Translation DIMET AC 2008/001 August 31, 2020 Subject Management Discussion and Analysis for business operation year 2019 (July 1, 2019 - June 30, 2020) To The Manager and President The Stock

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

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1 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 MEDIA INDUSTRY Outdoor media has presently become the go-to choice for advertising. It’s

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

transfer the remaining units in 2019. 2. Completion of SPRIME establishment – on 18 January 2019, S REIT Management Company (“SREIT”) – our wholly owned subsidiary and REIT manager of SPRIME – has completed

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

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

1 Ref: AC.006/2019 25 February 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.008/2020 25 February 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating