revenue from money market product increased from foreign exchange transaction. Moreover, other operating expenses increased Baht 1,976 million or 2.98 percent over-year, due mainly to marketing expenses. 1

including the procurement of project land site and rendering of related services to the group customer, with 17 operating solar power projects in Thailand, and (2) revenue from the sale of electricity from

. Analysis of Overall Operating Results for the Company and its subsidiary 1.1 Important circumstance during the year In April 2018, the Company acquired 800,000 ordinary shares of Aesthetic Zecret (AT-ZE

reported under share of gain/loss from investment in joint ventures. Page 4 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 9M19 operating performance of Hospitality

Limited” to “WIIK PT Company Limited” with the Ministry of Commerce. Analysis of the operating results of WIIK and Subsidiaries for the year ended December 31, 2019 as follows; Summarized of the Statement

of the Company’s shareholders had a resolution to approve a dividend payment from 2018 operating results of Baht 0.15 per share. The Company paid an interim dividend of Baht 0.06 per share on September

, mainly from increase in non-controlling interest in WHAUP after its IPO. Cash flow analysis Q2 2016 Q2 2017 THB mm THB mm Net cash generated (used in) from operating activities (618.0) 270.9 Net cash

. 0107536001133 Ref. MD 125/2017 September 25, 2017 Re: Clarification on the operating performance of the Company and its subsidiaries for the six-month period (2nd quarter) of 2016 (amendment) Attn: President The

. 0107536001133 Ref. MD 126/2017 September 25, 2017 Re: Clarification on the operating performance of the Company and its subsidiaries for the nine-month period (3rd quarter) of 2016 (amendment) Attn: President The

654 3323 No. PACE 201711/01 Date: 14 November 2017 Subject: Explanation of the Operating Results for the Third Quarter of the Year 2017 (Q3 2017) Changing over 20% To: The President The Stock Exchange