because in the Quarter 4 of 2017, the Company acknowledged the one- time profits in the amount of THB 108 million from the transfer of Thai restaurants in the United Kingdom consisting of 4 Patara

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– Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality business generated THB 2,638m in 9M19 or 66% increased from 9M18. For 3Q19, the Company recorded such revenue at THB 885m or 1% increase

countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality business generated THB 3,818m in 2019 or 48% increased from 2018. The significant increase in revenue from Hospitality business

businesses. Hospitality Business At the end of 1Q19, the Company’s total hotels reached 37 hotels with 4,271 keys covering 5 countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality

keys covering 5 countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality business generated THB 779m in 2Q19 or 132% increased from 2Q18. The acquisition of 6 Outrigger hotels on 12

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UNITED OVERSEAS BANK (THAI) PUBLIC COMPANY LIMITED KHLONGTAN, KHLONG TOEI, BANGKOK 10110, THAILAND Tel. +66 2285 1555 UOB ASSET MANAGEMENT (THAILAND) COMPANY LIMITED 173/27-30, 31-33 SOUTH SATHON ROAD

Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the