SHR MD&A 3Q19_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 8 Management’s

price and time. Discussion and Analysis of the Company and its subsidiaries Operational Results in 2018 and 2017 Corporate Revenue In 2018 the Company and its subsidiaries’ total earnings amounted to 880

-9320 1 Ref: PCL 2020/004 February 24, 2020 Subject: Management Discussion and Analysis Yearly Ended 31 December 2019 To: The President of the Stock Exchange of Thailand Panjawattana Plastic Public

MMS-AC60/029 9 August 2017 Subject: Discussion and analysis of the operating results for the second quarter of 2017, ending 30 June 2017 To: The President of the Stock Exchange of Thailand Matching

-9320 1 Ref: PLC 2017/016 November 9, 2017 Subject: Management Discussion and Analysis Quarter 3 Ended 30-September-2017 To: The President of the Stock Exchange of Thailand Panjawattana Plastic Public

-9320 1 Ref: PCL 2019/008 May 8, 2019 Subject: Management Discussion and Analysis Quarterly Ended 31 March 2019 To: The President of the Stock Exchange of Thailand Panjawattana Plastic Public Company

Limited would like to submit the report of Management Discussion and Analysis for the 3-month period ended March 31, 2019 which has been unaudited but reviewed by the auditor this is caused by followings

Protection Act. Discussion and Analysis of the Company and its subsidiaries Operational Results in Q2/2019 and Q2/2018 Corporate Revenue In Q2/2019 the Company and its subsidiaries’ total earnings amounted to

-9320 1 Ref: PLC 2018/009 May 11, 2018 Subject: Management Discussion and Analysis Quarter 1 Ended 31-Mar-2018 To: The President of the Stock Exchange of Thailand Panjawattana Plastic Public Company

and fabricators like UEC. This is effect to small volume for UEC in Q2/2018 and very high competition. Discussion and Analysis of the Company and its subsidiaries Operational Results in Q2/2018 and Q2