results were, Description 1H/2016 1H/2017 Differentiate (Unit: Million THB) Million THB % Million THB % Million THB % Operating Revenue Income from Sales of real estate 991.3 97.14 2,024.2 98.53 1,032.9

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

ended of 2017 and 2016 Revenue from sales of real estate 4,257.24 3,049.17 39.62 2,315.84 2,101.53 10.20 Revenue from rental and service 110.72 41.52 166.67 33.50 51.21 -34.58 Other income 153.91 236.39

operating results were, Description First Quarter 2018 First Quarter 2019 Differentiate Million THB % Million THB % Million THB % Revenues Revenues from sales of real estate 1,986.7 80.3 3,000.4 86.9 1,013.7

estate business was THB 633.09 million or increased by THB 55.93 million or 9.69% when comparing to the same period of last year. For this quarter, the Company reported revenue less than its first and

and its subsidiaries’ total revenue earned for Q.3/2019 totaled Baht 370.14 million, increased from the Q.3/2018 totaled Baht 313.56 million, which was increased of Baht 56.58 million or 18.05 percent

บริษัท แฮลเซ่ียน เทคโนโลยี่ จ ำกดั (มหำชน) HALCYON TECHNOLOGY PUBLIC CO., LTD. 41 Moo 14 Bangchan Industrial Estate Soi 6, Serithai Road, Minburi, Bangkok 10510 Tel. (66)2-9063242-50 e-mail: info

following reasons as follows; 1. Total incomes of the Company decrease to 168.60 million baht equal to 71.19% against to the same period of last year mainly due to: 1.1) Revenue from Sales decrease THB 0.35

, 2018. The operating results were, Description Nine-month 2017 Nine-month / 2018 Differentiate (Unit: Million THB) Million THB % Million THB % Million THB % Revenue Revenues from sales of real estate

joint venture company, (With“Nomura Real Estate Development” (NRED)) 3. Other income, in the period of the first quarter of 2018, accumulated amount of 78.5 million baht, or 3.2% from the total revenue