with a minimum guarantee of THB 175mn per quarter starting in July 2020. o On 11 August 2020, MACO’s Board of Directors approved the adjustment of minimum guarantee under the aforementioned Agreement for

Q3-2022 Balance by Quarter Change Topic Q3-22 Q2-22 Q3-21 Q3-22 VS Q2-22 Q3-22 VS Q3-21 (Million Baht: MB) (MB) % (MB) % Total revenue 1,886.5 1,711.8 1,509.1 174.7 10.2 377.4 25.0 Total operating

No: AH 03112022 November 14th, 2022 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 3rd Quarter of Fiscal Year 2022 Ended as of September 30th, 2022 To: The

quarter from the contraction of the industrial sector that reduced the production of industrial products due to higher production costs, a lower domestic demand and lower demands from trading partners in

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

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

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