Investor Return – Mind the Gap ©2015 Morningstar, Inc. All rights reserved. Kittikun Tanaratpattanakit Investor Return – Mind the Gap Agenda 2 gBackground g The Real Test is Whether Investors Succeed

proceeds from last year fund-raising activities were utilized for the investment of 1st Phase Development of Crossroads. Singha Estate Investor Relations choenporn.s@singhaestate.co.th Tel: +662 050-5555 Ext

Estate Investor Relations Tel: +662 050-5555 Ext.510 Email: IR@singhaestate.co.th mailto:IR@singhaestate.co.th

44,939 6,102 Total equity 20,093 19,869 -224 Gearing ratio 1.53 1.61 Net gearing ratio 1.35 1.40 Singha Estate Investor Relations Tel: +662 050-5555 Ext.517-518 Email: IR@singhaestate.co.th mailto:IR

Net gearing ratio 1.32 0.77 Singha Estate Investor Relations Tel: +662 050-5555 Ext.518 Email: IR@singhaestate.co.th

Estate Investor Relations choenporn.s@singhaestate.co.th Tel: +662 050-5555 Ext.510

0.60 times as at 2016 year-end, as proceeds from the fund-raising activities were under reserve for near-term investments. Singha Estate Investor Relations choenporn.s@singhaestate.co.th Tel: +662 050

20,093 19,096 998 IBD/E 1.53 0.85 0.68 Net IBD/E 1.33 0.41 0.92 Singha Estate Investor Relations Tel: +662 050-5555 Ext.510 Email: IR@singhaestate.co.th mailto:IR@singhaestate.co.th

38,837 42,533 3,696 Total equity 20,093 20,445 363 Gearing ratio 1.53 1.44 Net gearing ratio 1.35 1.28 Singha Estate Investor Relations Tel: +662 050-5555 Ext.517-518 Email: IR@singhaestate.co.th mailto:IR

Total liabilities 38,837 42,015 3,178 Total equity 20,093 19,917 -176 Gearing ratio 1.53 1.50 Net gearing ratio 1.35 1.39 Singha Estate Investor Relations Tel: +662 050-5555 Ext.517-518 Email: IR