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

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

9PAGE 9 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1 2019 Key revenue drivers Q1/18 Q4/18 Q1/19 Change +/(-) QoQ YoY Availability Rate Availability Rate (%) – Sriracha Power Plant 99% 40% 99% 59% 0

Page 1 of 11 - Translation - Ref. WINNER 0029/2019 November 14, 2019 Re Management Discussion and Analysis (MD & A) for Q3/2019 period and for the nine-month ended September 30, 2019 To The President

: Management Discussion and Analysis for the year ended 31 December 2017 To : The President The Stock Exchange of Thailand Summary of the Company’s Financial Position and Operating Result for the year ended 31

of Thailand Enclosure : 1. Financial Statements for the Second quarter ended June 30,2019 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Reviewed

of Thailand Enclosure : 1. Financial Statements for the first quarter ended March 31,2020 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Reviewed

of Thailand Enclosure : 1. Financial Statements for the Years ended 31 December 2019 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Audited

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

(Microsoft Word - Rev.2 62 UPF\244\323\315\270\324\272\322\302 MDA E \341\241\351\344\242 27-2-63.doc) ( Translation ) Subject: Management Discussion and Analysis (MD&A) for the year ends on 31st