jointly sign and seal of the Company. Mr.Chirasak Chiyachantana Mrs.Sangsri Chiyachantana Ms. Jatechanya Boonchaleo Two of these tree directors jointly sign and seal of the company. World Industrial Estate

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

Profit 850.96 817.65 (33.31) (3.91%) Gross Profit Margin 59.34% 62.41% Raw Water Distribution by Customer Group (Internal usage for tap water production is included) Industrial Estate 63.63% Industrial

production is included) Jan – Jun 2017 = 136.99 million Cu.M. Jan – Jun 2018 = 123.57 million Cu.M. Jan – Jun 2017 = 136.99 million Cu.M. Jan – Jun 2018 = 123.57 million Cu.M. Industrial Estate 73.16

million Cu.M. Jan – Mar 2018 = 61.93 million Cu.M. Jan – Mar 2017 = 69.98 million Cu.M. Jan – Mar 2018 = 61.93 million Cu.M. Industrial Estate 74.08% Industrial Estate 67.93% Household Customer 18.04

– Sep 2017 = 196.67 million Cu.M. Jan – Sep 2018 = 188.13 million Cu.M. Industrial Estate 72.16% Industrial Estate 69.78% Household Customer 16.16% Household Customer 12.71% Internal Usage 11.86% Internal

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

987.8% Trade and Other Receivables 67.7 56.0 11.7 20.9% Property Development Cost 239.6 156.7 82.9 52.9% Other current assets 34.5 26.7 7.8 29.3% Total current assets 574.4 260.7 313.6 120.3% Investment

S Hotels & Resorts, A Singha Estate Company 123 Suntowers Buliding B, 10th Floor, Vibhavadi-Rangsit Road, Chom Phon, Chatuchak, Bangkok 10900, Thailand +66 (0) 2058-9888 | contactus

– Translation – GRC-02/2020/026 12 November 2020 Subject: Establishment of New Subsidiaries To: President The Stock Exchange of Thailand Singha Estate Public Company Limited ("the Company") would