Katipagdeetham Independent Director and Member of the Audit Committee 9. Assoc. Prof. Dr.Chiraphol Chiyachantana Director and Secretary 3. Approved of the change of the authorized signatories of the Company

results based on its audited consolidated financial statements which ended 31 December 2019 as follows: Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read

Page 1 of 6 Performance Overview In 2017 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a consolidated net profit of Bt572mn, representing a growth of 236% YoY with

The Company performance and its subsidiaries for the second quarter of 2019 from the consolidated financial statements with the net profit of 137.0 million Baht, increased from the second quarter of

of the highest value when calculated from 12-month period net profit criteria consideration based on the latest reviewed consolidated financial statement ended March 31, 2020 which equals to 32.52% and

3Q17, sales progress reached 91%. The project was due to complete in 3Q19. Management Discussion and Analysis 3Q17 & 9M17 Consolidated Financial Results Page 2 of 6 • In February 2017, the Company

ENDED JUNE 30, 2020 1. Analysis of operation results for the second quarter of 2020 in comparison with those for the same quarter of 2019 (from the consolidated financial statements) Items Second quarter

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2018 ended on 31 December 2018 which were audited by the auditor. The Company

AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 181 91 90 190 102 88 199 108 91 Operating Revenue Billboard Street Furniture 2Q 2016 1Q 2017 2Q 2017 2Q 2017 CONSOLIDATED P&L SNAPSHOT

“Company”) submitted its separate financial statement and its consolidated financial statement for the first quarter of 2019 ended on 31 March 2019 which were reviewed by the auditor. The Company hereby