) (6.7) Overseas Restaurant Business 873 945 (71) (7.5) Others 52 45 7 15.5 Total 7,786 7,775 11 0.1 Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) In 2017, the Company has earnings

Bakery Wholesales Business 762 817 (55) (6.7) Overseas Restaurant Business 873 945 (71) (7.5) Others 52 45 7 15.5 Total 7,786 7,775 11 0.1 Earnings before Interest, Tax, Depreciation and Amortization

Page 1 of 8 Singha Estate Public Company Limited Management Discussion and Analysis 3Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 9M19 total revenue of THB

( “ the Company” ) has total revenue of THB 1,751.8 million, increased 144.8% from the six months ended period of 2018 as a result of realization of revenue from the Outrigger Hotels which were acquired by

Exchange of Thailand Business Overview In the year 2018, the Thai economy remained stable with the volatility of global economy including the impact of the trade war between the United States and China

Acquisitions or Dispositions”). Size of the transaction by the highest value based on total considerations (Translation) Page 2 of 2 method is equal to 13.37%. When taking into account all other asset

, 2004 (collectively the “Notifications on Acquisitions or Dispositions”). Size of the transaction by the highest value based on total considerations (Translation) Page 2 of 2 method is equal to 13.37

”) had total revenue of THB 2,639.7 million, increased 65.9% from the nine months period of 2018 as a result of commercially available for two hotels as part of the Project Crossroads Phase 1 which

Hero Experience will increase from 805,264 shares, or 30 percent of registered capital of the company, at Baht 335.29377 per share for the total price of Baht 270,000,000, to the subscription of newly

management. Consequently, CBD generated revenue from sales of energy drinks under Carabao trademark to new export market i.e. the People’s Republic of China amounted in a total of THB 569 million and THB 612