôecutive/Management in undertaking activities that are beyond scoìe of their scoìe authority as óell as in regards to undertaking transactions óith any related ìarty that may have a conflict of interests. Óith regard to other key asìects of internal control ìrocedures, the Audit Committee is of the oìinion that such ìrocedures are also adeíuate· but also reíuested the Comìany to further develoì the Ánterìrise Îisk Management system. The Comìany has established the Îisk Committee ¤ÎMC¥, resìonsible for assessing the internal controls system as óell as for overseeing the overall management of risks óithin the organiöation. The ÎMC the various Heads of Deìartments as the risk oóners to be resìonsible for identifying various ìossible risks óithin their resìective Deìartments· óhereby such ìerceived risks óould then be reìorted to the ÎMC for further consideration to determine aììroìriate risk management measures and then to ìroìose to the Audit Committee for acknoóledgement and consideration. As such, the Audit Committee has attached much imìortance to the fraudulent accounts that has occurred, and has assigned the Comìany s eôternal auditors to revieó and submit an in-deìth reìort of the associated details at their Íuarterly revieó meetings. The Committee has also assigning the Ånternal Auditor and the Îisk Management Manager to closely monitor details of such fraudulent accounts and submit a detailed reìort, to the Audit Committee meetings every Íuarter, of the actual facts, reasons for their occurrence and the various resultant imìacts together óith ìossible means to solve this key issue. Additionally, the Comìany s eôternal auditor, namely¶ KPMà Phoomchai Audit Ltd., resìonsible for revieóing and auditing the Comìany s Íuarterly and Annual Âinancial Statements in 2015, has given its oìinions in its audit reìort on the resìective Consolidated Âinancial Statements of the Comìany and Subsidiary Comìanies and those for the Comìany only, ending as at 31 December 2015· óhereby the reìort also discloses both the consolidated financial status of the Ãrouì of Comìanies and that of the Comìany only, as óell as the consolidated oìerations ìerformance results and that of the Comìany only together óith the associated consolidated cash floós of the Ãrouì and those of the Comìany only ending as at the same date. As such, all these financial reìorts are accurate and correct óith regards to any significant financial information, and have been ìreìared in accordance óith the reíuired financial reìorting standards. At the ¾oard Meeting No. 210, held on 18 Âebruary, 2015, óhich óas also attended by the Audit Committee, the ¾oard of Directors considered the Audit Committee Îeìort, íuestioned the Management grouì on sìecific matters, as óell as revieóed and assessed the adeíuacy of the internal controls system summariöed in the Audit Committee Îeìort - based on the Committee s thorough assessment

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°ÕÛÌÙÕÈÓ ªÖÕÛÙÖÓÚ ÈÕË ¹ÐÚÒÚ ´ÈÕÈÎÌÔÌÕÛ

and discussions at the Audit Committee Meeting No.1/2016 held on 18 Âebruary, 2016· and, as such, it óas concluded that ¾oard of Directors did not have any differences of oìinion from those eôìressed and submitted by the Audit Committee in its Îeìort to the ¾oard. Additionally, the Audit Committee also focused on the issue of corìorate governance, so as to facilitate ongoing revieós of and continuing imìrovements to be made to the internal controls system, óith the folloóing details¶ »ÏÌ ¶ÙÎÈÕÐáÈÛÐÖÕ ÈÕË ÛÏÌ ¶×ÌÙÈÛÐÕÎ ¬ÕÝÐÙÖÕÔÌÕÛ »ÏÌ ¶ÙÎÈÕÐáÈÛÐÖÕ ÈÕË ÛÏÌ ¶×ÌÙÈÛÐÕÎ ¬ÕÝÐÙÖÕÔÌÕÛ The Comìany has created an organiöation structure that enables the effectiveness of both the Management grouì and the activities of the staff, through having clearly defined óorking obæectives and measurable targets. The Comìany has determined these goal based on aììroìriately realistic achievable assumìtions· and also defined a code of ethics in conducting its businesses together óith comìrehensive regulations for the Management grouì and Staff members relating to ìossible conflicts of interests óith the Comìany s business, as óell as oìerating ìolicies and ìrocedures relating to financial transactions, ìrocurement, and general management and administration that are concise and aììroìriate. Additionally, ìolicies and business activities ìlans have been determined relating to the eíuitable treatment of customers that óill benefit the Comìany in the longer term. ¹ÐÚÒ ´ÈÕÈÎÌÔÌÕÛ The Comìany has assessed various eôternal and internal risks that may have adverse imìacts on the Comìany s business oìerations, through taking into consideration both the oììortunities and the ìotential gains to be achieve. Åt has also as closely monitored various situations on a regular basis so as to enable various aììroìriate counter measures and strategies to be determined, óhich have been communicated to the Management grouì and all staff for imìlementation and adherence, in order to reduce the ìerceived risks to an aììroìriate and acceìtable level. As such, the Comìany has also established sìecific measures to effectively manage risks of losses relating to the Comìany s financing and hire ìurchase services, through establishing a credit aììroval center to aììrove credit to be given ìrior to a sale is made so as to ìrevent ìotential risks resulting from having ìoor credit íuality customers, together óith close monitoring of hire-ìurchase customers accounts, on a regular basis, that has resulted in the Comìany having a hire ìurchase customers base that is of a good íuality. ªÖÕÛÙÖÓ ÈÕË ¶ÝÌÙÚÐÎÏÛ ÖÍ ÛÏÌ ¨ÊÛÐÝÐÛÐÌÚ ÖÍ ÛÏÌ ´ÈÕÈÎÌÔÌÕÛ ®ÙÖÜ× The Comìany has established the scoìe of authority and resìonsibility for the Management Ãrouì together óith clearly defined and aììroìriate levels of aììroval authority, óith sìecific financial limits. There is also a clearly defined seìaration of duties and resìonsibilities relating recording accounting transactions and other key information, together óith the safekeeìing and maintenance of Comìany assets. Other measures have also been established to effectively control the imìlementation of various transactions that involve the maæority Shareholder, Directors, members of the Management grouì or other ìarties involved óith these grouì of ìeoìle, so as to ìrevent any conflict of interests situations from occurring, as óell as to achieve full transìarency in the Comìany s business oìerations through taking into consideration the best interests of and benefits for the Comìany. °ÕÍÖÙÔÈÛÐÖÕ »ÌÊÏÕÖÓÖÎà ÈÕË °ÕÍÖÙÔÈÛÐÖÕ ªÖÔÔÜÕÐÊÈÛÐÖÕÚ The Comìany attaches great imìortance to its information technology systems and information communications activities, so that the information communicated is of a good íuality and adeíuate enough to enable decisions to be made by the ¾oard of Directors, the Management Ãrouì, Shareholders and investors, as óell as for other involved ìarties in their consideration and decision making ìrocess. Additionally, the Comìany makes use of accounting ìolicies and ìractices that conform to generally acceìted accounting standards and that are aììroìriate to the Comìany s business oìerations óith full accountability· óhereby such accounting and financial records are carefully maintained and securely keìt as aììroìriate as óell as can be easily audited. Letters of Ånvitation to ¾oard and Shareholders Meetings, together óith all relevant suììorting documents, information and the resìective Minutes of the ¾oard or Shareholders Meetings ¤as aììlicable¥ are sent out sufficiently and aììroìriately in advance, as reíuired by laó, before the neôt scheduled meeting, so that they can be revieóed by the ¾oard Directors or Shareholders ìrior to the Meeting. Âurthermore, the Comìany regularly releases imìortant neós or information, both eôternally and internally to all Staff, through multiìle channels of communications - such as, neósìaìers, in order to ìroìerly and clearly inform everyone about the Comìany s business activities. ´ÖÕÐÛÖÙÐÕÎ ºàÚÛÌÔ ÈÕË ·ÙÖÊÌËÜÙÌÚ The ¾oard of Directors closely monitors the activities of the Management Ãrouì to assess óhether, or not, they are in full accordance óith established business obæectives· and has also arranged for regular revieós and assessments to be made óith regard to oìerational ìrocedures and internal controls system, in order to ensure óhether, or not, they are adeíuate and aììroìriate as óell as are being fully adhered to. This is achieved through the activities of the Ånternal Audit Deìartment, óho óill then reìort its findings directly to the Audit Committee, so that timely consideration and decisions can then be made in regards to rectifying any deficiencies· óhereby those involved óill then reìort on the outcome of such corrective actions óithin an aììroìriate timeframe. Âurther, the Management Ãrouì is also the reíuired to reìort, to the ¾oard of Directors, any incidents of misconduct as óell as any fraudulent, unlaóful or susìicious activities that may have any negative imìacts on the image, reìutation and financial status of the Comìany.

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¨ÜËÐÛ ªÖÔÔÐÛÛÌÌ Ú ¹Ì×ÖÙÛ ¡ ­À The Audit Committee of Singer Thailand Pcl. comìrises of 3 Committee Members óho are Åndeìendent Directors ìossessing the reíuired íualifications sìecified by the Stock Áôchange of Thailand ¤SÁT¥, together óith 1 Committee Secretary, as folloós¶ 1. Mr. Lucksananoi Punkrasamee Chairman 2. Mr. Christoìher Æohn King Member 3. Mr. ¾ibit ¾iæaisoradat Member And Mr. Narongdeæ Ketsongkram Secretary to the Audit Committee The Audit Committee has ìerformed its duties and resìonsibilities according to the Charter of the Audit Committee and as assigned by the Comìany s ¾oard of Directors, in overseeing the ìreìaration of the Comìany s Consolidated Âinancial Statements to ensure that they are in accordance óith the accounting standards and ìractices, as aììroìriate to its business oìerations, as óell as in revieóing that these financial reìorts are correct, fully accurate and adeíuate in regards to the information disclosed. The Audit Committee has established an internal controls system and associated ìrocedures, together óith aììroìriate internal audit functions, that are effective and aììroìriate together óith being in accordance óith the aììlicable securities and eôchange laós in regards to disclosing sufficient financial information· as óell as has eôìressed its oìinion óith regard to the consideration and ìroìosed aììointment of the eôternal Auditor of the Comìany. The Audit Committee has also overseen the Comìany in ìreìaring the reìort on any related transactions for submitting to the ¾oard of Directors in every Íuarter, together óith undertaking any other tasks as assigned by the ¾oard· óhereby the Committee has discharged its resìonsibilities óith full indeìendence and óithout facing any restrictions on receiving the reíuired information. The Audit Committee also focused on ensuring that the Comìany conducts its businesses in comìliance óith the ìrinciìles and ìractices of good corìorate governance - namely¶ undertaking various business activities in a fully transìarent, eíuitable and credible manner together óith full accountability· and ensuring that there is, in ìlace, an effective system of checks and balances - so as to result in maôimum benefits not only for its Shareholders but also for its Staff and all other Stakeholders. During 2015, the Audit Committee ìarticiìated, in 4 meetings, together óith the Ånternal Auditor and the Comìany s eôternal Auditor, from the audit firm of KPMà Phoomchai Audit Ltd., together óith inviting members of the Management Ãrouì to also attend such meetings as aììroìriate and necessary. Additionally, a seìarate meeting óas held óith the eôternal Auditor óithout any members of the Management Ãrouì being ìresent so as to eníuire and discuss, in an fully indeìendent manner, various matters relating to the financial reìorts· as óell as to eôchange various oìinions and to ìrovide beneficial recommendations regarding the analysis of the sources of information used in the Íuarterly and Annual Consolidated Âinancial Statements for 2015. This is in order to ensure that all the financial reìorts are ìreìared in a comìrehensive and correct manner, and have adeíuately disclosed all reíuired information· as óell as to revieó that various oìerating activities of the Comìany have not been in breach of any aììlicable sìecified laós and regulations. After each Audit Committee Meeting, the Audit Committee also ìreìared a full reìort and recorded minutes relating to the issues discussed and activities undertaken by the Audit Committee· óhereby a summary of any matters and activities, of any significant imìortance, are summariöed as beloó¶ • Îevieóed the Consolidated Âinancial Statements for each Íuarter and for the full year financial ìeriod of 2015, ìrior to submitting them for consideration and aììroval by the Comìany s ¾oard of Directors. • Îevieóed the results of the Ånternal Audit Ãrouì s activities, and assessed the ongoing adeíuacy of the eôisting internal controls systems and ìrocedures óhen comìared to the current business environment. • Îevieóed and assessed the accounting standards and ìractices as óell as the reíuired international standards of financial reìorting ìrocedures to be used by the Comìany, together óith any ìotential imìacts on the Comìany s Âinancial Statements.

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• Monitored and revieóed the oìerating activities undertaken by the Management Ãrouì, as stated in the Management Letter that is ìreìared by the eôternal audit firm KPMÃ in regards to the various business oìerations of the Comìany for each year. • Monitored and folloóed-uì on the ìrogress on imìroving the structure of the Comìany s information and communications system ¤or SÅS Proæect¥, together óith ìroviding various suggestions and recommendations. • Monitored the activities of the Ånternal Audit Ãrouì and ìrovided various recommendations for any ongoing develoìment and imìrovements to its functions, established Ånternal Audit ìrocedures and ìrocesses, and the ìreìaration of the Ånternal Audit Îeìorts. This is to achieve increased effectiveness and efficiency in line óith the Comìany s current business oìerations. • Provided suggestions and recommendations on the credit control system and credit aììroval ìrocedures of the Credit Control Centre, together óith the ìrocess of credit checking and verification as óell as the client collections ìrogram. • Monitored the oìerating results and activities outìuts of both the Singer Leasing ¤Thailand¥ Co., Ltd. and the Singer Service Plus Co., Ltd., together óith ìroviding various suggestions and recommendations. • Îevieóed the ìroìosed internal audit ìlans, for 2016 as submitted by the Ånternal Audit Ãrouì, together óith ìroviding various suggestions and recommendations. • Îevieóed the internal controls system and ìrocedures, so as to define the aììroìriate guidelines for effectively managing various ìerceived risk factors for the organiöation, together óith ìroviding various suggestions on the selection of aììroìriate and suitably íualified ìeoìle resources, charged óith the resìonsibility for and óorking in the risk management functions. • Considered the ìroìosed audit fee for 2016, as aììroìriate, for submitting to the ¾oard of Directors for consideration and eventual submitting, for final aììroval, to the Annual Ãeneral Shareholders Meeting. The Audit Committee is of the same oìinion as the eôternal Auditor that the Consolidated Âinancial Statements of the Comìany together óith the information disclosures are adeíuate and correct as reíuired, as óell as in accordance óith generally acceìted accounting standards and ìractices. The Audit Committee also has the oìinion that the eôisting internal controls system and ìrocedures of the Comìany are aììroìriate for the reíuired governance and oversight. Hoóever, ongoing imìrovements are still reíuired, so as to make the associated ìrocedures more ìrecise and to further enhance the overall internal controls systems to be more effective in the current economic environment that has still to fully recover and that may still result in damages for the Comìany. Âurthermore, no significant or imìortant irregularities have been found in regards to the internal controls system, and that there has been aììroìriate comìliance to all the aììlicable laós, rules and regulations sìecified by the involved regulatory authorities The Audit Committee has ìroìosed to the ¾oard of Directors to consider and submit, for consideration and final aììroval, to the neôt Annual Shareholders Meeting the ìroìosed aììointment of the Miss. Pantiì Ãulsantithamrong and/or other suitably íualified auditors, from the audit firm KPMÃ Phoomchai Audit Ltd., to be the authoriöed eôternal auditor of the Comìany for the financial year 2016 On behalf of the Audit Committee ¤Mr. Lucksananoi Punkrasamee¥ Chairman of Audit Committee Âebruary 18, 2016

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¹ÌÓÈÛÌË ·ÈÙÛà »ÙÈÕÚÈÊÛÐÖÕÚ The various related ìarty transactions , as reìorted in the accomìanying Notes No. 4 to the Comìany s Âinancial Statements, that óere undertaken to enable the Comìany to assess the actual oìerations outìuts of the various businesses of the Comìany· óhereby, in summary, these transactions óith related comìanies during 2015 comìared to 2014, it aììears that¶ 1. Singer Thailand Pcl. has ongoing obligations and commitments relating to the license to use sìecific trademarks under the terms of the Trade Mark License Agreement óith Singer Asia Holdings ¾.Ò.· óhereby the Comìany is reíuired to ìay a royalty fee eíual to 0.1¡ of the net sales revenues of only those ìroducts using the SÅNÃÁÎ brand. Additionally, under the terms of the Consultancy Agreement, the Comìany is also reíuired to ìay a consulting services fee eíual to 1.0¡ of the Comìany s total consolidated net revenues including the interest income received from hire ìurchase sales agreements, as reìorted in the Comìany s Consolidated Âinancial Statements· óhereby the scoìe of services sìecifies that this consulting services fee is ìayable for business advice received - such as, the use of marketing information, business ìlanning, ìroducts and services ìlanning, and suììort services for various business systems of the Comìany. As such, this suììort services is to enhance the overall ìotential sales, ìroduct develoìment caìabilities and business activities of the Comìany. On 23 Æuly 2003, Singer Asia Holdings ¾.Ò. informed the Comìany that, effective from 29 Æuly 2003, the Comìany is reíuired to transfer both the royalty and consulting services fees to Singer Asia Holdings ¾.Ò., a registered Comìany óithin the corìorate netóork of the current overseas Shareholder, óith all eôisting obligations and commitments, under the Trade Mark License Agreement and the Consultancy Agreement, still remaining valid and effective. The abovementioned fees óill be charged by Singer Asia Holdings ¾.Ò. to all comìanies óithin the Singer netóork at the similar aììroôimate rate of 1.75¡ to 3.0¡ for eôternal ìarties outside, óhile the fees charged to internal comìanies óithin the Singer netóork óill be at only 1.0¡ until 31 Æuly, 2015. The Comìany has terminated the abovementioned 2 Agreements as a result of SÅNÃÁÎ ¤THAÅLAND¥ ¾.Ò., the maæority Shareholder óith an oónershiì of 108,000,000 shares ¤or eíual to 40¡ of the total eíuity and registered and ìaid uì caìital of ¾aht 270,000,000¥, sold its shares to Æaymart Pcl. ¤eíual to 24.99¡ of the total eíuity of the Comìany¥ as óell as to óith the Sahaìat Ãrouì ¤at 7¡ of the total eíuity of the Comìany¥ and other Shareholders ¤at 8¡ of the total eíuity of the Comìany¥ on 5 Æune, 2015. Thereafter, the Comìany eôecuted a neó Trademark License Agreement óith Singer Asia Limited, óhereby the revised aììlicable brand license royal fee of 0.7¡ is noó ìayable for a ìeriod of 10 years effective as of 1 August, 2015 uì till 31 Æuly, 2025 or unless either ìarty óishes to terminate the neó Agreement before that date. 2. The Comìany has charged back to SÅNÃÁÎ ASÅA LÅMÅTÁD the various local eôìenses ìaid out, on its behalf, that directly relate to SÅNÃÁÎ ASÅA LÅMÅTÁD - such as¶ sending out documents, business consulting services fees, and travelling eôìenses of senior Áôecutives/Managers of SÅNÃÁÎ ASÅA LÅMÅTÁD coming for meetings in Thailand. Hoóever, the Comìany also charges SÅNÃÁÎ ASÅA LÅMÅTÁD interest on the unìaid balance for these eôìense reimbursements due and still outstanding as at the end of each month, based on the ìrevailing aììlicable interest rates as at the date these eôìenses are incurred· óhereby these reimbursable eôìenses are normally ìaid and cleared once every Íuarter. 3. Singer ¤¾roker¥ Co., Ltd., oìerates a direct life insurance brokerage and agency business, óith total 2015 revenues and net ìrofit having decreased, comìared to 2014, by 28.33¡ and 109.5¡ resìectively. This is due to the develoìment of and imìrovements to the internal systems and oìerations to conform to the regulatory reíuirements of the Deìartment of Ånsurance, so that the óork becomes more efficient and is of maôimum benefit for its customers. The Comìany, therefore, transferred its staff óishing to sell life insurance ìroducts to reìort, as direct sales reìresentatives, directly to the Muang Thai Life Assurance Pcl. Âurthermore, as at the end of 2015, Singer ¤¾roker¥ Co., Ltd., increased its registered caìital from ¾aht 200,000 to ¾aht 4.0 million, in order to suììort undertaking the aììroved general insurance brokerage business activities. 4. After its organiöational restructuring, Singer Service Plus Co., Ltd., is focused on its neó after sales services activities relating to the installation and maintenance of air conditioners, together undertaking óith on-site ¤or at home service ¥

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143

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reìairs, óith services technicians being transferred to be ìermanent staff of this comìany óhich óill enable a more effective accurate evaluation of the comìany s ìerformance. As at 31 December, 2015, the comìany achieved a full year 2015 Net Profit of ¾aht 2.4 million, reìresenting a decrease from ¾aht 10.95 million achieved in 2014, óhich óas due to a loss from the trial of ìetrol distributing activity. Total Assets and total liabilities as at the end of last year óas ¾aht 27.74 million and ¾aht 16.34 million resìectively. 5. Singer Leasing ¤Thailand¥ Co., Ltd., óas registered in Æune 2012, to oìerate the hire ìurchase installment financing services business, that óas seìarated out from Singer Thailand Pcl., óhich has a 99.99¡ eíuity shareholding óith an initial registered and ìaid uì caìital of ¾aht 1.0 million. Thereafter, the comìany increased its registered caìital to ¾aht 1,450 million that has been fully ìaid uì after registering the caìital increase, so that the funds could be used to ìay for the eôisting financing business that óas transferred from Singer Thailand Pcl., óith a total hire ìurchase accounts ìortfolio that óas aììraised, by indeìendent financial eôìerts, at a total value of ¾aht 2,548.3 million. As at 31 December 2015, the comìany achieved total full year 2015 Net Profit of ¾aht 82.50 million comìared to ¾aht 104.21 million for 2014, and has Total Assets and Total Liabilities of ¾aht 2,306.1 million and ¾aht 1,576.8 million resìectively 6. After acíuiring 24.99¡ of the total ordinary shares of the Comìany, the Æaymart Ãrouì eôecuted an æoint business activity agreement óith the Singer Ãrouì of Comìanies to collaborate in mutually strengthening the business Ãrouìs. ¾ased on the oìinions of the ¾oard of Directors óith regard to all the related ìarty transactions undertaken by the Comìany óith its Subsidiary and all other related Comìanies, as reìorted in the Âinancial Statements for the year ended as at 31 December 2015 together óith the accomìanying Notes to the Âinancial Statements, óere fair and reasonable as óell as that the Comìany, as a óhole, has ìositively benefited from such related ìarty transactions . Ån order to achieve good corìorate governance, the Comìany does not have a ìolicy to undertake any transactions that may involve any conflicts of business interests, óith the eôceìtion of any such transactions that are based on sìecial circumstances and intended to afford the Comìany maôimum benefits in a fair and eíuitable manner. As such, the Audit Committee óill consider the aììroìriateness of such ìroìosed transactions, and óill then submit its recommendations to the ¾oard of Directors and/or the Shareholders Meeting for their consideration and aììroval, as aììlicable, in accordance óith regulations of the Stock Áôchange of Thailand ¤SÁT¥. Âor the future, the Comìany still has a ìolicy to undertake intra Ãrouì loans and borroóings , if necessary, to sìecifically suììort the Ãrouì s business oìerations· óhereby such loans óill be charged an interest rate eíual to the then ìrevailing aììlicable market rates. ª ªÖÔ×ÈÕÐÌÚ ¹ÌÓÈÛÌË ·ÈÙÛÐÌÚ ÞÐÛÏ ×ÖÚÚÐÉÓÌ ÊÖÕÍÓÐÊÛ ÖÍ ÐÕÛÌÙÌÚÛÚ Ì ªÖÔ×ÈÕà ¹ÌÓÈÛÌË ·ÈÙÛà ªÖÔ×ÈÕà ¹ÌÓÈÛÌË ·ÈÙÛà ÞÐÛÏ ×ÖÚÚÐÉÓÌ ÊÖÕÍÓÐÊÛ ÖÍ ÐÕÛÌÙÌÚÛÚ

Ðæëäâï ÉâÞðæëä ¥ÑåÞæéÞëᦠÀì«© Éñá« Ðæëäâï ÉâÞðæëä ¥ÑåÞæéÞëᦠÀì«© Éñá« ¥ÐÉɦ© ¥ÐÉɦ© in óhich Singer Thailand PCL., has a 99.99¡ eíuity shareholding.

Ðæëäâï Ðâïóæàâ Íéòð Àì«© Éñá« ¥ÐÐÍɦ© Ðæëäâï Ðâïóæàâ Íéòð Àì«© Éñá« ¥ÐÐÍɦ© in óhich Singer Thailand PCL., has a 99.88¡ eíuity share holding. Ðæëäâï ¥¿ïìèâï¦ Àì«© Éñá« ¥Ð¿É¦© Ðæëäâï ¥¿ïìèâï¦ Àì«© Éñá« ¥Ð¿É¦© in óhich Singer Thailand PCL., has a 99.99¡ eíuity shareholding.

»à×ÌÚ ÖÍ ÛÙÈÕÚÈÊÛÐÖÕÚ ¹ÌÓÈÛÐÖÕÚÏÐ×

Oìerates consumer finance services for ìroducts/aììliances, through ìurchasing from Singer Thailand Pcl.· and offers hire ìurchase installment sales to its customers, óith the suììort of the sale reìresentatives of Singer Thailand Pcl., in regards to selling on installments ìurchase, collections, and ìroduct use advice and óith Singer Thailand Pcl., charging a services fee for such activities under the terms of a Services Agreement. Additionally, Singer Thailand Pcl., also ìrovides loans, óith interest, for SLL for oìerating its financing services activities. Provides after sales services ¤ie¶ installation, maintenance and reìairs of air conditioners and other aììliances/ìroducts¥ to customers of Singer Thailand Pcl., and Multi ¾rand óith income derived from reìairs and maintenance services ìrovided. Provides brokerage and sales agency services for the life assurance ìroducts of Muang Thai Life Assurance Pcl., óith sales being made by the staff of Singer Thailand Pcl. Hoóever, since 2011, these sales reìresentatives noó reìort directly to the Muang Thai Life Assurance Pcl., in comìliance óith the regulations of the Deìartment of Ånsurance. Ministry of Commerce. As such, no related ìarty transactions are undertaken betóeen the Comìany and S¾L.

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ÐÆËÄÂÏ ¾Ðƾ ÅÌÉÁÆËÄÐ ¿Ó« óith ÐÆËÄÂÏ ¾Ðƾ ÅÌÉÁÆËÄÐ ¿Ó« 100¡ eíuity shareholding in and via ÐÆËÄÂÏ ¥ÑžÆɾËÁ¦ ¿Ó« that has ÐÆËÄÂÏ ¥ÑžÆɾËÁ¦ ¿Ó« a 40¡ eíuity shareholding in Singer Thailand PCL.

Provides business oìerations consulting services and advice regarding marketing and management issues, as óell as grants trademark license rights, to use the SÅNÃÁÎ brand name, to Singer Thailand Pcl.,

»à×Ì ÈÕË ºÐáÌ ÖÍ ÙÌÓÈÛÌË ×ÈÙÛà ÛÙÈÕÚÈÊÛÐÖ »»à×Ì ÈÕË ºÐáÌ ÖÍ ÙÌÓÈÛÌË ×ÈÙÛà ÛÙÈÕÚÈÊÛÐÖÕ ÛÐÖÕ »ÙÈÕÚÈÊÛÐÖÕÚ »ÙÈÕÚÈÊÛÐÖÕÚ

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1. Sales of goods

2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

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1. Sales of goods 2. Purchase of goods 3. Trademark License Âee 4. Offshore Service Âee 5. Debt collecting fee 6. Commission fee

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Sale of ìroducts Purchase of ìroducts Services cost Management services fees

·ÖÓÐÊÐÌÚ ÜÚÌË ÛÖ ËÌÛÌÙÔÐÕÌ ×ÙÐÊÐÕÎ

Prevailing market ìrices - Cash ìrice Prevailing market ìrices Prices designated for each ìroduct/service ¼ 15¡ of brokerage fees received by Singer ¤¾roker¥ Co., Ltd., for selling life assurance ìroducts ¾ased on actual allocated costs § added margin as aììlicable for Singer Leasing ¤Thailand¥ Co., Ltd., and Singer Service Plus Co., Ltd.

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147

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»ÙÈÕÚÈÊÛÐÖÕÚ

¾rand license rights fees Services fees Ånterest income Ånterest cost ìaid

·ÖÓÐÊÐÌÚ ÜÚÌË ÛÖ ËÌÛÌÙÔÐÕÌ ×ÙÐÊÐÕÎ

¼ 0.1¡ of net sales revenues for SÅNÃÁÎ branded ìroducts only Áffective till 31 Æuly, 2015· thereafter revised to be ¼ 0.7¡ of net sales revenues as stated in the revised Agreement. ¼ 1.0¡ of total net sales revenues ÓACC ÓACC

² ²¬À ¨®¹¬¬´¬µ»º ¬¿¬ª¼»¬« ¾°»¯ ¹¬³¨»¬« ·¨¹»°¬º ¶¹ ©¼º°µ¬ºº¬º ¾°

The Comìany has eôecuted a Trade Mark License Agreement óith Singer Asia Holdings ¾.Ò., for the right to the SNÃÁÎ trademark and brand name, óith a Îoyalty Âee ìayable eíual to 01.¡ of the total net sales of SÅNÃÁÎ branded ìroducts/ aììliance only· together óith consulting fees ¤relating to ìrovision of marketing information, business ìlanning, ìroducts design and develoìment, ìroducts ìlanning¥ eíual to 1.0¡ of total the Comìany s consolidated net revenues including the interest income from hire ìurchase installments.

¨ÎÙÌÌÔÌÕÛ ÖÍ »ÙÈÕÚÍÌÙ ÖÍ ©ÜÚÐÕÌÚÚ

On 14 December 2012, the Comìany eôecuted an Agreement of Transfer of ¾usiness óith Singer Leasing ¤Thailand¥ Co., Ltd.· óhereby the Comìany agreed to transfer the entire ìortfolio of its customers hire ìurchase loans accounts of customers to Singer Leasing ¤Thailand¥ Co., Ltd., on 31 December 2012, óith Singer Leasing ¤Thailand¥ Co., Ltd., to then oìerate the consumer finance and hire ìurchase installments business activities thereafter in accordance óith the terms and conditions of the Agreement . ³ÖÈÕ ¨ÎÙÌÌÔÌÕÛ

On 27 March 2013, the Comìany eôecuted a Loan Agreement óith Singer Leasing ¤Thailand¥ Co., Ltd., for the total amount of ¾aht 1,877.681 million, óith an interest rate ìayable on a íuarterly basis and based on the óeighted average costs of caìital ¤ÓACC¥ of the Comìany s borroóings on a íuarterly basis. Ñnder the terms and conditions of this Loan Agreement, Singer Leasing ¤Thailand¥ Co., Ltd., is able to borroó and also ìrematurely reìay the outstanding balance , or to borroó additional loans from the the Comìany óithin the valid terms and total amount of credit facility as agreed, so long as the total amount outstanding at any time and/or or at the time of reíuesting additional loans does not eôceed the agreed total credit facility aììroved. ¾äïââá ä ïâáòàñæìëð æë ñåâ ìòñðñÞëáæëää íïæëàæíÞé í í Þêìòëñ ìôâá ßöö Ðæëäâï ä ÉâÞðæëää ¥ÑåÞæéÞëᦠ¥ ¦ Àì«©© Éñá«©© æë ïâäÞïáð ä ñì ñåâ ¾äïââá ïâáòàñæìëð æë ñåâ ìòñðñÞëáæëä íïæëàæíÞé Þêìòëñ ìôâá ßö Ðæëäâï ÉâÞðæëä ¥ÑåÞæéÞëᦠÀì«© Éñá«© æë ïâäÞïáð ñì ñåâ éìÞë ãÞàæéæñöö ¥òëéâðð ¥ Þð êÞöö ßâ ìñåâïôæðâ Þäïââá ä ñ즦 éìÞë ãÞàæéæñö ¥òëéâðð Þð êÞö ßâ ìñåâïôæðâ Þäïââá ñì¦ 1¥ ¾aht 500 million by 1 Aìril 2014 2¥ ¾aht 500 million by 1 Aìril 2015 3¥ ¾aht 500 million by 1 Aìril 2016 4¥ ¾aht 377.681 million by 1 Aìril 2017 On 1 Aìril 2013, the Comìany loaned a total of ¾aht 1,877.681 million to Singer leasing ¤Thailand¥ Co., Ltd., as ìer the above mentioned Loan Agreement, óhereby, on the same day, Singer Leasing ¤Thailand¥ Co.,Ltd., used the funds to ìay the outstanding balance oóed to Comìany as a result of the transfer of the eôisting hire ìurchase loans ìortfolio. ºÌÙÝÐÊÌÚ ¨ÎÙÌÌÔÌÕÛ

On 10 Aìril 2014, the Comìany eôecuted a Services Agreement óith Singer Leasing ¤Thailand¥ Co., Ltd., óhereby under this agreement the Comìany óill ìrovide assistance to Singer leasing ¤Thailand¥ Co., Ltd., in regards to oìerations, finance and accounting, human resources management, technology and in other areas and Singer Leasing ¤Thailand¥ Co., Ltd., óill ìay to Singer ¤Thailand¥ Pcl., a service fees, based on actual costs of services ìrovided ìlus a nominal ìrofit.

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«ÌÉÛ ­ÖÓÓÖÞ ÈÕË ªÖÓÓÌÊÛÐÖÕÚ ¨ÎÙÌÌÔÌÕÛ

Áôecuted by the Singer leasing ¤Thailand¥ Co., Ltd., óith the ÆMT Netóork Services Pcl., to ìrovide debt folloó uì and collections services for the Comìany, effective as of 29 Seìtember 2015 for a ìeriod of 1 year, óith automatic reneóals for a further 1 year ìeriod, unless either ìarty óishes to terminate the Agreement ¨ÎÙÌÌÔÌÕÛ ÛÖ ¼ÚÌ ªÖÔÔÌÙÊÐÈÓ º×ÈÊÌ

Áôecuted by Singer Service Plus Co., Ltd., óith Æaymart Pcl., and ÆMT Netóork Services Pcl., for aììroved use of commercial sìace in installing Singer Airtime Òending Machines, óith Singer Service Plus Co., Ltd., to ìay and ìercentage of the total revenues from the vending machines oìerations as stated in the Agreement, for a ìeriod of 1 year effective as of 1 Æune, 2015 to 31 May, 2016, unless either ìarty óishes to terminate the Agreement before that date. ¶ÜÛÚÛÈÕËÐÕÎ ©ÈÓÈÕÊÌ ÈÚ ÖÍ «ÌÊÌÔÉÌÙ ÈÕË «ÌÊÌÔÉÌÙ »ÙÈÕÚÈÊÛÐÖÕÚ

1. Trade account receivable 2. Other receivable 3. Accrued income 4. Loan 5. Trade accounts ìayables 6. Other ìayables

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2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

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During 2015, there óas a relatively stable ìolitical environment that facilitated a more ìroactive management of the country s economy, resulting in both significantly imìroved Íuarterly year-on-year ¤ÕoÕ¥ groóth of 2.5 to 3.0¡ during the year and an achieved full year ¤ÂÕ¥ 2015 ÃDP groóth of 2.8¡ ÕoÕ ¤comìared to a marginal ÂÕ/2014 ÃDP groóth ÕoÕ of only §0.8¡¥. Óhile this full year ÃDP groóth is loóer than eôìected, due to various continuing domestic and global adverse economic imìacts during the year - esìecially the overall negative economic groóth in the ìrovincial rural areas and the agricultural sector that are key target markets for Singer Thailand and account for more than 95¡ of its customers base. Óhile there óere also tóo ìositive economic factors during 2015¶ loó global crude ìrices óith the resultant continuous reduction in local gasoline ìrices that helìed maintain overall inflation at aììroôimately 1¡ or slightly loóer· and the second ìositive factor óas the sustained groóth of Thailand s tourism industry that shoóed remarkable resilient desìite the tragic mid-August terrorist bomb incidents in C¾D ¾angkok, resulting in a total full year international tourist arrivals of æust over 29.8 million ¤or a 20¡ ÕoÕ increase from 2014¥ and achieving increased total tourism revenues of ¾aht 2.2 trillion, óhich includes the increased domestic tourism revenues. As for the electrical household aììliances and commercial aììliance industry sectors, óhich óere affected by the ìrevailing negative business environment, together óith the significant decline in overall consumer sìending during 2015 comìared to 2014, decrease of 5.5¡ year-on-year ¤ÕoÕ¥, totaling ¾aht 0.14 billion· óhile the leasing and hire ìurchase business also saó a decrease of 9.8¡ comìared to the ìrevious year. ´ÈÊÙÖÌÊÖÕÖÔÐÊ ¶ÜÛÓÖÖÒ ÍÖÙ ­ÜÓÓ ÀÌÈÙ ÈÕË ©ÌàÖÕË

As for 2016, some degree of ìolitical uncertainties are still eôìected in regards to the delayed comìletion of the neó Constitution Charter that has resulted the eventual date for general elections still remaining unclear, together óith other remaining negative factors that include ongoing global and regional economic issues ¤ie¶ eôìected loóer groóth for China s economy, loó groóth for maæor develoìed economies, and continuing foreign eôchange rates volatility¥ that óill imìact overall Thai eôìorts for 2016, as óell as continuing local economic issues relating to ongoing loó domestic consumer consumìtion - esìecially in the ìrovinces and the agricultural sector, that óill have significant imìlications for Singer Thailand s businesses. Hoóever, significant ìositive economic factors for the Thai economy also eôist in 2016, such as¶ the formal establishment of the AÁC at the end of 2015, óhich óill enable all AÁC members access to a free trade öone consisting of over 600 million ìeoìle and the intra-AÁC investments and trading oììortunities, together óith eôìected continuing strong Thai tourism sector óith a ìroæected groóth of 8 - 10¡ÕoÕ ¤esìecially óith regard to the total number of international tourists arrivals from China¥, ongoing economic Ãovernment stimulus initiatives for the country s large SMÁ base and local agricultural communities, increased ìublic sector investments for various mega-transìortation ìroæects, and accelerated annual budget disbursements. These various ìositive factors are the basis for the latest officially targeted full year 2016 ÃDP groóth of 3.0¡ ÕoÕ and total eôìorts of ¤at least¥ 2.0¡ÕoÕ resìectively. Óhile, the ongoing decline in global crude ìrices óill helì keeì local retail gasoline ìrices and overall annual inflation or CPÅ rate to remain loó. ­ÜÓÓ àÌÈÙ ªÖÕÚÖÓÐËÈÛÌË ·ÙÖÍÐÛ ³ÖÚÚ

¾ased on the Âinancial Statements, ended as at 31 December, 2015, the Comìany achieved total Consolidated Îevenues from sales of ìroducts and other services and hire ìurchase interest income of ¾aht 3,395 million ¤a decrease of ¾aht 154 million,

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153

´« ¨ ÖÍ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÕË ¶×ÌÙÈÛÐÕÎ ¹ÌÚÜÓÛÚ

or 4.3¡, óhen comìared to full year 2014¥ together óith total Net Profit of ¾aht 143 million ¤a decrease of ¾aht 98 million or 40.7¡ÕoÕ¥, resulting in an ÁPS of ¾aht 0.53 ¤comìared to ¾aht 0.89 for the ìrevious year¥. The above information óith regard to the oìerations of the Ãrouì of Comìanies indicate that the achieved full year 2015 oìerating ìerformance for total sales of ìroducts and services, together óith total hire ìurchase, income has decreased from the ìrevious year, due to the ìrevailing economic sloódoón that led to a sloó recovery of the overall consumer demands and sìending, overall decreased in ìrivate consumìtion, sluggish eôìorts, loó agricultural commodities ìrices, and continuing high average household debts. Âor 2015, the Comìany had a total of 209 branch outlets together óith a total of 2,665 field/area oìerations staff. The Comìany achieved Ãross Profits decreased comìared to the ìrevious year, due to adæustments to the selling ìrice for some ìroducts - such as TÒ s - to enable them to be more comìetitive against other brands in the market ìlace, together óith making increased ìrovisions óith regard to higher inventory on hand resulting from declined sales and the negative imìacts to the hire ìurchase accounts due to ìroducts being reìossessed from overdue hire-ìurchase clients accounts that óere closed resulting from the sloó economic recovery and declining agricultural commodity ìrices. Óhile, total Net Profit decreased due to the overall decrease in achieved total sales revenues and hire ìurchase interest income together óith the abovementioned decrease in Ãross Profits desìite the Comìany having been able to decrease the overall amount of selling and administrative eôìenses by 4.5¡ comìared to the ìrevious year. Ãiven the sloó economic recovery, declining agricultural commodity ìrices, remaining high household debts and esìecially the increased number of consumers óith loóer income and ìurchasing ìoóer, the Comìany had to determined various measures óith regard to credit aììrovals for its hire-ìurchase business, together óith various measures to more effectively control its overall selling and administrative eôìenses. This is in order to ensure the overall ongoing strong financial ìosition of the Comìany and that of its Shareholders Áíuity, so as to facilitate the ongoing ìlanned business eôìansion of the Singer Thailand Ãrouì of Comìanies on a stable and secure basis. ¶×ÌÙÈÛÐÕÎ ÉÜÚÐÕÌÚÚ ×ÓÈÕÚ ÍÖÙ ¶×ÌÙÈÛÐÕÎ ÉÜÚÐÕÌÚÚ ×ÓÈÕÚ ÍÖÙ

Desìite the Comìany having been unable to achieve its established obæectives and goals during 2015 óith regard to the targeted groóth in total revenues and net ìrofit, last year óas still a ìeriod of maæor changes for the Comìany óith regard to its shareholding structure. The Comìany s maæority Shareholder changed from being an overseas comìany ¤ie¶ Singer Thailand ¾.Ò.¥ to being the local, Æaymart Pcl and Sahaìat Ãrouì, both of óhich are óell-established Thai comìanies that have oìerated their resìective and ìositive businesses in Thailand as óell as understand Thai business environment· óhereby this óill be the neôt maæor ìhase of the Singer Ãrouì in develoìing and groóing its businesses in Thailand in a stable and secure manner through close business collaboration óith these tóo Thai business grouìs. »ÖÛÈÓ ¹ÌÝÌÕÜÌÚ »ÖÛÈÓ ¹ÌÝÌÕÜÌÚ

Âor full year 2015, total of revenues from sales of ìroducts óas ¾aht 2,494 million ¤a decrease of ¾aht 146 million or 5.5¡ÕoÕ¥ As such, in comìaring to full year 2014, it can be seen that there óas a decrease in the total sales of household electrical ìroducts as óell as commercial aììliances - eôceìt for air conditioners and mobile ìhones, óith sales of these ìroducts grouì having increased comìared to last year. Details of total full year 2015 sales for the resìective ìroducts that have decreased/increased from 2014 are as folloós¶ • Sales of coolers/freeöers decreased by 14.5¡ÕoÕ • Sales of ìetrol vending machines decreased by 23.7¡ÕoÕ • Sales of TÒs decreased by 5.6¡ÕoÕ • Sales of refrigerators decreased by 1.5¡ÕoÕ • Sales of seóing machines decreased by 3.9¡ÕoÕ • Sales of óashing machines decreased by 6.8¡ÕoÕ

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155

´« ¨ ÖÍ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÕË ¶×ÌÙÈÛÐÕÎ ¹ÌÚÜÓÛÚ

• Sales of airtime vending machines decreased by 27.1¡ÕoÕ • Sales of air conditioners increased by 41.9¡ÕoÕ • Sales of mobile ìhones increased by 100.0¡ÕoÕ As such, the above resulted from the sloó recovery of the economy and overall domestic consumer demands, loó consumers sìending and ìurchasing ìoóer, sluggish eôìorts and loó agricultural commodities ìrices, together óith continued high average household debts - esìecially for those in the ìrovinces and rural areas due to the continuing loó agricultural commodities ìrices as mentioned· óhereby it led to the Comìany having to imìlement ongoing strict credit aììroval ìrocesses, so as to ìrevent any further increase in overdue or default hire-ìurchase installment ìayments. °ÕÛÌÙÌÚÛ °ÕÊÖÔÌ ÍÙÖÔ ¯ÐÙÌ ·ÜÙÊÏÈÚÌ °ÕÚÛÈÓÓÔÌÕÛÚ °ÕÛÌÙÌÚÛ °ÕÊÖÔÌ ÍÙÖÔ ¯ÐÙÌ ·ÜÙÊÏÈÚÌ °ÕÚÛÈÓÓÔÌÕÛÚ

Ånterest income from hire-ìurchase installments decrease by ¾aht 80.5 million from the ìrevious year, mainly due to the overall decrease in both the current value and total number of neó hire-ìurchase accounts during the year· óhereby this total hire-ìurchase interest income accounted for 21.8¡ of the total consolidated revenues of the Comìany and the total number of hire-ìurchase accounts decreased from a total of 166,121 accounts as at the end of December 2014 to a total of 159,813 accounts as at the end of December 2015 , óith a total of 89.2¡ of these accounts being current and active as at the end of the 2015. ¨ÍÛÌÙ ºÈÓÌÚ ºÌÙÝÐÊÌÚ ¹ÌÝÌÕÜÌÚ ¨ÍÛÌÙ ºÈÓÌÚ ºÌÙÝÐÊÌÚ ¹ÌÝÌÕÜÌÚ

Îevenues from after sales services increased by ¾aht 67.5 million from the ìrevious year, resulting from the oìerating income received by the Singer Service Plus Co., Ltd., for sales commission in selling mobile air time via the airtime vending machines together óith the sales/distribution margin for ìetrol sales via the coin-oìerated ìetrol vending machines. ¶ÛÏÌÙ ¹ÌÝÌÕÜÌÚ

Other revenues also increased as derived from sales of scraìed ìroducts and aììliances as óell as comìonents ìarts, that óere traded in for neó Singer ìroducts together óith ìenalties for overdue ìayments. ªÖÚÛ ÖÍ ÚÈÓÌÚ ªÖÚÛ ÖÍ ÚÈÓÌÚ

Cost of sales increased by 3.0¡ from the ìrevious year, óhile total sales of ìroducts and services decreased by 5.5¡ comìared to last year, as a result of Ãross Margin for sales of some ìroducts having decreased - such as TÒs, so as to be able to more comìetitive in the market, together óith the imìact from ìroducts reìossessed for the increase in overdue hire-ìurchase accounts that óere closed and from the increased in ìrovisions for inventory on hand due to loóer sales. ºÌÓÓÐÕÎ ÈÕË ¨ËÔÐÕÐÚÛÙÈÛÐÝÌ ¬ß×ÌÕÚÌÚ ºÌÓÓÐÕÎ ÈÕË ¨ËÔÐÕÐÚÛÙÈÛÐÝÌ ¬ß×ÌÕÚÌÚ

The ìercentage ratio of total selling and administrative eôìenses, relative to total revenues, decreased by 0.1¡ comìared to the ìrevious year, ìrimarily due to the increased closed hire-ìurchase accounts as a result of clearing out overdue accounts. Moreover, the discount given in closing out the hire-ìurchase accounts have been reclassified in the accounts from Îevenue from sale of goods to be Selling eôìenses, so as to corresìond to the reìort for consolidated Âinancial Statements, after it óas ascertained that such discounts óere not related to sales activities. Additionally, this also resulted from the increase in reìairs of and sìare ìarts costs for the reìossessed ìroducts, associated transìortation costs as óell as increased ìrovisions for losses relating to the reìossessed ìroducts, as óell as for sales ìromotions camìaign eôìenses that did not result in any increase in sales of ìroducts as ìlanned and fraudulent debts, that have decreased from the ìrevious year. ­ÐÕÈÕÊÌ ªÖÚÛÚ

Âinance costs total ¾aht 50.7 million, óhich óas loóer than the ìrevious year as a result of both the total amount of borroóings and the rate of aììlicable interest having decreased comìared to the ìrevious year· óhereby total interest bearing debts decreased to a total of ¾aht 1,023.5 million comìared to the total of ¾aht 1,057.4 million as at the end of 2014, reìresenting a decrease of ¾aht 33.9 million.

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157

´« ¨ ÖÍ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÕË ¶×ÌÙÈÛÐÕÎ ¹ÌÚÜÓÛÚ

µÌÛ ·ÙÖÍÐÛ ³ÖÚÚ µÌÛ ·ÙÖÍÐÛ ³ÖÚÚ

Ån 2015, the Comìany achieved a total Net Profit, from normal oìerations, of ¾aht 143.1 million comìared to ¾aht 241.4 million for 2014, reìresenting a variance of ¾aht 98.3 million year-on-year, óhich can be analyöed as folloós¶ °ÛÌÔÚ

1.¥ Total revenues from sales of ìroducts - decreased 2.¥ Total hire-ìurchase interest income - decreased 3.¥ Total after sales services income - increased 4.¥ Total income from mobile air time sales - increased 5.¥ Other income - increased 6.¥ Costs of sales - increased 7.¥ Selling eôìenses - decreased 8.¥ Administrative eôìenses - decreased 9.¥ Âinance costs - decreased 10.¥ Corìorate income taô - decreased Total a a a

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¤as at December 31, 2015¥

¨ÚÚÌÛÚ ¨ÚÚÌÛÚ

Total assets of the Comìany decreased by ¾aht 14 million, mainly due to the decrease in the hire-ìurchase customers accounts receivables and other debt receivables totaling ¾aht 53 million· and a decreased of cash or cash eíuivalent eíual to ¾aht 17 million, óhile total inventory on hand ¤net¥ increased by ¾aht 22 million. ¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÊÜÚÛÖÔÌÙÚ ÈÊÊÖÜÕÛÚ ÙÌÊÌÐÝÈÉÓÌÚ ÕÌÛ

Hire ìurchase customer accounts receivables ¤net¥ decreased from ¾aht 1,995.2 million as at the end of December 2014 to ¾aht 1,950.5 million as at the end of December 2015 - or eíual to 2.2¡ÕoÕ, as a result of overdue interest ìayments that has not yet been recogniöed in the accounts as income, together óith increased reserves for doubtful hire-ìurchase accounts. As such, the total number of hire-ìurchase accounts decreased to 159,813 accounts as at the end of December, 2015 ¤comìared to a total of 166,121 accounts as at the end of December 2014¥, reìresenting an overall decrease of 6,308 accounts year-on-year. This óas the result of total neó hire-ìurchase accounts being loóer than the total of hire-ìurchase accounts that óere closed due to the associated ìroducts having been reìossessed. °ÕÝÌÕÛÖÙà ÖÕ ÏÈÕË ÕÌÛ

The total value of inventory on hand ¤net¥ increased by ¾aht 22 million as at the end of December 2015 óith the additional ìrovisions made in the accounts totaling ¾aht 7.9 million, comìared to the total value of ¾aht 18.0 million as at the end of the end of December 2014· óhereby this óas due to decreased sales of ìroducts together óith having increased reìossessed ìroducts in stock. ·ÙÖ×ÌÙÛà ·ÓÈÕÛ ÈÕË ¬ØÜÐ×ÔÌÕÛ ÕÌÛ

No changes or additional investments óere made óith regard to ìroìerty, ìlant and eíuiìment· óith the eôceìtion of ongoing deìreciation and amortiöation costs that óere recogniöed in 2015

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159

´« ¨ ÖÍ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÕË ¶×ÌÙÈÛÐÕÎ ¹ÌÚÜÓÛÚ

«ÌÍÌÙÙÌË »Èß ¨ÚÚÌÛÚ

Åncrease in value by ¾aht 9.8 million, mainly due to the increase in higher ìrovisions for inventory of hand and reìossessed ìroducts/aììliances together óith increased reserves for doubtful hire-ìurchase accounts. ³ÐÈÉÐÓÐÛÐÌÚ ³ÐÈÉÐÓÐÛÐÌÚ

Total liabilities decreased by ¾aht 14 million due to a decrease in overall interest bearing debts totaling ¾aht 33, resulting from a total decrease in long term borroóings of ¾aht 520 million, that is offset by short term loans, bank overdrafts and short term loans due for reìayment óithin 1 year totaling ¾aht 486. There óas also a decrease in trade ìayables totaling ¾aht 5 million, due to a decrease in stock ìurchases as a result of overall declining sales, that is then offset by the increase in other accounts ìayable, increase in the accrued obligations relating to the Staff óelfare benefits, together óith the increase in guarantees given for Staff members and the Staff Provident Âunds - all of óhich totaled ¾aht 25 million. ºÏÈÙÌÏÖÓËÌÙÚ ¬ØÜÐÛà

There óas only a marginal decrease in the total value of Shareholders Áíuity as at the end of 2015, resulting from the achieved full year Total Net Profit of ¾aht 143 million, óhile in 2015 a dividend ìayment totaling ¾aht 143.1 million óas made to Shareholders, based on the total achieved Net ìrofit for 2014. ©ÜÚÐÕÌÚÚ ·ÓÈÕÚ ÍÖÙ ÍÜÓÓ àÌÈÙ

Åt is eôìected that the overall economic situation for 2016 óill be more ìositive comìared to ìrevious years after the Ãovernment has aììroved investments for various mega-infrastructure communications ìroæects together óith suììort and assistance ìrograms for SMÁ s. Âurther, assistance ìrograms for various agricultural croìs, through use of innovative technology and techniíues to achieve imìroved íuality and farm ìrices to meet the reíuirements from the oìening of free markets óithin the AÁC, óhich óill esìecially benefit residents in the ìrovincial and rural communities that make uì the maæority of the Singer Thailand s customers base for sales of our ìroducts and other related hire-ìurchase financing services. This business environment means that it óill remain a challenging situation for the Comìany in oìerating and managing its business as óell as in achieving continued increasing groóth óith regards to total sales revenues and ìrofitability on a sustained basis, through its ability to develoì and manage its businesses together óith effectively managing the various risks going foróard. The Ãrouì of Comìany remains committed to maintain its vision in being a market leader, through ìroactively undertaking sales and offering associated financing services in the consumer market for various household electrical ìroducts and in the market for small business oìerators market of commercial aììliances, together óith offering hire-ìurchase financing services for the ìrovincial and rural markets that óill continue to groó and eôìand· óhereby such obæectives óill be successfully achieved through¶ • Áôìand and seìarate the sales organiöation structure in 2 oìerating grouìs, based on the ìroducts sold¶ namely¶ a grouì selling Singer ¾rand and other leading brands ¤Multi ¾rand¥ - such as¶ Sharì, Samsung, LÃ, Poóercool and Masterkool, together óith selling mobile ìhone ìroducts and accessories, through closely collaborating óith these leading comìanies as óell as óith the TÎÑÁ. As such, the abovementioned eôìanded sales activities óill make the Comìany to become more like a multi-brand comìany, selling various ìroducts directly to households together óith hire-ìurchase financing services. • Áôìand the oììortunities for cross-border trading business óith neighboring AÁC member countries. • Proìose terms and conditions for hire-ìurchase services that are more fleôible, óhile at the same time also determine various ìrocedures to ensure that credit controls and aììroval ìrocesses and the management of customers hire-ìurchase accounts, together óith collections ìrocesses, continuously adhere to the established ìrocedures and ìrocesses. • Áôìand the scoìe of marketing activities to be undertaken on a óider basis, through further imìrovements to the óorking ìrocedures and ìrocesses together óith renovating the aììearance of the branch sales outlets to look cleaner, so as

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´« ¨ ÖÍ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÜÚ ÈÕË ¶×ÌÙÈÛÐÕÎ ¹ÌÚÜÓÛÚ

to oìerate in a more systematic manner and to achieve a neó uniíue corìorate image and ambiance for distributing various leading brands of ìroducts and aììliances. • Âocus on close cooìeration óith business or trade ìartners to leverage our strengths as óell as knoóledge in ìroducts sales and sales distribution channels and also in hire-ìurchase services business for use in enabling SMÁ s oìerators, óho already knoó hoó to manufacture ìroducts but as yet lack the knoóhoó about the use of effective use of sales channels and caìital, to groó and develoì their resìective businesses in concert óith the Comìany s develoìment. • Âurther develoì and imìrove the oìerating system of the mobile airtime vending machines from being based on the 3 SÅM to using the central server system so as to suììort the ongoing changes of the mobile ìhone oìerating systems from 2Ã to 3Ã and to 4Ã, together óith develoìing additional various functions or aììlications to be incorìorated into the mobile airtime vending machines that óill lead to additional income for the oóner/oìerator of these vending machines. • Îeduce costs and eôìenses relating to relying on the Comìany staff to act as collectors to for the hire-ìurchase installments at the customers homes, to increasingly having the customers directly ìaying these installments to the Comìany via the most convenient ìoint of ìayment for them. • Åncrease income through ìroviding added advertising/ìromoting services via the various commercial aììliances sold by the Comìany - such as¶ chillers/coolers, and airtime vending machines. • Cooìerate óith both ìublic and ìrivate educational institutions in training and develoì technical skills, so that attendees can then become skilled labor to be able to óork and have a ìrofessional career in various organiöations including the Comìany. • Áôìand and develoì added services regarding at home service to maintenance and reìairs all brand of electrical ìroducts and aììliances through Singer Service Plus Co., Ltd. • Áôìanding sales channels ìroducts in having sales reìresentative to be a sales agents/brokers for ìersonal accident ¤PA¥ ìroducts, through becoming an authoriöed agent and receiving a sales commission from selling these ìroducts for a leading insurance comìany - namely¶ Muang Thai Ånsurance Public Comìany Limited, and looking after the Comìany s customers in being able to get coverage for any accidents. The above mentioned summary óill facilitate and enable the Ãrouì of Comìany to achieve an overall 10¡ increase in total annual revenues, that óould then drive imìroved ìrofitability accordingly. As such, the Ãrouì of Comìany has ìreìared ìlans to gain from the involved taôes benefits and ìrivileges to be derived from the established AÁC óith regards to being a transìortation and logistics hub for distribution into the various AÁC markets, through close cooìeration betóeen íuality ìroducts suììliers located in Thailand in eôìloring ìossible establishment of æoint business ventures. At the same time, the Comìany óill continue being committed to further ongoing develoìments of its mobile air-time toì uì business.

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©ÖÈÙË ÖÍ «ÐÙÌÊÛÖÙÚ ¹ÌÚ×ÖÕÚÐÉÐÓÐÛÐÌÚ ÍÖÙ ÛÏÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÌÔÌÕÛÚ The ¾oard of Directors of Singer Thailand ìlc. is resìonsible for and has ìrovided the Consolidated Âinancial Statements and those for its Subsidiaries together óith the associated information relating to their resìective financial status as ìresented in this Annual Îeìort. These Âinancial Statements and reìorts on the ìerformance results for the financial year 2015 are ìreìared in accordance óith generally acceìted accounting ìrinciìles and through the use of aììroìriate accounting ìolicies that are consistently aììlied by the Comìany together óith the use of careful consideration and best estimates. Âurther, all imìortant and relevant information are adeíuately disclosed óithin the Notes to the Âinancial Statements. Toóards this end, the ¾oard of Directors has aììointed an Audit Committee consisting of Åndeìendent Directors, óhich is resìonsible revieóing the íuality of these Âinancial Statements, the internal controls. The oìinions and comments of the Audit Committee relating to these matters aììear in the Audit Committee s Îeìort that is included this Annual Îeìort. The ¾oard of Directors is of the oìinion that the overall internal controls system of the Comìany has functioned satisfactorily and, thus, has ìrovided reliable, accurate and adeíuate information for the Consolidated and Âinancial Statements and those for its Subsidiaries for the financial year ending December 31, 2015.

Admira Admiralal

M L Ñsni Pramoæ M.L. Chairman of the ¾oard

Mr. ¾oonyong Tansakul Chief Áôecutive Officer

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°ÕËÌ×ÌÕËÌÕÛ ¨ÜËÐÛÖÙ Ú ¹Ì×ÖÙÛ »Ö ÛÏÌ ºÏÈÙÌÏÖÓËÌÙÚ ÖÍ ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË

Å have audited the accomìanying consolidated and seìarate financial statements of Singer Thailand Public Comìany Limited and its subsidiaries ¤the Ãrouì ¥, and of Singer Thailand Public Comìany Limited ¤ the Comìany ¥, resìectively, óhich comìrise the consolidated and seìarate statements of financial ìosition as at 31 December 2015, the consolidated and seìarate statements of comìrehensive income, changes in eíuity and cash floós for the year then ended, and notes, comìrising a summary of significant accounting ìolicies and other eôìlanatory information. ´ÈÕÈÎÌÔÌÕÛ Ú ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà ÍÖÙ ÛÏÌ ªÖÕÚÖÓÐËÈÛÌË ÈÕË ºÌ×ÈÙÈÛÌ ­ÐÕÈÕÊÐÈÓ ºÛÈÛÌÔÌÕÛÚ

Management is resìonsible for the ìreìaration and fair ìresentation of these consolidated and seìarate financial statements in accordance óith Thai Âinancial Îeìorting Standards, and for such internal control as management determines is necessary to enable the ìreìaration of consolidated and seìarate financial statements that are free from material misstatement, óhether due to fraud or error. ¨ÜËÐÛÖÙ Ú ¹ÌÚ×ÖÕÚÐÉÐÓÐÛà

My resìonsibility is to eôìress an oìinion on these consolidated and seìarate financial statements based on my audit. Å conducted my audit in accordance óith Thai Standards on Auditing. Those standards reíuire that Å comìly óith ethical reíuirements and ìlan and ìerform the audit to obtain reasonable assurance about óhether the consolidated and seìarate financial statements are free from material misstatement. An audit involves ìerforming ìrocedures to obtain audit evidence about the amounts and disclosures in the financial statements. The ìrocedures selected deìend on the auditor s æudgment, including the assessment of the risks of material misstatement of the financial statements, óhether due to fraud or error. Ån making those risk assessments, the auditor considers internal control relevant to the entity s ìreìaration and fair ìresentation of the financial statements in order to design audit ìrocedures that are aììroìriate in the circumstances, but not for the ìurìose of eôìressing an oìinion on the effectiveness of the entity s internal control. An audit also includes evaluating the aììroìriateness of accounting ìolicies used and the reasonableness of accounting estimates made by management, as óell as evaluating the overall ìresentation of the financial statements. Å believe that the audit evidence Å have obtained is sufficient and aììroìriate to ìrovide a basis for my audit oìinion. ¶×ÐÕÐÖÕ

Ån my oìinion, the consolidated and seìarate financial statements ìresent fairly, in all material resìects, the financial ìosition of the Ãrouì and the Comìany, resìectively, as at 31 December 2015 and their financial ìerformance and cash floós for the year then ended in accordance óith Thai Âinancial Îeìorting Standards.

¥Ðæïæíâë ÐòèàåÞïìâëöæëäöìëä¦ ¥Ðæïæíâë ÐòèàåÞïìâëöæëäöìëä¦ Certified Public Accountant Îegistration No. 3636 KPMà Phoomchai Audit Ltd. ¾angkok 18 Âebruary 2016

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G[$M;Wh7TCLS‰‰T_- T.YhO Hire-Ïurchase contract receivables _*V;G*9Z;b;<EVKS9D OD Ånvestments in subsidiaries _*V;G*9Z;ERDRDTIOYg; Other long-term investment _*V;bM $[ DYCERDRDTI`$ $V+$TE9Wg_$WgDI% O*$S; Long-term loan to related Ïarty 9Wg6V; OT'TE `GROZ=$E5 ProÏerty, Ïlant and eíuiÏment ' T_- TE T;' T+ TDG I*M; T PreÏayment for outlet leases LV;9ES@D cC CW7SI7; Åntangible assets LV;9ES@D BTKW_*V;c6 EO$TE7S6<S‰-W Deferred taô assets LV;9ES@D cC MCZ;_IWD;OYg; Other non-current assets EICLV;9ES@D cC MCZ;_IWD; Total o ta t EICLV;9ES@D Total a t

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& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

& >/I @%I *>< @ >/ ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

272,448,948

289,771,898

256,023,676

275,294,356

18,983,653

17,098,606

294,945,901

314,135,675

7

1,177,891,940

1,375,470,875

269,378,623

278,225,346

15,500,000

319,472,123

297,026,599

317,954,191

295,227,581

4

21,515,089

14,599,957

38,653,042

33,384,176

,095,190, 76

, 7 ,19 , 81

1,5 6,69 ,5 5

1,061,599,0 8

772,642,318

619,693,245

-

-

1,458,990,400

1,455,190,400

-

-

7 4

1,000,000 -

-

1,000,000 -

172,617,735 466,500,000

143,557,250 -

304,181,000

724,181,000

383,732,909

386,566,415

377,659,367

385,497,162

5,630,869

6,914,722

5,630,869

6,914,722

4

13,359,108

10,752,813

12,603,754

10,712,624

54,527,765

44,729,347

38,206,703

29,943,214

15,510,349

13,799,597

15,236,049

13,598,238

1, 6, 0 , 18

1,08 , 56,1 9

, 1,59 ,69

, 55,6 9, 0

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomĂŹanying notes are an integral ĂŹart of these financial statements

, 1 ,508,1

,6 6,0 7, 60

,759, 0 ,687

,687,6 6, 98

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

167

&J6 >%< >/I è% �!Ú9�

ÂşĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă› Ă–Ă? Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Â?ÂŞĂ–Ă•Ă›Ă?Ă•ĂœĂŒĂ‹Â? 3=%#AQ š˜ $=%3> - ™œœÂ&#x; J1< ™œœž ¨Ăš ĂˆĂ› š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜œ ĂˆĂ•Ă‹ ™—˜›

¤<T9œžaht¼

7%AR6@%J1<6Ăš3% 9 (EĂş"C97DĂş% ÂłĂ?ĂˆĂ‰Ă?Ă“Ă?Ă›Ă?ĂŒĂš ĂˆĂ•Ă‹ ĂŒĂ˜ĂœĂ?Ă›Ă

7->.I7!D ÂľĂ–Ă›ĂŒ

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

& >/I @%I *>< @ >/ ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

M;WhLV;MCZ;_IĂżD; Current liabilities

_*V;_<V$_$V;<S‰-W:;T'TE`GR_*V;$[ DYCERDRLSh; žank overdrafts and short-term loan from +T$L8T<S;$TE_*V; financial institutions _+ TM;Wh$TE' T Trade accounts ĂŹayable _+ TM;WhOYg; Other ĂŹayables MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= Current ĂŹortion of debentures L I;%O*_*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; Current ĂŹortion of long-term loans from 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= financial institutions BTKW_*V;c6 ' T*+ TD Ă…ncome taĂ´ ĂŹayable M;WhLV;MCZ;_IWD;OYg; Other current liabilities

245,316,914

29,099,489

245,316,914

29,099,489

4 7

167,725,534

173,276,415

224,204,905

195,902,477

4

259,170,919

250,738,425

437,018,225

443,789,707

520,000,000

250,000,000

200,000,000

250,000,000

100,080,000

100,080,000

-

8,580,460

8,695,038

7,600,000

7,200,000

1, 08, 7 ,8 7

819,089, 67

100,000,000

520,000,000

58,140,000

158,220,000

190,266,935

176,430,007

169,525,991

156,180,260

2,540,490

1,128,210

1,354,764

335,664

104,135,868

102,797,697

103,339,162

102,260,973

55,08 , 9

958,575,91

7 , 19,917

58,776,897

1,76 ,557,1 0

1,777,665, 81

1, 88, 59,961

1, 88, 6,6 9

EICM;WhLV;MCZ;_IWD; ÑÏùÞÊ à òïïâÍù ĂŠĂŚĂžĂ&#x;ÌÊÌùÌâð

-

-

7,600,000 1,11 ,1 0,0

3,658,069 7,200,000 9 9,6 9,7

M;WhLV;cC MCZ;_IĂżD; Non-current liabilities

MZ ;$[ Debentures _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; Long-term loans from financial institutions BTER>[$@S;>G=ERaD-; @;S$*T; Ă mĂŹloyee benefit obligations _*V;=ER$S;@;S$*T; Ă mĂŹloyee security deĂŹosits $O*9Z;_*V;LRLC@;S$*T; Provident funds EICM;WhLV;cC MCZ;_IWD; Total non-current liabilities

EICM;WhLV; ÑÏùÞÊ ĂŠĂŚĂžĂ&#x;ÌÊÌùÌâð

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomĂŹanying notes are an integral ĂŹart of these financial statements

100,000,000 -

200,000,000 -

168 &/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

&J6 >%< >/I è% �!Ú9�

ÂşĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă› Ă–Ă? Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ Ă—Ă–ĂšĂ?Ă›Ă?Ă–Ă• Â?ÂŞĂ–Ă•Ă›Ă?Ă•ĂœĂŒĂ‹Â? 3=%#AQ š˜ $=%3> - ™œœÂ&#x; J1< ™œœž ¨Ăš ĂˆĂ› š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜œ ĂˆĂ•Ă‹ ™—˜›

7%AR6@%J1<6Ăš3% 9 (EĂş"C97DĂş% ÂłĂ?ĂˆĂ‰Ă?Ă“Ă?Ă›Ă?ĂŒĂš ĂˆĂ•Ă‹ ĂŒĂ˜ĂœĂ?Ûà L I;%O*>[ 8YOMZ ; Equity

9Z;_EYO;MZ ; Share caÏitalœ 9Z;+69R_<WD; Authorised share caÏital 9Z;9WgOO$`GR-lTER`G I Åssued and Ïaid-uÏ share caÏital L I;_$V;C[G' TMZ ; Additional Ïaid-in caÏitalœ L I;_$V;C[G' TMZ ;LTCS‰ Premium on ordinary shares LlTEO*+T$$TEEIC:ZE$V+ Îeserve arising from business combination BTDb7 $TE'I<'ZC_6WDI$S; under common control $lTcELRLC Îetained earningsœ +S6LEE`G I AÏÏroÏriatedœ 9Z;LlTEO*7TC$0MCTD Legal reserve DS*cC c6 +S6LEE ÑnaÏÏroÏriated O*' =ER$O<OYg;%O*L I;%O*>[ 8YOMZ ; Other comÏonents of eíuity

¤<T9 Âś žahtÂĽ 7->.I7!D ÂľĂ–Ă›ĂŒ

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

& >/I @%I *>< @ >/ ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

270,000,000

225,000,000

225,000,000

225,000,000

225,000,000

974,117,594

974,117,594

-

EICL I;%O*>[ 8YOMZ ; Total t EICM;WhLV;`GRL I;%O*>[ 8YOMZ ; ÑÏùÞÊ ĂŠĂŚĂžĂ&#x;ÌÊÌùÌâð ÞÍå âÎòÌùÜ

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomĂŹanying notes are an integral ĂŹart of these financial statements

-

27,000,000

27,000,000

27,000,000

27,000,000

855,744,333

853,071,962

574,432,891

600,179,988

200,292,241

202,912,177

200,292,241

202,912,177

1,578,0 6,57

1,577,98 ,1 9

, 70,8 ,7 6

, 99, 09,759

, 1,59 ,69

, 55,6 9, 0

,759, 0 ,687

,687,6 6, 98

/>. >%'/< V>'Ăą ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

169

& V>M/ > #D%I&P I6/P

ÂşĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă› Ă–Ă? ĂŠĂ–Ă”Ă—Ă™ĂŒĂ?ĂŒĂ•ĂšĂ?Ă?ĂŒ Ă?Ă•ĂŠĂ–Ă”ĂŒ

3=%#AQ š˜ $=%3> - ™œœÂ&#x; J1< ™œœž ¨Ăš ĂˆĂ› š˜ ÂŤĂŒĂŠĂŒĂ”Ă‰ĂŒĂ™ ™—˜œ ĂˆĂ•Ă‹ ™—˜›

¤<T9œžaht¼

7->.I7!D ÂľĂ–Ă›ĂŒ

ETDc6 Income

ETDc6 +T$$TE%TD Îevenue from sale of goods 6O$_<WhDES<+T$LS‰‰T_- T.YhO Ånterest income from hire-Ïurchase contract ETDc6 +T$$TEbM <EV$TE Îevenue from rendering of services ETDc6 ' T<EVMTE+S6$TE Îevenue from management fees ETDc6 +T$$TEG*9Z; Ånvestment income ETDc6 OYg; Other income EICETDc6 Total o

4

' Tb- + TD Expenses

4

7 ;9Z;%TD`GR$TEbM <EV$TE Cost of sale of goods and rendering of services ' Tb- + TDb;$TE%TD Selling eĂ´ĂŹenses ' Tb- + TDb;$TE<EVMTE Administrative eĂ´ĂŹenses 7 ;9Z;9T*$TE_*V; Ă‚inance costs EIC' Tb- + TD Total $lTcE$ O;BTKW_*V;c6 Ă?ĂŻĂŹĂŁĂŚĂą Ă&#x;âãÏïâ ÌÍà Ïêâ ùÞþ âþíâÍðâ ' Tb- + TDBTKW_*V;c6 Ă…ncome taĂ´ eĂ´ĂŹense $lTcELlTMES<= oto t a $lTcE%T69Z;_<f6_LEf+OYg; t o o ¤³£Âƒ³¤Â˜ÂśÂŠĂ† ¹Â¢mÂ—ÂƒÂş Š²Â•Âœ¤¹ž¥Â˜¤³£Âƒ³¤à ¢mžÂ„nÂłĂ‚ÂœĂ‚¨nĂ ÂšÂƒĂ‹ÂłĂ‚¤¤¸ŽÂ„ÂłÂ•Â˜šÂš ,WHPV WKDW ZLOO QHYHU EH UHFODVVLILHG WR SURILW RU ORVV $lTcE ¤%T69Z;ÂĽ +T$$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSDLlTMES<a'E*$TE>G=ERaD-; @;S$*T; Defined benefit ĂŹlan actuarial gains ¤lossesÂĽ ¤³£Âƒ³¤Â˜œŽĂ† ÂłÂŠÂ—ÂşÂƒÂŠ²Â•Âœ¤¹ž¥Â˜¤³£Âƒ³¤à ¢mžÂ„nÂłĂ‚ÂœĂ‚¨nĂ ÂšÂƒĂ‹ÂłĂ‚¤¤¸ŽÂ„ÂłÂ•Â˜šÂš ,WHPV WKDW DUH RU PD\ EH UHFODVVLILHG WR SURILW RU ORVV $lTcE+T$$TE7WC[G' T9Wg6V; OT'TE`GROZ=$E5 bMC ĂŽevaluation of ĂŹroĂŹerty, ĂŹlant and eĂ­uiĂŹment $lTcE%T69Z;_<f6_LEf+OYg;LlTMES<= ÂŞ LZ9:V+T$BTKW t o o o t a , t o o ta $lTcE%T69Z;_<f6_LEf+EICLlTMES<= Total o o o t a $lTcE7 OMZ ;%Sh;@Yh;2T; ¿ÞðÌà âĂžïÍÌÍäð íâï Ă°ĂĽĂžïâ MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomĂŹanying notes are an integral ĂŹart of these financial statements

4 4

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

& >/I @%I *>< @ >/ ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

™œœž ™—˜›

2,493,909,518 2,639,717,504 2,420,223,511 2,602,861,837 741,430,300

821,879,397

142,083,020

74,612,991

-

-

-

-

121,028,632

58,035,466

297,704,882

312,536,633

3,130,485

456,027

94,747,172

79,427,702

14,004,520

12,264,188

10,239,804

10,065,078

,5 8,9 0,107

,9 ,9 ,001

,06 ,9 6,716

, 9 ,557,8

1,666,297,588 1,618,515,805 1,631,425,694 1,608,965,972

4

1,145,284,213 1,165,321,803

932,275,413

974,311,908

362,863,668

414,335,158

228,444,167

259,337,102

7

50,659,631

58,337,722

23,661,325

33,889,846

, 5,105,100

, 56,510, 88

,815,806,599

,876,50 ,8 8

169, 5 ,7

9 , 19,619

1 8,1 7, 0

186, 1,888

¤26,300,188¼

¤50,989,642¼

¤13,404,435¼

¤34,075,451¼

1 ,15 ,555

1, 9,977

11 ,7 ,967

15 , 6, 7

-

¤1,653,379¼

-

865,648

-

27,410,755

-

27,410,755

28

5,757, 76 1 ,15 ,555

29

0.5

67,187, 5 0.89

8, 76, 0 11 ,7 ,967 0.

180,6 ,8 0 0.56

170 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË

&J6 >/I'1AQ.%J'1 L%6ù3% 9 (Eú"C97Dú% ºÛÈÛÌÔÌÕÛ ÖÍ ÊÏÈÕÎÌÚ ÐÕ ÌØÜÐÛà

6V>7/=&'ñ6R%@ 6D 3=%#AQ $=%3> - J1< ­ÖÙ ÛÏÌ àÌÈÙÚ ÌÕËÌË «ÌÊÌÔÉÌÙ ÈÕË Ů": Ģ Baht)

7->.I7!D µÖÛÌ

& >/I @%/3ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ #D%I/C9%7Dú% #AQ99 J1< V>/<J1ú3 °ÚÚÜÌË ÈÕË ×ÈÐË Ü× ÚÏÈÙÌ ÊÈ×ÐÛÈÓ

6ù3%I @% -E1 ù>7Dú% ºÏÈÙÌ ×ÙÌÔÐÜÔ

9 ý'/< 9&9CQ% 6V>/9 > 6ù3% 9 (Eú"C97Dú% >//3-$D/ @ V>M/6<6¶ÛÏÌÙ ,>.L!ú >/ ¹ÌÛÈÐÕÌË ÌÈÙÕÐÕÎÚ ÊÖÔ×ÖÕÌÕÛÚ 3& D-I A.3 =% /3-6ù3% 9 ÖÍ ÌØÜÐÛà ¹ÌÚÌÙÝÌ ÈÙÐÚÐÕÎ (Eú"C97Dú% 6ù3%I @%#D% ÍÙÖÔ ÉÜÚÐÕÌÚÚ »ÖÛÈÓ ÌØÜÐÛà /> > ÊÖÔÉÐÕÈÛÐÖÕ #D%6V>/9 .= M-ùM ú = 6// > >/!A 6@%#/=*.ý ÜÕËÌÙ ÊÖÔÔÖÕ !>- 7->. ¼ÕÈ××ÙÖ×ÙÐÈÛÌË ¹ÌÝÈÓÜÈÛÐÖÕ ³ÌÎÈÓ ÙÌÚÌÙÝÌ ÊÖÕÛÙÖÓ ÚÜÙ×ÓÜÚ

DO6'*_MGYO 5 IS;9Wg ® C$ET'C ¯²²´ ¿ÞéÞëàâ Þñ ® ÇÞëòÞïö ¯­®± ETD$TE$S<>[ 8YOMZ ;9Wg<S;9X$a6D7E*_% TL I;%O*>[ 8YOMZ ; ÑïÞëðÞàñæìëð ôæñå ìôëâïð© ïâàìïáâá áæïâàñéö æë âîòæñö _*V;= ;>GbM >[ 8YOMZ ;%O*<EVKS9 Dividends to oóners of the Comìany EICETD$TE$S<>[_ = ;_+ T%O*9W<g ;S 9X$a6D7E*_% TL I;%O*>[8 OY MZ; ÑìñÞé ñïÞëðÞàñæìëð ôæñå ìôëâïð© ïâàìïáâá áæïâàñéö æë âîòæñö $lTcE%T69Z;_<f6_LEf+LlTMES<= o o o t a $lTcELlTMES<= Profit $lTcE%T69Z;_<f6_LEf+OYg; Other comìrehensive income EIC$lTcE%T69Z;_<f6_LEf+LlTMES<= Total o o o t a aO;c=$lTcELRLC Transfer to retained earnings DO6'*_MGYO 5 IS;9Wg °® :S;IT'C ¯²²´ ¿ÞéÞëàâ Þñ °® Áâàâêßâï ¯­®±

70,000,000

70,000,000

5,000,000

7,000,000 85 ,071,96

0 ,91 ,1771,577,98 ,1 9

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70,000,000

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241,429,977

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143,152,555

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143,152,555

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70,000,000

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7,000,000 600,179,988 0 ,91 ,177 , 99, 09,759

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70,000,000

5,000,000 97 ,117,59

7,000,000 600,179,988 0 ,91 ,177 , 99, 09,759

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114,732,967

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114,732,967

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MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomìanying notes are an integral ìart of these financial statements

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$ER`L_*Ăž;L6+T$$V+$EEC6lT_;V;*T; Cash flows from operating activities

$lTcELlTMES<= Profit for the year ¤³£Âƒ³¤Âœ¤²Â›Âœ¤šÂ‰ $GMXVWPHQWV IRU ' T_LYgOCET'T DeĂŹreciation ' T7S6+lTM; TD Amortisation ETDc6 +T$$TEG*9Z; Ă…nvestment income 7 ;9Z;9T*$TE_*V; Ă‚inance costs %T69Z; ¤$lTcEÂĽ +T$OS7ET`G$_=GWgD;9WgDS*cC _$V6%Xh;+EV* Ă‘nrealised gain on eĂ´change rate M;WhL[‰`GRM;WhL*LSD+RL[‰ žad and doubtful debts eĂ´ĂŹenses ' T_>YgOLV;' T_LYgOC'Z5BT@`GR_LWDMTD ¤$GS<ETD$TEÂĽ Provision ¤reversal ofÂĽ for obsolete and damaged inventory $GS<ETD$TE%T69Z;+T$$TE6 OD' T+T$$TE7WET'T ĂŽeversal of imĂŹairment on asstes revaluation $lTcE+T$$TE+lTM; TD9Wg6V; OT'TE `GROZ=$E5 Ăƒain on disĂŹosal of ĂŹroĂŹerty, ĂŹlant and eĂ­uiĂŹment %T69Z;+T$$TE+lTM; TDLV;9ES@D cC CW7SI7; Loss on disĂŹosal of intangible assets %T69Z;+T$$TEDX6'Y;LV;' T Loss on reĂŹossesion BTER>[$@S;>G=ERaD-; @;S$*T; Ă mĂŹloyee benefit obligations LlTEO*$O*9Z;_*V;LRLC@;S$*T; Provision for ĂŹrovident funds BTKW_*V;c6 Ă…ncome taĂ´ eĂ´ĂŹense

& >/I @%/3ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš ™œœÂ&#x; ™—˜œ

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143,152,555

241,429,977

114,732,967

152,346,437

14,432,377

14,909,737

13,497,958

14,511,840

11,857,902

11,705,396

11,785,014

11,691,796

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¤456,027¼

¤94,747,172¼

¤79,427,702¼

50,659,631

58,337,722

23,661,325

33,889,846

20,595

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20,595

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100,127,081

130,683,334

30,531,713

38,016,002

7,877,727

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¤237,721¼

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1,170

956

1,170

956

77,393,025

89,867,819

22,928,953

22,335,285

20,607,056

20,096,860

9,688,497

8,106,696

9,423,613

7,985,266

26,300,188

50,989,642

13,404,435

34,075,451

61,071, 95

MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomĂŹanying notes are an integral ĂŹart of these financial statements

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150,580,95

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173

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$TE_=GWDg ;`=G*b;LV;9ES@D `GRM;WLh ;V 6lT_;V;*T; Changes in operating assets and liabilities

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93,214

¤102,358,531¼ ¤197,135,062¼

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48,041,449 -

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¤54,804,036¼

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36,146,579

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37,359,885

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549,241

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651,100

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¤13,355,875¼

28,302,428

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8,973,755

47,218,433

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28,291,894

400,000

2,200,000

400,000

2,200,000

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1,412,280

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1,019,100

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¤8,371,274¼

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¤43,194,616¼

¤64,887,381¼

¤30,685,748¼

¤29,905,333¼

2,907,580

1,033,924

646,009

1,033,924

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6 ,990, 8

9,0 9, 6

1 , 6, 6

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$ER`L_*Ăž;L6+T$$V+$EECG*9Z; Cash flows from investing activities

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MCTD_M7Z=ER$O<*<$TE_*V;_= ;L I;M;Xg*%O**<$TE_*V;;Wh The accomĂŹanying notes are an integral ĂŹart of these financial statements

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3,130,485 -

™œœÂ&#x; ™—˜œ

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456,027

36,747,292

43,177,777

-

57,999,880

36,249,925

¤11,253,655¼

¤5,660,276¼

¤10,741,773¼

237,833

6,470,897

237,833

6,470,897

3,000,000 ¤466,500,000¼

28,000,000

¤7,568,926¼

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$ER`L_*Ăž;L6+T$$V+$EEC+S6MT_*Ăž; Cash flows from financing activities

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MCTD_M7Z / Note LTE<S‰ / Contents 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36

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175

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µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

These notes form an integral ìart of the financial statements. The financial statements issued for Thai statutory and regulatory reìorting ìurìoses are ìreìared in the Thai language. These Ánglish language financial statements have been ìreìared from the Thai language statutory financial statements, and óere aììroved and authorised for issue by the ¾oard of Directors on 18 Âebruary 2016. ®ÌÕÌÙÈÓ ÐÕÍÖÙÔÈÛÐÖÕ

Singer Thailand Public Comìany Limited, the Comìany , is incorìorated in Thailand and has its registered office at 72 CAT ¾uilding 17 Âloor, Charoenkrung Îoad, ¾angrak, ¾angkok. The Comìany óas listed on the Stock Áôchange of Thailand in Æune 1984. The Comìany s maæor shareholder during the financial year óas Singer ¤Thailand¥ ¾.Ò. ¤40.0¡ shareholding¥ incorìorated in the Netherlands until 4 Æune 2015. On 5 Æune 2015 Singer ¤Thailand¥ ¾.Ò. sold entire shares and Æay Mart Public Comìany Limited incorìorated in Thailand ìurchased shares 24.99¡, as the result, the above comìany is a maæor Comìany s shareholder. The ìrinciìal business of the Comìany relates to the sales of electrical aììliances, commercial ìroduct and others. Details of the Comìany s subsidiaries as at 31 December 2015 and 2014 are given in notes 4 and 11. ©ÈÚÐÚ ÖÍ ×ÙÌ×ÈÙÈÛÐÖÕ ÖÍ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

D 6WDWHPHQW RI FRPSOLDQFH D 6WDWHPHQW RI FRPSOLDQFH The financial statements are ìreìared in accordance óith Thai Âinancial Îeìorting Standards ¤TÂÎS¥· guidelines ìromulgated by the Âederation of Accounting Professions ¤ ÂAP ¥· and aììlicable rules and regulations of the Thai Securities and Áôchange Commission. The ÂAP has issued neó and revised TÂÎS effective for annual accounting ìeriods beginning on or after 1 Æanuary 2015. The initial aììlication of these neó and revised TÂÎS has resulted in changes in certain of the Ãrouì s accounting ìolicies. These changes have no material effect on the financial statements. Ån addition to the above neó and revised TÂÎS, the ÂAP has issued a number of other neó and revised TÂÎS óhich are effective for annual financial ìeriods beginning on or after 1 Æanuary 2016 and have not been adoìted in the ìreìaration of these financial statements. Those neó and revised TÂÎS that are relevant to the Ãrouì s oìerations are disclosed in note 35. E E %DVLV RI PHDVXUHPHQW The financial statements have been ìreìared on the historical cost basis eôceìt for the folloóing items, óhich are measured on an alternative basis on each reìorting date. °ÛÌÔÚ

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Proìerty, ìlant and eíuiìment Net defined benefit liability

Âair value Present value of the defined benefit obligation, limited as eôìlained in Note 3 ¤n¥

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The financial statements are ìresented in Thai ¾aht, óhich is the Comìany s functional currency. All financial information ìresented in Thai ¾aht has been rounded in the notes to the financial statements to the nearest thousand unless otheróise stated.

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For the year ended 31 December 2015 and 2014

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The ìreìaration of financial statements in conformity óith TÂÎS reíuires management to make æudgements, estimates and assumìtions that affect the aììlication of ìolicies and reìorted amounts of assets, liabilities, income and eôìenses. Actual results may differ from these estimates. Ástimates and underlying assumìtions are revieóed on an ongoing basis. Îevisions to accounting estimates are recognised ìrosìectively. $VVXPSWLRQV DQG HVWLPDWLRQ XQFHUWDLQWLHV Ånformation about significant areas of estimation uncertainties that have a significant risk of resulting in a material adæustments to the amounts recognised in the financial statements is included in the folloóing notes¶ Note 3¤t¥ Note 6 Note 7 Note 8 Note 10 Note 19 Note 31

Current and deferred taôation Trade accounts receivables - alloóance for doubtful accounts Hire-ìurchase contract receivables - alloóance for doubtful accounts Other receivables - alloóance for doubtful accounts Ånventories - alloóance for obsolete and damaged inventory Measurement of defined benefit obligation Òaluation of financial instruments

0HDVXUHPHQW RI IDLU YDOXHV 0HDVXUHPHQW RI IDLU YDOXHV A number of the Ãrouì s accounting ìolicies and disclosures reíuire the measurement of fair values, for both financial and non-financial assets and liabilities. The Ãrouì has an established control frameóork óith resìect to the measurement of fair values. This includes a valuation team that has overall resìonsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reìorts directly to the CÂO. The valuation team regularly revieós significant unobservable inìuts and valuation adæustments. Åf third ìarty information, such as broker íuotes or ìricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third ìarties to suììort the conclusion that such valuations meet the reíuirements of TÂÎS, including the level in the fair value hierarchy in óhich such valuations should be classified. Significant valuation issues are reìorted to the Ãrouì Audit Committee. Óhen measuring the fair value of an asset or a liability, the Ãrouì uses market observable data as far as ìossible. Âair values are categorised into different levels in a fair value hierarchy based on the inìuts used in the valuation techniíues as folloós¶ Level 1¶ íuoted ìrices ¤unadæusted¥ in active markets for identical assets or liabilities. Level 2¶ inìuts other than íuoted ìrices included in Level 1 that are observable for the asset or liability, either directly ¤i.e. as ìrices¥ or indirectly ¤i.e. derived from ìrices¥. Level 3¶ inìuts for the asset or liability that are not based on observable market data ¤unobservable inìuts¥. Åf the inìuts used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level of the fair value hierarchy as the loóest level inìut that is significant to the entire measurement.

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For the year ended 31 December 2015 and 2014

The Ãrouì recognises transfers betóeen levels of the fair value hierarchy at the end of the reìorting ìeriod during óhich the change has occurred. Âurther information about the assumìtions made in measuring fair values is included in the folloóing notes¶ Note 13 - Proìerty, ìlant and eíuiìment· Note 31 - Âinancial instruments. ºÐÎÕÐÍÐÊÈÕÛ ÈÊÊÖÜÕÛÐÕÎ ×ÖÓÐÊÐÌÚ

The accounting ìolicies set out beloó have been aììlied consistently to all ìeriods ìresented in these financial statements. D D %DVLV RI FRQVROLGDWLRQ The consolidated financial statements relate to the Comìany and its subsidiaries ¤together referred to as the Ãrouì ¥. Significant intra-grouì transactions betóeen the Comìany and its subsidiaries are eliminated on consolidation. 6XEVLGLDULHV Subsidiaries are entities controlled by the Ãrouì. The Ãrouì controls an entity óhen it is eôìosed to, or has rights to, variable returns from its involvement óith the entity and has the ability to affect those returns through its ìoóer over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on óhich control commences until the date on óhich control ceases. 7UDQVDFWLRQV HOLPLQDWHG RQ FRQVROLGDWLRQ Åntra-grouì balances and transactions, and any unrealised income or eôìenses arising from intra-grouì transactions, are eliminated. Ñnrealised gains arising from transactions óith eíuity-accounted investees are eliminated against the investment to the eôtent of the Ãrouì s interest in the investee. Ñnrealised losses are eliminated in the same óay as unrealised gains, but only to the eôtent that there is no evidence of imìairment. E )RUHLJQ FXUUHQFLHV E

Transactions in foreign currencies are translated to the resìective functional currencies of Ãrouì entities at eôchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the eôchange rate at the reìorting date. Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency at the eôchange rates at the dates of the transactions. Âoreign currency differences are generally recognised in ìrofit or loss. F &DVK DQG FDVK HTXLYDOHQWV F

Cash and cash eíuivalents in the statements of cash floós comìrise cash balances, call deìosits and highly liíuid short-term investments. ¾ank overdrafts that are reìayable on demand are a comìonent of financing activities for the ìurìose of the statement of cash floós. G

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183

ÂľĂ–Ă›ĂŒĂš ÛÖ Ă›Ă?ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

For the year ended 31 December 2015 and 2014

customer Ïayments. žad debts are óritten off óhen incurred. H +LUH SXUFKDVH FRQWUDFW UHFHLYDEOHV H

Hire-ĂŹurchase contract receivables are stated at the original amount of the hire-ĂŹurchase installments less installments received, unearned interest income and alloĂłances for doubtful accounts. The alloĂłance for doubtful accounts is assumed ĂŹrimarily on analysis of ĂŹayment histories and future eĂ´ĂŹectations of customer ĂŹayments. žad debts are Ăłritten off Ăłhen incurred. The alloĂłance for doubtful accounts has been estimated from the arrears of hire-ĂŹurchase contract receivable ¤net of unearned interest incomeÂĽ. The ĂŹercentage of alloĂłance for doubtful accounts is as folloĂłsÂś Â?ÂŒÂ?

Current OverdueÂś Less than 3 months 3-6 months 6-9 months 9-12 months Over 12 months

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The ĂƒrouĂŹ s method for calculating the alloĂłance for doubtful accounts is different from the method ĂŹrescribed in the accounting guideline issued by the Ă‚ederation of Accounting Professions ĂŽeÂś Providing alloĂłance for doubtful accounts for consumer finance business ¤ Ă‚AP Ăƒuideline ÂĽ. The Ă‚AP Ăƒuideline ĂŹrescribes that alloĂłance for doubtful accounts should be made in the full amount of all outstanding receivables that are overdue for over 3 installment ĂŹeriods Ăłithout the deduction of collateral values from the remaining debt and that consideration should also be given to making a general alloĂłance for receivables Ăłhich are overdue for less than 3 installment ĂŹeriods. HoĂłever, the management considers, and has concluded, that the ĂƒrouĂŹ s method for calculating the alloĂłance for doubtful accounts better reflects the ĂƒrouĂŹ s eĂ´ĂŹosure to credit risk. I I ,QYHQWRULHV Ă…nventories are measured at the loĂłer of cost and net realisable value. Cost is calculated using the Ăłeighted average cost ĂŹrinciĂŹle, and comĂŹrises all costs of ĂŹurchase, and other costs incurred in bringing the inventories to their ĂŹresent location and condition. Net realisable value is the estimated selling ĂŹrice in the ordinary course of business less the estimated costs necessary to make the sale. An alloĂłance is made for deteriorated, damaged, obsolete and sloĂł-moving inventories. J J ,QYHVWPHQWV Ă…nvestments in subsidiaries Ă…nvestments in subsidiaries in the seĂŹarate financial statements of the ComĂŹany are accounted for using the cost method. K 3URSHUW\ SODQW DQG HTXLSPHQW K 5HFRJQLWLRQ DQG PHDVXUHPHQW 2ZQHG DVVHWV ProĂŹerty, ĂŹlant and eĂ­uiĂŹment are stated at cost less accumulated deĂŹreciation and imĂŹairment losses eĂ´ceĂŹt for land and buildings Ăłhich are stated at their revalued amounts. The revalued amount is the fair value determined on the basis of the ĂŹroĂŹerty s eĂ´isting use at the date of revaluation less any subseĂ­uent accumulated deĂŹreciation and imĂŹairment losses.

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185

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For the year ended 31 December 2015 and 2014

Cost includes eôìenditure that is directly attributable to the acíuisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a óorking condition for their intended use, the costs of dismantling and removing the items and restoring the site on óhich they are located and caìitalised borroóing costs. Purchased softóare that is integral to the functionality of the related eíuiìment is caìitalised as ìart of that eíuiìment. Óhen ìarts of an item of ìroìerty, ìlant and eíuiìment have different useful lives, they are accounted for as seìarate items ¤maæor comìonents¥ of ìroìerty, ìlant and eíuiìment. Ãains and losses on disìosal of an item of ìroìerty, ìlant and eíuiìment are determined by comìaring the ìroceeds from disìosal óith the carrying amount of ìroìerty, ìlant and eíuiìment, and are recognised net óithin other income in ìrofit or loss. Óhen revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings. /HDVHG DVVHWV Leases in terms of óhich the Ãrouì substantially assumes all the risk and reóards of oónershiì are classified as finance leases. Proìerty, ìlant and eíuiìment acíuired by óay of finance leases is caìitalised at the loóer of its fair value and the ìresent value of the minimum lease ìayments at the inceìtion of the lease, less accumulated deìreciation and imìairment losses. Lease ìayments are aììortioned betóeen the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Âinance charges are charged directly to the ìrofit and loss. 5HYDOXHG DVVHWV Îevaluations are ìerformed by indeìendent ìrofessional valuers óith sufficient regularity to ensure that the carrying amount of these assets does not differ materially from that óhich óould be determined using fair values at the reìorting date. Any increase in value, on revaluation, is recognised in other comìrehensive income and ìresented in the revaluation reserve in eíuity unless it offsets a ìrevious decrease in value recognised in ìrofit or loss in resìect of the same asset. A decrease in value is recognised in ìrofit or loss to the eôtent it eôceeds an increase ìreviously recognised in other comìrehensive income in resìect of the same asset. The revaluation surìlus is utilised by reference to the difference betóeen deìreciation based on the revalued carrying amount of the asset and deìreciation based on the asset s original cost and transferred directly to retained earnings. Ñìon disìosal of a revalued asset, any remaining related revaluation surìlus is transferred directly to retained earnings and is not taken into account in calculating the gain or loss on disìosal. 6XEVHTXHQW FRVWV The cost of reìlacing a ìart of an item of ìroìerty, ìlant and eíuiìment is recognised in the carrying amount of the item if it is ìrobable that the future economic benefits embodied óithin the ìart óill floó to the Ãrouì, and its cost can be measured reliably. The carrying amount of the reìlaced ìart is derecognised. The costs of the day-to-day servicing of ìroìerty, ìlant and eíuiìment are recognised in ìrofit or loss as incurred. 'HSUHFLDWLRQ Deìreciation is calculated based on the deìreciable amount, óhich is the cost of an asset, or other amount substituted for cost, less its residual value. Deìreciation is charged to ìrofit or loss on a straight-line basis over the estimated useful lives of each comìonent of an item of ìroìerty, ìlant and eíuiìment. The estimated useful lives are as folloós¶

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187

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For the year ended 31 December 2015 and 2014

¾uildings Leasehold imìrovement Office furniture and eíuiìment

50 years 5 years 5 years

No deìreciation is ìrovided on freehold lands or assets under construction. Deìreciation methods, useful lives and residual values are revieóed at each financial year-end and adæusted if aììroìriate. L 3UHSD\PHQW IRU RXWOHW OHDVHV L

Preìayment for outlet leases is amortised over the lease ìeriods on the straight-line method. M ,QWDQJLEOH DVVHWV M

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control transactions under shareholders eíuity. Åt is non-distributable and óill be retained until the resìective business or assets are sold or otheróise disìosed of. T T 5HYHQXH Îevenue eôcludes value added taôes and is arrived at after deduction of trade discounts and volume rebates. 6DOH RI JRRGV DQG VHUYLFHV UHQGHUHG Îevenue is recognised in ìrofit or loss óhen the significant risks and reóards of oónershiì have been transferred to the buyer. No revenue is recognised if there is continuing management involvement óith the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the ìrobable return of goods. Service income is recognised as services are ìrovided. Îevenue from the sale of goods consists of cash sales, credit sales and hire-ìurchase contract sales. Îevenue is recognised in ìrofit or loss óhen the significant risks and reóards of oónershiì have been transferred to the buyer. No revenue is recognised if there is continuing management involvement óith the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the ìrobable return of goods. Hire-ìurchase contract sales are based on hire-ìurchase contracts in óhich the hire-ìurchase contract receivable the related debts are effectively secured by the ìroducts sold. Îevenue from hire-ìurchase sales comìrises revenue from the sales of ìroducts and interest. Îevenue from the sales of ìroduct is recognised óhen a contract is signed and the first ìayment is received. Ånterest is recorded as unearned interest income and is recognised in income using the effective rate method. After a customer has defaulted on three consecutive ìayments, the Ãrouì ceases to recognise the related earned interest income. Service income is recognised as services are ìrovided. 'LYLGHQG LQFRPH Dividend income is recognised in ìrofit or loss on the date the Ãrouì s right to receive ìayments is established. ,QWHUHVW LQFRPH ,QWHUHVW LQFRPH Ånterest income is recognised in ìrofit or loss of income as it accrues. U )LQDQFH FRVWV U

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Payments made under oìerating leases are recognised in ìrofit or loss on a straight line basis over the term of the lease. Lease incentives received are recognised in ìrofit or loss as an integral ìart of the total lease eôìense, over the term of the lease. Contingent lease ìayments are accounted for by revising the minimum lease ìayments over the remaining term of the lease óhen the lease adæustment is confirmed. 'HWHUPLQLQJ ZKHWKHU DQ DUUDQJHPHQW FRQWDLQV D OHDVH 'HWHUPLQLQJ ZKHWKHU DQ DUUDQJHPHQW FRQWDLQV D OHDVH At inceìtion of an arrangement, the Ãrouì determines óhether such an arrangement is or contains a lease. A sìecific asset is the subæect of a lease if fulfilment of the arrangement is deìendent on the use of that sìecified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Ãrouì the right to control the use of the underlying asset.

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193

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

At inceìtion or uìon reassessment of the arrangement, the Ãrouì seìarates ìayments and other consideration reíuired by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. Åf the Ãrouì concludes for a finance lease that it is imìracticable to seìarate the ìayments reliably, an asset and a liability are recognised at an amount eíual to the fair value of the underlying asset. Subseíuently the liability is reduced as ìayments are made and an imìuted finance charge on the liability is recognised using the Ãrouì s incremental borroóing rate. W ,QFRPH WD[ W Åncome taô eôìense for the year comìrises current and deferred taô. Current and deferred taô are recognised in ìrofit or loss eôceìt to the eôtent that they relate to a business combination, or items recognised directly in eíuity or in other comìrehensive income. Current taô is the eôìected taô ìayable or receivable on the taôable income or loss for the year, using taô rates enacted or substantively enacted at the reìorting date, and any adæustment to taô ìayable in resìect of ìrevious years. Deferred taô is recognised in resìect of temìorary differences betóeen the carrying amounts of assets and liabilities for financial reìorting ìurìoses and the amounts used for taôation ìurìoses. Deferred taô is not recognised for the folloóing temìorary differences¶ the initial recognition of goodóill· the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taôable ìrofit or loss· and differences relating to investments in subsidiaries to the eôtent that it is ìrobable that they óill not reverse in the foreseeable future. The measurement of deferred taô reflects the taô conseíuences that óould folloó the manner in óhich the Ãrouì eôìects, at the end of the reìorting ìeriod, to recover or settle the carrying amount of its assets and liabilities Deferred taô is measured at the taô rates that are eôìected to be aììlied to the temìorary differences óhen they reverse, using taô rates enacted or substantively enacted at the reìorting date. Ån determining the amount of current and deferred taô, the Ãrouì takes into account the imìact of uncertain taô ìositions and óhether additional taôes and interest may be due. The Ãrouì believes that its accruals for taô liabilities are adeíuate for all oìen taô years based on its assessment of many factors, including interìretations of taô laó and ìrior eôìerience. This assessment relies on estimates and assumìtions and may involve a series of æudgements about future events. Neó information may become available that causes the Ãrouì to change its æudgement regarding the adeíuacy of eôisting taô liabilities· such changes to taô liabilities óill imìact taô eôìense in the ìeriod that such a determination is made. Deferred taô assets and liabilities are offset if there is a legally enforceable right to offset current taô liabilities and assets, and they relate to income taôes levied by the same taô authority on the same taôable entity, or on different taô entities, but they intend to settle current taô liabilities and assets on a net basis or their taô assets and liabilities óill be realised simultaneously. A deferred taô asset is recognised to the eôtent that it is ìrobable that future taôable ìrofits óill be available against óhich the temìorary differences can be utilised. Deferred taô assets are revieóed at each reìorting date and reduced to the eôtent that it is no longer ìrobable that the related taô benefit óill be realised. X (DUQLQJV SHU VKDUH X The Ãrouì ìresents basic earnings ìer share ¤ÁPS¥ data for its ordinary shares. ¾asic ÁPS is calculated by dividing the ìrofit attributable to ordinary shareholders of the Comìany by the óeighted average number of ordinary shares outstanding during the ìeriod. Y 6HJPHQW UHSRUWLQJ Y Segment results that are reìorted to the Ãrouì s CÁO ¤the chief oìerating decision maker¥ include items directly attributable to a segment as óell as those that can be allocated on a reasonable basis.

194 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

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1= 5 < 3>-6=-*=%$ý

Îetail Holding N.Ò. Singer ¤Thailand¥ ¾.Ò.

'[ETa. _;_:OE `G;6

Singer Asia Sourcing Limited Singer Asia Limited <EVKS9 _+CTE 9 +lT$S6 ¤CMT-;¥

MC[ _$TR<EV7V-_IOE +V; MC[ _$TR_'D `C; c9D

_= ;<EVK9S bM b;GlT6S<L[*LZ6%O* Singer ¤Thailand¥ ¾.Ò. _= ;>[ 8YOMZ ;ETDbM 8YOMZ ;E ODGR 40.00 b;<EVKS9 +;8X* IS;9Wg 4 CV8Z;TD; 2558 CW>[ 8YOMZ ;E IC$S; +;8X*IS;9Wg 4 CV8Z;TD; 2558 CW>[ 8YOMZ ;E IC$S; +;8X*IS;9Wg 4 CV8Z;TD; 2558 _= ;>[ 8YOMZ ;ETDbM 8YOMZ ;E ODGR 24.99 b;<EVKS9 7Sh*`7 IS;9Wg 5 CV8;Z TD; 2558 +;8X*= ++Z<;S `GRCW$EEC$TEE IC$S; _= ;<EVKS9D OD%O*<EVKS9 _+CTE 9 +lT$S6 ¤CMT-;¥

<EVKS9 _+_OfC9W _;f9_IOE ' c9D _.OE IVL_.fL +lT$S6 ¤CMT-;¥ <EVK9S _+_O_OL `OL_.f9 +lT$S6 ¤CMT-;¥ c9D <EVKS9 cO..W..W. OV;_7OE _;-Sg;`;G +lT$S6 c9D ¤CMT-;¥ >[ <EVMTELlT'S

_= ;<EVKS9D OD%O*<EVKS9 _+CTE 9 +lT$S6 ¤CMT-;¥ _= ;>[ 8YOMZ ; 8YOMZ ;E ODGR 1.30 `GRCW>[ `9;_= ; $EEC$TE<EVKS9 <Z''G9WCg OW Tl ;T+`GR'ITCES<>V6-O<$TEIT*`>; LS*g $TE`GR 'I<'ZC$V+$EEC7 T*e%O*$V+$TEcC I T9T*7E*MEYO9T*O OC 9Sh*;Wh EIC8X*$EEC$TE%O*$GZ C<EVKS9 ¤cC I T+R9lTM; T9Wgb; ER6S<<EVMTEMEYOcC ¥

;aD<TD$TE$lTM;6ET'TLlTMES<ETD$TE`7 GR=ER_B9O:V<TDc6 6S*7 Oc=;Wh />. >/

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ET'T7GT6 - ET'T_*V;L6 ET'T7GT6 ET'T'*9Wg$lTM;67TC`7 GR>GV7BS53 E ODGR 3 8X* 4.5 %O*ETDc6 +T$$TEbM <EV$TE E ODGR 15 %O*ETDc6 `GR7 ;9Z;<EV$TE<I$$lTcE 7TC9Wg=ER$TJ+ TD E ODGR 0.1 %O*DO6%TDLZ9:V ¤_,@TRLV;' T9Wgb- _'EYgO*MCTD Singer _9 T;Sh;¥ +;8X* IS;9Wg 31 $E$0T'C 2558 E ODGR 0.7 %O*ETDc6 7TC9WgER<Zb;LS T 7Sh*`7 IS;9Wg 1 LV*MT'C 2558 E ODGR 1 %O*DO6%TDLZ9:V +;8X*IS;9Wg 31 $E$0T'C 2558 OS7ETE ODGR%O*M;Wh9Wg7V67TCc6 7 ;9Z;%O*_*V;9Z;8SI_,GWgD 7 ;9Z;%O*_*V;9Z;8SI_,GWgD

' T:EEC_;WDC$TE<EV$TE ' T<EV$TE7V67TCM;Wh 6O$_<WhDES< 6O$_<WhD+ TD

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

195

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

¹ÌÓÈÛÌË ×ÈÙÛÐÌÚ

Âor the ìurìoses of these financial statements, ìarties are considered to be related to the Ãrouì if the Ãrouì has the ability, directly or indirectly, to control or æoint control the ìarty or eôercise significant influence over the ìarty in making financial and oìerating decisions, or vice versa, or óhere the Ãrouì and the ìarty are subæect to common control or common significant influence. Îelated ìarties may be individuals or other entities. Îelationshiìs óith subsidiaries are described in note 11. Îelationshiì óith key management and other related ìarties óere as folloós¶ µÈÔÌ ÖÍ ÌÕÛÐÛÐÌÚ

ªÖÜÕÛÙà ÖÍ ÐÕÊÖÙ×ÖÙÈÛÐÖÕ

µÈÛÜÙÌ ÖÍ ÙÌÓÈÛÐÖÕÚÏÐ×Ú

Îetail Holding N.Ò. Singer ¤Thailand¥ ¾.Ò.

Curacao The Netherlands

Singer Asia Sourcing Limited Singer Asia Limited Æay Mart Public Comìany Limited

¾ritish Òirgin Åslands Cayman Åslands Thailand

Ñltimate ìarent of Singer ¤Thailand¥ ¾.Ò. Maæor shareholder, 40.00¡ shareholding until 4 Æune 2015 Common shareholder until 4 Æune 2015 Common shareholder until 4 Æune 2015 Maæor shareholder, 24.99¡ shareholding since 5 Æune 2015 and common director Subsidiary of Æay Mart Public Comìany Limited

Thailand ÆMT Netóork Services Public Comìany Limited ÆAS asset Public Comìany Limited Thailand Å.C.C. Ånternational Public Comìany Thailand Limited Key management ìersonnel

Subsidiary of Æay Mart Public Comìany Limited Shareholder, 1.30¡ shareholding and reìresentative of director Persons having authority and resìonsibility for ìlanning, directing and controlling the activities of the entity, directly or indirectly, including any director ¤óhether eôecutive or otheróise¥ of the Ãrouì.

The ìricing ìolicies for ìarticular tyìes of transactions are eôìlained further beloó¶ »ÙÈÕÚÈÊÛÐÖÕÚ

·ÙÐÊÐÕÎ ×ÖÓÐÊÐÌÚ

Sales of goods Purchase of goods Cost of service Commission fee Management fee income Dividend income Trademark license fee

Market cash ìrice Market ìrice Âiôed ìrice determine by ìroduct 3¡ - 4.5¡ of revenue from rendering of services 15¡ of income and service cost ìlus margin Ñìon declaration 0.1¡ of net sales ¤Singer ¾rand ìroducts¥ until 31 Æuly 2015 0.7¡ of consideration revenue since 1 August 2015 1¡ of net sales until 31 Æuly 2015 Percentage rate of debt collection Average funding cost Average funding cost

Offshore service fee Debt collecting fee Ånterest income Ånterest eôìense

196 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

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& >/I è%/3

& >/I è%I *>< @ >/

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1,168 48,015 11

-

1,168 48,015 -

-

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-

-

2,054,471 297,705 33,706 58,000 228,232 70,183

2,163,671 312,537 42,820 36,250 144,744 64,982

µ ³¤®¸Æ ¶Æ¾ ¶Æ£¨ n® ² ETDc6 +T$$TE%TD .YhOLV;' T ' T:EEC_;WDC$TEb- _'EYgO*MCTD$TE' T ' T:EEC_;WDC$TE<EV$TE ' T<EV$TE7V67TCM;Wh ' T;TDM; T

91 773 8,889 18,016 508 28

3,110 31,236 54 -

91 773 8,889 18,016 285 -

3,110 31,236 54 -

ºn ¤µ¬³¤«Ë³ ²è ' T7O<`9;>[ <EVMTELlT'S >G=ERaD-; ERDRLSh;%O*@;S$*T; >G=ERaD-; MGS*OO$+T$*T; EIC

23,704 1,778 5, 8

34,999 1,763 6,76

19,770 1,436 1, 06

31,250 1,418 ,668

DO6'*_MGYO$S<<Z''GMEYO$V+$TE9Wg_$WgDI% O*$S; 5 IS;9Wg 31 :S;IT'C CW6S*;Wh *=%&>#

1E 7%AR >/ ú> @ >/#AQI AQ.3 ú9 =%

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& >/I è%/3

2,099 37 ,1 6

& >/I è%I *>< @ >/

-

2,099 277,294 37 79, 0

297,826 97,8 6

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

197

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

Significant transactions for the years ended 31 December óith related ìarties óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ÀÌÈÙ ÌÕËÌË «ÌÊÌÔÉÌÙ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ÊÞçìï ðåÞïâåìéáâï ÊÞçìï ðåÞïâåìéáâï Sale of goods Purchase of goods Commission fee

1,168 48,015 11

-

1,168 48,015 -

-

-

-

2,054,471 297,705 33,706 58,000 228,232 70,183

2,163,671 312,537 42,820 36,250 144,744 64,982

2WKHU UHODWHG SDUWLHV Sale of goods Purchase of goods Trademark license fee Offshore service fee Debt collecting fee Commission fee

91 773 8,889 18,016 508 28

3,110 31,236 54 -

91 773 8,889 18,016 285 -

3,110 31,236 54 -

.H\ PDQDJHPHQW SHUVRQQHO Key management ìersonnel comìensation Short-term emìloyee benefits Post-emìloyment benefits Total

23,704 1,778 5, 8

34,999 1,763 6,76

19,770 1,436 1, 06

31,250 1,418 ,668

6XEVLGLDULHV Sale of goods Management fee income Ånterest income Dividend income Purchase of goods Cost of service

¾alances as at 31 December óith related ìarties óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

»ÙÈËÌ ÈÊÊÖÜÕÛÚ ÙÌÊÌÐÝÈÉÓÌ ÍÙÖÔ ÙÌÓÈÛÌË ×ÈÙÛÐÌÚ

Maæor shareholder Subsidiaries Other related ìarties Total

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

2,099 37 ,1 6

-

2,099 277,294 37 79, 0

297,826 97,8 6

198 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

*=%&>#

& >/I è%/3-

1E 7%AR9CQ% @ >/#AQI AQ.3 ú9 =%

& >/I è%I *>< @ >/

<EVKS9D OD $V+$TEOYg;9Wg_$WgDI% O*$S; EIC

-

223

5,447 5, 7

3,451 223 ,67 *=%&>#

& >/I è%/3-

/>.M ú ú> /=& > @ >/#AQI AQ.3 ú9 =%

& >/I è%I *>< @ >/

<EVKS9D OD EIC

-

9=!/> 9 I&AR.

-

¾ µ Á¬n ºn£¸¢¤±£±£³¨¿ m µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² <EVKS9D OD L I;9Wg'E<$lTM;6_$V;$I TM;Xg*= EIC

24,167 ,167

& >/I è%I *>< @ >/

/ú9.1<!ù9'ñ

¾ µ Á¬n ºn£¸¢¤±£±«²Ç ¿ m µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² <EVKS9D OD EIC

23,285 , 85

& >/I è%/3-

*=%&>#

4.53 - 4.76

-

-

-

451,000 51,000

-

4.76

5.16

-

-

304,181 724,181 0 ,181 7 ,181

*=%&>#

6/D'I è%L7ú Eú.C-J ù @ >/#AQI AQ.3 ú9 =%

_*V;bM $[ DYCERDRLSh; _*V;bM $[ DYCERDRDTI EIC_*V;bM $[ DYC`$ $V+$TE9Wg_$WgDI% O*$S;

& >/I è%/3

& >/I è%I *>< @ >/

-

-

451,000 304,181 755,181

724,181 7 ,181

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

¶ÛÏÌÙ ÙÌÊÌÐÝÈÉÓÌÚ ÍÙÖÔ ÙÌÓÈÛÌË ×ÈÙÛÐÌÚ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Subsidiaries Other related ìarties Total

-

223

5,447 5, 7

3,451 223 ,67

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

¨ÊÊÙÜÌË ÐÕÊÖÔÌ ÍÙÖÔ ÙÌÓÈÛÌË ×ÈÙÛÐÌÚ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Subsidiaries Total

-

//RQJ WHUP ORDQV WR UHODWHG SDUW\ Subsidiary Non-current Total

24,167 ,167

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

×ÌÙ ÈÕÕÜÔ

6KRUW WHUP ORDQV WR UHODWHG SDUW\ Subsidiary Total

23,285 , 85

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

°ÕÛÌÙÌÚÛ ÙÈÛÌ

-

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

4.53 - 4.76

-

-

-

451,000 51,000

-

4.76

5.16

-

-

304,181 724,181 0 ,181 7 ,181

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ºÜÔÔÈÙà ÖÍ ÓÖÈÕÚ ÛÖ ÙÌÓÈÛÌË ×ÈÙÛà

Short-term loans Long-term loans Total loa to lat

at

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

-

-

451,000 304,181 755,181

724,181 7 ,181

199

200 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

ETD$TE_'GYgO;cMI%O*_*V;bM $[ DYC`$ $V+$TE9Wg_$WgDI% O*$S;LlTMES<`7 GR= LVh;LZ6IS;9Wg 31 :S;IT'C CW6S*;Wh *=%&>#

& >/I è%/3

¾ µ Á¬n ºn£¸¢¤±£±«²Ç ¿ m µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² <EVKS9D OD 5 IS;9Wg 1 C$ET'C _@VgC%Xh; G6G* 5 IS;9Wg °® :S;IT'C ¾ µ Á¬n ºn£¸¢¤±£±£³¨¿ m µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² <EVKS9D OD 5 IS;9Wg 1 C$ET'C G6G* 5 IS;9Wg °® :S;IT'C

& >/I è%I *>< @ >/

-

-

574,200 ¤123,200¥ 51,000

25,000 500,400 ¤525,400¥

-

-

724,181 ¤420,000¥ 0 ,181

1,005,681 ¤281,500¥ 7 ,181 *=%&>#

& >/I è%/3

¾ n³¬ ¶Ç ³¤ n³ µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² <EVKS9D OD $V+$TEOYg;9Wg_$WgDI% O*$S; EIC ¾ n³¬ ¶Ç®¸Æ µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² >[ 8YOMZ ;ETDbM <EVKS9D OD $V+$TEOYg;9Wg_$WgDI% O*$S; EIC

& >/I è%I *>< @ >/

418 18

-

59,485 418 59,90

23,195 ,195

78 7,166 7,

32,104 ,10

67 196,400 7,112 0 ,579

222,497 32,104 5 ,601

«²è賫˳ ²è ¶Æ ˳ ² ¹ ¦¬¤¸® µ ³¤ ¶Æ¾ ¶Æ£¨ n® ² «²èè³ m³ ¤¤¢¾ ¶£¢¾ ¤¸Æ® ¬¢³£ ³¤ n³¿¦± m³ ¤¤¢¾ ¶£¢ ³¤ ¤µ ³¤ <EVKS9CWLS T$S< Singer Asia Limited b;$TEb- _'EYgO*MCTD$TE' T a6D+ TD' T:EEC_;WDC$TEb- _'EYgO*MCTD$TE' Tb;+lT;I;E ODGR 0.1 %O*DO6%TDLZ9:V _,@TRLV;' T9Wgb- _'EYgO*MCTD Singer _9 T;Sh; `GR' T:EEC_;WDC$TE<EV$TE_$WgDI$S<% OC[G9T*6 T;$TE7GT6 $TEIT*`>; $TEOO$`<< IT*`>;>GV7BS53 b;+lT;I;E ODGR 1 %O*DO6%TDLZ9:V _CYgOIS;9Wg 31 $E$0T'C 2558 <EVKS9`GR Singer Asia Limited CW'ITC_Mf;E IC$S;`GROO$M;S*LYO_@YgODZ7VLS T$TEb- _'EYgO*MCTD$TE' T `GR' T:EEC_;WDC$TE<EV$TE

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

201

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

Movements during the years ended 31 December of loans to related ìarties óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

6KRUW WHUP ORDQV WR UHODWHG SDUW\ ÐòßðæáæÞïö At 1 Æanuary Åncrease Decrease ¾ñ °® Áâàâêßâï ¾ñ °® Áâàâêßâï //RQJ WHUP ORDQV WR UHODWHG SDUW\ ÐòßðæáæÞïö At 1 Æanuary Decrease ¾ñ °® Áâàâêßâï ¾ñ °® Áâàâêßâï

-

-

574,200 ¤123,200¥ 51,000

25,000 500,400 ¤525,400¥

-

-

724,181 ¤420,000¥ 0 ,181

1,005,681 ¤281,500¥ 7 ,181

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

7UDGH DFFRXQWV SD\DEOHV WR UHODWHG SDUW\ Subsidiaries Other related ìarties Total 2WKHU SD\DEOHV WR UHODWHG SDUWLHV Maæor shareholder Subsidiaries Other related ìarties Total

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

418 18

-

59,485 418 59,90

23,195 ,195

78 7,166 7,

32,104 ,10

67 196,400 7,112 0 ,579

222,497 32,104 5 ,601

6LJQLILFDQW DJUHHPHQWV ZLWK UHODWHG SDUWLHV 7UDGHPDUN OLFHQVH DQG RIIVKRUH VHUYLFH IHHV The Comìany has agreements óith Singer Asia Limited for the ìayment of trademark license fees in the amount of 0.1¡ of net sales of Singer ¾rand ìroducts and of offshore service fees for marketing, ìroduct ìlanning, design develoìment and other services in the amount of 1.0¡ of net sales. On 31 Æuly 2015, the Comìany and Singer Asia Limited mutually agreed and made óritten to terminate the trademark license and offshore service fee agreement.

202 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

«²èè³ m³ ¤¤¢¾ ¶£¢ ¸Æ® ³¤ n³¿¦±¾ ¤¸Æ® ¬¢³£ ³¤ n³ _CYgOIS;9Wg 1 LV*MT'C 2558 <EVKS9c6 9lTLS T' T:EEC_;WDC-YgO$TE' T`GR_'EYgO*MCTD$TE' T$S< Singer Asia Limited .Xg*LS TbMC ,<S<;Wh O T*OV*LV9:V+T$LS TbM b- LV9:V,<S<MGS$ERMI T* Singer Asia Limited $S< The Singer Comìany Limited ¤Åsle of Man¥ a6D+ TD ' T:EEC_;WDC$TEb- -YgO$TE' T`GR_'EYgO*MCTD$TE' Tb;+lT;I;E ODGR 0.7 %O*ETDc6 7TC9WgER<Zb;LS T LS T;WhCW$lTM;6ERDR_IGT 10 = ;S<7Sh*`7 IS;9Wg 1 LV*MT'C 2558 8X* 31 $E$0T'C 2568 _I ;`7 ? TDb6? TDM;Xg*+R<O$_GV$LS T$ O; CW'ITCcC `; ;O;<T*=ER$TE_$V6%Xh;_$WgDI$S<LV9:V9Sh*MC69Wg Singer Asia Limited c6 ES<O;Z T7bM b- `GRc6 O;Z T77 ObM $S<<EVKS9BTDb7 LS T,<S<bMC 'YO$TEb- _'EYgO*MCTD$TE' T `GR-YgO9T*$TE' T %5R;Wh$TE_+E+TERMI T*<EVKS9 Singer Asia Limited `GR7SI`9;_+ T%O* _'EYgO*MCTD$TE' TDS*'*6lT_;V;OD[ .Xg*<EVKS9CW'ITC_-YgOCSg;I T+RLTCTE8`$ c%= MT6S*$G TIc6 «²èè³ ³¤À® ¹¤ µ _CYgOIS;9Wg 14 :S;IT'C 2555 <EVKS9c6 9lTLS T$TEaO;:ZE$V+$S<<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 a6D<EVKS97$G*9Wg+RaO;:ZE$V+ _- T.YhObM <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 5 IS;9Wg 31 :S;IT'C 2555 `GR<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 7$G*9Wg +R6lT_;V;:ZE$V+_- T.YhO7TC_*YgO;c%9WgER<Zb;LS T «²èè³¾ µ ºn£¸¢ _CYgOIS;9Wg 27 CW;T'C 2556 <EVKS9c6 9lTLS TbM _*V;$[ DYC$S<<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 _= ;+lT;I;_*V; 1,877.681 G T;<T9 OS7ET6O$_<WhD9Wgb- b;$TE$[ DYC+R'V6+T$OS7ET6O$_<WhD_*V;$[ =ER+lT= 8SI_,GWgD%O*<EVKS9b; `7 GRc7ECTL $TE-lTER6O$_<WhD_= ;ETDc7ECTL BTDb7 _*YgO;c%%O*LS T_*V;$[ <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 LTCTE89Wg+R$[ MEYO'Y;_*V;$[ $ O;$lTM;6 MEYO%O$[ DYCbMC BTDb7 I*_*V;7TCERDR_IGT%O*LS Tc6 7ET<_9 T9Wg_*V;$[ 5 _IGTb6e cC _$V;$I T+lT;I;_*V;%O*I*_*V; 5 %5R;Sh; 7TET*$TEG6G*%O*_*V;7 ;BTDb7 I*_*V;$[ DYC _I ;`7 c6 7$G*$S;_= ;OD T*OYg; `L6*6S*7 Oc=;Wh 1¥ 2¥ 3¥ 4¥

500 G T;<T9 BTDb;IS;9Wg 1 _CKTD; 2557 500 G T;<T9 BTDb;IS;9Wg 1 _CKTD; 2558 500 G T;<T9 BTDb;IS;9Wg 1 _CKTD; 2559 377.681 G T;<T9 BTDb;IS;9Wg 1 _CKTD; 2560

_CYgOIS;9Wg 1 _CKTD; 2556 <EVKS9c6 CW$TEbM _*V;$[ +lT;I;_*V; 1,877.681 G T;<T9$S<<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 BTDb7 LS T_*V;$[ 6S*$G TI% T*7 ; <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6c6 ;lT_*V;9Wgc6 ES<+T$_*V;$[ DYC;WhCT-lTER'Y;bM $S<<EVKS9_@YgO-lTERM;Wh9Wg <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 ' T*-lTER`$ <EVKS9+T$$TEaO;:ZE$V+b;IS;_6WDI$S; «²èè³ ¤µ ³¤ _CYgOIS;9Wg 10 $ZCBT@S;: 2557 <EVKS9c6 9lTLS T<EV$TE$S<<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 BTDb7 LS T6S*$G TI <EVKS97$G* 9Wg+RbM <EV$TE'ITC- ID_MGYO9T*6 T;$TE6lT_;V;*T; $TE_*V;`GR<S -W <Z'GT$E _9'a;aGDWLTEL;_9J `GROYg;e `$ <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 b;$TE;Wh<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 7 O*+ TD' T:EEC_;WDC$TEbM <EV$TE7TC7 ;9Z;<EV$TE<I$$lTcEbM `$ <EVKS9 LS T;WhCW>G<S*'S<b- 7Sh*`7 IS;9WgLS TCW>G<S*'S<`GRLTCTE87 OOTDZa6DOS7a;CS7V'ESh*GR 1 = _I ;`7 ? TDM;Xg*? TDb6+R<O$_GV$ LS TG I*M; T 1 _6YO;$ O;LS TMC6OTDZ «²èè³ ¤µ ³¤ ¤µ¬³¤¦º ¬ ¶Ç¿¦± µ ³¢¬ ¶Ç _CYgOIS;9Wg 23 $S;DTD; 2558 <EVKS9`GR<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 9lTLS T$S<<EVKS9 _+ _OfC 9W _;f9_IOE ' _.OE IVL_.L +lT$S6 ¤CMT-;¥ b;$TE%Ob- <EV$TE<EVMTEG[$M;Wh`GR7V67TCM;Wh 7TC9Wg<EVKS9`GR <EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 +RCO<MCTD bM a6DCW$TE'V6' T<EV$TE7TCOS7ET9WgER<ZcI b;LS TBTDb;ERDR_IGTM;Xg*= ;S<+T$ IS;9Wg 29 $S;DTD; 2558 `GRLTCTE87 OOTDZa6DOS7a;CS7V MT$cC c6 CW$TE`+ *D$_GV$LS T_= ;M;S*LYO+T$'[ LS T? TDb6? TDM;Xg*

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

203

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

7UDGH QDPH DQG WUDGHPDUN OLFHQVH DJUHHPHQW On 1 August 2015, the Comìany entered into trade name and trademark license agreement óith Singer Asia Limited. This neó agreement is based on a Master License Agreement betóeen Singer Asia Limited and The Singer Comìany Limited ¤Åsle of Man¥. The ìayment of trade name and trademark license fee is amount of 0.7¡ of consideration revenue. The term of this agreement is effective on 1 August 2015 to 31 Æuly 2025 unless either ìarty gives to the other ìarty a óritten notice of non-reneóal of this agreement. Some uncertainty has arisen regarding the eôtent to óhich Singer Asia Limited óas authorised to grant all the rights granted to the Comìany under this neó license agreement óith resìect to the use of the trademarks and the trade name. Discussions are ongoing betóeen the Comìany, Singer Asia Limited and the reìresentative of trademark oóner on these issues, óhich the Comìany is confident óill be able to be resolved. %XVLQHVV WUDQVIHU DJUHHPHQW On 14 December 2012, the Comìany entered into business transfer agreement óith Singer Leasing ¤Thailand¥ Co., Ltd. under óhich the Comìany agreed to transfer the business oìeration for hire-ìurchase of ìroducts to Singer Leasing ¤Thailand¥ Co., Ltd. on 31 December 2012. And Singer Leasing ¤Thailand¥ Co., Ltd. agreed to acíuire the certain business oìeration on the terms and conditions as described in the agreement. /RDQ DJUHHPHQW On 27 March 2013, the Comìany entered into a loan agreement óith Singer Leasing ¤Thailand¥ Co., Ltd. in the amount of ¾aht 1,877.681 million. The rate of interest shall be the rate calculated from average of funding cost ìer annum of the Comìany during the íuarter ìreceding that interest ìeriod. Ånterest shall be due on each íuarter. Subæect to the terms and conditions of this agreement, Singer Leasing ¤Thailand¥ Co., Ltd. may draódoón, reìay, ìreìay and re-borroó under the facility during the availability ìeriod so long as the Loan does not at any time eôceed the amount of the facility at such time. The ìrinciìal amount available under the facility is scheduled to reduce as folloós unless otheróise agreed¶1¥ 2¥ 3¥ 4¥

¾aht 500 million by 1 Aìril 2014· ¾aht 500 million by 1 Aìril 2015· ¾aht 500 million by 1 Aìril 2016· ¾aht 377.681 million by 1 Aìril 2017

On 1 Aìril 2013, the Comìany ìrovided the loan of ¾aht 1,877.681 million according to the above loan agreement to Singer Leasing ¤Thailand¥ Co., Ltd. The ìroceeds from this loan have been used by Singer Leasing ¤Thailand¥ Co., Ltd. to settle the amount due from Singer Leasing ¤Thailand¥ Co., Ltd. to the Comìany for the business transfer. 6HUYLFH DJUHHPHQW On 10 Âebruary 2014, the Comìany entered into service agreement óith Singer Leasing ¤Thailand¥ Co., Ltd., óhereby the Comìany agrees to grant the service suììort regarding to oìeration suììort, finance and accounting, ìersonnel service, information technology and others to Singer Leasing ¤Thailand¥ Co., Ltd. Ån consideration thereof, Singer Leasing ¤Thailand¥ Co., Ltd. is committed to ìay service fee based on a service cost ìlus margin. The term of this agreement is effective on the date of the agreement and shall be automatically reneóed and continued 1 year unless either ìarty gives to the other ìarty a óritten notice of non-reneóal of this agreement at least 1 month ìrior to the date of eôìiration. 5HFHLYDEOH PDQDJHPHQW DQG FROOHFWLRQ VHUYLFH DJUHHPHQW On 23 Seìtember 2015, the Comìany and Singer Leasing ¤Thailand¥ comìany limited entered into agreements óith ÆMT Netóork Services Public Comìany Limited ¤ÆMT¥ for certain receivable management and collection services to be ìrovided

204 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

«²èè³ ®Á n ¸Ç ¶Æ ¤µ ³¤ _CYgOIS;9Wg 11 CV8Z;TD; 2558 <EVKS9 .V*_$OE _.OE IVL@GSL +lT$S6 c6 9lTLS T%Ob- @Yh;9Wg<EV$TE$S<<EVKS9 _+CTE 9 +lT$S6 ¤CMT-;¥ BTDb7 LS T6S*$G TI <EVKS9 _+CTE 9 +lT$S6 ¤CMT-;¥ 7$G*O;Z T7bM <EV$TEb- @Yh;9Wg _@YgO7V67Sh*`GRbM <EV$TE7[ _7VC_*V; a6D <EVKS9 .V*_$OE _.OE IVL @GSL +lT$S6 7$G*+ TD>G7O<`9;+T$OS7ETE ODGR%O*ETDc6 +T$7[ _7VC_*V;7TC9WgER<Zb;LS T LS T;Wh$lTM;6ERDR_IGT 1 = ;S<7Sh*`7 IS;9Wg 1 CV8Z;TD; 2558 +;8X* IS;9Wg 31 @FKBT'C 2559 _I ;`7 ? TDM;Xg*? TDb6+R<O$_GV$LS T$ O; _CYgOIS;9Wg 11 CV8Z;TD; 2558 <EVKS9 .V*_$OE _.OE IVL@GSL +lT$S6 c6 9lTLS T%Ob- @Yh;9Wg<EV$TE$S<<EVKS9 _+_OfC9W _;f7_IOE ' _.OE IVL_.fL +lT$S6 ¤CMT-;¥ BTDb7 LS T6S*$G TI <EVKS9 _+_OfC9W _;f7_IOE ' _.OE IVL_.fL +lT$S6 ¤CMT-;¥ 7$G*O;Z T7bM <EV$TEb- @Yh;9Wg _@YgO7V67Sh*`GR bM <EV$TE7[_ 7VC_*V; a6D <EVK9S .V*_$OE _.OE ILV @GSL +lT$S6 7$G*+ TD>G7O<`9;+T$OS7ETE ODGR%O*ETDc6 +T$7[_ 7VC_*V;7TC9WEg R<Zb;LS T LS T;W$h Tl M;6ERDR_IGT 1 = ;<S 7S*h `7 I;S 9Wg 1 CV8;Z TD; 2558 +;8X*IS;9Wg 31 @FKBT'C 2559 _I ;`7 ?T DM;X*g ? TDb6+R<O$_GV$LS T$ O; I @%6 J1</>. >/I#A.&I#ù>I @%6 *=%&>#

& >/I è%/3

_*V;L6b;CYO _*V;?T$:;T'TE=ER_B9$ER`LETDIS; _*V;?T$:;T'TE=ER_B9OOC9ES@D _*V;L6ERMI T*9T* - $ER`LETDIS;/ OOC9ES@D EIC

& >/I è%I *>< @ >/

128 33,393 103,530 135,398 7 , 9

165 62,493 79,722 147,392 89,77

80 29,879 91,177 134,888 56,0

80 58,667 69,155 147,392 75, 9

_*V;L6`GRETD$TE_9WD<_9 T_*V;L69Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 _= ;L$ZG_*V;<T9 1E 7%AR >/ ú> *=%&># 7->.I7!D

$V+$TE9Wg_$WgDI% O*$S; $V+$TEOYg;e EIC ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V M;WhL[ `GRM;WhL*LSD+RL[ LlTMES<=

4

& >/I è%/3

& >/I è%I *>< @ >/

2,136 18,239 20,375 ¤1,391¥ 18,98 95

18,395 18,395 ¤1,296¥ 17,099

279,430 16,907 296,337 ¤1,391¥ 9 ,9 6 95

297,826 17,606 315,432 ¤1,296¥ 1 ,1 6

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

205

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

by ÆMT to the Comìany and Singer Leasing ¤Thailand¥ comìany limited in return for fees at rates sìecified in the agreement. The term of these agreements are one year effective 29 Seìtember 2015 and shall be automatically reneóed unless either ìarty give to the other ìarty óritten notice of non-reneóal. 6HUYLFH DUHD DJUHHPHQW On 11 Æune 2015, Singer Service Plus Comìany Limited enter into service area agreement óith Æay Mart Public Comìany Limited óhereby Æay Mart Public Comìany Limited agreed to grant the rental area for install and rendering of service for vending machine. Ån consideration thereof, Singer Service Plus Comìany Limited is committed to ìay service fee based on revenue from rendering of service as sìecific in the agreement. The term of this agreement is effective for one year, since 1 Æune 2015 until 31 May 2016 unless either ìarty gives to the other ìarty a óritten notice of non-reneóal of this agreement. On 11 Æune 2015, Singer Service Plus Comìany Limited enter into service area agreement óith ÆMT Netóork Services Public Comìany Limited óhereby ÆMT Netóork Services Public Comìany Limited agreed to grant the rental area for install and rendering of service for vending machine. Ån consideration thereof, Singer Service Plus Comìany Limited is committed to ìay service fee based on revenue from rendering of service as sìecific in the agreement. The term of this agreement is effective for one year, since 1 Æune 2015 until 31 May 2016 unless either ìarty gives to the other ìarty a óritten notice of non-reneóal of this agreement. ªÈÚÏ ÈÕË ÊÈÚÏ ÌØÜÐÝÈÓÌÕÛÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Cash on hand Cash at banks - current accounts Cash at banks - saving accounts Cash in transit - current / saving accounts Total

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

128 33,393 103,530 135,398 7 , 9

165 62,493 79,722 147,392 89,77

80 29,879 91,177 134,888 56,0

80 58,667 69,155 147,392 75, 9

CCash ash and cash eíuivalents of the Ãrouì and the Comìany Comìanny as at 31 December m 2015 and 20 2014 óere denominated om entirelyy in Thai ¾aht. »ÙÈËÌ ÈÊÊÖÜÕÛÚ ÙÌÊÌÐÝÈÉÓÌ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Îelated ìarties Other ìarties Total //HVV alloóance /HVV alloóance for doubtful accounts t ¾ad and doubtful debts eôìenses for the year

4

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

2,136 18,239 20,375 ¤1,391¥ 18,98 95

18,395 18,395 ¤1,296¥ 17,099

279,430 16,907 296,337 ¤1,391¥ 9 ,9 6 95

297,826 17,606 315,432 ¤1,296¥ 1 ,1 6

206 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

$TEIV_'ETRM OTDZ%O*G[$M;Wh$TE' T CW6S*;Wh *=%&>#

& >/I è%/3

DS*cC 'E<$lTM;6-lTER _$V;$lTM;6-lTER ¶ ; OD$I T 3 _6YO; 3 - 6 _6YO; 6 - 9 _6YO; 9 - 12 _6YO; CT$$I T 12 _6YO; ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

& >/I è%I *>< @ >/

11,181

10,337

287,143

307,374

7,373 663 201 124 833 20,375 ¤1,391¥ 18,98

6,562 317 75 51 1,053 18,395 ¤1,296¥ 17,099

7,373 663 201 124 833 296,337 ¤1,391¥ 9 ,9 6

6,562 317 75 51 1,053 315,432 ¤1,296¥ 1 ,1 6

a6D=$7VERDR_IGT$TEbM LV;_-YgO`$ G[$' T%O*$GZ C<EVKS9CWERDR_IGT7Sh*`7 30 IS;8X* 60 IS; G[$M;Wh$TE' T9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 _= ;L$ZG_*V;<T9 1E 7%AR!>-6=ss>I ù> CR9 *=%&>#

& >/I è%/3-

G[$M;Wh7TCLS T_- T.YhO ¬² ETDc6 6O$_<WhDES<EO$TEES<E[ ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

6ù3%#AQ /& V>7% V>/< ,>.L%7%BQ 'ñ

6ù3%#AQ /& V>7% V>/< I @% 3ù>7%BQ 'ñ

1,799,692 1,994,535 994,286 ¤549,752¥ ¤549,528¥ ¤208,081¥ 1,249,940 1,445,007 786,205 ¤72,048¥ ¤69,536¥ ¤13,563¥ 1,177,89 1, 75, 71 77 ,6

/3-

746,748 2,793,978 2,741,283 ¤112,887¥ ¤757,833¥ ¤662,415¥ 633,861 2,036,145 2,078,868 ¤14,168¥ ¤85,611¥ ¤83,704¥ 619,69 1,950,5 1,995,16 *=%&>#

& >/I è%/3

M;WhL[ `GRM;WhL*LSD+RL[ LlTMES<=

69,595

9 ,667

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

207

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

Aging analyses for trade accounts receivable óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Óithin credit terms Overdue¶ Less than 3 months 3-6 months 6-9 months 9-12 months Over 12 months /HVV alloóance for doubtful accounts //HVV alloóance t

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

11,181

10,337

287,143

307,374

7,373 663 201 124 833 20,375 ¤1,391¥ 18,98

6,562 317 75 51 1,053 18,395 ¤1,296¥ 17,099

7,373 663 201 124 833 296,337 ¤1,391¥ 9 ,9 6

6,562 317 75 51 1,053 315,432 ¤1,296¥ 1 ,1 6

TThe normal credit term granted by the Ãrouì and the Comì Comìany mì ranges from om 30 days to 600 days. Trade accounts receivable of the Ãrouì and the Comìany as at 31 December 2015 and 2014 óere denominated entirely in Thai ¾aht. ¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ ¯ÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ·ÖÙÛÐÖÕ ËÜÌ ÞÐÛÏÐÕ ÖÕÌ àÌÈÙ

Hire-ìurchase contract receivables //HVV unearned /HVV unearned interest income /HVV alloóance for doubtful accounts t

·ÖÙÛÐÖÕ ËÜÌ ÈÍÛÌÙ ÖÕÌ àÌÈÙ

1,799,692 1,994,535 994,286 ¤549,752¥ ¤549,528¥ ¤208,081¥ 1,249,940 1,445,007 786,205 ¤72,048¥ ¤69,536¥ ¤13,563¥ 1,177,89 1, 75, 71 77 ,6

»ÖÛÈÓ

746,748 2,793,978 2,741,283 ¤112,887¥ ¤757,833¥ ¤662,415¥ 633,861 2,036,145 2,078,868 ¤14,168¥ ¤85,611¥ ¤83,704¥ 619,69 1,950,5 1,995,16 ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

¾ad and doubtful debts eôìenses for the year

69,595

9 ,667

208 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

$TEIV_'ETRM OTDZ%O*G[$M;Wh7TCLS T_- T.YhO CW6S*;Wh *=%&>#

& >/I è%/3

DS*cC 'E<$lTM;6-lTER _$V;$lTM;6-lTER ¶ ; OD$I T 3 _6YO; 3 - 6 _6YO; 6 - 9 _6YO; 9 - 12 _6YO; CT$$I T 12 _6YO; ¬² ETDc6 6O$_<WhDES<EO$TEES<E[ ¬² ' T_>YgOM;WhL*LSD+RL[ LZ9:V

2,317,414

2,222,963

306,844 83,961 37,579 20,756 27,424 2,793,978 ¤757,833¥ 2,036,145 ¤85,611¥ 1,950,5

341,499 96,958 44,185 29,048 6,630 2,741,283 ¤662,415¥ 2,078,868 ¤83,704¥ 1,995,16

G[$M;Wh7TCLS T_- T.YhO 9Sh*MC6%O*$GZ C<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 _= ;L$ZG_*V;<T9 5 IS;9Wg 31 :S;IT'C >GEIC%O*_*V;G*9Z;%Sh;7 ;7TCLS T_- T.YhO`GRC[G' T= ++Z<S;%O*+lT;I;_*V;%Sh;7lgT9WgG[$M;Wh7 O*+ TD7TC$TE> O;-lTER `L6*c6 6S*;Wh *=%&>#

& >/I è%/3 (1/3- 9 I è% 1 #D% =R%!ú% !>-6=ss> I ù> ëR9

BTDb;M;Xg*= _$V;M;Xg*= `7 cC _$V;M T= ¬² ETDc6 6O$_<WhDES<EO$TEES<E[ >GEIC%O*_*V;G*9Z;%Sh;7 ;7TCLS T_- T.YhOLZ9:V

1,799,692 994,286 2,793,978 ¤757,833¥ ,0 6,1 5

-E1 ù>'þ ì&=% 9 V>%3%I è% =R%!QV>#AQ1E 7%AR !ú9 ù>.!> >/(ù9% V>/<

1,249,940 786,205 ,0 6,1 5

(1/3- 9 I è% 1 #D% =R%!ú% !>-6=ss> I ù> ëR9

1,994,535 746,748 2,741,283 ¤662,415¥ ,078,868

-E1 ù>'þ ì&=% 9 V>%3%I è% =R%!QV>#AQ1E 7%AR !ú9 ù>.!> >/(ù9% V>/<

1,445,007 633,861 ,078,868

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

209

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

Aging analyses for hire-ìurchase contract receivables óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Óithin credit terms Overdue¶ Less than 3 months 3-6 months 6-9 months 9-12 months Over 12 months Total / unearned interest income /HVV /HVV unearned / alloóance for doubtful accounts /HVV /HVV alloóance t

2,317,414

2,222,963

306,844 83,961 37,579 20,756 27,424 2,793,978 ¤757,833¥ 2,036,145 ¤85,611¥ 1,950,5

341,499 96,958 44,185 29,048 6,630 2,741,283 ¤662,415¥ 2,078,868 ¤83,704¥ 1,995,16

Hire-ìurchase contract receivables of the Ãrouì and the Comìany as at 31 December 2015 and 2014 óere denominated entirely in Thai ¾aht. As at 31 December, the gross investment under hire ìurchase contracts and the ìresent value of minimum ìayments of hire-ìurchase contract receivables óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ®ÙÖÚÚ ÐÕÝÌÚÛÔÌÕÛ ÜÕËÌÙ ÛÏÌ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛÚ

Portion due óithin one year Portion due over one year but óithin five years /HVV unearned interest income //HVV unearned t t t a o tat

1,799,692 994,286 2,793,978 ¤757,833¥ ,0 6,1 5

·ÙÌÚÌÕÛ ÝÈÓÜÌ ÖÍ ÔÐÕÐÔÜÔ ×ÈàÔÌÕÛÚ ÖÍ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ

1,249,940 786,205 ,0 6,1 5

®ÙÖÚÚ ÐÕÝÌÚÛÔÌÕÛ ÜÕËÌÙ ÛÏÌ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛÚ

1,994,535 746,748 2,741,283 ¤662,415¥ ,078,868

·ÙÌÚÌÕÛ ÝÈÓÜÌ ÖÍ ÔÐÕÐÔÜÔ ×ÈàÔÌÕÛÚ ÖÍ ÏÐÙÌ ×ÜÙÊÏÈÚÌ ÊÖÕÛÙÈÊÛ ÊÖÕÛÙÈÊÛ ÙÌÊÌÐÝÈÉÓÌÚ

1,445,007 633,861 ,078,868

210 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

1E 7%AR9CQ% *=%&># 7->.I7!D

$V+$TE9Wg_$WgDI% O*$S; @;S$*T;%TD `GROYg;e $V+$TEOYg;e - _*V;+ TDG I*M; T' TLV;' T - _*V;96EO*+ TD@;S$*T; - BTKWC[G' T_@VgC - _*V;+ TDG I*M; T' T<EV$TE - OYg;e EIC ¬² ' T_>YOg M;WLh *LSD+RL[ - @;S$*T;%TD`GROY;g e LZ9:V

4

& >/I è%/3

& >/I è%I *>< @ >/

226,783

223 201,180

5,447 226,767

3,674 201,161

52,876 16,405 98,656 27,007 25,982 7,709 ¤178,330¥ 69, 79

19,932 18,078 133,575 38,376 34,070 5, ¤167,209¥ 78, 5

52,876 15,690 27,007 23,161 50,9 8 ¤178,330¥ 17 ,618

19,931 16,827 109 38,376 30,688 10,766 ¤167,209¥ 1 ,557

0, 7

7,616

0, 7

7,616

M;WhL[ `GRM;WhL*LSD+RL[ LlTMES<=

G[$M;WhOYg;9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 _= ;L$ZG_*V;<T9 I @%L7ú Eú.C-/<.<6=R% 9=!/> 9 I&AR. 7->.I7!D

& >/I è%/3-

/ú9.1<!ù9'ñ

$V+$TE9Wg_$WgDI% O* $V+$TEOYg;e EIC

4

4.53 - 4.76 9.00

& >/I è%I *>< @ >/

*=%&>#

-

15,500 15,500

_*V;bM $[ DYCERDRLSh;9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 _= ;L$ZG_*V;<T9

-

451,000 15,500 66,500

-

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

211

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

¶ÛÏÌÙ ÙÌÊÌÐÝÈÉÓÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Îelated ìarties Salesman and others Other ìarties - Advance ìayment for goods - Advance ìayment for emìloyee - Òalue added taô - Advance ìayment for rendering service - Others Total / alloóance for doubtful accounts /HVV /HVV alloóance Salesman and others t

4

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

226,783

223 201,180

5,447 226,767

3,674 201,161

52,876 16,405 98,656 27,007 25,982 7,709 ¤178,330¥

19,932 18,078 133,575 38,376 34,070 5, ¤167,209¥

52,876 15,690 27,007 23,161 50,9 8 ¤178,330¥

19,931 16,827 109 38,376 30,688 10,766 ¤167,209¥

69, 79

78, 5

17 ,618

1 ,557

0, 7

7,616

0, 7

7,616

¾ and doubtful debts eôìenses for the year ¾ad

Other receivables of the Ãrouì and the Comìany as at 31 December 2015 and 2014 óere denominated entirely in Thai ¾aht. ºÏÖÙÛ ÛÌÙÔ ÓÖÈÕÚ ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

°ÕÛÌÙÌÚÛ ÙÈÛÌ µÖÛÌ

×ÌÙ ÈÕÕÜÔ

Îelated ìarties Others Total

4

4.53 - 4.76 9.00

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

-

15,500 15,500

-

451,000 15,500 66,500

The Ãrouì s and the Comìany s short-term loans as at 31 December 2015 óere denominated entirely in Thai ¾aht.

-

212 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

6@% ú> I71C9

*=%&>#

& >/I è%/3-

LV;' TLlT_Ef+E[= L I;=ER$O<

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1,564,965 ¤5,600¥ 1,559, 65

329,354 14,500 343,854 ¤25,900¥ 17,95

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294,674 18,554 313,228 ¤18,000¥ 95, 8

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213

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For the year ended 31 December 2015 and 2014

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Âinished goods Comìonents

329,519 15,853 345,372 //HVV alloóance /HVV alloóance for obsolete and damaged inventories ¤25,900¥ t 19, 7 Ånventories recognised as an eôìense in cost of sales of goods ¶ 1,492,805 - Cost - Órite-doón to net realisable value 7,878 - Îeversal of órite-doón t 1,500,68

295,276 19,773 315,049 ¤18,022¥ 97,0 7

329,354 14,500 343,854 ¤25,900¥ 17,95

294,674 18,554 313,228 ¤18,000¥ 95, 8

1,524,184 ¤5,578¥ 1,518,606

1,521,912 7,900 1,5 9,81

1,564,965 ¤5,600¥ 1,559, 65

°ÕÝÌÚÛÔÌÕÛÚ ÐÕ ÚÜÉÚÐËÐÈÙÐÌÚ

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At 1 Æanuary Åncrease ¾ñ °® Áâàâêßâï ¾ñ °® Áâàâêßâï

1,455,190 3,800 1, 58,990

1,455,190 1, 55,190

ÅÅnvestments nvestments in subsidiaries as at 31 December óere as folloós¶ »à×Ì ÖÍ ÉÜÚÐÕÌÚÚ

Singer ¤¾roker¥ Limited Singer Leasing ¤Thailand¥ Co., Ltd.

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Life insurance Thailand broker Hire ìurchase of Thailand home aììliance, commercial ìroducts and others Singer Service Plus Îeìair and Thailand Comìany Limited maintenance service of electrical aììliances Total

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

¶ÞÕÌÙÚÏÐ× °ÕÛÌÙÌÚÛ

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4,000

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99.99

99.70

99.99

99.99 1,450,000 1,450,000 1,449,997 1,449,997

99.88

99.88

5,000

200

5,000

3,999

199

4,994 4,994 1, 58,990 1, 55,190

Ån 2015, the Comìany had dividend income from Singer Leasing ¤Thailand¥ Co., Ltd. amount of ¾aht 58.0 million 4 %DKW PLOOLRQ At the eôtraordinary shareholders meeting of Singer ¤¾roker¥ Limited held on 7 December 2015, the shareholders aììroved the increase in the authorised share caìital from ¾aht 200,000 ¤2,000 shares at ¾aht 100 ìar value¥ to ¾aht 4 million ¤40,000 shares at ¾aht 100 ìar value¥ by issuing neó 3,800 shares at ¾aht 100 ìar value. The increase in share caìital óas registered óith the Ministry of Commerce on 18 December 2015 and fully ìaid on 9 Âebruary 2016.

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47,085 111,796 1,915 6,273 39 ¤3,210¥ ¤11,490¥

556 362 -

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- 566,360 39 11,253 - 28,263 ¤39¥ - ¤21,100¥

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58 ,776 - 11,599 - ¤1,423¥ 59 ,95

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373 615

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215

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For the year ended 31 December 2015 and 2014

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Âiôed deìosit - TÅSCO ¾ank Public Comìany Limited 1,000 1,000 Total 1,000 1,000 ÂÂiôed deìosit ì is maintained as the minimum securityy reíuired íuir by the Deìartment ar of Ånsurance ran Commission. on ·ÙÖ×ÌÙÛà ×ÓÈÕÛ ÈÕË ÌØÜÐ×ÔÌÕÛ

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&RVW UHYDOXDWLRQ At 1 Æanuary 2014 Additions Surìlus on revaluation Transfers Disìosals ¾ñ °® Áâàâêßâï ¯­®± Þëá ¾ñ °® Áâàâêßâï ¯­®± Þëá 1 a a 015 A Additions D Disìosals ¾¾ñ °® Áâàâêßâï ¯­®² ¾ñ °® Áâàâêßâï ¯­®² ''HSUHFLDWLRQ DQG LPSDLUPHQW ORVV AAt 1 Æanuary 2014 DDeìreciation charge for the year ÎÎeversal of accumulated deìreciation on revaluation ÎÎeversal of imìairment losses D Disìosals ¾¾ñ °® Áâàâêßâï ¯­®± Þëá ¾ñ °® Áâàâêßâï ¯­®± Þëá 1 a a 015 DDeìreciation charge for the year D Disìosals ¾¾ñ °® Áâàâêßâï ¯­®² ¾ñ °® Áâàâêßâï ¯­®²

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265,090 132,204 28,259 4 ¤6,400¥ -

47,085 111,796 1,915 6,273 39 ¤3,210¥ ¤11,490¥

556 362 -

9,629 2,664 -

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918 2,179 ,097

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58 ,776 - 11,599 - ¤1,423¥ 59 ,95

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37,720 3,896

98,192 6,829

85 157

7,498 940

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1,76

55,8 7 3,383 59, 10

8, 09 9 ,5 1 2,912 6,563 ¤273¥ ¤471¥ 1,0 8 99,6

373 615

8, 8 1,201 ¤679¥ 8,960

198, 10 - 14,432 - ¤1,423¥ 11, 19

71

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60,7

1,76

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85,186

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9,629 2,664 1 , 9 69 ¤679¥ 11,68

- 565,103 39 10,742 - 28,263 ¤39¥ - ¤21,100¥ 58 ,008 - 5,660 - ¤1,423¥ 587, 5

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- 205,336 - 14,512

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- ¤4,799¥ - ¤2,841¥ - ¤14,697¥ 197,511 - 13,498 - ¤1,423¥ 09,586

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217

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For the year ended 31 December 2015 and 2014

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0 ,91 -

178, 78 28,259 4,803 ¤5,652¥ 27,410

' T_LYgOCET'T %TD9Wg6V; $TEG6G*%O*BTKW_*V;c6 EO$TE7S6<S -W- ' T_LYgOCET'T

¤3,275¥ 655 ¤2,620¥

¤2,615¥ ¤960¥ 599 ¤2,976¥

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00, 9

0 ,91

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219

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

The gross amount of the Ãrouì and the Comìany s fully deìreciated ìroìerty, ìlant and eíuiìment that óas still in use as at 31 December 2015 amounted to ¾aht 252.16 million ¤2014¶ ¾aht 178.47 million¥. ÊâÞðòïâêâëñ ìã ãÞæï óÞéòâ ÊâÞðòïâêâëñ ìã ãÞæï óÞéòâ )DLU YDOXH KLHUDUFK\ The fair value of lands and buildings óere determined by eôternal, indeìendent ìroìerty valuers, having aììroìriate recognised ìrofessional íualifications and recent eôìerience in the location and category of the ìroìerty being valued. During 2014, the Comìany s lands and buildings óere reaììraised by an indeìendent valuer using the market comìarison aììroach. The value of the buildings óas estimated using the cost of reìlacement, neó less deìreciation ¤CÎNLD¥ of the building, then the difference betóeen the oìen market value and the building valuation óas taken as the value of land, resulting in an increase in the carrying value of lands and buildings in the amount of ¾aht 31.10 million and ¾aht 4.80 million, resìectively. The fair value measurement for lands and buildings ¾aht 417.39 million have been categorised as a Level 3 fair value based on the inìuts to the valuation techniíue used. The folloóing table shoós the valuation techniíue used in measuring the fair value of land and building, as óell as the significant unobservable inìuts used. ÓÞéòÞñæìë ñâàåëæîòâ ÓÞéòÞñæìë ñâàåëæîòâ Land - Total market ìrice less building value ¾uilding - Cost of reìlacement, neó less deìreciation aììroach

ÐæäëæãæàÞëñ òëìßðâïóÞßéâ æëíòñð ÐæäëæãæàÞëñ òëìßðâïóÞßéâ æëíòñð • Oìen market value • Cost of reìlacement

Movement of unrealised surìluses on revaluation of assets for the years 2015 and 2014 óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÈÕË ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

¿ÞéÞëàâ Þñ ® ÇÞëòÞïö ¿ÞéÞëàâ Þñ ® ÇÞëòÞïö Îevaluation of land Îevaluation of building Åncrease in deferred taô liabilities - revaluation

0 ,91 -

178, 78 28,259 4,803 ¤5,652¥ 27,410

Deìreciation Disìosals of land Decrease in deferred taô liabilities - deìreciation

¤3,275¥ 655 ¤2,620¥

¤2,615¥ ¤960¥ 599 ¤2,976¥

¿ÞéÞëàâ Þñ °® Áâàâêßâï ¿ÞéÞëàâ Þñ °® Áâàâêßâï

00, 9

0 ,91

220 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

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35,667 5,103 ¤1,466¥ 9, 0 7,569 ¤1,485¥ 5, 88

35,598 5,103 ¤1,466¥ 9, 5 6,781 ¤1,485¥ ,5 1

m³ ² ˳¬ m³£ 5 IS;9Wg 1 C$ET'C 2557 ' T7S6+lTM; TDLlTMES<= +lTM; TD 5 IS;9Wg °® :S;IT'C ¯²²´ `GR ® C$ET'C ¯²²µ ' T7S6+lTM; TDLlTMES<= +lTM; TD 5 IS;9Wg °® :S;IT'C ¯²²µ

25,398 4,618 ¤1,465¥ 8,551 4,962 ¤1,484¥ ,0 9

25,383 4,604 ¤1,465¥ 8,5 4,889 ¤1,484¥ 1,9 7

¢º¦ m³«¹ µ ³ ²è ¶ 5 IS;9Wg ® C$ET'C ¯²²´ 5 IS;9Wg °® :S;IT'C ¯²²´ `GR ® C$ET'C ¯²²µ 5 IS;9Wg °® :S;IT'C ¯²²µ

10, 69 10,75 1 , 59

10, 15 10,71 1 ,60

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108,011 ¤53,483¥ 5 ,5 8

98,441 ¤53,712¥ ,7 9

& >/I è%I *>< @ >/

91,690 ¤53,483¥ 8, 07

83,655 ¤53,712¥ 9,9

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

221

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

°ÕÛÈÕÎÐÉÓÌ ÈÚÚÌÛÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

&RVW RI VRIWZDUH OLFHQVHV At 1 Æanuary 2014 Additions Disìosal ¾ñ °® Áâàâêßâï ¯­®± Þëá ® ÇÞëòÞïö ¯­®² ¾ñ °® Áâàâêßâï ¯­®± Þëá ® ÇÞëòÞïö ¯­®² Additions Disìosal ¾ñ °® Áâàâêßâï ¯­®² ¾ñ °® Áâàâêßâï ¯­®²

35,667 5,103 ¤1,466¥ 9, 0 7,569 ¤1,485¥ 5, 88

35,598 5,103 ¤1,466¥ 9, 5 6,781 ¤1,485¥ ,5 1

$ $PRUWLVDWLRQ At 1 Æanuary 2014 Amortisation charge for the year Disìosal ¾ñ °® Áâàâêßâï ¯­®± Þëá ® ÇÞëòÞïö ¯­®² ¾ñ °® Áâàâêßâï ¯­®± Þëá ® ÇÞëòÞïö ¯­®² Amortisation charge for the year Disìosal ¾ñ °® Áâàâêßâï ¯­®² ¾ñ °® Áâàâêßâï ¯­®²

25,398 4,618 ¤1,465¥ 8,551 4,962 ¤1,484¥ ,0 9

25,383 4,604 ¤1,465¥ 8,5 4,889 ¤1,484¥ 1,9 7

1 1HW ERRN YDOXH t 1 a a 01 ¾ñ °® Áâàâêßâï ¯­®± Þëá ® ÇÞëòÞïö ¯­®² ¾ñ °® Áâàâêßâï ¯­®± Þëá ® ÇÞëòÞïö ¯­®² ¾ñ °® Áâàâêßâï ¯­®² ¾ñ °® Áâàâêßâï ¯­®²

10, 69 10,75 1 , 59

10, 15 10,71 1 ,60

«ÌÍÌÙÙÌË ÛÈß

Deferred taô assets and liabilities determined after aììroìriate offsetting are included in the statement of financial ìosition as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Deferred taô assets Deferred taô liabilities t

108,011 ¤53,483¥ 5 ,5 8

98,441 ¤53,712¥ ,7 9

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

91,690 ¤53,483¥ 8, 07

83,655 ¤53,712¥ 9,9

222 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

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3=%#AQ 31 $=%3> 2558

41,265 3,600 4,122 32,704 13,342 1,440 1,615 353 98, 1

2,625 1,580 2,455 2,767 479 80 ¤416¥ 9,570

43,890 5,180 6,577 35,471 13,821 1,520 1,199 353 108,011

¤53,712¥ ¥²°©´®¯¦

229 9

¤53,483¥ ¥²°©±µ°¦

,7 9

9,799

5 ,5 8 *=%&>#

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«µ ¤² £q¡³ª¶¾ µ  n¤® ³¤ ² ²è ¶ ' T_>YgOM;WhL*LSD+RL[ ' T_>YgO$TEG6C[G' T%O*LV;' T BTER>[$@S;>G=ERaD-; @;S$*T; $O*9Z;_*V;LRLC@;S$*T; ' T_>YgO$TEES<=ER$S;LV;' T ' T_>YgOLV;' TDX6'Y; %T69Z;+T$$TE6 OD' T%O*LV;9ES@D EIC ¬ ¶Ç«µ ¡³ª¶¾ µ  n¤® ³¤ ² ²è ¶ 9Wg6V; OT'TE`GROZ=$E5 EIC LZ9:V

V>M/7/ë9 > #D% 7->.I7!D

3=%#AQ 31 $=%3> 2558

33,701 3,600 31,236 13,325 1,440 353 8 ,655

2,243 1,580 2,669 463 80 1,000 8,0 5

35,944 5,180 33,905 13,788 1,520 1,000 353 91,690

¤53,712¥ ¥²°©´®¯¦

229 9

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9,9

8, 6

8, 07

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223

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For the year ended 31 December 2015 and 2014

Movements in deferred taô assets and liabilities during the year óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Consolidated financial statements ªÏÈÙÎÌË ÊÙÌËÐÛÌË ÛÖ¡

At 1 January 2015

''HIHUUHG WD[ DVVHWV Alloóance for doubtful accounts Alloóance for decline in value of inventories Ånterest income from hire-ìurchase contract Ámìloyee benefit obligations PProvision for ìrovident fund PProvision for óarranty PProvision for inventory revert Åmìairment loss on assets Total ''HIHUUHG WD[ OLDELOLWLHV PProìerty, ìlant and eíuiìment Total t

ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ÕÖÛÌ

At 31 December 2015

41,265 3,600 4,122 32,704 13,342 1,440 1,615 353 98, 1

2,625 1,580 2,455 2,767 479 80 ¤416¥ 9,570

43,890 5,180 6,577 35,471 13,821 1,520 1,199 353 108,011

¤53,712¥ ¥²°©´®¯¦

229 9

¤53,483¥ ¥²°©±µ°¦

,7 9

9,799

5 ,5 8 ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Separate financial statements ªÏÈÙÎÌË ÊÙÌËÐÛÌË ÛÖ¡

At 1 January 2015

''HIHUUHG WD[ DVVHWV Alloóance for doubtful accounts Alloóance for decline in value of inventories Ámìloyee benefit obligations PProvision for ìrovident fund PProvision for óarranty PProvision for inventory revert Åmìairment loss on assets Total ''HIHUUHG WD[ OLDELOLWLHV PProìerty, ìlant and eíuiìment Total t

ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ÕÖÛÌ

At 31 December 2015

33,701 3,600 31,236 13,325 1,440 353 8 ,655

2,243 1,580 2,669 463 80 1,000 8,0 5

35,944 5,180 33,905 13,788 1,520 1,000 353 91,690

¤53,712¥ ¥²°©´®¯¦

229 9

¤53,483¥ ¥²°©±µ°¦

9,9

8, 6

8, 07

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V>M/7/ë9 > #D% 7->.I7!D

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37,220 4,720 1,034 29,789 13,241 1,000 921 87,9 5

4,045 ¤1,120¥ 3,088 2,502 101 440 1,615 ¤568¥ 10,10

413 1

41,265 3,600 4,122 32,704 13,342 1,440 1,615 353 98, 1

¤47,228¥ ¥±´©¯¯µ¦

¤832¥ ¥µ°¯¦

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¤53,712¥ ¥²°©´®¯¦

0,697

9, 71

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31,348 4,720 29,399 13,225 1,000 921 80,61

2,353 ¤1,120¥ 2,053 100 440 ¤568¥ , 58

¤216¥ ¥¯®³¦

33,701 3,600 31,236 13,325 1,440 353 8 ,655

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225

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For the year ended 31 December 2015 and 2014

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Consolidated financial statements ªÏÈÙÎÌË ÊÙÌËÐÛÌË ÛÖ¡

At 1 January 2014

''HIHUUHG WD[ DVVHWV Alloóance for doubtful accounts Alloóance for decline in value of inventories Ånterest income from hire-ìurchase contract Ámìloyee benefit obligations PProvision for ìrovident fund PProvision for óarranty PProvision for inventory revert Åmìairment loss on assets Total ''HIHUUHG WD[ OLDELOLWLHV PProìerty, ìlant and eíuiìment Total t

ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ÊÖÔ×ÙÌÏÌÕÚÐÝÌ ÐÕÊÖÔÌ At 31 December ÕÖÛÌ ÈÕË ÕÖÛÌ 2014

37,220 4,720 1,034 29,789 13,241 1,000 921 87,9 5

4,045 ¤1,120¥ 3,088 2,502 101 440 1,615 ¤568¥ 10,10

413 1

41,265 3,600 4,122 32,704 13,342 1,440 1,615 353 98, 1

¤47,228¥ ¥±´©¯¯µ¦

¤832¥ ¥µ°¯¦

¤5,652¥ ¥²©³²¯¦

¤53,712¥ ¥²°©´®¯¦

0,697

9, 71

¥²©¯°¶¦

,7 9

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

Separate financial statements ªÏÈÙÎÌË ÊÙÌËÐÛÌË ÛÖ¡

At 1 January 2014

''HIHUUHG WD[ DVVHWV Alloóance for doubtful accounts Alloóance for decline in value of inventories Ámìloyee benefit obligations PProvision for ìrovident fund PProvision for óarranty Åmìairment loss on assets Total ''HIHUUHG WD[ OLDELOLWLHV PProìerty, ìlant and eíuiìment Total t

ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ºÛÈÛÌÔÌÕÛ ÖÍ ÐÕÊÖÔÌ ÊÖÔ×ÙÌÏÌÕÚÐÝÌ ÐÕÊÖÔÌ At 31 December ÕÖÛÌ ÈÕË ÕÖÛÌ 2014

31,348 4,720 29,399 13,225 1,000 921 80,61

2,353 ¤1,120¥ 2,053 100 440 ¤568¥ , 58

¤216¥ ¥¯®³¦

33,701 3,600 31,236 13,325 1,440 353 8 ,655

¤47,228¥ ¥±´©¯¯µ¦

¤832¥ ¥µ°¯¦

¤5,652¥ ¥²©³²¯¦

¤53,712¥ ¥²°©´®¯¦

, 85

, 6

¥²©µ³µ¦

9,9

226 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

LV;9ES@D BTKW_*V;c6 EO$TE7S6<S -W9Wg_$V6+T$>G`7$7 T*-SgI'ETI9WgCV c6 ES<E[ b;*<$TE_*V;CWETDGR_OWD66S*;Wh *=%&>#

& >/I è%/3

LlTEO*+T$$TEEIC:ZE$V+BTDb7 $TE'I<'ZC_6WDI$S; EIC

136,376 1 6, 76

& >/I è%I *>< @ >/

155,859 155,859

-

-

7%AR6@%#AQ-A,>/< 9 I&AR. *=%&>#

& >/I è%/3

«m¨ ¶Æ¬¢¹ ¾¨¶£ _*V;_<V$_$V;<S -W:;T'TE`GR_*V;$[D CY ERDRLS;h +T$L8T<S;$TE_*V; - L I;9WgcC CWMGS$=ER$S; MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= - L I;9WgCWMGS$=ER$S; - L I;9WgcC CWMGS$=ER$S; _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V;L I;9Wg8X*$lTM;6-lTER BTDb;M;Xg*= - L I;9WgCWMGS$=ER$S; - L I;9WgcC CWMGS$=ER$S; «m¨ ¶Æ ¢m¬¢¹ ¾¨¶£ MZ ;$[ - L I;9WgCWMGS$=ER$S; MZ ;$[ - L I;9WgcC CWMGS$=ER$S; _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; - L I;9WgCWMGS$=ER$S; - L I;9WgcC CWMGS$=ER$S; EIC

& >/I è%I *>< @ >/

245,317

29,099

245,317

29,099

320,000 200,000

250,000

200,000

250,000

33,360 66,720 865, 97

33,360 66,720 79,179

5, 17

79,099

100,000

320,000 200,000

100,000

200,000

33,280 24,860 158,140

66,640 91,580 678,220

100,000

200,000

1,0 ,5 7

1,057, 99

5 5, 17

79,099

5 IS;9Wg 31 :S;IT'C 2558 _*V;_<V$_$V;<S -W:;T'TECWOS7ET6O$_<WhDE ODGR MOÎ 7 O= _9WD<_9 TE ODGR 7.37 8X* E ODGR 7.68 7 O= ¤2557¶ E ODGR 7.38 8X*E ODGR 7.78 7 O= ¥ 5 IS;9Wg 31 :S;IT'C 2558 $GZ C<EVKS9`GR<EVKS9CWI*_*V;LV;_-YgO.Xg*DS*CVc6 _<V$b- _= ;+lT;I;_*V;EIC 617 G T;<T9 ¤2557¶ 943 G T;<T9¥

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

227

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

Deferred taô assets arising from temìorary differences that have not been recognised in the financial statements óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Îeserve arising from business combination under common control Total

136,376 1 6, 76

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

155,859 155,859

-

-

°ÕÛÌÙÌÚÛ ÉÌÈÙÐÕÎ ÓÐÈÉÐÓÐÛÐÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

&XUUHQW ¾ank overdrafts and short-term loans from financial institution - unsecured Current ìortion of debentures - secured - unsecured Current ìortion of long-term loans from financial institution - secured - unsecured 11RQ FXUUHQW Debentures - secured Debentures - unsecured Long-term loans from financial institution - secured - unsecured Total

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

245,317

29,099

245,317

29,099

320,000 200,000

250,000

200,000

250,000

33,360 66,720 865, 97

33,360 66,720 79,179

5, 17

79,099

100,000

320,000 200,000

100,000

200,000

33,280 24,860 158,140

66,640 91,580 678,220

100,000

200,000

1,0 ,5 7

1,057, 99

5 5, 17

79,099

As at 31 December 2015 the Comìany had bank overdrafts bearing interest at MOÎ rates óhich are 7.37¡ to 7.68¡ ìer annum ¤2014¶ 7.38¡ to 7.78¡ ìer annum¥. As at 31 December 2015 the Ãrouì and the Comìany had unutilised credit facilities totalling ¾aht 617 million ¤2014¶ ¾aht 943 million¥.

228 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

¬¹n ºn 5 IS;9Wg 31 :S;IT'C MZ ;$[ %O*$GZ C<EVKS9 CWETDGR_OWD66S*;Wh

*=%&>#

& >/I è%/3-

DO6'*_MGYO 5 IS;LVh;= ¬² L I;%O*MZ; $[9 8gW *X $lTM;6-lTERBTDb;M;X*g =

& >/I è%I *>< @ >/

620,000 ¤520,000¥

770,000 ¤250,000¥

300,000 ¤200,000¥

450,000 ¤250,000¥

100,000

5 0,000

100,000

00,000

MZ ;$[ ª LZ9:V+T$L I;9Wg8X*$lTM;6-lTERBTDb;M;Xg*= ³¤®® ¬¹n ºnÀ £ ¤µª² µ ¾ ®¤q ¤±¾ ©Â £ ˳ ² ¢¬³

_CYgOIS;9Wg 11 @FKBT'C 2555 <EVKS9OO$MZ ;$[ C[G' T 750 G T;<T9 C[G' TMZ ;GR 1,000 <T9 MZ ;$[ -;V6ER<Z-YgO>[ 8YO =ER_B9cC 6 ODLV9:V cC CW MGS$=ER$S; a6D$lTM;6+ TD6O$_<WhD_= ;ETD_6YO;7TCETDGR_OWD6 6S*;Wh 7Dú% Eú D #AQ

9>.D7Dú% Eú 'ñ

3=% /& V>7% M"ù"9%

-E1 ù> 1ú>%&>#

1 2

1 2

13 @FKBT'C 2556 12 @FKBT'C 2557

150 150

3

3

11 @FKBT'C 2558

250

4

4

11 @FKBT'C 2559

200

EIC

9=!/> 9 I&AR. 'ñ#AQ

/ú9.1<!ù9'ñ

1 1 2 1 2 3 1 2 3 4

4.65 4.90 5.00 5.00 5.30 5.50 5.20 5.40 5.50 5.90

750

b;$TE=ER-ZC'5R$EEC$TE%O*<EVKS9_CYgOIS;9Wg 15 @FKBT'C 2558 9Wg=ER-ZCc6 CWC7VbM OO$MZ ;$[ C[G' T 100 G T;<T9 C[G' TMZ ;GR 1,000 <T9 OS7ET6O$_<WhDE ODGR 3.65 MZ ;$[ =ER_B9cC 6 ODLV9:V cC CWMGS$=ER$S; <EVKS9OO$MZ ;$[ 6S*$G TIb;IS;9Wg 15 @FKBT'C 2558 `GR+R 'E<$lTM;6-lTER'Y;b;IS;9Wg 28 $E$0T'C 2560 ³¤®® ¬¹n ºnÀ £ ¤µª² µ ¾ ®¤q ¦¶« µÆ ¤±¾ ©Â £ ˳ ² b;$TE=ER-ZC'5R$EEC$TE%O*<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 _CYgOIS;9Wg 26 _CKTD; 2556 c6 CW C7V_L;ObM OO$MZ ;$[ 7TC _*YgO;c%`GR% O$lTM;67TCETDGR_OWD69Wg_L;Oa6D'5R$EEC$TE 9Sh*;Wh c6 ES<$TEO;ZCS7V+T$9Wg=ER-ZCIVLTCS >[ 8YOMZ ;%O*<EVKS9 .V*_$OE GWL.Vg* ¤=ER_9Jc9D¥ +lT$S6 _CYgOIS;9Wg 6 @FKBT'C 2556

/>. >%'/< V>'Ăą ™œœÂ&#x; ™œœÂ&#x; ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ ¨Ă•Ă•ĂœĂˆĂ“ šĂŒĂ—ÖÙÛ ™—˜œ

229

ÂľĂ–Ă›ĂŒĂš ÛÖ Ă›Ă?ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

For the year ended 31 December 2015 and 2014

'HEHQWXUHV As at 31 December the ĂƒrouĂŹ had debentures as detailed beloó¡

Â?Ă?Ă• Ă›Ă?Ă–ĂœĂšĂˆĂ•Ă‹ ŠĂˆĂ?Ă›Â?

ªÖÕÚÖÓĂ?Ă‹ĂˆĂ›ĂŒĂ‹ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

ÂşĂŒĂ—ĂˆĂ™ĂˆĂ›ĂŒ Ă?Ă?Ă•ĂˆĂ•ĂŠĂ?ĂˆĂ“ ĂšĂ›ĂˆĂ›ĂŒĂ”ĂŒĂ•Ă›Ăš

™—˜œ

™—˜›

™—˜œ

™—˜›

žalance at the end of year //HVV Current /HVV Current Ïortion of debentures

620,000 ¤520,000¼

770,000 ¤250,000¼

300,000 ¤200,000¼

450,000 ¤250,000¼

à âĂ&#x;âÍùòïâð ÂŞ Íâù ĂŹĂŁ à òïïâÍù íÏïùÌÏÍ à âĂ&#x;âÍùòïâð ÂŞ Íâù ĂŹĂŁ à òïïâÍù íÏïùÌÏÍ

100,000

5 0,000

100,000

00,000

'HEHQWXUH LVVXHG E\ 6LQJHU 7KDLODQG 3XEOLF &RPSDQ\ /LPLWHG On 11 May 2012, the ComĂŹany issued debentures in the amount of žaht 750 million at ĂŹar value of žaht 1,000, the registered, senior and unsecured debentures Ăłith monthly interest ĂŹayment as detailed beloó¡ ÂşĂŒĂ™Ă?ĂŒĂš

¡ĂŒĂ™Ă?Ă–Ă‹ Â?Ă ĂŒĂˆĂ™Â?

ÂŤĂœĂŒ Ă‹ĂˆĂ›ĂŒ

¨Ă”Ă–ĂœĂ•Ă› Â?Ă?Ă• Ă”Ă?Ă“Ă“Ă?Ă–Ă• ŠĂˆĂ?Ă›Â?

1 2

1 2

13 May 2013 12 May 2014

150 150

3

3

11 May 2015

250

4

4

11 May 2016

200

Total

°Ă•Ă›ĂŒĂ™ĂŒĂšĂ› Ă™ĂˆĂ›ĂŒ Ă€ĂŒĂˆĂ™

ÂŒ Ă—ĂŒĂ™ ĂˆĂ•Ă•ĂœĂ”

1 1 2 1 2 3 1 2 3 4

4.65 4.90 5.00 5.00 5.30 5.50 5.20 5.40 5.50 5.90

750

On 15 May 2015, the žoard of Directors meeting of the ComĂŹany ĂŹassed a resolution aĂŹĂŹroving the issuance of debentures in the amount of žaht 100 million at ĂŹar value of žaht 1,000, interest rate at 3.65ÂĄ ĂŹer annum, the non-subordinated and unsecured debentures. The ComĂŹany issued the debenture on 15 May 2015 and maturity date of debenture is 28 Æuly 2017. 'HEHQWXUH LVVXHG E\ 6LQJHU /HDVLQJ 7KDLODQG &R /WG The žoard of Directors meeting of Singer Leasing ¤ThailandÂĽ Co., Ltd. held on 26 AĂŹril 2013 ĂŹassed a resolution aĂŹĂŹroving the issuance of debentures Ăłith the conditions and structure of debentures as ĂŹroĂŹosed by the žoard of Directors. This has been aĂŹĂŹroved by the eĂ´traordinary meeting of the shareholders of Singer Leasing ¤ThailandÂĽ Co., Ltd. held on 6 May 2013.

230 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

_*YgO;c%`GR% O$lTM;6%O*MZ ;$[ CWETDGR_OWD66S*;Wh IS78Z=ERL*' -;V6`GR=ER_B9 C[G' T C[G' T9Wg7ETcI OTDZMZ ;$[ IS;9WgOO$MZ ;$[ OS7ET6O$_<WhD $TE-lTR'Y;_*V;7 ; $TE-lTER6O$_<WhD

_@YgO-lTER'Y;M;Wh_*V;$[ 9WgCW$S<<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¥ MZ ;$[ =ER_B9cC 6 ODLV9:V ' lT=ER$S;a6D<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¥ 320 G T;<T9 1,000 <T97 OM; ID 3 = 10 @FKBT'C 2556 '*9WgE ODGR 5.20 7 O= 7GO6OTDZ%O*MZ ;$[ -lTER'Y;_*V;7 ;9Sh*+lT;I;b;IS;'E<$lTM;6c8 8O;MZ ;$[ 9Z$ 3 _6YO; a6D-lTERb;IS;9Wg 10 $ZCBT@S;: 10 @FKBT'C 10 LV*MT'C `GR 10 @FJ+V$TD; %O*9Z$= 7GO6OTDZ%O*MZ ;$[

¾ µ ºn£¸¢¤±£±£³¨ ³ « ³ ² ³¤¾ µ _CYgOIS;9Wg 30 C$ET'C 2557 <EVKS9`GR<EVKS9D OD`M *M;Xg*c6 9lTLS T$[ DYC_*V;ERDRDTI$S<:;T'TE`M *M;Xg*_= ;+lT;I;_*V; 200 G T;<T9 <EVKS9`GR<EVKS9D OD`M *M;Xg*7$G*-lTER_*V;$[ DYC_= ;*I6 12 *I69Z$ 3 _6YO;`GR-lTER6O$_<WhDETD_6YO; <EVKS9D OD6S*$G TIc6 _<V$_*V;$[ DYC *I6`E$b;_6YO;CW;T'C 2557 _= ;+lT;I;_*V; 100 G T;<T9 OS7ET6O$_<WhDE ODGR 4.59 7 O= -lTER'Y;_*V;$[ *I6GR 8.34 G T;<T9 D$_I ; *I6LZ69 TD 8.26 G T;<T9 a6D_EVgC-lTER*I6`E$b;_6YO;CV8Z;TD; 2557 `GR<EVKS9D ODc6 _<V$_*V;$[ DYC*I69WgLO*b;_6YO;@FKBT'C 2557 _= ;+lT;I;_*V; 100 G T;<T9 OS7ET6O$_<WhDE ODGR 4.45 7 O= -lTER'Y;_*V;$[ *I6GR 8.34 G T;<T9 D$_I ;*I6LZ69 TD 8.26 G T;<T9 a6D _EVgC-lTER*I6`E$b;_6YO;LV*MT'C 2557 _CYgOIS;9Wg 18 $S;DTD; 2557 <EVKS9D OD`M *M;Xg*c6 9lTLS T$[ DYC_*V;ERDRDTI$S<:;T'TE`M *M;Xg*_= ;+lT;I;_*V; 100 G T;<T9 <EVKS9D OD 6S*$G TI7$G*-lTER_*V;$[ DYC9Wg_<V$CT_= ;*I6 12 *I69Z$ 3 _6YO;`GR-lTER6O$_<WhDETD_6YO; OS7ET6O$_<WhDE ODGR 4.60 7 O= -lTER'Y;_*V;$[ *I6GR 8.34 G T;<T9 D$_I ;*I6LZ69 TD 8.26 G T;<T9 a6D_EVgC-lTER*I6`E$b;_6YO;C$ET'C 2558 _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V;`GRMZ ;$[ %O*<EVKS9D ODL I;9WgCWMGS$'lhT=ER$S;6S*$G TI'lhT=ER$S;a6D<EVKS9 LS T_*V;$[ +T$L8T<S;$TE_*V;`GRMZ ;$[ c6 ER<Z% O=1V<S7V`GR% O+lT$S6<T*=ER$TE _- ; $TE6lTE*OS7ETL I;9T*$TE_*V;`GROYg;e M;WhLV;9WgCWBTER6O$_<WhD9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 _= ;L$ZG_*V;<T9 I ú>7%AR >/ ú> *=%&># 7->.I7!D

$V+$TE9Wg_$WgDI% O*$S; $V+$TEOYg;e EIC

4

& >/I è%/3

418 167,308 167,7 6

173,276 17 , 76

_+ TM;Wh$TE' T9Sh*MC6%O*$GZ C<EVKS9`GR<EVKS9 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 _= ;L$ZG_*V;<T9

& >/I è%I *>< @ >/

59,903 164,302 , 05

23,195 172,708 195,90

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

231

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

The conditions and structure of the debentures are detailed beloó· Obæective Ånstrument Amount Îedemìtion Òalue Maturity Åssue Date Couìon Îate Princiìal ìayment term Ånterest ìayment term

Îeìayment of loan from Singer Thailand Public Comìany Limited Senior, Secured debentures by Singer Thailand Public Comìany Limited ¾aht 320 million ¾aht 1,000 ìer unit 3 years 10 May 2013 Âiôed rate at 5.20¡ ìer annum Pay all ìrinciìal in the maturity date Íuarterly basis· 10 Âebruary, 10 May, 10 August and 10 November of each year throughout the term of the Debentures.

/RQJ WHUP ORDQV IURP ILQDQFLDO LQVWLWXWLRQV On 30 Æanuary 2014, the Comìany and a subsidiary entered into a long-term loan agreement óith a bank amounting to ¾aht 200 million. The ìrinciìal is reìayable in a total of 12 installments every íuarter and the interest is reìayable every month. The subsidiary acíuired the first loan amount of ¾aht 100 million in March 2014 óhich bears interest rate 4.59¡ ìer annum, installments of ¾aht 8.34 million each starting from Æune 2014 eôceìt the last installment of ¾aht 8.26 million. The subsidiary acíuired the second loan amount of ¾aht 100 million in May 2014 óhich bears interest rate 4.45¡ ìer annum, installments of ¾aht 8.34 million each starting from August 2014 eôceìt the last instalment of ¾aht 8.26 million. On 18 Seìtember 2014, a subsidiary entered into a long-term loan agreement óith a bank amounting to ¾aht 100 million. The ìrinciìal is reìayable in a total of 12 installments every íuarter and the interest is reìayable every month. The loan bears interest rate 4.60¡ ìer annum, installments of ¾aht 8.34 million each starting from Æanuary 2015 eôceìt the last installment of ¾aht 8.26 million. Long-term loans from financial institutions and debenture of the subsidiary are guaranteed by the Comìany. Loan agreements from financial institutions and debentures contain certain debt covenants and restrictions imìosed by the borroóers regarding maintenance of certain financial ratios and others. Ånterest-bearing liabilities of the Ãrouì and the Comìany as at 31 December 2015 and 2014 óere denominated entirely in Thai ¾aht. »ÙÈËÌ ÈÊÊÖÜÕÛÚ ×ÈàÈÉÓÌ »ÙÈËÌ ÈÊÊÖÜÕÛÚ ×ÈàÈÉÓÌ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Îelated ìarties Other ìarties Total

4

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

418 167,308 167,7 6

173,276 17 , 76

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

59,903 164,302 , 005

23,195 172,708 195,90

Trade accounts ìayable of the Ãrouì and the Comìany as at 31 December 2015 and 2014 óere denominated entirely in Thai ¾aht.

232 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

I ú>7%AR9CQ% *=%&># 7->.I7!D

_+ TM;WhOYg; - $V+$TE9Wg_$WgDI% O*$S; ETDc6 ES<G I*M; T ' T;TDM; T' T*+ TD ' Ta)K5T`GR' TL *_LEVC$TE%TD' T*+ TD BTKWC[G' T_@VgC' T*+ TD OYg;e EIC

4

& >/I è%/3

& >/I è%I *>< @ >/

7,244 56,760 70,955 43,564 2,206 78,442 59,171

32,104 38,515 50,860 48,193 3,382 77,684 50,7 8

203,579 56,760 70,955 33,246 1,882 70,596 7,018

254,601 38,515 50,859 38,829 3,060 57,925 ,789

,>/<(E *=%(1'/<K. %ý*%= >% *=%&>#

& >/I è%/3

& >/I è%I *>< @ >/

BTER>[$@S;b;*<`L6*2T;R$TE_*V;· BTER>[$@S;%O*a'E*$TE>G=ERaD-;

190, 67

176, 0

169,5 6

156,180

BTER>[$@S;b;*<`L6*2T;R$TE_*V;· *<$lTcE%T69Z;_<f6_LEf+ ES<E[ b;$lTcEMEYO%T69Z; >G=ERaD-; MGS*OO$+T$*T;

,9 9

, 5

0,607

0,097

ES<E[ b;$lTcE%T69Z;_<f6_LEf+OYg; %T69Z; ¤$lTcE¥ +T$$TE=ERCT57TCMGS$ '5V7JTL7E =ER$S;BSD9WgES<E[ b;ERMI T*= %T69Z; ¤$lTcE¥ LRLC+T$$TE=ERCT57TCMGS$ '5V7JTL7E =ER$S;BSD9WgES<E[

,067 ,067

¥®©­µ¯¦ ¥®©­µ¯¦

$GZ C<EVKS9+S6$TEa'E*$TE<lT_M;f+<lT;T @;S$*T;7TC% O$lTM;6%O*@ERET-<S S7V'Z C'EO*`E**T; @.J. 2541 b;$TEbM >G=ERaD-; _CYgO_$KWD5`$ @;S$*T;7TCLV9:V`GROTDZ*T; a'E*$TE>G=ERaD-; 9Wg$lTM;6cI CW'ITC_LWgD*+T$$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSD c6 `$ 'ITC_LWgD*%O*- I*-WIV7 `GR 'ITC_LWgD*+T$OS7ET6O$_<WhD

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

233

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

¶ÛÏÌÙ ×ÈàÈÉÓÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ µÖÛÌ

Other ìayables - related ìarties Advance received Accrued commission Accrued advertising and sales ìromotion Òalue added taô ìayable Others Total

4

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

7,244 56,760 70,955 43,564 2,206 78,442 59,171

32,104 38,515 50,860 48,193 3,382 77,684 50,7 8

203,579 56,760 70,955 33,246 1,882 70,596 7,018

254,601 38,515 50,859 38,829 3,060 57,925 ,789

¬Ô×ÓÖàÌÌ ÉÌÕÌÍÐÛ ÖÉÓÐÎÈÛÐÖÕÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

ÐñÞñâêâëñ ìã ãæëÞëàæÞé íìðæñæìë ìßéæäÞñæìëð ãìï· ÐñÞñâêâëñ ìã ãæëÞëàæÞé íìðæñæìë ìßéæäÞñæìëð ãìï· Defined benefit obligations tat t o o o o t o lo Post-emìloyment benefits

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

190, 67

176, 0

169,5 6

156,180

,9 9

, 5

0,607

0,097

o

Ïâàìäëæðâá æë ìñåâï àìêíïâåâëðæóâ æëàìêâ· Ïâàìäëæðâá æë ìñåâï àìêíïâåâëðæóâ æëàìêâ· Actuarial losses ¤gains¥ recognised in the year Cumulative actuarial losses ¤gains¥ recognised

,067 ,067

¥®©­µ¯¦ ¥®©­µ¯¦

The Ãrouì oìerate a defined benefit ìension ìlan based on the reíuirement of Thai Labour Protection Act ¾.Á 2541 ¤1998¥ to ìrovide retirement benefits to emìloyees based on ìensionable remuneration and length of service. The defined benefit ìlans eôìose the Ãrouì to actuarial risks, such as longevity risk and interest rate risk.

234 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

BTER>[$@S;7TC*<`L6*2T;R$TE_*V;CW6S*7 Oc=;Wh *=%&>#

& >/I è%/3

C[G' T= ++Z<S;%O*BTER>[$@S;9WgcC c6 +S6bM CW$O*9Z; BTER>[$@S;7TC*<`L6*2T;R$TE_*V;

& >/I è%I *>< @ >/

190,267 190, 67

176,430 176, 0

169,526 169,5 6

156,180 156,180

$TE_=GWgD;`=G*b;C[G' T= ++Z<S;%O*BTER>[$@S;%O*a'E*$TE>G=ERaD-;

*=%&>#

& >/I è%/3

BTER>[$@S;%O*a'E*$TE>G=ERaD-; 5 IS;9Wg 1 C$ET'C ES<E[ b;$lTcE%T69Z; 7 ;9Z;<EV$TE= ++Z<S; 6O$_<WhD+T$BTER>[$@S; ES<E[ b;$lTcE%T69Z;_<f6_LEf+OYg; %T69Z; ¤$lTcE¥ +T$$TE=ERCT57TCMGS$'5V7JTL7E =ER$S;BSD >G=ERaD-; + TD BTER>[$@S;%O*a'E*$TE>G=ERaD-; 5 IS;9Wg °® :S;IT'C

& >/I è%I *>< @ >/

176,430

161,859

156,180

146,996

18,632 4,297 22,929

22,335 22,335

16,808 3,799 20,607

20,097 20,097

¤9,092¥ 190, 67

2,067 ¤9,831¥ 176, 0

¤7,261¥ 169,5 6

¤1,082¥ ¤9,831¥ 156,180

%T69Z; ¤$lTcE¥ +T$$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSD9WgES<E[ b;$lTcE%T69Z;_<f6_LEf+OYg;_$V6%Xh;+T$ & >/I è%/3

LCC7V2T;9T*$TE_*V; $TE=ES<=EZ*+T$=ERL<$TE5 EIC

& >/I è%I *>< @ >/

-

*=%&>#

13,668 ¤11,601¥ ,067

-

12,075 ¤13,157¥ ¥®©­µ¯¦

n®«¢¢ µÁ ³¤ ¤±¢³ ³¤ ³¢¬¦² µ ©³« ¤q ¤± ² ¡²£ % OLCC7VMGS$b;$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSD 5 IS;9WgETD*T; ¤`L6*a6DIV:W8SI_,GWgD8 I*;lhTM;S$¥ c6 `$ & >/I è%/3- J1< & >/I è%I *>< @ >/

OS7ET'V6G6 $TE_@VgC%Xh;%O*_*V;_6YO;b;O;T'7 - @;S$*T;9Wgc6 ES<_*V;_6YO; - @;S$*T;9Wgc6 ES<' T;TDM; T

E ODGR 2.7

E ODGR 2.7

E ODGR 5 7TET*=ERCT5$TE' T ;TDM; T =ES<=EZ*6 ID _*V;_A OE ODGR 3.5

E ODGR 5 7TET*=ERCT5$TE' T ;TDM; T =ES<=EZ*6 ID _*V;_A OE ODGR 3.5

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

235

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

The statement of financial ìosition obligation óas determined as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Present value of unfunded obligations ÐñÞñâêâëñ ìã ãæëÞëàæÞé íìðæñæìë ÌßéæäÞñæìë ÐñÞñâêâëñ ìã ãæëÞëàæÞé íìðæñæìë ÌßéæäÞñæìë

190,267 190, 67

176,430 176, 0

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

169,526 169,5 6

Movement in the ìresent value of the defined benefit obligations¶

l ot o o Actuarial losses ¤gains¥ ¾enefit ìaid Áâãæëâá ßâëâãæñ ìßéæäÞñæìëð Þñ °® Áâàâêßâï Áâãæëâá ßâëâãæñ ìßéæäÞñæìëð Þñ °® Áâàâêßâï

176,430

161,859

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

156,180

146,996

18,632 4,297 22,929

22,335 22,335

16,808 3,799 20,607

20,097 20,097

¤9,092¥ 190, 67

2,067 ¤9,831¥ 176, 0

¤7,261¥ 169,5 6

¤1,082¥ ¤9,831¥ 156,180

AActuarial ctuarial losses ¤gains¥ ¤g ¥ recognised g in other comìrehensive ì e income arisingg from¶

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Âinancial assumìtions Áôìerience adæustment Total

156,180 156,180

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Defined benefit obligations at 1 Æanuary Æëàéòáâ æë íïìãæñ ìï éìðð· Æëàéòáâ æë íïìãæñ ìï éìðð· Current service cost Ånterest on obligation

-

13,668 ¤11,601¥ ,067

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

-

12,075 ¤13,157¥ ¥®©­µ¯¦

$FWXDULDO DVVXPSWLRQV The folloóing óere the ìrinciìal actuarial assumìtions at the reìortingg date d ¤eôìressed as óeighted averages¥. ªÖÕÚÖÓÐËÈÛÌË ÈÕË ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Discount rate Âuture salary groóth - salaried staff - commissioned agent

2.7¡

5.0¡ Notional commission model, inflated by ìrice inflation of 3.5¡

2.7¡

5.0¡ Notional commission model, inflated by ìrice inflation of 3.5¡

236 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

% OLCC7V2T;_$WgDI$S<OS7ETCE5Rb;O;T'78YO7TC% OC[G9T*L8V7V9Wg_>D`@E 9SgIc=`GR7TET*CE5R ³¤¨µ¾ ¤³±¬q ¨³¢®m® ¬¨ $TE_=GWgD;`=G*b;`7 GR% OLCC7V2T;9Wg_$WgDI% O*b;$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSD9WgOT+_= ;c=c6 OD T*LC_M7ZLC>G 5 IS;9WgETD*T; a6D8YOI T% OLCC7V2T;OYg;e '*9Wg +RCW>G$ER9<7 OBTER>[$@S;>G=ERaD-; 9Wg$lTM;6cI _= ;+lT;I;_*V;6S*7 Oc=;Wh *=%&># 3=%#AQ $=%3> -

OS7ET'V6G6 ¤_=GWgD;`=G*E ODGR 1¥ $TE_@VgC%Xh;%O*_*V;_6YO;b;O;T'7 ¤_=GWgD;`=G*E ODGR 1¥ OS7ETCE5Rb;O;T'7 ¤_=GWgD;`=G*E ODGR 10¥

& >/I è%/3I*@Q- êR%

¤13,986¥ 15,518 ¤10¥

& >/I è%I *>< @ >/

1 1

16,069 ¤13,775¥ 9

I*@Q- êR%

¤12,359¥ 13,710 ¤23¥

1 1

14,198 ¤12,167¥ 22

9 #D%I @%6<6-*%= >% *=%&>#

& >/I è%/3

5 IS;9Wg 1 C$ET'C =ERCT5$TEM;WhLV;b- c= - <EVKS9`GR6O$_<WhD - @;S$*T; =ERCT5$TEM;WhLV;_@VgC%Xh; - <EVKS9`GR6O$_<WhD - @;S$*T; 5 IS;9Wg °® :S;IT'C

& >/I è%I *>< @ >/

102,798

103,062

102,261

102,642

¤6,014¥ ¤2,336¥

¤5,943¥ ¤2,428¥

¤6,014¥ ¤2,331¥

¤5,941¥ ¤2,425¥

7,340 2,348 10 ,1 6

5,694 2,413 10 ,798

7,120 2,303 10 , 9

5,615 2,370 10 , 61

$O*9Z;_*V;LRLC@;S$*T; _= ;$O*9Z;9Wg+S67Sh*BTDb7 $TE$lT$S<6[`G%O*$GZ C<EVKS9 $O*9Z;;Wh+S67Sh*_@YgO=ERaD-; %O*@;S$*T;<;@Yh;2T; 'ITCLCS'Eb+%O*@;S$*T;b;$TE_= ;LCT-V$$O*9Z;6 ID$TEMS$+T$ETDc6 9Wg@;S$*T;c6 ES<b;OS7ET9Wg$lTM;6cI b;ER_<WD<$O*9Z; _*V;LRLC @;S$*T; a6D$GZ C<EVKS9+RLC9<bM _9 T$S<+lT;I;_*V;9WgMS$+T$@;S$*T;6S*$G TI .Xg*@;S$*T;b;$GZ C;Wh_= ;@;S$*T;9WgCWETDc6 cC `; ;O; _MCYO;$S<@;S$*T;9WgCW_*V;_6YO;+X*9lTbM cC LTCTE89Wg+RLCS'E_% Tc=_= ;$GZ CLCT-V$%O*$O*9Z;LlTEO*_GWhD*-W@7TC% O$lTM;6%O*$ER9EI* $TE'GS*c6 6S*;Sh;$O*9Z;+X*+S67Sh*%Xh;a6D'ITCLCS'Eb+`GR<EVMTE+S6$TEa6D$GZ C<EVKS9 .Xg*$GZ C<EVKS9CW$TE$lTM;6MGS$_$53 9Wg_$WgDI% O* b;_EYgO*$TE+ TD_*V;LC9<_% T$O*9Z;`GR>G=ERaD-; $TE+ TD_*V;LC9<%Xh;OD[ $S<+lT;I;= 9Wg_= ;LCT-V$ `GROS7ET9Wg$lTM;6cI b;ER_<WD< $O*9Z;_*V;LRLC@;S$*T;

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

237

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

Assumìtions regarding future mortality are based on ìublished statistics and mortality tables. 6HQVLWLYLW\ DQDO\VLV Îeasonably ìossible changes at the reìorting date to one of the relevant actuarial assumìtions, holding other assumìtions constant, óould have affected the defined benefit obligation by the amounts shoón beloó. ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ «ÌÍÐÕÌË ÉÌÕÌÍÐÛ ÖÉÓÐÎÈÛÐÖÕÚ ÈÛ «ÌÊÌÔÉÌÙ

Discount rate ¤1¡ movement¥ Âuture salary groóth ¤1¡ movement¥ Âuture mortality ¤10¡ movement¥

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

°ÕÊÙÌÈÚÌ

¤13,986¥ 15,518 ¤10¥

«ÌÊÙÌÈÚÌ

16,069 ¤13,775¥ 9

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

°ÕÊÙÌÈÚÌ

¤12,359¥ 13,710 ¤23¥

«ÌÊÙÌÈÚÌ

14,198 ¤12,167¥ 22

·ÙÖÝÐËÌÕÛ ÍÜÕËÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

At 1 Æanuary Provision used o a a t lo Provision setuì o a a t lo ¾ñ °® Áâàâêßâï ¾ñ °® Áâàâêßâï

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

102,798

103,062

102,261

102,642

t

¤6,014¥ ¤2,336¥

¤5,943¥ ¤2,428¥

¤6,014¥ ¤2,331¥

¤5,941¥ ¤2,425¥

t

7,340 2,348 10 ,1 6

5,694 2,413 10 ,798

7,120 2,303 10 , 9

5,615 2,370 10 , 61

The ìrovident funds for staff are established and managed by the Ãrouì. Membershiì of the funds is on a voluntary basis. Contributions are made monthly by the staff at the rates fiôed by the fund criteria and by the Ãrouì at the same amount deducted from salesmen and shoì managers óhose remuneration, being commission based, is variable and not fiôed as óith basic salaries. Conseíuently, the funds do not íualify to be registered óith the Ministry of Âinance as æuristic entities nor can the funds be managed by a licensed Âund Manager. Therefore the funds have been established on a voluntary basis and managed by the Ãrouì based on the relevant criteria set-doón by the Ãrouì governing the fund contributions and benefits. The contributions are based on the number of years of membershiì and at rates fiôed by the fund criteria.

238 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

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*=%7D%ú *=%&># -E1 ù>7Dú% !ù97Dú% &>#

V>%3%7Dú%

V>%3%I è%

V>%3%7Dú%

V>%3%I è%

¹ ±¾ ¶£ 5 IS;9Wg 1 C$ET'C - MZ ;LTCS 5 °® :S;IT'C ª MZ ;LTCS

270,000

270,000

270,000

270,000

1

70,000

70,000

70,000

70,000

¬¹n ¶Æ®® ¿¦± ˳¤±¿¦n¨ 5 IS;9Wg 1 C$ET'C - MZ ;LTCS 5 °® :S;IT'C ª MZ ;LTCS

270,000

270,000

270,000

270,000

70,000

70,000

70,000

70,000

«m¨ ¾ µ ¢º¦ m³¬¹n 7TC<9<S S7V`M *@ERET-<S S7V<EVKS9CMT-;+lT$S6 @.J. 2535 CT7ET 51 b;$E5W9Wg<EVKS9_L;O%TDMZ ;L[*$I TC[G' TMZ ;9Wg+69R_<WD;cI <EVKS97 O*;lT' TMZ ;L I;_$V;;Wh7Sh*_= ;9Z;LlTEO* ¤ L I;_$V;C[G' TMZ ; ¥ L I;_$V;C[G' TMZ ;;Wh+R;lTc=+ TD_= ;_*V;= ;>GcC c6 6V>/9

LlTEO*=ER$O<6 ID ³¤ ² «¤¤ ˳¤¿¦± ¬¤¸® ˳¤«±«¢ «Ë³¤® ³¢ ¬¢³£ 7TC<9<S S7V`M *@ERET-<S S7V<EVKS9CMT-;+lT$S6 @.J. 2535 CT7ET 116 <EVKS9+R7 O*+S6LEE9Z;LlTEO* ¤ LlTEO*7TC$0MCTD ¥ OD T* ; ODE ODGR 5 %O*$lTcELZ9:V=ER+lT= MGS*+T$MS$%T69Z;LRLCD$CT ¤8 TCW¥ +;$I TLlTEO*6S*$G TICW+lT;I;cC ; OD$I TE ODGR 10 %O*9Z;+6 9R_<WD; _*V;LlTEO*;Wh+R;lTc=+ TD_= ;_*V;= ;>GcC c6 ® q ¤± ® ®¸Æ ® «m¨ ® ºn ¸®¬¹n ¦ m³ ³ ³¤¾ ¦¶Æ£ ¿ ¦ Á ³¤ ¶¤³ ³«µ ¤² £qÁ¬¢m >G7 T*+T$$TE_=GWgD;`=G*b;$TE7WET'TLV;9ES@D bMC `L6*b;L I;%O*_+ T%O*=ER$O<6 ID>GEIC%O*$TE_=GWgD;`=G*LZ9:V%O*$TE7WET'T 9Wg6V;`GROT'TE9Wg`L6*b;*<$TE_*V;6 ID$TE7WET'TbMC +;$ER9Sg*CW$TE%TDMEYO+lTM; TD 6ù3% >% V>I%@% >%

$GZ C<EVKS9CW 3 L I;*T;9WgETD*T; 6S*ETDGR_OWD6% T*G T* .Xg*_= ;M; ID*T;:ZE$V+9WgLlT'S %O*$GZ C<EVKS9 M; ID*T;:ZE$V+9WgLlT'S ;Wh+lTM; TD LV;' T`GRbM <EV$TE9W`g 7$7 T*$S; `GRCW$TE<EVMTE+S6$TE`D$7 T*MT$ _;YOg *+T$b- _9'a;aGDW`GR$GDZ9: 9T*$TE7GT69W`g 7$7 T*$S; >[C OW Tl ;T+ 7S6LV;b+L[*LZ66 T;$TE6lT_;V;*T;LO<9T;ETD*T;$TE+S6$TEBTDb;%O*`7 GRM; ID*T;:ZE$V+9WLg Tl 'S OD T*; OD9Z$c7ECTL $TE6lT_;V;*T;%O* `7 GRL I;*T;9WgETD*T;%O*$GZ C<EVKS9a6DLEZ=CW6S*;Wh

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239

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

ºÏÈÙÌ ÊÈ×ÐÛÈÓ

ÛÏÖÜÚÈÕË ÚÏÈÙÌ ÛÏÖÜÚÈÕË ©ÈÏÛ ·ÈÙ ÝÈÓÜÌ ×ÌÙ ÚÏÈÙÌ ÐÕ ©ÈÏÛ

µÜÔÉÌÙ

©ÈÏÛ

µÜÔÉÌÙ

©ÈÏÛ

$$XWKRULVHG At 1 Æanuary o a a ¾ñ °® Áâàâêßâï ¾ñ °® Áâàâêßâï o a a

270,000

270,000

270,000

270,000

1

70,000

70,000

70,000

70,000

,,VVXHG DQG SDLG At 1 Æanuary o a a ¾ñ °® Áâàâêßâï ¾ñ °® Áâàâêßâï o a a

270,000

270,000

270,000

270,000

70,000

70,000

70,000

70,000

6KDUH SUHPLXP Section 51 of the Public Comìanies Act ¾.Á. 2535 reíuires comìanies to set aside share subscriìtion monies received in eôcess of the ìar value of the shares issued to a reserve account ¤ share ìremium ¥. Share ìremium is not available for dividend distribution. ¹ÌÚÌÙÝÌÚ

Îeserves comìrise¶ $SSURSULDWLRQV RI SURILW DQG RU UHWDLQHG HDUQLQJV /HJDO UHVHUYH Section 116 of the Public Comìanies Act ¾.Á. 2535 reíuires that a ìublic comìany shall allocate not less than 5¡ of its annual net ìrofit, less any accumulated losses brought foróard, to a reserve account ¤ legal reserve ¥, until this account reaches an amount not less than 10¡ of the registered authorised caìital. The legal reserve is not available for dividend distribution. 2WKHU FRPSRQHQWV RI HTXLW\ 9DOXDWLRQ FKDQJHV The valuation changes account óithin eíuity comìrises the cumulative net change in the valuation of land and building included in the financial statements at valuation until such land and building are sold or otheróise disìosed of. ºÌÎÔÌÕÛ ÐÕÍÖÙÔÈÛÐÖÕ

The Ãrouì has three reìortable segments, as described beloó, óhich are the Ãrouì s strategic divisions. The strategic divisions offer different ìroducts and services, and are managed seìarately because they reíuire different technology and marketing strategies. Âor each of the strategic divisions, the chief oìerating decision maker ¤CODM¥ revieós internal management reìorts on at least a íuarterly basis. The folloóing summary describes the oìerations in each of the Ãrouì s reìortable segments.

240 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

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«Ë³¬¤² d«µÇ «¹ ¨² ¶Æ 1 ² ¨³ ¢ 2558 ETDc6 +T$$TE%TD - ETDc6 +T$G[$' TBTD;O$ - ETDc6 ERMI T*L I;*T; ETDc6 OYg; - ETDc6 +T$G[$' TBTD;O$ - ETDc6 ERMI T*L I;*T; EICETDc6 7TCL I;*T; 7 ;9Z;9T*$TE_*V; $lTcE7TCL I;*T;$ O;MS$BTKW_*V;c6

LV;9ES@D 7TCL I;*T;9WEg TD*T; 5 IS;9W g °® :S;IT'C ¯²²µ «Ë³¬¤² d«µÇ «¹ ¨² ¶Æ 1 ² ¨³ ¢ 255 ETDc6 +T$$TE%TD - ETDc6 +T$G[$' TBTD;O$ - ETDc6 ERMI T*L I;*T; ETDc6 OYg; - ETDc6 +T$G[$' TBTD;O$ - ETDc6 ERMI T*L I;*T; EICETDc6 7TCL I;*T; 7 ;9Z;9T*$TE_*V; $lTcE7TCL I;*T;$ O;MS$BTKW_*V;c6

LV;9ES@D 7TCL I;*T;9WEg TD*T; 5 IS;9W g °® :S;IT'C ¯²²´

L7úI ù> ëR9

365,754 2,124,858 2,054,470 228,238 134,310 389,410 ,9 ,9

744,687 ,097,78

23,661

60,696

1 8,1 7 1,5 5,0 1

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3,298 - 2,493,910 - ¤2,282,708¥ 21,651 70,252 ¤459,662¥ 95, 01 ¥¯©´±¯©°´­¦

900,648 , 9 ,558

8

¤33,705¥

50,660

96,00

, 1

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169, 5

, 1,7 0

, 9

¥²³´©²³¶¦

, 1,59

439,191 2,196,549 2,163,671 144,744

3,977 - 2,639,717 - ¤2,308,415¥ -

68,458 391,607 ,06 ,9 7

823,576 ,16 ,869

33,890

67,175

93

¤42,820¥

58,338

1 8,8 9

1 , 08

¥°³©¯±¶¦

9 , 0

0,615

¥²´®©®²±¦

, 55,6 9

186, 1,508, 65

, 87,9

17,179 65,071 ¤456,678¥ 86, 7 ¥¯©´³²©­¶°¦

909,213 ,5 8,9 0

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

241

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For the year ended 31 December 2015 and 2014

6HJPHQW Trade sales 6HJPHQW Hire ìurchase 6HJPHQW Service and others Ånformation regarding the results of each reìortable segment is included beloó. Performance is measured based on segment ìrofit before taô, as included in the internal management reìorts that are revieóed by the Ãrouì s CODM. Segment ìrofit before taô is used to measure ìerformance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that oìerate óithin these industries. ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ »ÙÈËÌ ÚÈÓÌÚ

))RU WKH \HDU HQGHG 1 'HFHPEHU 2 15 Îevenue from sale of goods - Áôternal revenue - Ånter-segment revenue Other income - Áôternal revenue - Ånter-segment revenue Total t Âinance costs Ðâäêâëñ íïìãæñ ßâãìïâ æëàìêâ ñÞõ Ðâäêâëñ íïìãæñ ßâãìïâ æëàìêâ ñÞõ

ÏâíìïñÞßéâ ðâäêâëñ Þððâñð Þð Þñ °® Áâàâêßâï ¯­®² ÏâíìïñÞßéâ ðâäêâëñ Þððâñð Þð Þñ °® Áâàâêßâï ¯­®² ))RU WKH \HDU HQGHG 1 'HFHPEHU 2 14 Îevenue from sale of goods - Áôternal revenue - Ånter-segment revenue Other income - Áôternal revenue - Ånter-segment revenue Total t Âinance costs Ðâäêâëñ íïìãæñ ßâãìïâ æëàìêâ ñÞõ Ðâäêâëñ íïìãæñ ßâãìïâ æëàìêâ ñÞõ

ÏâíìïñÞßéâ ðâäêâëñ Þððâñð Þð Þñ °® Áâàâêßâï ¯­®± ÏâíìïñÞßéâ ðâäêâëñ Þððâñð Þð Þñ °® Áâàâêßâï ¯­®±

¯ÐÙÌ ¯ÐÙÌ ×ÜÙÊÏÈÚÌ

365,754 2,124,858 2,054,470 228,238 134,310 389,410 ,9 ,9

744,687 ,097,78

23,661

60,696

1 8,1 7 1,5 5,0 1

ºÌÙÝÐÊÌ ÈÕË ÖÛÏÌÙÚ ¬ÓÐÔÐÕÈÛÐÖÕÚ

»ÖÛÈÓ

3,298 - 2,493,910 - ¤2,282,708¥ 21,651 70,252 ¤459,662¥ 95, 01 ¥¯©´±¯©°´­¦

900,648 , 9 ,558

8

¤33,705¥

50,660

96,00

, 1

¥²µ©­­­¦

169, 5

, 1,7 0

, 9

¥²³´©²³¶¦

, 1,59

439,191 2,196,549 2,163,671 144,744

3,977 - 2,639,717 - ¤2,308,415¥ -

68,458 391,607 ,06 ,9 7

823,576 ,16 ,869

33,890

67,175

93

¤42,820¥

58,338

1 8,8 9

1 , 08

¥°³©¯±¶¦

9 , 0

0,615

¥²´®©®²±¦

, 55,6 9

186, 1,508, 65

, 87,9

17,179 65,071 ¤456,678¥ 86, 7 ¥¯©´³²©­¶°¦

909,213 ,5 8,9 0

242 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

«m¨ ³ ¡º¢µ©³« ¤q $GZ C<EVKS96lT_;V;:ZE$V+_,@TRb;=ER_9J_9 T;Sh; cC CWETDc6 +T$7 T*=ER_9JMEYOLV;9ES@D b;7 T*=ER_9J9WgCWLTERLlT'S ù>L ú ù>.L% >/ >. *=%&>#

& >/I è%/3-

' Tb- + TD>G=ERaD-; %O*@;S$*T; L I;G6$TE' T %T69Z;+T$$TEDX6'Y;LV;' T ' T@TM;R ' T_- T ' T_>YgO$TEES<=ER$S;LV;' T ' T%;L * ' Tb- + TD+S6$TE ' Ta)K5T OYg;e EIC

720,192 133,386 77,393 53,981 40,300 37,075 35,274 26,905 20,214 564 1,1 5, 8

744,159 108,825 89,868 41,026 47,413 35,356 28,714 34,345 28,474 7,142 1,165,

& >/I è%I *>< @ >/

700,435 53,981 40,300 50,784 35,142 26,905 20,202 4,526 9 , 75

723,633 41,026 47,413 51,133 28,714 34,345 28,432 19,616 97 , 1

ù>L ú ù>.L% >/&/@7>/ *=%&>#

& >/I è%/3

' Tb- + TD>G=ERaD-; %O*@;S$*T; M;WhL[ `GRM;WhL*LSD+RL[ ' T@TM;R ' T_- T ' T_LYgOCET'T`GR' T7S6+lTM; TD9ES@D LV; ' T_'EYgO*_%WD; ' T:EEC_;WDCIV-T-W@ M;WhL[ c6 ES<'Y; OYg;e EIC

151,893 100,127 47,438 21,994 19,043 13,661 12,942 ¤27,279¥ 23,045 6 ,86

159,147 131,610 65,539 14,288 19,398 16,042 13,606 ¤23,258¥ 17,963 1 , 5

& >/I è%I *>< @ >/

115,431 30,532 31,842 21,799 18,387 10,050 8,934 ¤24,646¥ 16,115 8,

122,519 38,943 50,312 14,160 19,116 11,585 9,931 ¤21,070¥ 13,841 59, 7

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

243

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

*HRJUDSKLF VHJPHQWV The Ãrouì is managed and oìerates ìrinciìally in Thailand. There is no material revenues derived from, or assets located in, foreign countries. ºÌÓÓÐÕÎ Ìß×ÌÕÚÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Ámìloyee benefit eôìenses Trade discounts Loss on reìossession Travel eôìenses Îental eôìense Product óarranty Local freight Management service fee Advertising Others Total

720,192 133,386 77,393 53,981 40,300 37,075 35,274 26,905 20,214 564 1,1 5, 8

744,159 108,825 89,868 41,026 47,413 35,356 28,714 34,345 28,474 7,142 1,165,

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

700,435 53,981 40,300 50,784 35,142 26,905 20,202 4,526 9 , 75

723,633 41,026 47,413 51,133 28,714 34,345 28,432 19,616 97 , 1

¨ËÔÐÕÐÚÛÙÈÛÐÝÌ Ìß×ÌÕÚÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Ámìloyee benefit eôìenses ¾ad and doubtful debt Travel eôìenses Îental eôìense Deìreciation and amortisation Stationery Professional fee ¾ad debt recovery Others Total

151,893 100,127 47,438 21,994 19,043 13,661 12,942 ¤27,279¥ 23,045 6 ,86

159,147 131,610 65,539 14,288 19,398 16,042 13,606 ¤23,258¥ 17,963 1 , 5

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

115,431 30,532 31,842 21,799 18,387 10,050 8,934 ¤24,646¥ 16,115 8,

122,519 38,943 50,312 14,160 19,116 11,585 9,931 ¤21,070¥ 13,841 59, 7

244 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

ù>L ú ù>.(1'/<K. %ý 9 *%= >%

*=%&>#

& >/I è%/3

ºn ¤µ¬³¤ _*V;_6YO;`GR' T`E* _*V;LC9<$O*9Z;LlTEO*_GWhD*-W@ M;WhLV;>G=ERaD-; @;S$*T; `GR=ER$S;LS*'C OYg;e ² ³ ®¸Æ _*V;_6YO;`GR' T`E* ' T;TDM; T _*V;LC9<$O*9Z;LlTEO*_GWhD*-W@ M;WhLV;>G=ERaD-; @;S$*T; `GR=ER$S;LS*'C _*V;L;S<L;Z;$TE%TD OYg;e EIC

& >/I è%I *>< @ >/

23,150

34,436

19,344

30,841

1,778 554 5, 8

1,763 563 6,76

1,436 426 1, 06

1,418 409 ,668

164,411 495,721

159,986 535,856

106,694 495,602

101,594 535,766

49,582 151,695 9,120 870,529 896,011

49,939 133,003 12,208 890,992 9 7,75

43,226 140,877 8,261 794,660 815,866

43,836 121,182 11,106 813,484 8 6,15

À ¤ ³¤ ¦ ¤±À£ q ¶Æ ˳¬ ¨n ETDGR_OWD6%O*a'E*$TE>G=ERaD-; 9Wg$lTM;6_= 6_>Db;MCTD_M7Z=ER$O<*<$TE_*V; 19 À ¤ ³¤«¢ ¾ µ ¶Æ ˳¬ ¨n $GZ C<EVKS9c6 +S67Sh*$O*9Z;LlTEO*_GWhD*-W@LlTMES<@;S$*T;%O*$GZ C<EVKS9<;@Yh;2T;'ITCLCS'Eb+%O*@;S$*T;b;$TE_= ;LCT-V$%O*$O*9Z; a6D@;S$*T;+ TD_*V;LRLCb;OS7ETE ODGR 5 8X*OS7ETE ODGR 10 %O*_*V;_6YO;9Z$_6YO; `GR$GZ C<EVKS9+ TDLC9<b;OS7ETE ODGR 5 8X*OS7ET E ODGR 10 %O*_*V;_6YO;%O*@;S$*T;9Z$_6YO; $O*9Z;LlTEO*_GWDh *-W@;Whc6 +69R_<WD;_= ;$O*9Z;LlTEO*_GWDh *-W@7TC% O$lTM;6%O*$ER9EI* $TE'GS*`GR+S6$TE$O*9Z;a6D>[ +S6$TE$O*9Z;9Wgc6 ES<O;Z T7 !ú%#D%#> >/I @% *=%&>#

& >/I è%/3

7 ;9Z;9T*$TE_*V;$S< MZ ;$[ _*V;$[ DYC+T$:;T'TE`GR_*V;_<V$_$V;<S -W OYg;e EIC

34,640 13,975 2,045 50,660

& >/I è%I *>< @ >/

43,473 11,473 3,392 58, 8

18,000 3,649 2,012 ,661

26,833 3,965 3,092 ,890

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

245

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

¬Ô×ÓÖàÌÌ ÉÌÕÌÍÐÛ Ìß×ÌÕÚÌÚ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

0DQDJHPHQW 0 Óages and salaries Contribution to defined contribution ìlans, emìloyee benefit and social security Others 2WKHU HPSOR\HHV Óages and salaries Commission Contribution to defined contribution ìlans, emìloyee benefit and social security Sales incentive Others Total

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

23,150

34,436

19,344

30,841

1,778 554 5, 8

1,763 563 6,76

1,436 426 1, 06

1,418 409 ,668

164,411 495,721

159,986 535,856

106,694 495,602

101,594 535,766

49,582 151,695 9,120 870,529 896,011

49,939 133,003 12,208 890,992 9 7,75

43,226 140,877 8,261 794,660 815,866

43,836 121,182 11,106 813,484 8 6,15

'HILQHG EHQHILW SODQV Details of the defined benefit ìlans are given in note 19. 'HILQHG FRQWULEXWLRQ SODQV The defined contribution ìlans comìrise ìrovident funds established by the comìanies in the Ãrouì for their emìloyees. Membershiì to the funds is on a voluntary basis. Contributions are made monthly by the emìloyees at rates ranging from 5¡ to 10¡ of their basic salaries and by the Ãrouì at rates ranging from 5¡ to 10¡ of the emìloyees basic salaries. The ìrovident funds are registered óith the Ministry of Âinance as æuristic entities and are managed by a licensed Âund Manager. ­ÐÕÈÕÊÌ ÊÖÚÛÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Âinance costs¶ Debentures ¾ank loans and overdrafts Others Total

34,640 13,975 2,045 50,660

43,473 11,473 3,392 58, 8

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

18,000 3,649 2,012 ,661

26,833 3,965 3,092 ,890

246 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

,>5AI @%M ú *=%&>#

,>5AI è%M ú#AQ/=&/Eú L% V>M/7/ë9 > #D%

BTKW_*V;c6 %O**I6= ++Z<S; LlTMES<*I6= ++Z<S; BTKW_*V;c6 EO$TE7S6<S -W $TE_=GWgD;`=G*%O*>G7 T*-SgI'ETI

& >/I è%/3-

7->.I7!D

& >/I è%I *>< @ >/

36,099

60,261

21,668

36,501

¤9,799¥

¤9,271¥

¤8,264¥

¤2,426¥

6, 00

50,990

1 , 0

,075

EICBTKW_*V;c6

*=%&>#

,>5AI è%M ú#AQ/=&/Eú L% V>M/ > #D%I&P I6/P 9CQ%

*<$TE_*V;EIC $TE7WET'T9Wg6V; OT'TE`GROZ=$E5 %T69Z;+T$$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSD EIC *<$TE_*V;_,@TR$V+$TE $TE7WET'T9Wg6V; OT'TE`GROZ=$E5 $lTcE+T$$TE=ERCT5$TE7TCMGS$'5V7JTL7E =ER$S;BSD EIC

/>.M ú 6D#$è > ,>5A ù>L ú ù>. I è%M ú ,>5AI è%M ú

ù9%,>5A I è%M ú

/>.M ú 6D#$è > ,>5A ù>L ú ù>. I è%M ú ,>5AI è%M ú

ù9%,>5A I è%M ú

-

-

-

33,063

¤5,652¥

27,411

-

-

-

¤2,067¥ 0,996

413 ¥²©¯°¶¦

¤1,654¥ 5,757

-

-

-

33,063

¤5,652¥

27,411

-

-

-

1,082 ,1 5

¤216¥ ¥²©µ³µ¦

866 8, 77

& >/I è%/3 >/ /<#&.9 I*CQ97>9=!/>,>5A#AQJ#ú /è

$lTcE$ O;BTKW_*V;c6 EIC +lT;I;BTKW7TCOS7ETBTKW_*V;c6 >G$ER9<+T$BTKW_*V;c6 %O*<EVKS9D OD >G7 T*%O*' Tb- + TD9T*<S -W$S<9T*BTKW ' Tb- + TD7 O*M TC9T*BTKW BTKW*I6$ O;9Wg<S;9X$7lgTc= EIC

9=!/>,>5A /ú9.1<

20

15.5

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169,453 33,891 ¤3¥ ¤19,482¥ 11,802 92 6, 00

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20

17.

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292,420 58,484 35 ¤19,482¥ 2,598 9,355 50,990

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

247

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

°ÕÊÖÔÌ ÛÈß Ìß×ÌÕÚÌ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

°ÕÊÖÔÌ ÛÈß ÙÌÊÖÎÕÐÚÌË ÐÕ ×ÙÖÍÐÛ ÖÙ ÓÖÚÚ

t ta Current year Áâãâïïâá ñÞõ âõíâëðâ Áâãâïïâá ñÞõ âõíâëðâ Movements in temìorary Differences

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

µÖÛÌ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

36,099

60,261

21,668

36,501

¤9,799¥

¤9,271¥

¤8,264¥

¤2,426¥

6, 00

50,990

1 , 0

,075

Total o ta

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

°ÕÊÖÔÌ ÛÈß ÙÌÊÖÎÕÐÚÌË ÐÕ ÖÛÏÌÙ °ÕÊÖÔÌ ÛÈß ÙÌÊÖÎÕÐÚÌË ÐÕ ÖÛÏÌÙ ÊÖÔ×ÙÌÏÌÕÚÐÝÌ ÐÕÊÖÔÌ

o ol at a al tat t Îevaluation of ìroìerty, ìlant and eíuiìment Actuarial losses in other comìrehensive income Total a at a al tat t Îevaluation of ìroìerty, ìlant and eíuiìment Actuarial losses in other comìrehensive income Total

»Èß Ìß×ÌÕÚÌ ÉÌÕÌÍÐÛ

©ÌÍÖÙÌ »Èß

µÌÛ ÖÍ ÛÈß

»Èß Ìß×ÌÕÚÌ ÉÌÕÌÍÐÛ

©ÌÍÖÙÌ »Èß

µÌÛ ÖÍ ÛÈß

-

-

-

33,063

¤5,652¥

27,411

-

-

-

¤2,067¥ 0,996

413 ¥²©¯°¶¦

¤1,654¥ 5,757

-

-

-

33,063

¤5,652¥

27,411

-

-

-

1,082 ,1 5

¤216¥ ¥²©µ³µ¦

866 8, 77

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¹ÌÊÖÕÊÐÓÐÈÛÐÖÕ ÖÍ ÌÍÍÌÊÛÐÝÌ ÛÈß ÙÈÛÌ

Profit before income taô eôìense Åncome taô using the Thai corìoration taô rate Áffect of income taô from subsidiaries Áôìense difference betóeen accounting and taô Áôìenses not deductible for taô ìurìoses Ñnder ìrovided income taô eôìense in ìrior year Total

¹ÈÛÌ

20

15.5

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

169,453 33,891 ¤3¥ ¤19,482¥ 11,802 92 6, 00

¹ÈÛÌ

20

17.

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

292,420 58,484 35 ¤19,482¥ 2,598 9,355 50,990

248 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

& >/I è%I *>< @ >/ >/ /<#&.9 I*CQ97>9=!/>,>5A#AQJ#ú /è

$lTcE$ O;BTKW_*V;c6 EIC +lT;I;BTKW7TCOS7ETBTKW_*V;c6 ETDc6 9WgcC 7 O*_LWDBTKW ' Tb- + TD7 O*M TC9T*BTKW BTKW*I6$ O;9Wg<S;9X$7lgTc= EIC

9=!/>,>5A /ú9.1<

20

10. 6

*=%&>#

128,137 25,627 ¤11,600¥ ¤715¥ 92 1 , 0

9=!/>,>5A /ú9.1<

20

18. 8

*=%&>#

186,422 37,284 ¤7,250¥ 1,703 2,338 ,075

³¤¦ ®² ¤³¡³ª¶¾ µ  n µ µ ¹ ¦ @ERET-$FK0W$TOO$7TC'ITCb;=ERCIGESK0T$EI T6 ID$TEG6OS7ET`GRD$_I ;ESK0T$E ,<S<9Wg 577 @.J. 2557 G*IS;9Wg 10 @FJ+V$TD; 2557 bM G6OS7ETBTKW_*V;c6 ;V7V<Z''GE ODGR 20 %O*$lTcELZ9:VLlTMES<EO<ERDR_IGT<S -W= 2558 9Wg_EVgCb;MEYOMGS*IS;9Wg 1 C$ET'C 2558 _CYgOIS;9Wg 22 C$ET'C 2559 b;$TE=ER-ZCLBT;V7V<S S7V`M *-T7Vc6 CWC7VO;ZCS7VbM =ES<G6OS7ETBTKW_*V;c6 ;V7V<Z''G+T$OS7ETE ODGR 30 _= ; OS7ETE ODGR 20 %O*$lTcELZ9:VLlTMES<EO<ERDR_IGT<S -W9Wg_EVgCb;MEYOMGS*IS;9Wg 1 C$ET'C 2559 _= ;7 ;c= $GZ C<EVKS9b- OS7ETBTKW_*V;c6 E ODGR 20 b;$TEIS6C[G' TLV;9ES@D `GRM;WhLV;BTKW_*V;c6 EO$TE7S6<S -W 5 IS;9Wg 31 :S;IT'C 2558 `GR 2557 7TC'lT-Wh`+*%O*LBTIV-T-W@<S -W9WgOO$b;= 2555 V>M/!ù97Dú%

˳¤ m®¬¹n ²Ç ¸Ç ³ $lTcE7 OMZ ;%Sh;@Yh;2T;LlTMES<`7 GR= LVh;LZ6IS;9Wg 31 :S;IT'C 2558 `GR 2557 'lT;I5+T$$lTcELlTMES<= 9Wg_= ;L I;%O*>[ 8YOMZ ;LTCS %O* <EVKS9`GR+lT;I;MZ ;LTCS 9WgOO$+lTM; TD`G IERMI T*= a6D`L6*$TE'lT;I56S*;Wh *=%&># *=%7Dú%

& >/I è%/3

$lTcE9Wg_= ;L I;%O*>[ 8YOMZ ;LTCS %O*<EVKS9 ¥%Sh;@Yh;2T;¦ +lT;I;MZ ;LTCS 9WgOO$+lTM; TD`G I ˳¤ m®¬¹n ²Ç ¸Ç ³ ³

& >/I è%I *>< @ >/

143,153 70,000 0.5

241,430 70,000 0.89

114,733 70,000 0.

152,346 70,000 0.56

I @%'þ%(1

b;$TE=ER-ZCLTCS =ER+lT= %O*>[8 OY MZ; %O*<EVK9S _CYOg IS;9Wg 24 _CKTD; 2558 >[8 OY MZ; CWC7VO;ZC7S $V TE+S6LEE$lTcE_= ;_*V;= ;>Gb;OS7ETMZ; GR 0.53 <T9 _= ;+lT;I;_*V;9Sh*LVh; 143.1 G T;<T9 _*V;= ;>G6S*$G TIc6 + TDbM `$ >[ 8YOMZ ;b;ERMI T*= 2558

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

249

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¹ÌÊÖÕÊÐÓÐÈÛÐÖÕ ÖÍ ÌÍÍÌÊÛÐÝÌ ÛÈß ÙÈÛÌ

Profit before income taô eôìense Åncome taô using the Thai corìoration taô rate Åncome not subæect to taô Áôìenses not deductible for taô ìurìoses Ñnder ìrovided income taô eôìense in ìrior year Total

¹ÈÛÌ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

20

10. 6

128,137 25,627 ¤11,600¥ ¤715¥ 92 1 , 0

¹ÈÛÌ

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

20

18. 8

186,422 37,284 ¤7,250¥ 1,703 2,338 ,075

,QFRPH WD[ UHGXFWLRQ Îoyal Decree No. 577 ¾.Á. 2557 dated 10 November 2014 grants the reduction of the corìorate income taô rate to 20¡ of net taôable ìrofit for the accounting ìeriod 2015 óhich begins on or after 1 Æanuary 2015. On 22 Æanuary 2016, The National Legislative Assembly has aììroved a reduction of the corìorate income taô rate from 30¡ to 20¡ of net taôable ìrofit for the accounting ìeriod óhich begins on or after 1 Æanuary 2016. The Ãrouì has aììlied the taô rate of 20¡ in measuring deferred taô assets and liabilities as at 31 December 2015 and 2014 in accordance óith the clarification issued by the ÂAP in 2012. ¬ÈÙÕÐÕÎÚ ×ÌÙ ÚÏÈÙÌ

%DVLF HDUQLQJV SHU VKDUH The calculations of basic earnings ìer share for the years ended 31 December 2015 and 2014 óere based on the ìrofit for the years attributable to eíuity holders of the Comìany and the number of ordinary shares outstanding during the years as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ ÛÏÖÜÚÈÕË ÚÏÈÙÌÚ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

Íïìãæñ ÞññïæßòñÞßéâ ñì âîòæñö åìéáâïð ìã ñåâ ÀìêíÞëö ¥ßÞðæঠÍïìãæñ ÞññïæßòñÞßéâ ñì âîòæñö åìéáâïð ìã ñåâ ÀìêíÞëö ¥ßÞðæঠËòêßâï ìã ìïáæëÞïö ðåÞïâð ìòñðñÞëáæëä Ëòêßâï ìã ìïáæëÞïö ðåÞïâð ìòñðñÞëáæëä ¿Þðæà âÞïëæëäð íâï ðåÞïâ LQ %DKW

¿Þðæà âÞïëæëäð íâï ðåÞïâ LQ %DKW

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

143,153 70,000 0.5

241,430 70,000 0.89

114,733 70,000 0.

152,346 70,000 0.56

«ÐÝÐËÌÕËÚ

At the annual general meeting of the shareholders of the Comìany held on 24 Aìril 2015, the shareholders aììroved the aììroìriation of dividend of ¾aht 0.53 ìer share, amounting to ¾aht 143.1 million. The dividend óas ìaid to shareholders during 2015.

250 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

b;$TE=ER-ZCLTCS =ER+lT= %O*>[8 OY MZ; %O*<EVK9S _CYOg IS;9Wg 25 _CKTD; 2557 >[8 OY MZ; CWC7VO;ZC7S $V TE+S6LEE$lTcE_= ;_*V;= ;>Gb;OS7ETMZ; GR 0.45 <T9 _= ;+lT;I;_*V;9Sh*LVh; 121.5 G T;<T9 _*V;= ;>G6S*$G TIc6 + TDbM `$ >[ 8YOMZ ;b;ERMI T*= 2557 I /CQ9 -C9#> >/I @%

À£ ³£ ³¤ ² ³¤ ¨³¢¾«¶Æ£ ³ n³ ³¤¾ µ $GZ C<EVKS9CW'ITC_LWgD*+T$$TE6lT_;V;:ZE$V+7TC=$7V+T$$TE_=GWgD;`=G*OS7ET6O$_<WhD`GROS7ET`G$_=GWgD;_*V;7ET7 T*=ER_9J `GR+T$ $TEcC =1V<S7V7TC% O$lTM;67TCLS T%O*'[ LS T $GZ C<EVKS9cC CW$TE8YOMEYOOO$_'EYgO*CYO9T*$TE_*V;9Wg_= ;7ETLTEO;Z@S;: _@YgO$TE_$f* $lTcEMEYO$TE' T ³¤ ¤µ¬³¤ ² ³¤ ¹ ;aD<TD%O*'5R$EEC$TE<EVKS9 'YO$TEES$KTER6S<_*V;9Z;bM CSg;'*_@YgOES$KT;S$G*9Z; _+ TM;Wh`GR'ITC_-YgOCSg;%O*7GT6`GR$ ObM _$V6 $TE@S4;T%O*:ZE$V+b;O;T'7 '5R$EEC$TEc6 CW$TE$lT$S<6[`G>G7O<`9;+T$$TEG*9Z; .Xg*$GZ C<EVKS9$lTM;6I T_= ;>G%O*$V+$EEC $TE6lT_;V;*T;MTE6 IDL I;%O*>[ 8YOMZ ;9Sh*MC6 ¨³¢¾«¶Æ£ n³ ®² ¤³ ® ¾ ¶Ç£ 'ITC_LWgD*6 T;OS7ET6O$_<WhD MCTD8X* 'ITC_LWgD*9Wg_$V6+T$$TE_=GWgD;`=G*9Wg+R_$V6b;O;T'7%O*OS7ET6O$_<WhDb;7GT6 .Xg*L *>G$ER9< 7 O$TE6lT_;V;*T;`GR$ER`L_*V;L6%O*$GZC <EVKS9 _;YgO*+T$6O$_<WDh %O*_*V;$[ DCY L I;bM CWOS7ET6O$_<WhD'*9Wg+T$MZ ;$[ ¤6[MCTD_M7Z% O 16¥ OS7ET6O$_<WDh 9W`g 9 +EV*%O*M;WLh ;V 9T*$TE_*V;9WCg BW TER6O$_<WDh 5 IS;9Wg 31 :S;IT'C `GRERDR_IGT9W'g E<$lTM;6-lTERMEYO$lTM;6OS7ETbMC C6W *S ;Wh *=%&>#

& >/I è%/39=!/> 9 I&AR. #AQJ#ú /è /ú9.1<!ù9'ñ

d 2558 MCZ;_IWD; _*V;_<V$_$V;<S -W:;T'TE`GR_*V;$[D CY ERDRLS;h +T$L8T<S;$TE_*V; MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= _*V;$[D CY ERDRDTI+T$L8T<S;$TE_*V;9W8g *X $lTM;6-lTERBTDb;M;X*g = cC MCZ;_IWD; MZ ;$[ _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; EIC

,>.L% 'ñ

71= > 'ñ J!ù,>.L% 'ñ

/3-

2.80 - 7.44 5.20 - 5.90 4.45 - 4.60

245,317 520,000 100,080

-

245,317 520,000 100,080

3.65 4.45 - 4.60

865, 97

100,000 58,140 158,1 0

100,000 58,140 1,0 ,5 7

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

251

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

At the annual general meeting of the shareholders of the Comìany held on 25 Aìril 2014, the shareholders aììroved the aììroìriation of dividend of ¾aht 0.45 ìer share, amounting to ¾aht 121.5 million. The dividend óas ìaid to shareholders during 2014. ­ÐÕÈÕÊÐÈÓ ÐÕÚÛÙÜÔÌÕÛÚ

)LQDQFLDO ULVN PDQDJHPHQW SROLFLHV The Ãrouì is eôìosed to normal business risks from changes in market interest rates and currency eôchange rates and from non-ìerformance of contractual obligations by counterìarties. The Ãrouì does not hold or issue derivative financial instruments for sìeculative or trading ìurìoses. &DSLWDO PDQDJHPHQW The ¾oard s of Directors ìolicy is to maintain a strong caìital base so as to maintain investor, creditor and market confidence and to sustain future develoìment of the business. The ¾oard of Directors monitors the return on caìital, óhich the Ãrouì defines as result from oìerating activities divided by total shareholders eíuity. ,QWHUHVW UDWH ULVN Ånterest rate risk is the risk that future movements in market interest rates óill affect the results of the Ãrouì s oìerations and its cash floó. Loan interest rates are mainly fiô from debentures ¤Note 16¥. The effective interest rates of interest-bearing financial liabilities as at 31 December and the ìeriods in óhich those liabilities mature or re-ìrice óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¬ÍÍÌÊÛÐÝÌ ÐÕÛÌÙÌÚÛ ÙÈÛÌ ×ÌÙ ÈÕÕÜÔ

¾ÐÛÏÐÕ àÌÈÙ

¨ÍÛÌÙ àÌÈÙ ÉÜÛ ÞÐÛÏÐÕ àÌÈÙÚ

»ÖÛÈÓ

2 15 t ¾ank overdrafts and short-term loan from financial institutions Current ìortion of debentures Current ìortion of long-term loan from financial institutions o t Debentures Long-term loan from financial institutions Total

2.80 - 7.44

245,317

-

245,317

5.20 - 5.90 4.45 - 4.60

520,000 100,080

-

520,000 100,080

3.65 4.45 - 4.60

865, 97

100,000 58,140 158,1 0

100,000 58,140 1,0 ,5 7

252 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

6V>7/=&J!ù1<'ñ6R%@ 6D 3=%#AQ $=%3> - J1<

*=%&>#

& >/I è%I *>< @ >/ 9=!/> 9 I&AR. #AQJ#ú /è /ú9.1<!ù9'ñ

d 2558 MCZ;_IWD; _*V;_<V$_$V;<S -W:;T'TE`GR_*V;$[D CY ERDRLS;h +T$L8T<S;$TE_*V; MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= cC MCZ;_IWD; MZ ;$[ EIC

2.80 - 7.44 5.90 3.65

,>.L% 'ñ

71= > 'ñ J!ù,>.L% 'ñ

/3-

245,317 200,000

-

245,317 200,000

5, 17

100,000 100,000

100,000 5 5, 17 *=%&>#

& >/I è%/39=!/> 9 I&AR. #AQJ#ú /è /ú9.1<!ù9'ñ

d 255 MCZ;_IWD; _*V;_<V$_$V;<S -W:;T'TE`GR_*V;$[D CY ERDRLS;h +T$L8T<S;$TE_*V; 7.54 MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= 5.27 _*V;$[D CY ERDRDTI+T$L8T<S;$TE_*V;9W8g *X $lTM;6-lTERBTDb;M;X*g = 4.45 - 4.60 cC MCZ;_IWD; 5.20 - 5.50 MZ ;$[ _*V;$[ DYCERDRDTI+T$L8T<S;$TE_*V; 4.45 - 4.60 EIC

,>.L% 'ñ

71= > 'ñ J!ù,>.L% 'ñ

/3-

29,099 250,000 100,080

-

29,099 250,000 100,080

79,179

520,000 158,220 678, 0

520,000 158,220 1,057, 99 *=%&>#

& >/I è%I *>< @ >/ 9=!/> 9 I&AR. #AQJ#ú /è /ú9.1<!ù9'ñ

d 255 MCZ;_IWD; _*V;_<V$_$V;<S -W:;T'TE`GR_*V;$[D CY ERDRLS;h +T$L8T<S;$TE_*V; MZ ;$[ 9Wg8X*$lTM;6-lTERBTDb;M;Xg*= cC MCZ;_IWD; MZ ;$[ EIC

,>.L% 'ñ

71= > 'ñ J!ù,>.L% 'ñ

/3-

7.54 5.27

29,099 250,000

-

29,099 250,000

5.50

79,099

200,000 00,000

200,000 79,099

/>. >%'/< V>'ñ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ ¨ÕÕÜÈÓ ¹Ì×ÖÙÛ

253

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¬ÍÍÌÊÛÐÝÌ ÐÕÛÌÙÌÚÛ ÙÈÛÌ ×ÌÙ ÈÕÕÜÔ

¾ÐÛÏÐÕ àÌÈÙ

¨ÍÛÌÙ àÌÈÙ ÉÜÛ ÞÐÛÏÐÕ àÌÈÙÚ

»ÖÛÈÓ

2 15

t ¾ank overdrafts and short-term loan from financial institutions Current ìortion of debentures o t Debentures Total

2.80 - 7.44

245,317

-

245,317

5.90

200,000

-

200,000

3.65

5, 17

100,000 100,000

100,000 5 5, 17

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¬ÍÍÌÊÛÐÝÌ ÐÕÛÌÙÌÚÛ ÙÈÛÌ ×ÌÙ ÈÕÕÜÔ

¾ÐÛÏÐÕ àÌÈÙ

¨ÍÛÌÙ àÌÈÙ ÉÜÛ ÞÐÛÏÐÕ àÌÈÙÚ

»ÖÛÈÓ

2 14

t ¾ank overdrafts and short-term loan from financial institutions Current ìortion of debentures Current ìortion of long-term loan from financial institutions o t Debentures Long-term loan from financial institutions Total

7.54

29,099

-

29,099

5.27 4.45 - 4.60

250,000 100,080

-

250,000 100,080

5.20 - 5.50 4.45 - 4.60

79,179

520,000 158,220 678, 0

520,000 158,220 1,057, 99

ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¬ÍÍÌÊÛÐÝÌ ÐÕÛÌÙÌÚÛ ÙÈÛÌ ×ÌÙ ÈÕÕÜÔ

¾ÐÛÏÐÕ àÌÈÙ

¨ÍÛÌÙ àÌÈÙ ÉÜÛ ÞÐÛÏÐÕ àÌÈÙÚ

»ÖÛÈÓ

2 14 t ¾ank overdrafts and short-term loan from financial institutions Current ìortion of debentures o t Debentures Total

7.54

29,099

-

29,099

5.27

250,000

-

250,000

5.50

79,099

200,000 00,000

200,000 79,099

254 &/è5=# è I 9/ý'/<I#4M#. V> = -7> % ºÐÕÎÌÙ »ÏÈÐÓÈÕË ·ÜÉÓÐÊ ªÖÔ×ÈÕà ³ÐÔÐÛÌË 7->.I7!D'/< 9& & >/I è%

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1,000 620,000 158,220

1,000 623,323 158,220

304,181 300,000 -

304,181 301,843 *=%&>#

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1,000 770,000 158,220

1,000 779,751 158,220

724,181 450,000 -

724,181 456,359 -

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255

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

)RUHLJQ FXUUHQF\ ULVN The Ãrouì is eôìosed to foreign currency risk relating to ìurchases óhich are denominated in foreign currencies. At 31 December 2015 and 2014, the Ãrouì and the Comìany óas not eôìosed to foreign currency risk in resìect of financial liabilities denominated in foreign currencies. &UHGLW ULVN Credit risk is the ìotential financial loss resulting from the failure of a customer or counterìarty to settle its financial and contractual obligations to the Ãrouì as and óhen they fall due. Management has a credit ìolicy in ìlace and the eôìosure to credit risk is monitored on an ongoing basis. Credit evaluations are ìerformed on all customers reíuiring credit over a certain amount. The ìroducts are sold under hire ìurchase agreements and the hire-ìurchase contract receivables are secured by the ìroducts sold. The maôimum eôìosure to credit risk is reìresented by the carrying amount of each financial asset in the Statement of financial ìosition. /LTXLGLW\ ULVN The Ãrouì monitors its liíuidity risk and maintains a level of cash and cash eíuivalents deemed adeíuate by management to finance the Ãrouì s oìerations and to mitigate the effects of fluctuations in cash floós. )DLU YDOXHV RI ILQDQFLDO DVVHWV DQG OLDELOLWLHV )DLU YDOXHV RI ILQDQFLDO DVVHWV DQG OLDELOLWLHV Âair values of financial assets and liabilities, together óith the carrying values shoón in the consolidated and seìarate statement of financial ìosition at 31 December óere as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

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°® Áâàâêßâï ¯­®² °® Áâàâêßâï ¯­®² Other long-term investment Long-term loan to related ìarty Debenture Long-term loan from financial institutions

1,000 620,000 158,220

­ÈÐÙ ÝÈÓÜÌ

1,000 623,323 158,220

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

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­ÈÐÙ ÝÈÓÜÌ

304,181 300,000 -

304,181 301,843 -

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1,000 770,000 158,220

­ÈÐÙ ÝÈÓÜÌ

1,000 779,751 158,220

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

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724,181 450,000 -

­ÈÐÙ ÝÈÓÜÌ

724,181 456,359 -

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38,767 31,083 527 70, 77

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28,300 27,462 538 56, 00

38,193 30,057 527 68,777

27,750 26,501 538 5 ,789

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1,020 1,0 0

1,020 1,0 0

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257

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

The fair values of the current ìortion of financial assets and liabilities are taken to aììroôimate the carrying values due to the relatively short-term maturity of these financial instruments. )LQDQFLDO LQVWUXPHQWV FDUULHG DW IDLU YDOXH )DLU YDOXH KLHUDUFK\ The table above analyses recurring fair value measurements for financial assets. These fair value measurements are categorised into different levels in the fair value hierarchy based on the inìuts to valuation techniíues used. The different levels are defined as folloós. Level 1¶ íuoted ìrices ¤unadæusted¥ in active markets for identical assets or liabilities that the Ãrouì can access at the measurement date. Level 2¶ inìuts other than íuoted ìrices included óithin Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3¶ unobservable inìuts for the asset or liability. 0HDVXUHPHQW RI IDLU YDOXH The Ãrouì determines Level 2 fair values for over-the-counter securities based on broker íuotes. Those íuotes are tested for reasonableness by discounting eôìected future cash floós using market interest rate for a similar instrument at the measurement date. Âair values reflect the credit risk of the instrument and include adæustments to take account of the credit risk of the Ãrouì and counterìarty óhen aììroìriate. ªÖÔÔÐÛÔÌÕÛÚ ÞÐÛÏ ÕÖÕ ÙÌÓÈÛÌË ×ÈÙÛÐÌÚ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

11RQ FDQFHOODEOH RSHUDWLQJ OHDVH FRPPLWPHQWV Óithin one year After one year but óithin five years After five years Total

38,767 31,083 527 70, 77

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

28,300 27,462 538 56, 00

38,193 30,057 527 68,777

27,750 26,501 538 5 ,789

The Ãrouì has commitment relating to rental agreements of office buildings, shoì buildings, óarehouse, vehicles and office eíuiìment. The rental fees, terms and conditions are as described in the agreements. ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

2WKHU FRPPLWPHQWV ¾ank guarantees Total

1,020 1,0 0

1,020 1,0 0

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259

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

The Ãrouì has committed óith the local banks for letters of guarantee issued in favor of a local comìany and a state enterìrise for guarantee the ìayment of goods and ìostage service that are their reíuirement for every customers to deal óith them. ªÖÕÛÐÕÎÌÕÛ ÓÐÈÉÐÓÐÛÐÌÚ

As at 31 December 2015, the Comìany has contingent liabilities óith the financial institutions and the bond holders to guarantee a subsidiary in resìect of line of credit use and debenture totalling ¾aht 386.64. million ¤2014¶ ¾aht 420.00 million¥. ¬ÝÌÕÛÚ ÈÍÛÌÙ ÛÏÌ ÙÌ×ÖÙÛÐÕÎ ×ÌÙÐÖË

'LYLGHQG SD\PHQW The ¾oard of Directors of the Comìany meeting held on 18 Âebruary 2016 ìroìosed a resolution aììroving a dividend ìayment in resìect of the results of the oìerations in 2015 of ¾aht 0.3 ìer share, amounting to ¾aht 81 million. Hoóever, this resolution must be aììroved at the annual general meeting of shareholders. »ÏÈÐ ­ÐÕÈÕÊÐÈÓ ¹Ì×ÖÙÛÐÕÎ ºÛÈÕËÈÙËÚ »­¹º ÕÖÛ àÌÛ ÈËÖ×ÛÌË

A number of neó and revised TÂÎS have been issued but are not yet effective and have not been aììlied in ìreìaring these financial statements. Those neó and revised TÂÎS that may be relevant to the Ãrouì s oìerations, óhich become effective for annual financial ìeriods beginning on or after 1 Æanuary in the year indicated, are set out beloó. The Ãrouì does not ìlan to adoìt these TÂÎS early. »­¹º

»Ö×ÐÊ

TAS 1 ¤revised 2015¥ TAS 2 ¤revised 2015¥ TAS 7 ¤revised 2015¥ TAS 8 ¤revised 2015¥ TAS 10 ¤revised 2015¥ TAS 12 ¤revised 2015¥ TAS 16 ¤revised 2015¥ TAS 17 ¤revised 2015¥ TAS 18 ¤revised 2015¥ TAS 19 ¤revised 2015¥ TAS 23 ¤revised 2015¥ TAS 24 ¤revised 2015¥ TAS 27 ¤revised 2015¥ TAS 33 ¤revised 2015¥ TAS 34 ¤revised 2015¥ TAS 36 ¤revised 2015¥ TAS 37 ¤revised 2015¥ TAS 38 ¤revised 2015¥ TÂÎS 3 ¤revised 2015¥ TÂÎS 8 ¤revised 2015¥

Presentation of Âinancial Statements Ånventories Statement of Cash Âloós Accounting Policies, Changes in Accounting Ástimates and Árrors Ávents After the Îeìorting Period Åncome Taôes Proìerty, Plant and Áíuiìment Leases Îevenue Ámìloyee ¾enefits ¾orroóing Costs Îelated Party Disclosures Seìarate Âinancial Statements Áarnings Per Share Ånterim Âinancial Îeìorting Åmìairment of Assets Provisions, Contingent Liabilities and Contingent Assets Åntangible Assets ¾usiness Combinations Oìerating Segments

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55,475 ¤38,376¥ 239,849 38,376 211,791 ¤38,515¥ 212,223 38,515 -

& >/I è%I *>< @ >/ 71= = '/<I,#L7-ù

17,099 278,225 173,276 250,738

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352,512 ¤38,376¥ 105,181 38,376 234,417 ¤38,515¥ 405,275 38,515 -

2,530,893 108,825 2,639,718 2,602,862 ¤1,056,497¥ ¤108,825¥ ¤1,165,322¥ ¤974,312¥ -

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314,136 143,557 195,902 443,790

- 2,602,862 - ¤974,312¥ -

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261

µÖÛÌÚ ÛÖ ÛÏÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ

For the year ended 31 December 2015 and 2014

»­¹º

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TÂÎS 10 ¤revised 2015¥ TÂÎS 13 ¤revised 2015¥ TSÅC 15 ¤revised 2015¥ TSÅC 32 ¤revised 2015¥ TÂÎÅC 1 ¤revised2015¥

Consolidated Âinancial Statements Âair Òalue Measurement Oìerating Leases - Åncentives Åntangible Assets - Óeb Site Costs Changes in Áôisting Decommissioning, Îestoration and Similar Liabilities Ånterim Âinancial Îeìorting and Åmìairment

TÂÎÅC 10 ¤revised 2015¥

The Ãrouì has made a ìreliminary assessment of the ìotential initial imìact on the consolidated and seìarate financial statements of these neó and revised TÂÎS and eôìects that there óill be no material imìact on the financial statements in the ìeriod of initial aììlication. ¹ÌÊÓÈÚÚÐÍÐÊÈÛÐÖÕ ÖÍ ÈÊÊÖÜÕÛÚ

Certain accounts in the 2014 financial statements have been reclassified to conform to the ìresentation in the 2015 financial statements as folloós¶ ÐÕ ÛÏÖÜÚÈÕË ©ÈÏÛ

ªÖÕÚÖÓÐËÈÛÌË ªÖÕÚÖÓÐËÈÛÌË ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ©ÌÍÖÙÌ ÙÌÊÓÈÚÚ

6WDWHPHQW RI ILQDQFLDO SRVLWLRQ Trade accounts receivable Other receivables Trade accounts ìayable Other ìayables 6WDWHPHQW RI FRPSUHKHQVLYH LQFRPH Îevenue from sale of goods Selling eôìenses

¹ÌÊÓÈÚÚ

55,475 ¤38,376¥ 239,849 38,376 211,791 ¤38,515¥ 212,223 38,515 -

ºÌ×ÈÙÈÛÌ ÍÐÕÈÕÊÐÈÓ ÚÛÈÛÌÔÌÕÛÚ ¨ÍÛÌÙ ÙÌÊÓÈÚÚ

¨ÍÛÌÙ ÙÌÊÓÈÚÚ

©ÌÍÖÙÌ ÙÌÊÓÈÚÚ

17,099 278,225 173,276 250,738

352,512 ¤38,376¥ 105,181 38,376 234,417 ¤38,515¥ 405,275 38,515 -

2,530,893 108,825 2,639,718 2,602,862 ¤1,056,497¥ ¤108,825¥ ¤1,165,322¥ ¤974,312¥ -

¹ÌÊÓÈÚÚ

314,136 143,557 195,902 443,790

- 2,602,862 - ¤974,312¥ -

The reclassifications have been made because, in the oìinion of management, the neó classification is more aììroìriate to the Ãrouì s business.

262 &/è5=# è I 9/Ă˝'/<I#4M#. V> = Â?-7> %Â? ÂşĂ?Ă•ĂŽĂŒĂ™ ÂťĂ?ĂˆĂ?Ă“ĂˆĂ•Ă‹ ¡ĂœĂ‰Ă“Ă?ĂŠ ÂŞĂ–Ă”Ă—ĂˆĂ•Ă ÂłĂ?Ă”Ă?Ă›ĂŒĂ‹

>/'/< D-6>-=s'/< V>'Ăą(EĂş"C97DĂş% /=R #AQ ›Â&#x; ¨Ă•Ă•ĂœĂˆĂ“ ÂŽĂŒĂ•ĂŒĂ™ĂˆĂ“ ÂşĂ?ĂˆĂ™ĂŒĂ?Ă–Ă“Ă‹ĂŒĂ™Ăš ´ĂŒĂŒĂ›Ă?Ă•ĂŽ Â?¨Ž´Â? ¾Ö•›Â&#x;Ă›Ă?

$TE=ER-ZCLTCS‰=ER+lT= >[ 8YOMZ ; 'ESh*9Wg 48 %O*<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;ÂĽ +S6%X;h _CYOg IS;9Wg 24 _CKTD; 2558 5 M O*=ER-ZC-Sh; 30 OT'TE $L9 a9E'C;T'C <T*ES$ $EZ*_9@Q _@YgO@V+TE5TITER7 T*e 9Wg_$WgDI% O* a6DCW;TDc@3[ED JZ$E '5TBE5 $EEC$TE<EVKS9 _= ;=ER:T;b;$TE=ER-ZC `GRCW'5R$EEC$TE<EVKS9 EIC8X*'5R>[ <EVMTE<EVKS9_% TE IC$TE=ER-ZCOD T*@E OC_@EWD* The 48th Annual Ăƒeneral Meeting of Shareholders of Singer Thailand PCL., Ăłas held on AĂŹril 24, 2015 at the Conference ĂŽoom, CAT Telecom ToĂłer, 30th Ă‚l., Charoenkrung road, žangrak, žangkok. The meeting Ăłas ĂŹresided over by Mr. Paitoon SukhanaĂŹhorn, Director of the ComĂŹany Ăłith attendees from Singer s žoard of Directors, Management team, 208 shareholders and ĂŹroĂ´ies to consider and aĂŹĂŹrove various agenda items by the Shareholders.

&/@5=# #<I&A.%*&%= 1 #D% ÂśĂ—Ă—Ă–Ă™Ă›ĂœĂ•Ă?Ă›Ă ÂŤĂˆĂ

<EVKS9 .V*_$OE =ER_9Jc9D +lT$S6 ¤CMT-;¼ c6 _% TE IC*T; <EVK9S +69R_<WD;@<;S$G*9Z; ¤OÏÏortunity Day¼ =ER+lT= 2558 .Xg*+S6a6D7GT6MGS$9ES@D `M *=ER_9Jc9DOD T*LClgT_LCO9Z$= _@YgO `8G*>G=ER$O<$TE `GR-Wh`+*8X*`>;$TE6lT_;V;*T;%O*<EVKS9`$ ;S$G*9Z; >[ 8YOMZ ; ;S$IV_'ETRM >[ L;b+9SgIc= `GREIC8X*LYgOCIG-; 9Z$`%;* a6Db;= 2558 ;Wh <EVKS9c6 _% TE IC$V+$EEC$TE`8G*>G =ER$O<$TE+lT;I; 2 'ESh* 'YO >G=ER$O<$TE=ER+lT= 2557 `GR =ER+lTc7ECTL9Wg 2/2558 .Xg*$V+$EEC6S*$G TIc6 CW$TE8 TD9O6L6> T; 9T* óebcast %O*7GT6MGS$9ES@D Q `GR LTCTE8ES<-CD O;MGS*c6 9Wg óóó.singerthai.co.th

Singer Thailand PCL., had ĂŚoined the event OĂŹĂŹortunity Day Ăłhich has organiĂśed by the Stock Ă Ă´change of Thailand as alĂłays. The event aims to facilitate investor relations activities of the listed comĂŹanies. Ă…n year 2015, the ComĂŹany ĂŚoined to announce comĂŹany ĂŹerformance result 2 times for year 2014 and Ă?2/2015. An OĂŹĂŹortunity Day Ăłas made to convenient for analysts, investors, the media and other interested ĂŹarties to find out about the business and oĂŹerations of listed comĂŹanies - and for listed firms to communicate Ăłith these key audiences. The session Ăłas broadcasted via Ăłebcast facilities of SĂ T Ăłith live and can also be revieĂłed retroactively on the ComĂŹany s Ăłebsite at óóó.singerthailand.co.th.

#9 (Ăş>'Ă´>I*CQ9 >/4B 5> 9•9DĂş-(> •!> ´ĂŒĂ™Ă?Ă› Ă”ĂˆĂ’Ă?Ă•ĂŽ ĂŠĂŒĂ™ĂŒĂ”Ă–Ă•Ă ĂˆĂ› ŸÔ×Ă?ĂˆĂ•ĂŽÂ“ ÂťĂˆĂ’

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Ă Ă´ecutives, Management and Staff of Singer Thailand Pcl. and Subsidiary ComĂŹanies, together Ăłith ĂŹarents and teachers of žan Mae klong Kao School, Ă‘mĂŹhang District, Tak, recently held a ĂŚoint merit making ceremony, Ăłith the aim of raising additional money to renovate eĂ´isting general use building as Ăłell as to build a neĂł school canteen and kitchen facilities. As such, this Ăłill enable the school to have ĂŹroĂŹer indoor facilities that is convenient and shaded for use in undertaking various activities together Ăłith a neĂł canteen and kitchen facilities that are clean, safe and hygienic for all the school children. The merit making ceremony Ăłas ĂŚointly sĂŹonsored and held by the ComĂŹany s Ă Ă´ecutives, Management and Staff members together Ăłith local community leaders, teaching staff, ĂŹarents, student and numerous local residents of Mae klong Kao community, to raise money and Ăłitness the receiĂŹt of various donations for this Ăłorthy cause.

&/è5=# è I 9/ý'/<I#4M#. ? = -7> % 9> >/ 6# K#/ -%> - =R% "%%I /ès /D J 3 &> /= I !&> /= /D I#*; K#/ K#/6>/ S°µ®¬¹ »Ïailand ·ublic Company ³imited ª¨» »ÌÓÌÊÖÔ »ÖÞÌÙ ÛÏ ­Ó ªÏÈÙÖÌÕ ²ÙÜÕÎ ¹ÖÈË ©ÈÕÎÙÈÒ ©ÈÕÎÒÖÒ »ÌÓ ­Èß ªÈÓÓ ªÌÕÛÌÙ¡ ¯ÖÛÓÐÕÌ¡ ÞÞÞ ÚÐÕÎÌÙÛÏÈÐ ÊÖ ÛÏ

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