Offeror : MR. PHONGPHAN SAMPHAWAKUPT | Date of submission of the Statement of Intention : 24/08/2007

subscribers through selective acquisition efforts and executing price restructuring schemes ahead of the market to grow the profitable revenue. The ARPU dropped by -1.5% QoQ in 1Q23 from a peak season in 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

9M/19 Change+/(-) (Unit: Million Baht) QoQ YoY Operating revenue 6,661 19,990 19,226 (4%) 189% 18,940 48,283 155% Gross Profit 1,606 6,011 5,476 (9%) 241% 5,087 13,980 175% EBITDA 1,371 5,402 5,057 (6

Operating revenue 5,863 19,226 18,279 (5%) 212% 24,880 66,562 168% Gross Profit 1,265 5,476 4,682 (15%) 270% 6,356 18,662 194% EBITDA 973 5,057 4,198 (17%) 331% 5,457 16,783 208% Shares of profit of

ต้นทุนค่าเสื่อมราคาและค่าตัดจ าหน่าย Operating highlight in Q2/2018 Q2/17 Q1/18 Q2/18 Change +/(-) 1H/17 1H/18 Change +/(-) (THB million) QoQ YoY YoY Operating revenue 5,459 5,716 6,563 15% 20% 10,825

financial position 4. Analysis of the consolidated cash flow 5. Future operating trends Summary of the Company's operating results In 2Q2020, particularly in April, was the peak of the Coronavirus pandemic

: Overall Financial Performance Unit: million baht Jan-Dec 2018 % Jan-Dec 2019 % Change % YoY Revenue 523.23 100.0% 613.86 100.0% 90.63 17.3% Cost 285.52 54.6% 332.39 54.1% 46.87 16.4% Gross Profit 237.71

1: Overall Financial Performance Unit: million baht Jan-Mar 2019 % Jan-Mar 2020 % Change % YoY Revenue 132.54 100.0% 179.21 100.0% 46.67 35.2% Cost (73.41) (55.4%) (93.71) (52.3%) (20.30) 27.7% Gross

Page 1 of 7 Management Discussion and Analysis 2018 Executive Summary The operating result of 2018, Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reached total revenue of