Page 1 of 7 Management Discussion and Analysis 1Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 1Q19 Total revenue of THB 3,000m, increased by 167% YoY. The

liabilities, (vii) an increase in other non-current assets and (viii) an increase in real estate projects under development. After deducting cash paid for interest expenses, cash paid for income tax and cash

payables being offset by (ii) an increase in other current assets, (iii) a decrease in other current liabilities, (iv) an increase in trade and other receivables and (v) and increase in real estate projects

to 60.9% of Q1/2018. 1.2.2 Administrative Expenses In Q1/2019, administrative expenses were of Bt148.3 million, increased by Bt17.1 million or 13.0%(y-o-y), mainly due to the real estate tax paid

Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 2Q19, the average occupancy rate of CPN’s domestic shopping malls stood at 92% , same as the

มรำชชลบรีุ 358 หมู่ 6 ถนนทำงหลวง 331 ต ำบลบอ่วิน อ ำเภอศรีรำชำ ชลบรีุ 20230 โทร (66) 038-345-950 แฟ็กซ์ (66) 038-345-693 Factory : Hemaraj Chonburi Industrial Estate, 358 Moo 6, Highway 331, Bowin

operating the NPL management business that has invested in NPLs in the past 9 months. Moreover, the cost of real estate development in subsidiaries increased in condominium projects that are being developed

. The project value is approximately Baht 1,100 million, located at Map Ta Phut Industrial Estate, Rayong Province. With the initial production capacity of 30 megawatts, the construction is expected to be

from Noble Development PCL (Noble) at total investment of THB 800mn. DISPOSAL OF ASSETS Disposal of asset - Boonbaramee Metta Property 11 February 2019 The Company entered into a sales agreement of

Project One Co., Ltd. ("PP1") and Pace Project Three Co., Ltd. ("PP3") which are the Company's subsidiaries and the shares of which are held by the Company, directly and indirectly through Pace Real Estate