) Net cash received from Operating Activities totaling Baht 900.05 million Baht from the net income netting off with the changes in assets and liabilities from operations Interest Bearing Debt total

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of

million or decreased by 4.9 percent, when comparing to corporate tax expenses by 14.83 million in the same period of previous year. This was mainly due to lower earnings from operations. 1.9 Profit Sharing

Management Discussion and Analysis for Interim Business Operations Investment in Subsidiaries In the 3rd quarter of 2018, Hydrotek Public Co., Ltd. has additionally invested in the following

million Baht from the net income netting off with the changes in assets and liabilities from operations 2) Net cash used in Investment Activities amounted to 498.66 million Baht. This was mainly due to the

the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

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

“Company” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the nine months period ended Sep 30

& DeLuca business by the end of 2019 as it is undergoing a “rightsize” strategy through cost control and merging of chain operations to minimise losses from unprofitable branches Selling and administrative

industry. In particular, this is also highly relevant to our aim to expand the market for enterprise business in Thailand where digitalization such as automation and smart operations brings businesses the