GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2020 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 3 of 9 Discussion of results of operations: Quarter 1 of 2019 and Quarter 1 of 2020 Quarter 1/2019 Quarter 1/2020

of Baht 25.7 million, mainly derived from sales of Natural Gas Power Plants which increased by Baht 25.7 million or 5.5%. The reason of increase is as a result from the first quarter of 2020, there was

on until the 2nd quarter of 2018 unless there is the progress of the said rehabilitation plan. 2. Business Outlook on Q1/2018 Management’s Discussion and Analysis (MD&A) for year 2017 3 Executive

of November 2017 and expect to go on until the 2nd quarter of 2018 unless there is the progress of the said rehabilitation plan. 2. Business Outlook on Q1/2018 Management’s Discussion and Analysis (MD

maintenance service to outside is decrease, because there is no maintenance service provided in the fourth quarter. On the other hand, sales of Biomass Power Plants increase totaling Baht 73.2 million from

from residential business. Compared to the preceding quarter, total revenues declined by 56% as there was the recognition of upfront lease payment of Singha Complex incorporated in 4Q17, as previously

274.14 134.56 43.14 177.70 (27.61) 58.36 10.47 2.44 8.62 1 for the Q3/20 Stock Exchan Public Co., L n for the sam ed of Septem ame period p and subsidiar Quarter 3 ember 30, Changes 162.99 (9.39) 153.60

Industry Public company Limited would like to explain the operating result for Quarter 2 ended June 30, 2019 compare with the same period of the previous year as follows For the past 3 months of Quarter 2

- 2018 Balance by Quarter Change Q2–18 Q1–18 Q2–17 Q1–18 VS Q1–18 Q2–18 VS Q2–17 (Million Baht: MB) (MB) % (MB) % Total Revenue 1,029.9 1,044.9 1,345.4 (15.0) (1.4) (315.5) (23.5) Total Operating Expenses