% -108% 422 6% 333 3% -21% 4Q18 4Q19 % Y-o-Y 2018 2019 % Y-o-Y Page 3 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 condominium units reached THB 7,385m, grew by 104

THB 91mn. 2Q 2017 REVENUE CONTRIBUTION (THB mn) 2Q 2017 REVENUE BY SEGMENTS (THB mn) Cost of sale grew by 10.4% YoY from THB 79mn to THB 87mn, mainly due to the consolidation of Multi Sign coupled with

services volume of the two main airports, Suvarnabhumi (BKK) and Don Mueang (DMK) have a total growth rate of 1.6%(y-o-y) to 5,747 million liters while the total flights which services by BAFS grew by 3.0%(y

”) grew by 31.4% YoY from THB 112mn to THB 147mn primarily due to the consolidation of Trans.ad Group. SG&A to sales ratio decreased significantly from 40.4% in 1Q 2018 to 21.3% in this quarter. Net profit

overseas sales revenue except revenue from gift sets which doubled or grew at a rate of 130.68% over the same period of the previous year. The jump in revenue came from the introduction of gift sets

which grew 35% in the first half of 2018 versus the same period in 2017. Average prices have continued on an upward trend throughout H1 and Q2. We consider this as a recognition from the market, that the

to the same period of the previous year resulted from the fall in overall sales revenue of the Company with the exception of facial cleansers and gift sets which grew at a rate of 6.70% and 50.72

although slightly lower than the record breaking 2017/18. The steel industry grew an impressive 10% so far in 2018 and while this type of growth is unlikely to be sustained the size of the market now means

from 42.2% to 35.5% in this quarter. Selling, General and Administrative expenses (“SG&A”) grew by 86.6% YoY from THB 128mn to THB 239mn primarily due to the consolidation of VGM and Trans.ad Group. SG&A

mainly from Lumpini Township Rangsit - Klong 1 project. 3. Service Business: The income was generated from managing external property projects and grew 130.99 million THB or 14.04% from 2018 i.e. from