negative, therefore, cannot calculate the value of this investment payment transaction according to the net tangible asset (NTA) criteria. 2 / The Company has a net loss in the operating period for the six

SAAM Energy Development Public Company Limited - 1 - 4 January 2019 Subject: Management Discussion and Analysis for the year ended 31 December 2017 To: The President of the Stock Exchange of Thailand

| www.shotelsresorts.com Page 3 of 8 Overview The Company is a holding company engaging in the management of hotels and investments in international hotel companies. Over the past three fiscal years, the Company’ s

to lower contribution from GHECO-One. Other Income 2018 2019 Increase/ (Decrease) THB mm THB mm % Dividend and Management income 399.6 540.7 35.3% Others 309.0 436.4 41.2% Total other income 708.6

-Translated Version- No. ECF2 032/2020 14 August 2020 Subject: Management Discussion and Analysis of the 2nd quarter and 6-month period ended 30 June 2020 To President The Stock Exchange of Thailand

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the resolutions as follows: 1. To dispose all investments in Nation U Co., Ltd. (“NU”) (a subsidiary of the Company holding the license and operating the Nation University business), i.e., disposing

from associates 221.57 375.22 151.60 63.24 Management benefit expenses 24.06 40.75 29.98 12.51 Profit (Loss) before tax (208.97) (353.89) (86.30) (36.00) Tax - - - - Net Profit (loss) for the period

income and other income 53.24 100.00 188.89 100.00 Costs 20.59 38.67 114.29 60.51 Administrative expenses, impairment finance costs and share of loss from associates 108.96 204.66 50.22 26.58 Management

สูงสุด 3 ราย ลำดับที่ ชื่อผู้ให้บริการ ตัวอย่าง Amazon Web Services (AWS) 1 2 3 2.2 Operating System *ให้ระบุสูงสุด 3 products ลำดับที่ Vendor / Product ตัวอย่าง Red Hat Enterprise Linux (RHEL) 1 2 3 2.3