2020 consist of goodwill which resulted from an acquisition of shares of ICE on March 27, 2019. At the end of 2019 and the first 3 months of 2020, the Company and its subsidiary had the total liabilities

Earlier, the Civil Sanction Committee decided to impose civil sanctions on Mr. Surin Banyongponglert in the case where he had sent trading orders of PICO shares in the manner of price manipulation

15,000,000 12.50% 493,151 8 5/9/2017 30/9/2017 26 1,000,000 12.50% 8,904 9 11/9/2017 30/9/2017 20 3,000,000 12.50% 20,548 10 22/9/2017 30/9/2017 9 3,000,000 12.50% 9,247 Total 94,000,000 4,091,096 No. GJS

/2017 30/9/2017 96 15,000,000 12.50% 493,151 8 5/9/2017 30/9/2017 26 1,000,000 12.50% 8,904 9 11/9/2017 30/9/2017 20 3,000,000 12.50% 20,548 10 22/9/2017 30/9/2017 9 3,000,000 12.50% 9,247 Total

depreciation , property tax , legal & advisory fee for the acquisition of subsidiary’s remaining shares. Financing Costs In 1Q’18, financing cost decreased by 76% yoy stemming from the reduction of subsidiary’s

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