Page 1 of 7 Management Discussion and Analysis 1Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 1Q19 Total revenue of THB 3,000m, increased by 167% YoY. The

. Management Discussion and Analysis 3.1 Revenue from construction for the first quarter of 2019 has decreased when compared to the same quarter of 2018 by Baht 399.21 million or 17.74%. There are many

Revenue of Baht 2,211.1 million Management Discussion and Analysis (MD&A) for the first quarter ended 31 March 2020 5 | P a g e Operating Results Revenue Q1/2019 Q4/2019 Q1/2020 Change (Unit: THB million

revenue for the same period last year. The revenue generated from the management of Euroasia Total Logistics Co., Ltd. cross-border transport services are very popular with customers at this time. In the

from rental and rendering of services from new rental spaces and improved occupancy rates, and decreased selling and distribution expenses from improved cost management • Operating revenue increased by

period of 2016 decreased by Baht 0.09 million or a 1.43 percent decrease compared to the three-month period of 2015 due to the decrease of revenue from utilities, revenue from management fees and actuarial

% 105.8 104.9 (0.9) (0.9%) FiT Premium - - - 0.3 0.3 N.A. (>100) - 0.3 0.3 N.A. (>100) Adder 34.3 31.3 29.5 33.5 4.0 13.6% 129.2 128.6 (0.6) (0.5%) Revenue from waste management 9.4 9.6 10.4 10.8 0.4 3.8

Management Discussion and Analysis (MD&A) for the year of 2018 Page 1/7 Jaymart Public Company Limited

1 Forth Smart Service Public Company Limited (FSMART) 3Q18 Management Discussion and Analysis Operational Summary 9M18 Operational Summary  Total revenue from core business was Bt2,523mn, increasing

78.26 74.62 95.35 Air Freight 106.90 39.77 67.13 168.80 Logistics Management 69.45 42.52 26.93 63.33 Total Service Revenue 329.23 160.55 168.68 105.06 1. Marine Freight Management's revenue for the three