Page 1 of 5 Performance Overview In 1Q18 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a 7% YoY decrease in total revenues, mainly from a drop of revenues from

Differentiate (Unit: Million THB) Million THB % Million THB % Million THB % Revenue Revenues from sales of real estate 8,764.9 87.8 14,523.1 87.3 5,758.2 65.7 Revenues from project management 487.5 4.9 1,225.9

of real estate and providers of real estate services. The main focus is put on the quality of life of residents managed with “Livable Community” strategy, social and environmental responsibility and

delays. 3.3 Revenue from real estate development business has decreased when compared to the same quarter of 2018, by Baht 12.60 million or 12.49%. Income from ownership transfer of housing and condominium

signed into contract or about to be signed which will allow the Company to begin to recognize revenue. 3.2 Revenue from real estate development business has decreased when compared to 2019, by Baht 403.82

estate which the company is to invest and to develop real estate projects of the company of which the company will generate returns more than investing in long-term infrastructure development. Such

Page 1 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 9M19 total revenue of THB

, 2020. To : The President and Governing Members of The Stock Exchange Market of Thailand For the first quarter of 2020, Real estate transfer activities of condominium and house totaled 3,393.9 million

residential real estate market, especially condominiums which are popular amongst foreign customers who invest in real estate in Thailand, is also affected. As the company focus on developing projects with

property funds; (3) “Property Fund Manager” means a person who makes decisions to invest or dispose of real estate or leasehold right of property funds; (4) “Fund Manager of Fund for Solving Financial