Management Discussion & Analysis Q1/2020 Overall Operating Results of the Company in Q3/2019 Q3/18 Q3/19 (THB million) YoY Operating Revenue 287 219 (24%) Cost of sales 99 82 (17%) Gross Profit 188 137 (27

points throughout Bangkok to encourage doctors and public health personnel working in high-risk areas. Donating consumer goods for hospitals Management Discussion & Analysis Q1/2021 Overall Operating

developed under Nirvana Daii PLC was THB 21,720m. Page 4 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 2019 operating performance of Hospitality business Indicators 4Q2018

Public Company Limited (“the Company”) would like to submit the management discussion and analysis of the operating results for the nine months of 2020 ended September 30, 2020 as follows: Overall Group

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

Page 1 of 7 Management Discussion and Analysis 1Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 1Q19 Total revenue of THB 3,000m, increased by 167% YoY. The

to welcome its first guests in September and no revenue from operation has been realized in 2Q19 performance. Page 4 of 7 Management Discussion and Analysis 2Q2019 2Q19 operating performance of

Microsoft Word - MDA 2017 EN SET Final.docx Page 1 of 5    L-WAVE ENT 28/2018 28 February 2018 Subject: Report on reasons of change to profit (loss) and analysis on operating results by the

Retail Corporation Public Company Limited Management discussion and analysis /Page 4 Operating result for the first quarter of 2020 (1Q2020) was as follow: 1. Revenue from sales of goods was THB 48,631

Revenue of Baht 2,211.1 million Management Discussion and Analysis (MD&A) for the first quarter ended 31 March 2020 5 | P a g e Operating Results Revenue Q1/2019 Q4/2019 Q1/2020 Change (Unit: THB million