| www.shotelsresorts.com Page 1 of 7 Management’s Discussion and Analysis for the performance of the six months ended of the year 2019 Business Overview In the six months ended, S Hotels and Resorts Public Company Limited

Discussion and Analysis for the performance of the nine months ended of the year 2019 Business Overview In the nine months ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company

of Property, plant and equipment. 2. Total Liabilities Total liabilities of the Company and subsidiary as at 30 June 2020 at Baht 10,049 million, increased by Baht 831 million or 9% from year ended

pandemic of COVID-19 followed by the government’s order of a temporary business shutdown to limit the spread of COVID-19 applying from 22 March 2020 until the present affects our partners and customers

Restaurant Business During the Period (THB Mn) 2,020.0 2,046.5 Same-Store Sales Growth: SSSG (%) (2) 7.4% -5.3% Growth of Revenue from Restaurant Business (%) 19.7% 1.3% Remark: (1) Outlets owned by the Group

value of Hero Experience which evaluated by the SIMS Property Consultants Co., Ltd. appointed by the Company, the independent valuer which is approved by the Securities and Exchange Commission that it

; (2) a financial institution; "financial institution" means: (1) a commercial bank, finance company or credit foncier company established under the law on financial institution business; (2) a

broadband business focused on quality of subscription and ARPU improvement. We witnessed a decent take up on network utilization in the key cities, supported by the active sale forces and promotions. In 1Q17

, the government had carefully eased its measures to restore the business sector. Consequently, the business activities began to recover as well as the patients’ traffic was also gradually recovered

per share within the agreed period). The investment allows the Company to send the representatives to be the director in GS of 3 persons from 5 persons to help the Company to control the business