developed under Nirvana Daii PLC was THB 21,720m. Page 4 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 2019 operating performance of Hospitality business Indicators 4Q2018

pandemic. The pandemic severely affects both external and domestic demand in tourism, manufacturing, and exporting sectors, as well as softens private consumption indicators. The outbreak also led to

4.60% respectively. The Company’s profitability indicators were significantly higher than those of Q4 2020 as profit continues to improve. Interest bearing debts to equity (IBD/Equity) ratio has also

Analysis for the 3rd quarter of year 2022 5 Return on equity (ROE) and Return on assets (ROA) as of Q3 2022 were at 17.1% and 6.5% respectively. The Company’s profitability indicators improved from those of

/Equity) 0.8 0.8 0.7 0.6 0.6 Return on equity (ROE) and Return on assets (ROA) as of Q3 2023 were at 18.7% and 7.3% respectively. The Company’s profitability indicators improved from those of Q3 2022 in

SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE NEWLY RENOVATED UNDERWOOD STREET OFFICE Renovation of Underwood Street office building was completed in early February 2019

OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE NEWLY RENOVATED UNDERWOOD STREET OFFICE 8,747 8,747 8,747 8,747 8,747 2,370 2,370 2,370 2,370 2,370 16,064 16,061 16,067 16,067 16,061 4,447

PCL 2019 - MD&A (for the year ended 31 December 2019) 7 U CITY PCL OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE OFFICE BUILDINGS In 2019, the Company acquired

of 638 keys (5 hotels). The increase was partially offset by the discontinuance in operations of the 1,421 keys (9 managed hotels). OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA

AUG 2020 U CITY PCL 2Q 2020 - MD&A (for three-month and six-month period ended 30 June 2020) 5 U CITY PCL OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA) & OCCUPANCY RATE OFFICE