Microsoft Word - SHR MDA YE19_EN 20200226 vf Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page

SHR MD&A 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 9 May 15, 2020 (SHR_2020_CS

side, executives of the Stock Exchange of Thailand (SET), Association of Thai Securities Companies (ASCO) and Association of Investment Management Companies (AIMC) met with Japanese financial

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Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 13 Executive Summary Revenue and net profit have growth according to the business plan In 2Q18, the Thai

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s total revenue and net profit continues to grow according to its business plan

Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 15 Executive Summary The Company implemented proactive measures to timely manage the situation rapidly

leasable/salable area under CPN management as of 1Q 2020 Total CPN CPNREIT(1) CPNCG(2) Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 5 of 15 Summary of GLAND’s