such shares. 3. VAVA including their related persons to VAVA under Section 258 of the Securities and Exchange Act will not send any person to be directors and/or management in the Company. 7. Other

. 1 Tambon Tarsit, Amohoe Pluag-daeng, Rayong (Translation) 1 KWM 009/2562 August 13th, 2019 Subject : Management Discussion and Analysis the three month-period and six month-period ended June 30, 2019

mainly derived from the following reasons:- 1. Management Service (“MS”) had a decrease of gross profit for (3.17) million baht. Main reason was that, in Q3/2018, the company already had a renew contract

transaction between the Company’s subsidiary and IRSL whose major shareholders are (i) the close relative of the Company’s management and (ii) the management of the Company. Based on the Maximum Share Purchase

Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 7 Overview The Company is a holding company engaging in the management of

. 1 Tambon Tarsit, Amohoe Pluag-daeng, Rayong (Translation) 1 KWM 012/2563 August 13th, 2020 Subject : Management Discussion and Analysis for the 3-month and 6-month period ended June 30, 2020 To

. 1 Tambon Tarsit, Amohoe Pluag-daeng, Rayong (Translation) 1 KWM 010/2562 November 12th, 2019 Subject : Management Discussion and Analysis the three month-period and nine month-period ended September

as a holding company, i.e. 1) KPN Music Co., Ltd. (“KPN Music”) operating musical instruments trading and music school under the name “KPN Music Institute” ON 11 March 2019, KPN Academy’s registered

quarter of 2017. Thus it will become more challenging for the global steel industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is

all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. Management’s Discussion