is a subsidiary where the Company holds 100% shares entered in the loan agreement with Purchaser and the Company, as a guarantor, has pledged the Common Shares in YLP with the Purchaser. As of 6

Commission No. Sor Shor. 24/2555, according to the report dated 6 December 2019. Term of payment : Person(s) assigned by the Board of Directors will be the person(s) who enter into a relevant contract and

, Greenwing Energy B.V., a wholly owned subsidiary of EGCO, entered into the share purchase agreement to acquire a 25% ownership interest in Yunlin Holding GmbH (Yunlin) owned by Taiwan Offshore Holding GmbH

. The company, then, might decide to reschedule the development plan according to changes in economic situation. In 1Q2020, S Hotels and Resorts PCL (“SHR”), a subsidiary of the Company, entered into a

JV company transaction according to the Joint Venture Agreement and disposal of sublease amounted to THB 419.3 million in the first quarter of 2020. Management’s Discussion and Analysis S Hotels and

were crafted especially for each business with different outlook. Regarding hospitality business, S Hotels and Resort PCL (“SHR”), the Company’s subsidiary, decided to reopen some of its hotels while

) 430,000 200,000 14,000 14,000 (79,893) +23.3 0 0 0 +7.4 Total 672,207 578,107 +16.3 Investment in associated company The Company has entered into a joint venture agreement with Otani (s) Pte. Ltd to set up

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 9 May 15, 2020 (SHR_2020_CS

contracted to the Manila Electric Company (MERALCO) pursuant to a 20 years power supply agreement which is extendable for up to an additional 5 years. Construction works of the project was completed and its

% from 31 December 2019. • Current liabilities increased by THB 43 million mainly due to the THB 81 million recognition of the Current Portion of Liabilities under lease agreement. • Non-Current