Unit” with Thai Oil Public Company Limited following “Growth along with PTT Group” strategy The company conducted studies with Thai Oil Public Company Limited (Thai Oil) to seek for business expansion

law Please be informed accordingly. Yours sincerely, (Ms. Ladda Waruntarakul) Company Secretary (F 53-4) The English translation of this document is prepared solely for reference for non-Thai

and conditions stipulated under the Thai Revenue Code for the purpose of tax exemption for such transaction (the “Entire Business Transfer Transaction”). BTSG is a majority shareholder of the Company

been completed on 19 February 2020. Page 2 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 On 11 December 2019, S Residential Development Co., Ltd., one of the Company’s

currently have 478.4 equity MW under operation, and another 64.5 equity MW under construction. We partner with a number of key Thai and international power developers, namely the Glow Group, the Gulf Group

Translation (Translation) PAGE (Translation) -6- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC

Translation (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

implementation of the amended Thai Labor Protection Act 3 Adjusted EBITDA is calculated from Profit (loss) before income taxes, plus Finance costs, plus Depreciation and Amortization, deduct gain from exchange

businesses. Hospitality Business At the end of 1Q19, the Company’s total hotels reached 37 hotels with 4,271 keys covering 5 countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality

-developed projects to foreign suppliers. During the first quarter of 2024, Thai Baht was depreciated compared to exchange rate of the first quarter of 2023, then the Group has gain on exchange rate for the