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

231,279 54.05% Other income 30,577 19,531 11,046 56.56% 10,741 6,803 3,938 57.89% Total Revenue 1,757,814 1,188,077 569,737 47.95% 669,901 434,684 235,217 54.11% Company total revenue on nine-month and 3nd

, the company had total assets of Baht 881.79 million, an increase of 4.69 percent. Total liabilities decreased by 33.70% resulting from the short-term loans - net of Baht 47.00 million, new law changed

Baht 56 million. Discussion and Analysis of the Company and its subsidiaries Operational Results in 2019 and 2018 Corporate Revenue In 2019 the Company and its subsidiaries’ total earnings amount to Baht

rail business 5,022 4,736 286 6.0 Revenue from commercial development business 783 705 78 11.1 Total revenue from main business 16,107 15,615 492 3.2 Interest income from the MRT Purple Line Project 380

transaction 5.1 Nature of transaction : The land, tittle deed no.73007, land no.184, survey page no.2498, total area 15 Rai, located on Huay-yang Sub-district, Klaeng District, Rayong. 5.2 Value of transaction

the Company and its subsidiaries Q2/2016 Q1/2017 Q2/2017 YoY QoQ 6M2016 6M2017 YoY Total Revenue 37,262 43,995 42,828 15% -3% 67,538 86,823 29% Accounting EBITDA 4,085 4,075 2,514 -38% -38% 5,504 6,589

. Total Revenue The total revenue of the Company and its subsidiary for the second quarter of the year 2017 was Baht 28.65 million, decreasing by Baht 1.19 million or 3.99% when compared to that of Baht

and Bang Sue Station - Tha Phra Station) which will operate as Through Operation system of the whole MRT Blue Line Project. The MRT Blue Line Extension Project, which has a total distance of 27

rubber, which is the main raw material cost for production. The Company's profitability in the second quarter of 2017 decreased from the same period of previous year, the return on total assets (ROA