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

days shutdown in the same period of last year. Other Income Q1 2019 Q1 2020 Increase/ (Decrease) THB mm THB mm % Dividend and management income 68.7 81.5 18.5% Others 46.1 264.2 473.4% Total other income

of Thailand Enclosure : 1. Financial Statements for the Second quarter ended June 30,2020 2. Management Discussion and Analysis Nawarat Patanakarn Public Company Limited would like to submit Reviewed

MDA_EN_2Q20 Management Discussion and Analysis for the 2 nd Quarter 2020 Ended August 31, 2020 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the

, total revenue stood at THB 12,189 mn and net profit stood at THB 1,890 mn). However, the Company implemented the cost-effective management as planned to reduce impact to business performance. As a result

, total revenue decreased by 31.8% and net profit decreased by 65% YoY). However, the Company implemented the cost-effective management as planned to reduce impact to business performance. As a result of

) “prospectus” means a prospectus which is identical to a draft prospectus filed with the SEC Office; (12) “market maker” means a person appointed by a mutual fund management company to perform duty in managing

identical to a draft prospectus filed with the SEC Office; (12) “market maker” means a person appointed by a mutual fund management company to perform duty in managing the trading price of investment unit of

mutual fund management company to perform duty in managing the trading price of investment unit of an ETF fund in an organized market to proximately reflect the value of such investment unit which is

business growth, while decreasing -0.5% QoQ from higher SG&A. EBITDA margin improved to 54% from continual focus in profitable revenue, cost management, and improved device margin. AIS reported a net profit