Group will focus on improving performance of existing branches in terms of sales and efficiency. Growth will come from opening new franchise branches, in particularly the small-size concepts such as brand

1 of 9 Management’s Discussion and Analysis for the performance of the year 2019 Business Overview For the ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company”) had total

uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking

) 3,530 2,048 1,482 72% For focusing on the operating performance, the impact of lease income was excluded from the analysis of the operation result. Page 7 Profit from operation of EGCO Group before FX

2. Operation performance according to consolidated financial statement For the three-month period (April 1, 2017 – June 30, 2017) Unit : Million Baht 2017 2016 Revenue from sale and rendering of

assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially

39 million in 9M16. Overall Performance 3Q17 The Company reported total revenue of THB 1,184 million, increased by 0.8% from 3Q16. Total revenue consisted of revenues from hotel, education, and other

1 1. ANALYSIS OF FINANCIAL PERFORMANCE For 9M/2017, East Water Group had total consolidated sales and services income of 3,268.14 million Baht, decreased by 64.83 million Baht or 1.95% (Total

' development progress not achieve the Company's target. Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 2017 Page 2 2. Operation performance according to

performance in this quarter. There is a one-time profit from debt restructuring of THB 110 million. The company has an EBITDA of THB 213 million. In addition, as a result of the approved debt to equity