Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

the same period last year. This represents the Company’s net profit margin of 28.1 percent in 9-months period of 2018. Thus, the details of the Company group can be described as follows: Summary of

Page 1 of 7 Management Decision and Analysis Q3’18 Executive Summary The operating result of the third quarter of 2018 (Q3’18), Singha Estate Public Company Limited (“the Company” or “Singha Estate

summary of the Company’s operating performance in the first quarter of 2018 and 2017 is shown in the following table: 1Q18 4Q17 % Change 1Q17 % Change [Amount in Baht Million] Q-o-Q Y-o-Y [1Q18VS 4Q17

%) (31.79%) Tax income (expense) (2.64 ) 0.00 2.64 N/A (3.91%) 0.00% Profit (loss) for the period (23.21 ) (28.30 ) 5.09 17.99% (34.40%) (50.12%) Basic earnings per share-Owners of the Company (0.03 ) (0.03

summary of the Company’s operating performance in the second quarter of 2017 and 2016 is shown in the following table: 2Q17 1Q17 %Change 2Q16 %Change [Amount: in Baht Million] Q-o-Q Y-o-Y [2Q17 VS. 1Q17

. A summary of the Company’s operating performance in the third quarter of 2017 and 2016 is shown in the following table: 3Q17 2Q17 %Change 3Q16 %Change [Amount: in Baht Million] Q-o-Q Y-o-Y [3Q17 VS

. Summary The Company reported Total revenues in 2Q19 of Baht 218.73 million, a 50.31% increase from 2Q18 revenues of baht 145.52 million. Net profit for 2Q19 increased by 72.14% to Baht 38.44 million from

%) Tax income (expense) (2.64 ) 0.00 2.64 N/A (3.91%) 0.00% Profit (loss) for the period (23.21 ) (28.30 ) 5.09 17.99% (34.40%) (50.12%) Basic earnings per share-Owners of the Company (0.03 ) (0.03

period (53.94 ) (62.24 ) 8.30 13.34% (44.38%) (56.63%) Basic earnings per share-Owners of the Company (0.06 ) (0.07 ) Attributable to Owners of the Company (53.94) (62.24) 8.30 13.34% Non-controlling