2Q18 QUARTERLY RESULTS

2Q18 QUARTERLY RESULTS Opportunity Day The Stock Exchange of Thailand 6 September 2018 Singha Estate Public Company Limited

DISCLAIMER The information contained in this material has been prepared by Singha Estate Public Company Limited ( S or Singha Estate ) solely for information purpose and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for shares in Singha Estate. Some statements made in this material are forward looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves various risks and uncertainties. These include statements with respect to our corporate plans, strategies, and beliefs. The statements are based on our management s assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward looking statements. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Singha Estate or any of its shareholders, directors, officers or employees or any of the Banks (and their shareholders, directors, officers or employees) or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of Singha Estate nor any of its shareholders, directors, officers or employees accepts any liability (in negligence or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. Individual situations and local practices and standards may vary, so viewers and others utilizing information contained within a presentation are free to adopt differing standards and approaches as they see fit. Products and names mentioned in materials or presentations are the property of their respective owners and the mention of them does not constitute an endorsement by Singha Estate. The information contained in this presentation is only current as of the date its date. In giving this presentation, neither Singha Estate nor its respective advisers and/or agents undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as you may consider necessary or appropriate for such purpose. The presentation should not be construed as legal, tax, investment or other advice. 2 2

AGENDA 2Q18 BUSINESS UPDATE KEY BUSINESS SEGMENTS Residential Business Commercial Business Hospitality Business 1H18 Financial Results 2H18 Outlook Consolidated Statements of Incomes & Financial Positions Projects under Development Progress on Greenfield Project in Maldives Singha Estate Public Company Limited

2Q18 BUSINESS UPDATE

2Q18 BUSINESS UPDATE APRIL Issued and offered last tranche of ESOP-Warrant-3 of totaling 50 million units, exercise price of Bt.3.89 (2 nd year), Bt.4.28 (3 rd year), and Bt.4.71 (4 th -5 th year) MAY Decreased Baht 100 million registered capital or to Baht 10,128,502,526, by cancelling 100 million unissued ordinary shares, which were issued in support of the allocation of ordinary shares by way of private placement under the general mandate as approved by the 2017 AGM JUNE Completion of the acquisition of 100% equity of APAC Holdings LLC. by S Hotels and Resorts APAC (SG) Pte.Ltd for investment in 6 Outrigger-branded hotels AUG S Residential Development Company Limited, a subsidiary of the Company, has entered into a joint venture agreement with DH Asia Investment Orchid PTE. LTD to jointly invest in S43 Property Company Limited ( S43 ) to develop a luxury condominium project on Sukhumvit 43 Road ( EYSE Sukhumvit 43 ). 5 5

KEY BUSINESS SEGMENT

KEY BUSINESS SEGMENTS S s business currently spans across 3 major sectors of property business: residential (condominium and landed housing), commercial (office and retail), and hospitality (hotel and resort). 1 2 Residential Development & Investment Commercial Development & Investment 3 Hospitality Investment & Management 100% 52% 100% 100% 100% 50% 100% 100% 1) The ESSE Asoke ** Project value: Bt.4,900mn Pre-sale: approx. 84% 1 2) The ESSE at Singha Complex** Project value: Bt.4,300mn Pre-sale: approx. 91% 1 3) The ESSE Sukhumvit 36 3 Project value: Bt.6,400mn Pre-sale: approx. 56% 1 4) Sukhumvit 43 Project value: Bt.1,931mn Pre-sale: 14% 1 Nirvana Daii PCL ( NVD ) 1 Number of projects: 15 projects Remaining project value: Bt.18,485mn 3 Secured key land plots of approx. 275 rais 1. Krungthep Kreeta 2. Rattanathibeth 3. Bangrakyai Suntowers 2 NLA: 61,132 sq.m. Occupancy: 94% Project under development Singha Complex ** Program: Mixed-use NLA: 58,174 sq.m. Pre-lease: 30% Commercial launch: 3Q18 The Lighthouse 2 NLA: 3,201 sq.m. Occupancy: 85% 2 hotels in Thailand 1) Santiburi Beach Resort & Spa 2 ** No.of keys: 96keys Occupancy: 59% 2) Phi Phi Island Village Beach Resort 2 No.of keys: 201 keys Occupancy: 76% 29 hotels in UK 1) Jupiter Hotels 26 hotels 2 No.of keys: 2,886 keys Occupancy: 76% 2) The Hotelier Group 3 hotels 2 No.of keys: 229 keys Occupancy: 80% 6 hotels in Fiji (2), Maldives (1), Mauritius (1), and Thailand (2) No.of keys: 859keys Occupancy: 71% 4 Crossroads (phase 1) Development of tourist facilities, on Emboodhoo Lagoon, Maldives 5) Santiburi The Residences ** Project value: Bt.5,500mn Pre-sale: 17% 1 Total Project Value Bt. 23,031mm Total NLA 122,608 sq.m. 37 Hotels 4,271 KEYS New Project / Investment 7 Note: ** Asset injected from BRB and Mr.Santi Bhirombhakdi in 2014. 1. % of project value. As of 30 June 2018. 2. Data and operating performance in 2Q18. 3. A 51%-owned project (Partnered-up with Hongkong Land ( HKL )). 4. Operating performance during 19 days after closing (12 30 June 2018).

COMMERCIAL BUSINESS

SUNTOWERS The Bt.4,500mn acquired Suntowers Complex in 2015 is situated in one of growing commercial business areas in Bangkok, surrounded by office buildings and shopping malls. The complex underwent a series of value enhancement projects including the renovation of the building, the development of nearby retail and food court space namely Sun Plaza and car park extension, which were resulting in increasing yields from 2017 onwards. Key stats 1 2015 2 2016 2017 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Net leasable area (sq.m) 58,924 58,819 59,010 59,047 59,047 59,010 58,936 58,765 58,765 Occupancy rate 94% 93% 96% 96% 96% 96% 95% 96% 94% Rental growth (yoy%) +2% +4% +3% +4% +3% +6% +2% +3% Anchor tenants: SAM, Ericsson, Fuji Xerox, Halliburton, Technip, Symphony, Toyota Leasing, Toyota Insurance 9 Note: 1. Excludes retail and parking space. 2. Acquired on 10 August 2015. Figures are for full year 2015 and based on internal report.

VALUE ENHANCEMENT - SUNTOWERS In addition to the renovation of common area at Suntowers and a conversion of day-market area to a 2-storey retail space, a series of value enhancement projects has been conducted in the area, to enhance competitiveness of the office buildings. Project 1: Shop houses (August November 2017) Entering into a new lease of the property Fully renovate & remerchandize CAPEX: Bt.8.5mn (excluding land costs) Project 2: Parking buildings (September 2017 August 2018) Entering into a new land lease for 2 plots totaling 3 rais, 30 years term Construct parking buildings CAPEX: Bt.120mn (excluding land costs) 1 2 10 Note: Company estimates and subject to change.

HOSPITALITY BUSINESS

NEW ACQUISITION Part of S s strategic investment approach, SMART M&A, which focuses on high-return asset investment emphasizing fast growing prospects in tourist destinations around the globe. 2018 June, completion of acquiring six Outrigger-branded hotels expanding its hospitality business portfolio of 37 hotels with total 4,271 keys in global tourist destinations Investment value in six Outrigger-branded hotels is USD 310 million, final purchase price of USD 235.39 mn. after adjustment of remaining cash, bank borrowings and NWC funded by internal cash flow of USD 93.39 mn. and bank loans of USD 142 mn Outrigger Fiji Beach (253 keys) Outrigger Mauritius (181 keys) Outrigger Laguna Phuket (255 keys) Freehold Leasehold ended 2023 Freehold Fiji Castaway Island (65 keys) Outrigger Konotta Maldives (53 keys) Outrigger Koh Samui (52 keys) 12 Leasehold ended 2082 Leasehold ended 2055 Leasehold ended 2045 12

SANTIBURI BEACH RESORT & SPA Located with a 57-rai palm garden right on a 300-metre private section of the Mae Nam Beach, this 5-star beachfront resort, a member of the Leading Hotels of the World, completed its major refurbishment and room addition in December 2014. The upgraded property and effective sales & marketing strategies attributed to gradual improvement of the property. Key stats Prerefurbishment Post-refurbishment 2014 2015 2016 2017 No. of rooms 77 77 77 77 Occupancy rate 62% 58% 71% 71% RevPar (Baht) 7,200 6,317 9,141 8,868 RevPar growth (yoy%) (12%) +45% (3%) Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 Note: 1. 71 keys upon acquisition and increased 6 keys in 2014. No. of rooms 77 77 77 77 77 90 1 Occupancy rate Note: 1. Average no. of rooms after 19 pool villas added in May 2018. 80% 73% 76% 54% 81% 59% 13 13

SANTIBURI BEACH RESORT & SPA VALUE ENHANCEMENT While performance was strong, the resort underwent room expansion project an addition of exclusive modern-style pool villas to capture Asian markets. Value Enhancement Project type : Addition of 19 pool villas CAPEX : Approx. Bt.150mn Launch date : May 2018 14 Note: Company estimates and subject to change.

PHI PHI ISLAND VILLAGE BEACH RESORT The Bt.2,772mn acquisition 4-star luxury beach resort sitting on 167 private tranquil rais of swaying coconut palms with 800-metre white sand beach. While performance was strong, the resort underwent room expansion and refurbishment project in 2015 and 2016. These asset enhancement initiatives attributed to stronger performance in 2017. Operational Performance Key stats Prerefurbishment Post-refurbishment 2014 1 2015 2016 2 2017 No. of rooms 156 201 181 201 Occupancy rate 84% 82% 84% 85% RevPar (Baht) 4,344 4,414 5,374 5,650 RevPar growth (yoy%) +2% +22% +5% Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 No. of rooms 201 201 201 201 201 201 Note: 1. Full-year performance. Acquired on 28 November 2014. 2. Excludes villas closed for renovation. Occupancy rate 91% 74% 86% 88% 95% 76% 15

26 MERCURE-BRANDED HOTELS IN UK 26 Mercure-branded hotels with 2,886 bedrooms spread throughout major cities in UK The 26 Mercure-branded hotels in UK were acquired in October 2015 through a 50:50 joint-venture company with FICO Group. Total transaction size was approximately 155mn, or Bt.8,600mn 1. Operational Performance Key stats 2015 2 2016 2017 Leicester No. of keys 2,883 2,883 2,883 Occupancy rate 69% 70% 71% ADR ( ) 63 65 68 RevPAR ( ) 43 46 48 Manchester Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 No. of keys 2,883 2,883 2,883 2,883 2,886 2,886 Occupancy rate 60% 75% 82% 69% 62% 76% ADR ( ) 61 69 72 66 61 70 Brighton RevPAR ( ) 37 51 59 46 38 52 16 Note: 1. Total investment by the JV company. Based on Bank of Thailand s exchange rate of 1.00 = Bt.55.5579, as of 30 September 2015. 2. Based on internal report.

HOTEL PORTFOLIO EXPANSION IN UK Joint-venture invested in 3 hotels with 229 bedrooms in UK In September 2016, an acquisition of 2 Holiday Inn-branded hotels and 1 Mercure-branded hotel in UK were completed through a 50:50 joint-venture company with FICO Group. Total transaction size was approximately 12mn, or Bt.562mn 1. Operational Performance Key stats 2015 2 2016 2 2017 Dumfries No. of keys 229 229 229 Occupancy rate 72% 75% 74% ADR ( ) 50 53 56 RevPAR ( ) 36 40 41 Darlington North Key stats 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 No. of keys 229 229 229 229 229 229 Occupancy rate 67% 77% 81% 55% 69% 80 ADR ( ) 55 56 57 55 53 56 Acquired assets Sheffield Parkway RevPAR ( ) 37 43 46 40 36 45 17 Note: 1. Total investment by the JV company. Based on Bank of Thailand s exchange rate of 1.00 = Bt. 46.8627, as of 7 September 2016. 2. Based on internal report.

NEW PORTFOLIO: 6 OUTRIGGER-BRANDED HOTELS Operational Performance Key stats Jun-18 2Q18 No.of hotels 6 6 No.of rooms 859 859 Occupancy rate (%) 71% 71% RevPar growth (%yoy) Financial Performance (on a total portfolio basis) Financial highlights Actual (19 Days) Key notes Newly acquired 6 hotels in 4 countries: (1) Outrigger Fiji Beach Resort, Fiji, (2) Castaway Island, Fiji, (3) Outrigger Laguna Phuket Beach Resort, Thailand, (4) Outrigger Koh Samui Beach Resort, Thailand, (5) Outrigger Mauritius Beach Resort, Mauritius, and (6) Outrigger Konotta Maldives Resort, Maldives. The transaction was completed on 12 June 2018, with total investment of USD 235.39 million. 2Q18 Revenue (Bt.mn) 1 113 1,261 +12% 6M2018 %yoy Diff. Budget (%) EBITDA (Bt.mn) 1 16 298 +32% 18 Note: 1. Financial performance of 6 hotels from 12 June 2018.

FINANCIAL PERFORMANCE

FINANCIAL HIGHLIGHT More balance of revenue from three business segments Consolidated Financial Statements (in Bt.mn) Statement of Income 1HY 17 1HY18 2Q17 1Q18 2Q18 %QoQ %YoY 1Q18 Revenue Mix Total revenue 2,,230 2,277 1,028 1,128 954 (15%) (7%) Gross profit 864 846 378 527 319 (39)% (16%) EBITDA 317 986 115 480 506 5% 341% Net profit (loss) after NCI 109 24 (62) 252 412 64% 769% More balance of Recurring Revenue of 48% vs. Nonrecurring Revenue of 52% Statement of Financial Position 31-Dec-15 31-Dec-16 31-Dec-17 30-Jun-18 Assets 25,308 30,592 40,910 54,807 Liabilities 13,378 15,096 21,815 34,944 Equity 11,930 15,496 19,096 19,863 Net IBD/E (times) 0.88 0.60 0.41 1.16 20

CONSOLIDATED STATEMENT of INCOME Quarterly Proven of SMART M&A strategy to balance overall revenue REVENUE Residential Business Revenue decreased 32% YoY and 17% QoQ, reflecting lower revenue from NVD. All projects developed under S recorded remarkable high presales rate. Transferring of first project ESSE Asoke will be commencing from end of 2018. Commercial Business In Q2 18, overall revenue slightly increased by 1% YoY, reflecting gradual increases in effective rental rate at Suntowers. Newly developed Singha Complex, a mixed-use development which is due for commercial operation in Q3 18. Hotel Business 51% YoY increase of revenue caused by integration of revenue from 6 new Outriggerbranded hotels to portfolio amt. to Bt.113mn. from mid June 2018. 12% QoQ. decrease caused by world cup impact in connection with start of low season period. Exchange Losses ; Q2 18, incurred unrealized loss Bt.349mn. related to US$180 mn. convertible bonds. Financial Cost : Incurred from higher leverage related to increase of investment, mainly from CB issued in July 17 and long-term loan for hotels acquisition. Net Profit In Q2 18, increase QoQ, mainly due to fair values adjustment of Suntowers net off by the unrealized loss from foreign exchange rate. 21 21

CONSOLIDATED STATEMENT of FINANCIAL POSITION Investment Portfolio Expansion with More Effective Gearing Financial Position and Capital Structure Total assets were Bt54,807mn., increased by Bt.13,897mn. or 34% from last year mainly from USD310mn. of investment in 6 hotels, and cost of property development in all three business segments reflected under the items of Inventories and Net PPE with significant portion from Crossroads Project in Maldives. Liabilities increased from higher leverage to support new project development and acquisitions in order to drive and strengthen the revenue and net profit growth. Maturity of long term interest bearing debts has been deliberately matched with the future operating cash inflow to reduce the liquidity risk. 22

PROJECTS under DEVELOPMENT

RESIDENTIAL PROJECTS under DEVELOPMENT

RESIDENTIAL BY SINGHA ESTATE Projects under development Land acquisition Launch No.of units Condominium Project value (Bt.mn.) Sold (%) 1 Transfer 2 1. The ESSE Asoke 3Q14 + 1Q15 4Q15 419 4,900 Approx. 84% 4Q18 2. The ESSE at Singha Complex 3Q14 1Q17 319 4,300 Approx. 91% 3Q19 3. The ESSE Sukhumvit 36 3 4Q16 4Q17 338 6,400 Approx. 56% 3Q20 4. Sukhumvit 43 (low-rise) 3Q17 3Q18 107 1,900 Approx. 14% 3Q20 Single-detached house 5. Santiburi The Residences 3Q14 + 3Q15 4Q16 4 26 5,500 Approx. 17% 4Q16 Bangkok Metropolitan and its Vicinities Newly secured land on Sukhumvit 43 Santiburi The Residences The ESSE Sukhumvit 36 3 Sukhumvit 43 The ESSE Asoke The ESSE at Singha Complex N Under construction Note: Company estimates and subject to change. Excludes projects developed by Nirvana Daii PCL.. 1. Percentage of total units. As of 30 June 2018. 2. Tentative period for first lot transfer. 3. A 51%-owned project (Partnered-up with Hongkong Land ). 4. Soft launch in 4Q16 and commercial launch in 3Q18. 25

THE ESSE ASOKE PROJECT under DEVELOPMENT Located in BKK central business area and easily accessed by BTS and MRT, the 2.5-rai land plot on Asoke-Montri Road will be the highest condo development in Asoke vicinity. Project type : Luxury condominium (1 building, 55 storeys) Project value : Bt.4,900mn Total unit : 419 units Unit type & size : 1 Bedroom (37-53 sq.m.) 2 Bedroom (75-84 sq.m.) Penthouse (104.5-195.5 sq.m.) Parking facilities : > 100% of residential unit, plus supercar and superbike parking lots Launch date : October 2015 Transfer date : 4Q18 (tentative) Sales progress : Approx. 84% (as of 30 June 2018) Average price : Approx. Bt.218,000 per sq.m (Launched at Bt.190,000 per sqm) Development progress : EIA approved 70% overall construction progress 26 Note: Company estimates and subject to change.

CONSTRUCTION PROGRESS THE ESSE ASOKE PROJECT under DEVELOPMENT 27

THE ESSE AT SINGHA COMPLEX PROJECT under DEVELOPMENT Located at the corner of Asoke-Petchburi intersection, the project is a part of Singha Complex a crafted mixed-use development with connection to MRT and boat-taxi stop within walking distance. Project type : Luxury condominium (1 building, 39 storeys) Project value : Bt.4,300mn Total unit : 319 units Unit type & size : 1 Bedroom (34.8-47.8 sq.m.) 2 Bedroom (70-77 sq.m.) Penthouse (215.5 sq.m.) Parking facilities : > 80% of residential unit, plus supercar designated parking Launch date : February 2017 Transfer date : 3Q19 (tentative) Sales progress : Approx. 91% (as of 30 June 2018) Average price : Approx. Bt.266,000 per sq.m Note: Company estimates and subject to change. Development progress : EIA approved 30% overall construction progress 28

CONSTRUCTION PROGRESS THE ESSE AT SINGHA COMPLEX PROJECT under DEVELOPMENT 29

THE ESSE SUKHUMVIT 36 PROJECT under DEVELOPMENT Located on 2.5-rai land plot on Sukhumvit 36 in BKK central business area, easily accessed by only 20-meter walking distance from BTS Thonglor station. The first joint-development project by Singha Estate and Hongkong Land 1. Project type : Luxury condominium (1 building, 43 storeys) Project value : Bt.6,400mn Total unit : 338 units Unit type & size : 1 Bedroom (38.5-43.3 sq.m.) 2 Bedroom (73.5-77.0 sq.m.) 3 Bedroom (116.8-124.3 sq.m.) Penthouse (252.0 sq.m.) Parking facilities : 100% (combined of conventional and automated parking system) Launch date : November 2017 Transfer date : 3Q20 (tentative) Sales progress : Approx. 56% (as of 30 June 2018) Average price : Approx. Bt.336,000 per sq.m Development progress : EIA approved 5% overall construction progress 30 Note: Company estimates and subject to change. 1. Hongkong Land is a leading property investment, management and development group with growing portfolios in Hong Kong, Singapore, mainland China and other dynamic parts of Asia.

SALES GALLERY THE ESSE SUKHUMVIT 36 PROJECT under DEVELOPMENT 31 Note: Company estimates and subject to change. 1. Hongkong Land is a leading property investment, management and development group with growing portfolios in Hong Kong, Singapore, mainland China and other dynamic parts of Asia.

CONSTRUCTION PROGRESS THE ESSE SUKHUMVIT 36 PROJECT under DEVELOPMENT

SANTIBURI THE RESIDENCES PROJECT under DEVELOPMENT Project type : Ultra-luxury single-detached house Project value : Approx. Bt.5,500mn Clubhouse Villa Type 1 Villa Type 2 Total unit : 26 units Sales progress : Approx. 14% (as of 30 June 2018) Launch date : 3Q18 Development progress : EIA approved 100% for clubhouse and villa 1 90% for villa 2, landscape, infrastructure 47% for villa 12 Clubhouse Show Unit: Villa Type 1 33

SANTIBURI THE RESIDENCES PROJECT under DEVELOPMENT 34 Note: Artist s impression only. Includes elements which are not provided and serve only as indications for general concepts of the project. Information and specifications may be subject to change.

RESIDENTIAL BUSINESS NEW PROJECTS LAUNCHE

EYSE SUKHUMVIT 43 NEWLY LAUNCHED LOW-RISE CONDO Located on 1-3-69.4-rai land plot on Sukhumvit 43 in BKK central business area, easily accessed by 750-meter walking distance from BTS Prompong station. The first joint-development project by Singha Estate and Daiwa House Group Company Limited 1. (JV was established in August, 2018) Project type : Luxury condominium (1 building, 7 storeys) Project value : Bt.1,931mn Total unit : 107 units Unit type & size : 1 Bedroom (52.25-54.50 sq.m.) 2 Bedroom (62.50-94.75 sq.m.) 2 Bedroom Duplex (99.50-99.75 sq.m.) Parking facilities : 102% (total 109 parking units, combined of conventional and automated parking system) Launch date : 3Q2018 Transfer date : 3Q20 (tentative) Sales progress : Approx. 13% (as of 30 June 2018) Average price : Approx. Bt.270,524 per sq.m Development progress : Construction - Not started 36 Note: Artist s impression only. Includes elements which are not provided and serve only as indications for general concepts of the project. Information and specifications may be subject to change. 1. Daiwa House Group is Japan s largest homebuilder that specializes in prefabrication.

EYSE SUKHUMVIT 43 PROJECT under DEVELOPMENT 37 Note: Artist s impression only. Includes elements which are not provided and serve only as indications for general concepts of the project. Information and specifications may be subject to change.

SALES GALLERY EYSE SUKHUMVIT 43 PROJECT under DEVELOPMENT 38 Note: Artist s impression only. Includes elements which are not provided and serve only as indications for general concepts of the project. Information and specifications may be subject to change.

COMMERCIAL BUSINESS PROJECTS under DEVELOPMENT

SINGHA COMPLEX PROJECT under DEVELOPMENT Right in front of MRT station, the strategic 9-rai land plot on Asoke- Petchburi Intersection, previously the Japanese Embassy, is now under construction of S s first and world-class mixed-use complex Singha Complex. Project type : Mixed-use development Office tower (1 building, 28 storeys) Retail areas (office podium, 5 levels) CAPEX : Bt.4,255mn (excluding land cost) Net leasable area (NLA) : Office 53,850 sq.m Retail 4,500 sq.m Leasing progress 1 : Office 75% Retail 81% Development progress : EIA approved 95% overall construction progress Opening date : Commercial operation in 3Q18 (tentative) Anchor tenant 2 (Secured & transferred) : Boon Rawd Brewery Co., Ltd. ( BRB ) a 50-year lease of approx.10,600 sq.m BRB s upfront : payment 2 Year 2015 835 2016 610 2017 455 Up-front payment (Bt.mn.) totaling 1,900 40 Note: Company estimates and subject to change. 1. % of NLA. Includes tenants submitting LOI, paying deposit, or signing lease/rent agreement. 2. Part of upfront payments was recognized as revenue in December 2017 upon transfer of the space to the tenant; remaining portion will be realized over 50 years.

CONSTRUCTION PROGRESS SINGHA COMPLEX PROJECT under DEVELOPMENT 41 Note: Company estimates and subject to change. 1. % of NLA. Includes tenants submitting LOI, paying deposit, or signing lease/rent agreement. 2. Part of upfront payments was recognized as revenue in December 2017 upon transfer of the space to the tenant; remaining portion will be realized over 50 years.

HOSPITALITY BUSINESS PROJECTS under DEVELOPMENT

GREENFIELD PROJECT THE INVESTMENT IN MALDIVES 43 43

MALDIVES STRATEGIC HOLIDAY COUNTRY Maldives: The unique tourist destination Unique nature islands formation Tourism industry is government s focus Convenient travel distance for beach holiday for European, Asian, Chinese and Middle-east International airport expansion in 2018 44 44

LOCATION & AIRPORT EXTENSION Hanimaadhoo International Airport Airport extension in progress Malé International Airport The Male-Hulhumale Bridge 9.6 km. Emboodhoo Lagoon Project location Gen International Airport 45 45

Crossroads : New Opening Schedule Hardrock Hotel: Mar 2019 Township : Mar 2019 Curio by Hilton : Jan 2019

Progress Updates HARDROCK HOTEL

Progress Updates WATER VILLA 40 UNITS - NORTH SIDE Brick work 10 units + Pre-cast Slab 9 units + Footing 3 units = 22 units WATER VILLA 34 UNITS + 2 BEDROOM 3 UNITS + ROCK STAR SOUTH SIDE Brick work 14 units + Pre-cast Slab 3 units = 17 units 48 48

Progress Updates Water Villa and Guest Room Block Water Villa Guest Room Block Beach Villa Beach Villa 49 49

Progress Updates BEACH VILLA BV1-BV4 Skim coat and roof tile work BV7-BV12 Roof tile work WATER VILLA WV2- External cladding Walk way and stud wall work- WV1-WV20

Progress Updates Township Back-of-the House (BOH) Staff Dormitory Building A 51 51

CROSSROADS PROJECT COMPONENTS 1 2 3 4 5 6 7 8 9 Phase 1 Phase 2 Phase Island Development Operation date Phase 1 Phase 2 2 Own and Manage Manage Only Island 1 Mixed-use township including transit resort 200 keys, Retail & entertainment cultural & marine life center, multipurpose hall, marina, beach club, and BOH October 2018 Island 2 Themed resort - 201 keys October 2018 Island 3 Upscale lifestyle resort - 120 keys July 2020 Initial investment: USD83.0mn (or Bt.2,931.44mn 1 ) Total investment: Not exceeding USD311.5mn (or Bt.11,001.74mn 1 ) Island 4 Island 5 Island 6 Island 7 Island 8 Island 9 4.5-star resort - 150 keys 3.5-star resort - 200 keys 4-star resort - 225 keys 5-star resort: 100 keys Timeshare resort 100 keys Luxury timeshare resort Within April 2022 52 52

PROGRESS UPDATES Mock-up Room 53 53

Investor Relations ir@singhaestate.co.th Tel : (+66) 2050 5555 Website: www.singhaestate.co.th

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