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

portion is derived from valuing the Power Purchase Agreement (PPA) of Baht 37,594 million. The fair value recognition of net assets acquired from GLOW will be amortized yearly. The amortization of PPA will