[COMPANY NAME] EFORL IR010/2018 March 20, 2018 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2017 To President The Stock Exchange of Thailand 1. Overview financial

efficiency of inventory management. Besides, the Company has built up online channel to response the customer demand during the Covid- 19 pandemic. Gross profit Gross profit for Q1/ 2021 was Baht 134. 81

business in the future. Jaymart as a holding company has built the foundation of the business to grow in the future, according to the business plan and created returns for the shareholders. Performance

performance of the Company is built as follows: 1. As a result of economic fluctuations and national household debts, the Company could be affected as real estate business is our main business and the

insufficient inventory space. The cost per unit therefore increased significantly. Which the company has already built a factory to solve the said problem. However, the company could maintain the level of

payables of THB 303.5 mm, mainly due to the fact that the Company has built additional warehouses and factories to serve our customers. Shareholder’s equity As of 31 March 2019, the Company had total

6,624 5,751 Note (1) As at the end of the respective periods (2) Based on the weighted average number of keys for the year. In particular, the Company added 19 newly built pool villas to Santiburi Koh

number of keys for the year. In particular, the Company added 19 newly built pool villas to Santiburi Koh Samui in May 2018, thereby increasing the number of keys in Santiburi Koh Samui from 77 keys to 96

the end of the respective periods (2) Based on the weighted average number of keys for the year. In particular, the Company added 19 newly built pool villas to Santiburi Koh Samui in May 2018, thereby

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