owners of the Company (197.35) (2,666.89) (18.30) (38.15) Based on the performance of DCORP from the consolidated financial statements for the first half of the year 2018 ended June 30, 2018, the total

consolidated financial statements for the first 9 months of the year 2018 ended September 30, 2018, the total income was Baht 11.41 million, comprised of income from programmed co-production of Baht 0.61 million

principal Other Conditions : None Objectives : To be used for capital expenditure of the Company and to be working capital of the Company (4) Total Value, Size of the Transaction, and Criteria to Value the

% Revenue from franchise - - 1,836 -100% Other income 3,503 4,326 -19% 13,328 -74% Total Revenues 473,402 507,792 -7% 853,833 -45% Profit / (Loss) before interest and taxation (4,437) (73,654) 94% 233,778

, JOMTHONG, BANGKOK 10150, THAILAND TEL. 02-473-8000 FAX: 02-473-8398 (4) Total Value, Size of the Transaction, and Criteria to Value the Transaction 4.1) Total Value of Transaction : Not more than THB

consolidated financial statements for the period ended March 31, 2018, which gives the highest transaction value, is equivalent to 2.61 percent. In this regard, the Company does not use the total value of the

Page 1 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 9M19 total revenue of THB

rail business 5,022 4,736 286 6.0 Revenue from commercial development business 783 705 78 11.1 Total revenue from main business 16,107 15,615 492 3.2 Interest income from the MRT Purple Line Project 380

on Total Assets ratio at 3.45 percent, Debt to Equity ratio at 1.69 times and Interest Bearing Debt to Equity ratio at 1.37 times. * The operational results were calculated based on the consolidated

Station and Bang Sue Station - Tha Phra Station) which will be connected and operated as a Through Operation. The MRT Blue Line Extension Project, which has a total distance of 27 kilometers with 20