months ended December 31, 2017 by its auditor as follows. Unit : THB Million The Company AT-ZE* Total assets 931.58 157.66 Deduct Intangible assets deduct 11.53 0.54 Deduct Total liabilities 315.37 157.34

At-Ze’s audited financial statements for the period of twelve months ended December 31, 2017 by its auditor as follows. Unit : THB Million The Company AT-ZE* Total assets 931.58 157.66 Deduct

was a reasonable and appropriate transaction to the Company. The Company had no control due to the Company holds only 17.39% of the total shares and had no expertise personnel, in the business of mills

discussed further herein is the fiscal year ending 31 December 2018, 2017, and 2016 and has been prepared on consolidated basis. Consolidated financial information 2018 2017 2016 Total assets million baht

price and time. Discussion and Analysis of the Company and its subsidiaries Operational Results in 2018 and 2017 Corporate Revenue In 2018 the Company and its subsidiaries’ total earnings amounted to 880

Baht 205.70 million:- 1. Total revenue was Baht -169.36 million, a decrease by Baht 444.76 million or 161% mainly from:  Fee and service income decreased by Baht 22.93 million from the suspension of

subsidiaries’ total earnings amount to Baht 169 million, consisting of Baht 168 million contract revenue and Baht 1 million of other income and interest. This is a decrease of Baht 166 million (50%) from Q3/2018

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