COMPANY LIMITED AI ENERGY PUBLIC COMPANY LIMITED AIKCHOL HOSPITAL PUBLIC COMPANY LIMITED AIM COMMERCIAL GROWTH FREEHOLD AND LEASEHOLD REAL ESTATE INVESTMENT TRUST AIM INDUSTRIAL GROWTH FREEHOLD AND

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS Commercial operation of ABPR3 From a total of three SPP power plants in Amata City Industrial Estate that have scheduled COD in 2018, ABPR3 is the first

power plants that were fully developed and are in operation, namely (i) the inclusion of revenue from BPWHA1, located in Hemraj Industrial Estate, that started commercial operation dates on November 1

prior year by Baht 748.2 million or 881% due following to: Description Year 2018 Million Baht Year 2017 Million Baht Change Million Baht Change (%) Revenue from real estate segment 800.0 54.0 746.0 1,381

Details - Loan receiver : The Iconic Property Company Limited - Business Type : Real Estate - Shareholding Structure : Mr. Parit Teekakirikul 33.33% * : Mr. Chayut Udomcharoenchaikij 33.33% : Karmarts

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

Dried Sawn Timber due to majority of customers in China have requested to delay the shipments and also revenue of real estate business decreased cause the sale of real estate decreased but the company had

Padaeng Industry Public Company Limited and its subsidiaries ( “ the Company” ) reassessed its business structure to move towards Green Businesses targeting renewable energy and real estate business. To

S Hotels & Resorts, A Singha Estate Company 123 Suntowers Buliding B, 10th Floor, Vibhavadi-Rangsit Road, Chom Phon, Chatuchak, Bangkok 10900, Thailand +66 (0) 2058-9888 | contactus

– Translation – GRC-02/2020/026 12 November 2020 Subject: Establishment of New Subsidiaries To: President The Stock Exchange of Thailand Singha Estate Public Company Limited ("the Company") would