1 Translation UWC 006/2019 February 26, 2019 Subject : Management Discussion and Analysis for year 2018 To : President of the Stock Exchange of Thailand Ua Withya Public Company Limited ("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

business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 969.4 million in Q1/2018, decreased Baht 102.6

business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 3,660.4 million in 2018, decreased Baht 67.1

. Due to this business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 948.70 million in Q2/2017

business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 920.1 million in Q1/2019, decreased Baht 49.3

. Due to this business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 855.3 million in Q2/2019

period of 2018 To : The President of the Stock Exchange of Thailand The Company would like to provide details of changes in Profit and Loss as shown in the six-month period ending 30 June 2019 reviewed

. Due to this business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 917.7 million in Q2/2018

this business has low gross profit margin, to build up more sales revenue will result in good net profit. Sales revenue The Company had total sales revenue of Baht 3,610.5 million in 2019, decreased Baht