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

March 2019, which net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 31 March 2019 31 March 2018 Increased (Decreased) Percentage

extraordinary service income incurred in the previous year. - Revenue from services and rental For the 9-month period ended 30 September 2018, the Group Company’s revenues from services and rental represents

Balance by Quarter Change Topic Q1-23 Q4-22 Q1-22 Q1-23 VS Q4-22 Q1-23 VS Q1-22 (Million Baht: MB) (MB) % (MB) % Total revenue 1,296.7 1,729.1 1,399.2 (432.4) (25.0) (102.5) (7.3) Total operating expenses

proportion of total revenue found that mobile phone distribution and its related equipment was the highest income, equivalent to 74 percent of total revenue. Most of the products selling by the Company are

% Change QoQ Sales and service income Change YoY Sales and service income (included revenue from finance lease under a Power Purchase Agreement) increase 6.2% QoQ from Baht 1,467.7 million to Baht 1,559.1

loan increased by Baht 2.04 million. Totally increasing in gross profit by Baht 2.15 million. 2. Other revenue increased by Baht 1.08 million from Fee income and Income from foreign exchange. 3

), decreased by 73% as compared to 3Q 2018 in of 397 million Baht, (2) other income including trademark and trade name fees of Dean & DeLuca of 71 million Baht (32% of total revenue); significantly increased by

+/(-) (THB million) YoY 12M Operating Revenue 283 207 (27%) 1,194 768 (36%) Cost of sales (102) (80) (22%) (421) (300) (29%) Gross Profit 181 127 (30%) 773 468 (39%) Other Income 3 3 0% 8 5 (38%) Selling and

revenue loss from the Hong Kong Branch is estimated to be minimal since revenue from initial fee will not be impacted and the franchise fee income will continue to be recognized in Q4/2019 after the