report his acquisition of convertible securities in Company A by filing another set of Form 246-2. 7. The highest price paid for an acquisition during the 90-day period to be provided under item 4 of the

acquisition of convertible securities in Company A by filing another set of Form 246-2. 7. The highest price paid for an acquisition during the 90-day period to be provided under item 4 of the form means the

Granary Public Company Limited and its subsidiaries, would like to present the Management Discussion and Analysis (MD&A) of Q1/2019 as follows: Management Discussion and Analysis (MD&A) Patum Rice Mill and

acquisition price paid is as per the Call option agreement dated November 30, 2011. Please be informed accordingly Yours faithfully, (Mr. Souvik Roy Chowdhury) Company Secretary

90.13%. Summary of the company's and subsidiaries’ performance are as follows Unit : Million Baht Operating Performance of the Company and subsidiaries For the Year ended December 31, 2019 2018 (Restated

investment consultant of Krungsri Securities Public Company Limited (Krungsri Securities) and Apple Wealth Securities Public Company Limited as well as Onjira Yuwadee, a securities investment consultant and

6 December 2007 1 | P a g e Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 4, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Tel. 66 2 654

SHR MD&A 3Q19_EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 8 Management’s

REITs after the market price increased during this period. 5. Decrease in short-term investments of THB 401.1 mm, which was mainly from the Company divested some investment units to manage the liquidity

the Company was 31.8% mostly as a result of higher raw material costs (particularly cullet) and natural gas price, higher listing fees from the new product launches in both beverage and personal care