Discussion and Analysis for the performance of the nine months ended of the year 2019 Business Overview In the nine months ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company

quarter. Summary of Financial Performance Analysis of the Operating Results Revenues For the third quarter of 2019, the three-month period ended September 30, 2019, the Company generated revenues of 485

million, will give the Company a net cash flow of THB 834.55 million. The Company can use the net cash generated from this transaction as a fund and help reduce financing cost for developing its other

the Company or a subsidiary. Disclosure of any lawsuit that is part of the normal business undertaking is not required such as a compulsory performance lawsuit in the case where the issuer is a

as a compulsory performance lawsuit in the case where the issuer is a financial institution. The above disclosure shall include the information on the court trying the case, the commencement date, the

17,573 16,825 3.9% 8.5% 52,953 49,670 6.6% Yield on earning assets 3.74% 3.64% 3.65% 0.10% 0.09% 3.69% 3.67% 0.02% Cost of funds 1.52% 1.50% 1.54% 0.02% (0.02)% 1.51% 1.54% (0.03)% Net interest margin 2.42

operating income ratio 22.7% 21.2% 21.2% 1.5% 1.5% 22.6% 22.2% 0.4% Cost to income ratio 41.9% 45.3% 43.5% (3.3)% (1.6)% 43.3% 42.1% 1.2% Return on average assets * 1.17% 1.19% 1.14% (0.02)% 0.03% 1.18% 1.16

Group's ability to repayment as well. Which the repayment will reduce the cost of finance. As a result, the Group has performance as well. 7. Company’s direction in 2018 Overall significant events are as

will also support the employees of Dusit Thani Bangkok Hotel. Business Segment Performance: In 1Q19, the Company reported total revenue of THB 1,425 million, a decrease 16.1% yoy. The revenue comprised

directors’ meeting and the shareholders’ meeting of the Seller shall have granted approval for the transfer of the acquired assets to the Buyer, and for the execution of the Agreement and performance of the