| 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
derived from sales of Biomass Power Plant which increased by Baht 95.6 million or 14.2% from increase in revenue from the new biomass power plants which the Group acquired in the third quarter of 2020. In
performance and Important Factors Affecting the Operations The 2019 performance for the debt management and collection business has been proven that JMT Network Services Public Company Limited ("JMT") is
the year 2018, Jaymart Public Company Limited ("the Company") has changed and developed in many business segments of the group companies. It was the year of the organization restructuring and increase
additions also came from fiber assets acquired in 2018 & 2019 (Avgol, Kordana, Schoeller, UTT). The EBITDA however decreased 29% YoY due to depressed margins in IPA business and lower Rotterdam production
Kong) Ltd., which is a connected person. 5. Purpose of transaction To increase trade opportunity in China and Hong Kong, which shall be the Company’s new marketing channel. 6. Details of acquired assets
media and online including of return from dividend. 6. Details of acquired assets Company name : Shop Global (Thailand) Co., Ltd. Type of business : Selling products via multimedia Registered
infertility center The details of the assets involved : common shares in Ekachai International Co., Ltd. (EKI) The nature of business : Infertility Center The sources of funds : Operating Cash Flow Shareholding
shareholders of business within the period specified in the notification. However, a copy of such opinion were later delivered to all shareholders of http://market.sec.or.th/public/idisc/en/Enforce Settlement