income 82 2,381 -97% 298 -72% Other income 3,852 7,251 -47% 4,339 -11% Total Revenues 439,120 494,213 -11% 328,687 34% Profit / (Loss) before interest and taxation 27,930 (44,109) 163% (767,358) 104

revenues from the manufacturing business accounted for only 4.4 - 9.6 percent of the total revenues as a result of a more intense competition, particularly a more variety of imported products with relatively

Million % Revenues Sales 16.60 23.14% 16.94 23.05% (0.34) (2.00%) Service and rental income 54.92 76.56% 54.92 74.75% 0.00 0.00% Other income 0.21 0.30% 1.62 2.20% (1.41) (86.85%) Total revenues 71.73

amotization of the purchase price allocation of Glow IPP Power Plant. 6 Share of Profit from Investments in Associates and Joint Ventures is the Total Share of Profit from Investments in Associates and Joint

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

Company and its subsidiaries recorded total sales of Baht 1,174 million, a decrease of 19% YoY, occurred from a decline in domestic branded sales and impacted from financial statement adjustment in

1,74,000 ordinary shares with a par value of 10 Baht each, representing 60% of the total value of 17.4 million Baht. In 2019, the company has share of loss from investments in associate amount of 0.2 million

Meeting”). The Meeting has approved the significant resolution as follow; The Meeting has approved the Company dispose the land of K.C. Park Ville (Zone B) total of 5 title deeds with total area 24 Rai 3

HRC Average Selling Price (Bht./Ton) 18,108 15,709 HRC Cash Margin (Bht./Ton) 1,223 1,334 Unit: million Baht 3rd Quarter 2017 Year-end 2016 Fin an ce S ta tu s Total Assets 31,907 32,615 Total

Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 201# Page 2 Unit : Million Baht Statement of Financial Position Dec 31, 2017 Jan 1, 2017 Assets Total Assets - Previously