Osotspa Public Company Limited Q1’19 Management Discussion & Analysis 14 May 2019 Q1’19 Management Discussion & Analysis Page 1/6 Financial Highlights - Q1’19 Net profit* was at THB 888 million

Page 1 of 7 Management Discussion and Analysis 2Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 2Q19 total revenue of THB 2,355m, increased by 147% YoY. 300

2018, the Company had total assets of Baht 6,774.63 million, increased by Baht 545.54 million or 8.75% from 31 December 2017 due to; 1. A decrease in cash and cash equivalent at amount of Baht 13.90

Company had total assets of THB 80,637.2 mm, decreasing by THB 1,626.6 mm from THB 82,263.8 mm as of 31 December 2019. The main reasons are as follows: 1. Decrease in Investments in available-for-sale of

personnel expenses, depreciation on assets under hospitality business, non-operating activity expenses, e.g. consulting and legal fees related to M&A. The Company reported 1Q19 administrative expenses of THB

% 3,511.78 100.0% -404.42 -10.3% Statement of Financial Position 31 December 2018 30 September 2019 Increase (Decrease) As at 30 September 2019, the Company had total assets of Bt3,511.78mn, decreasing 10.3

POSITION The changes in Consolidated Balance Sheet as of 30 September 2019 are summarized as follows. Assets As of 30 September 2019, the Company had total assets of THB 80,381.8 mm, which increased by THB

, the Company had total assets of THB 78,344.9 mm, which increased by THB 4,726.0 mm from THB 73,619.0 mm as of 31 December 2017. The main reasons are as follows: 1. Increase in investments in associates

analysis As at June 30, 2020, the Company has total assets at Baht 520.60 million which increased from as at December 31, 2019 by Baht 180.36 million or equivalent to 53.01 % which having the significant

aforementioned transaction is considered as the receipt of financial assistance. The size of the transaction is approximately 0.24 percent of the Company’s Net Tangible Assets (NTA) (NTA of the Company as per the