DISCUSSION & ANALYSIS 3Q 2018 14 NOV 2018 U CITY PCL 3Q 2018 MD&A (for the quarter ended 30 September 2018) 6 U CITY PCL 15 MAY 2018 OFFICE SEGMENT BLENDED OFFICE PERFORMANCE METRICS NET FLOOR AREA (NFA

experience from operate the business in the first quarter to set business strategy for appropriate the business environment in each area. We believe that sales and service income will grow as continuously and

estate developer and its customers. Although overall economy is soft, the Company’s target group of customers can maintain their purchasing power.   For recurring income business, the Company had adjusted

the previous year, mainly due to the sharp lower of purchasing power in most industries, as well as the strong competition in the stainless steel pipe, aluminum and copper. This caused the decreasing in

target group of customers can maintain their purchasing power. For recurring income business, in November 2019, the Company kicked off the construction of “Hotel Kitch”, a 72-room hotel that will be

entering the Company’s properties. Page 5 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Additionally, the Company puts an emphasize on efficient cost management to

additional one-time employee benefit expenses in the current three months, while such provision was made in the same three months last year. The other increase is in area of personnel costs due to salary

cost of sales was mainly due to the decrease of cost of sales in the mobile business and the reduction of rental cost in the rental area business. This is a result of the implementation of the Thai

respectively. The decrease of selling expense was mainly in area of logistic and marketing expenses. For the period of three months and 1st half ended 30th Sept 2020, the selling expenses were 2.48 percent and

quarter (2Q2020), despite the COVID-19 pandemic and flashfloods in some area in Thailand and Vietnam. The major highlights of our business in the first nine months are as follows: - Fashion business: a