MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 SG&A expense against only 1.5mTHB consolidated EBITDA contribution, since the acquisition was completed only at the very end of the quarter

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

(Phase 2) The combined value of all new projects launched was 3.2 billion THB. As of 31 December 2019, the sales volume and backlog of the Company and subsidiary companies were as follows: Unit: Million

(Pneumatic Tube Carrier Systems) already completed at projects. . Analysis of results of operations. Statements of Comprehensive Income – Consolidated (Million Baht) For six-month periods ended June

Stock Exchange of Thailand Attachment: Management Discussion and Analysis ended 30 June 2018 As the Golden Lime Public Company Limited (“the Company”) has submitted the Review report on the Consolidated

based on consolidated financial statement as of 31 December 2019. Therefore, AIS is entitled to disclose the transaction to the SET and submit a notice of information on such transaction to all

chain disruptions as economic activities in China were put on hold. The disruption of activities in industries affected by the Covid-19 outbreak, combined with the curfew’s curtailing of business

financial position for the fourth quarter and year ended December 31, 2018 with those of 2017. This report discusses principal changes in the audited consolidated financial statements. Overall market

financial position for the fourth quarter and year ended December 31, 2019 with those of 2018. This report discusses principal changes in the audited consolidated financial statements. Overall market

performance and financial position for the second quarter and six-month ended June 30, 2019 with those of 2018. This report discusses principal changes in the unaudited consolidated financial statements