venture agreement with Tokyo Tatemono Asia Pte. Ltd. to jointly develop a luxury condominium project in Thonglor area, Soi Sukhumvit 38. Management outlook and future projects Despite the bearish outlook

for rent (sq.m.) n/a 4,435 n/a 5,507 Offer signed (%) n/a 96% n/a 96% Other businesses Other businesses, covering construction service and project management service, generated revenue at THB 225m in

service and project management service, generated THB 84m revenue to the Company in 2Q19, 33% drop from 2Q18 due mainly to the decrease in revenue from construction service. Revenue from sales of goods

Riverside Bangkok and sales of land plot of Santiburi the Residences. Page 3 of 7 Management Discussion and Analysis 1Q2019 Residential projects for sales as at 31 March 2019: Project Project value Sold

contributed 71.9% of total revenue or THB 368mn, decreased by 14.2% YoY. This was resulted from less revenue recognition from project management. Cost of sales increased by 5.7% YoY to THB 453mn mainly due to

Service Agreement The Project Owner: Singha Property Management (Singapore) Pte. Ltd. and/or other subsidiaries in which SPM SG directly or indirectly holds not less than 99 percent of total issued and

Limited (“STEC”) have jointly invested in the MRT Pink Line Project (Khae Rai - Min Buri) and the MRT Yellow Line Project (Lat Phrao - Samrong); Management Discussion and Analysis For the Year Ended

than 24,000 cubic metre per day. (3) GS has obtained licenses that relate with reservoir construction and water supply distribution as required by law. (4) GS and HYDRO would sign the project management

security) 48 2.1 0 การบริหารจัดการโครงการด้าน IT (IT project management) การจัดหา พัฒนา และบำรุงรักษาระบบ IT (system acquisition, development and maintenance) 50 2.1 0 .1 การบริหารจัดการโครงการด้าน IT (IT

Discussion & Analysis (MD&A) Q3/2017 Management Discussion & Analysis 99.8% 26 Project Summary : • Ichinoseki Solar Power 1GK (ISP1) is a Solar Power Plant located in Ichinoseki City, Japan with capacity of