page 1/6 (TRANSLATION) Ref. WINNER 0004/2019 February 26, 2019 Re Management Discussion and Analysis (MD&A) for the year 2018 and for the year 2017_revised 2 To The President The Stock Exchange of

, and an uncle of Mr. Amit Lohia, the non-Executive director of the Company. The Share Purchase transaction is considered a connected transaction in the category of assets or services pursuant to the

Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 7 Overview The Company is a holding company engaging in the management of

within the next 12 months. The transaction is considered an acquisition of assets under the Notification of the Capital Market Supervisory Board. The calculated transaction value is 19.7% of total assets

Translation Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration On June 15 - 19, 2020, the Company offers ordinary shares by number of

tonnage serviced reduced by 27 per cent comparing to the 2nd quarter last year. The three companies implemented cost saving measurements e.g. personnel management to resize the company in order to suit the

historical 2017-2018 performance and management forecast. The predicted volume is based on legacy and new assets already committed, planned and announced. Such forward-looking statements speak only as at the

Transaction on Acquisition of Assets and Determination of the 2020 Annual General Meeting of Shareholders To: Director and Manager The Stock Exchange of Thailand Enclosure 1. Information Memorandum on the

Supervisory Board No. ThorChor. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets and the Notification of the Board of Governors of the Stock Exchange of

Page 1 of 3 GEL.CS.003/2562 28 February 2019 Subject: Management Discussion and Financial Analysis for the operating results as at December 31, 2018 To: Director and Manager The Stock Exchange of