consolidated reviewed the 3 rd quarter financial statements as of November 30, 2018 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as

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

21,120,169.991 or equivalent to 1.38 percent of the net tangible assets according to the audited financial statements of the Company as of 30 September 2019, which is more than 0.03 percent but not exceeding 3

the 2nd quarter financial statements as of August 31, 2019 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as follows. Overview

submitted.   -   Information on the financial statements is presented according to the information that the listed companies submit on that period. The investors should study additional information from the

available.)   - The information is quarterly updated within 7 business days after the new financial statement is submitted.   -   Information on the financial statements is presented according to the

information is quarterly updated within 7 business days after the new financial statement is submitted.   -   Information on the financial statements is presented according to the information that the listed

Ref. No. IVL 002/05/2020 12 May 2020 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Review of Financial Statements and the Management Discussion and Analysis of

was mainly from the higher in gross margin. 4 (Unit: Baht million) Consolidated balance sheets As at 31st Mar 2018 As at 31st Mar 2017 Amount % Amount % Assets Current Assets Cash and cash equivalents

2019 3Q 2019 CONSOLIDATED P&L SNAPSHOT Remark: The Company restates the financial performance starting from 1 August 2018 after the measurement of fair value of Trans.Ad Group’s identifiable assets was