. Property Public Company Limited and its subsidiaries (“company and subsidiaries) would like to clarify our operating results for the third Quarter of 2018 (Q3/2018) as follows:- (Unit: million Baht) For 9

. Property Public Company Limited and its subsidiaries (“company and subsidiaries) would like to clarify our operating results for the third Quarter of 2019 (Q3/2019) as follows:- (Unit: million Baht) For 9

. Property Public Company Limited and its subsidiaries (“company and subsidiaries) would like to clarify our operating results for the third Quarter of 2019 (Q3/2019) as follows:- (Unit: million Baht) For 9

meeting of the Board of Directors of Fancy Wood Industries Public Company Limited (the “Company”) No. 8/2017 dated September 8, 2017 approved the investment in the property development business by acquiring

99 หมู่ท่ี 1 นิคมอุตสาหกรรมไฮเทค ต าบลบา้นเลน อ าเภอบางปะอิน จงัหวดัพระนครศรีอยธุยา 13160 ประเทศไทย โทรศพัท ์(035) 350 880 โทรสาร (035) 350 881 www.aapico.com 99 Moo 1, Hitech Industrial Estate

located in Amata City Rayong Industrial Estate) on February 1, June 1 and October 1, 2018 respectively. EBITDA • EBITDA increased 5.4% y-on-y to Baht 9,199 million in 2018 due to the operation of new power

99 หมู่ท่ี 1 นิคมอุตสาหกรรมไฮเทค ต าบลบา้นเลน อ าเภอบางปะอิน จงัหวดัพระนครศรีอยธุยา 13160 ประเทศไทย โทรศพัท ์(035) 350 880 โทรสาร (035) 350 881 www.aapico.com 99 Moo 1, Hitech Industrial Estate

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

Estate, which started COD on June 1, 2016 and BPWHA1, located in Hemraj Industrial Estate, that started COD on November 1, 2016 EBITDA  EBITDA increased 16.7% year-on-year from Baht 5,679 million for 9M

, located in Asia Industrial Estate at Rayong Province, the price of 269,253,750 Baht with services fee for 15 years of 11,404,800 Baht. The transaction is expected to be completed by the year 2017. In this