- Translation - Page 1 of 7 CBG 019/2018 11 May 2018 Subject Management discussions and analysis for the 3-month period ending 31 March 2018 To President The Stock Exchange of Thailand We, Carabao

Page 1 of 4 No. RJH – SET 12/2017 11 Aug 2017 Subject : Management Discussion and Analysis for the 2nd Quarter of 2017 ending on 30 June 2017 To : The President The Stock Exchange of Thailand

77/1 SOI RUAM SIRI MIT,CHOM PHON, CHATUCHAK, BANGKOK 10900 Tel. 02 093 1681- 3 Fax. 02 093 1684 Website: www.eicasia.net Page 1 of 4 (Translation) Ref: EIC-AD003/2020 2 March 2020 Subject: Management

equity 267,138 71% 274,445 85% 373,763 83% 334,642 83% Total liabilities and equity 376,493 100% 321,237 100% 449,348 100% 405,018 100% Enclosure Page 11 5. Total value of consideration The Company shall

as expected. Nevertheless, performance of the ESSE Sukhumvit 36 was reported under equity method of accounting included in share of gain/loss from investment in joint ventures. Page 3 of 9 Singha

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 9 May 15, 2020 (SHR_2020_CS

Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

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

Page 1 of 7 Management Discussion and Analysis 2Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 2Q19 total revenue of THB 2,355m, increased by 147% YoY. 300

million which decreased of Baht 7.2 million from Q1/2017 due to decreasing of price of fattening pig about 14% page 2/…… - 2 - Gross Profit Margin Gross Profit Margin (GPM) in Quarter 1/2018 was Baht 220.9