Group’s management also recognized cost of construction under a concession arrangement at actual cost in the same amount. No gain and loss from recognized sales and cost of construction under a concession

. Thus, the details of the Company group can be described as follows: Management Discussion and Analysis, Q2/2019 Page2/4 Summary of Income Statement Unit: Million Q2/2018 Q2/2019 Change % Change 6M/2018

% 1,334 31.3% 151 12.8% Total liabilities and shareholders’ equity 3,185 100.0% 4,260 100.0% 1,075 33.8% 5 Forth Smart Service Public Company Limited (FSMART) 4Q17 Management Discussion and Analysis As at

bond allowing the bondholder to convert bond to the Company’s stock at the adjusted conversion price at THB 4.40 per share. Page 2 of 11 Singha Estate Public Company Limited Management Discussion and

analysis of financial status as at 31 December 2019 Explanation and analysis of financial performance for the year ended 31 December 2019 Compared to the same period last year, the company’s performance

supporting documents for the offering for sale of the Hong Kong Covered Fund which the Hong Kong Covered Management Company has prepared and distributed in Hong Kong. Such documents shall be available at the

% 2 from 4.0% at the end of 2019 from asset quality management and also partly impacted by the current staging suspension for loans under financial assistance under the Bank of Thailand measures. 1

1 of 8 Management Discussion and Analysis, for the quarter 2/2018 • The analysis of operating results for the six-month period ended of June 30, 2018 • The analysis of operating results for the three

hired on 2017 until 30 September 2019. As at 30 September 2019, the Group has backlog for construction service total of Baht 1,868.31 Million. Since 2018, the Group has been hired construction projects by

(Translation) NEP-AC 004/2562 14 Nov 2019 Subject: Management Discussion and Analysis for Q3 year ended 30 Sep 2019 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and