RTD Fruit Juice Market Value breakdown by Market Segment (Source : Nielson) 3. Results of Operations and Profitability Q1/2019 Sales Revenue The Company and its subsidiaries recorded sales revenue of

the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change

March 2020 RTD Fruit Juice Market Value breakdown by Market Segment 3. Results of Operations and Profitability (Unit : Baht Million) Q1/2020 Q1/2019 %YoY Revenues from sales and services 1,222 1,302 -6

” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the year ended December 31, 2018 as follows

“we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the years ended December 31, 2019 as follows

” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the six months period ended Jun 30, 2019

“Company” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the nine months period ended Sep 30

” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the three months ended March 31, 2020 as

Reporting Standards (TFRS9). Loss from Operations The operating results of the company and its subsidiaries for the first quarter of 2020, excluding the decline from mark to market loss from investments, the