by higher transfer value of residential properties and fair value adjustments on investment properties recorded in 2018 and 2019. Page 7 of 7 Singha Estate Public Company Limited Management Discussion

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

Office of the Securities and Exchange Commission (SEC) ordered to revise the 2015 financial statements and the 2nd quarter of 2016 financial statements. In this case, the Company recorded the allowance for

Exchange Commission (SEC) ordered to revise the 2015 financial statements and the 3rd quarter of 2016 financial statements. In this case, the Company recorded the allowance for doubtful debts for the revised

, mainly due to increasing in management fee of office rental business and increasing in the revenue recorded from the retention guarantee forfeited from the contractors who breached the conditions of

last year the Group recorded extraordinary items of approximately Bt76.4 million which were :- 1) FPT received both principal and interest compensation according to the damaged in its fuel pipeline at

occupy full capacity. In addition, the expenses for the erection were higher than estimated budget. . The Company recorded an impairment of inventory which was higher than selling price by Baht 9.66

subsidiary therefore recorded loss on impairment of assets of Baht 41 million. Finance cost The financial cost for the third quarter of 2018 amounted to Baht 31 million and the financial cost to revenue from

Crossroads Phase One comprise expenses incurred in preparing for the opening of Project Crossroads Phase One that was not recorded as capital expenditure, expenses relating to employee benefits from

million or 0.6% increase from the end of 2018 (as of 31 December 2018) since the Company and its subsidiaries recorded net profit for the period of 9 months ending 30 September 2019 of Baht 2,179 million