portfolio. Cost of fund for 3Q18 slightly decreased to 2.2% comparing to 2.3% for 3Q17. For the three-month period ended Consolidated Change Sept 30, 2018 Sept 30, 2017 Baht million % Interest expense 1,290

quarter of prior year by Baht 3.86 million and Baht 12.09 million or equivalent to 19.95% and 22.85%. 1.2.2 Other main revenues Unit : Million Baht Items For the 3 months Change between YoY For the 9 months

Page 1 of 9 Singha Estate Public Company Limited Management Discussion and Analysis 2Q20 Executive Summary Since May 2020, restriction has gradually been lifted and lockdown measure started to be

relevant guidelines, laws, and regulations. In case of any change to this Personal Data Protection Policy, the SEC Office will notify you by updating its website as soon as possible. This Personal Data

– cash flow hedges ▪ Unrecognised change in fair value ▪ Recognised in OCI (Other Comprehensive Income) THB 40.5 million The financial reporting standards relate to leases standard (TFRS 16) Previously

ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0268/2020 10 August 2020 Subject: Management Discussion and Analysis for the Second Quarter ended 30 June 2020 To President The Stock Exchange of Thailand

attached hereunder: “ intermediary ” means a securities company or a derivatives intermediary. “ fund management company ” means a securities company licensed to undertake securities business in the category

refers to the level and direction of changes in the rate of return of securities in the mutual fund’s investment portfolio by comparing with market movements. Beta lower than 1 indicates that the change in

expected to result in a credit rating action (including withdrawal of a credit rating), consistent with the applicable credit rating methodology; c. reviewing the impact of and applying a change in the

to remain at the same rate if there is no significant change in natural gas price and the appreciation in Thai Baht. However, during September and December of 2018, Ft rate is expected to be adjusted