1 Ref. FN. 033/2018 Management Discussion and Analysis For operation of the second quarter of year 2018 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

Ref. FN. 075/2018 Management Discussion and Analysis For operation of the third quarter of year 2018 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

1 Ref FN. 031/2020 Management Discussion and Analysis For operation of the second quarter of year 2020 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

1 Ref FN. 023/2020 Management Discussion and Analysis For operation of the first quarter of year 2020 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

1 Ref FN. 047/2019 Management Discussion and Analysis For operation of the third quarter of year 2019 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

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

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

business growth, while flat 0.3% QoQ from higher SG&A in line with growing top line. EBITDA margin was at 53%, improving YoY from continual focus in profitable revenue, effective cost management, and

- Translation - Management Discussion and Analysis of the Company’s Performance for the nine-month period ended 30 September 2019 - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management

Microsoft Word - SHR MDA YE19_EN 20200226 vf Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page