GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2018 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Company | www.shotelsresorts.com Page 3 of 9 Discussion of results of operations: Quarter 4 of 2018 and Quarter 4 of 2019 Quarter 4/2018 Quarter 4/2019 Change THB million % THB million % THB million

for all products. These measures would be effective in the first quarter of 2019. The growth of credit card business and personal loan business in Thailand was still growing strongly despite the

GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2019 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

the biodiesel mandated at B7 in this quarter. In addition, the government has announced the various measurements to enhance the consumption of B20, for instance, supporting the use of B20 in public

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