(Translation) NEP-AC 003/2561 8 November 2018 Subject : Management Discussion and Analysis for 3rd Quarter ended 30 September 2018 To : The President The Stock Exchange of Thailand Operating Result

Page 1 of 7 Management Decision and Analysis Q3’18 Executive Summary The operating result of the third quarter of 2018 (Q3’18), Singha Estate Public Company Limited (“the Company” or “Singha Estate

, departmental director or any equivalent position called otherwise, and shall include a person having entered into an agreement for full or partial power of management. “ general investor ” means an investor who

, departmental director or any equivalent position called otherwise, and shall include a person having entered into an agreement for full or partial power of management. “general investor” means an investor who is

. 1 Tambon Tarsit, Amohoe Pluag-daeng, Rayong (Translation) 1 KWM 010/2562 November 12th, 2019 Subject : Management Discussion and Analysis the three month-period and nine month-period ended September

MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31 December 2019) 1 U CITY PCL 2019 KEY FINANCIAL HIGHLIGHTS • Total revenue increased by 53.4% YoY

Conversion Plan of the Company of which a plan for allocation and offering of the newly issued ordinary shares of the Company according to the Debt to Equity Conversion Scheme, was a part thereof. This would

mall management and effective operating costs control The Thai economy in 2Q17 continued to expand and recovered at a modest pace, driven by export of goods which showed a high expansion, and the tourism

- Translation - Page 1 of 7 CBG 034/2018 10 August 2018 Subject Payment of interim dividend and management discussions and analysis for the 3-month and 6-month periods ending 30 June 2018 To

- Translation - Page 1 of 7 CBG 034/2018 10 August 2018 Subject Payment of interim dividend and management discussions and analysis for the 3-month and 6-month periods ending 30 June 2018 (edit