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 8 August 13, 2020

Public Company Limited for the amount of Baht 28 million and the profit sharing amount of Baht 1 million from Wisdom Tree Investment (S) PTE. Limited, which the Company recognized the net profit sharing

/20 due to additional borrowings to finance the development costs and capital expenditures for the new high tensile project in Ingress AOI Technologies Sdn Bhd (“IATSB”) and the new Hyundai project in

21.46% or Baht 6,286.14 million from last year. The revenue dropped because Jira-Khon Kaen Double-Track Railway Project and Xayaburi Hydroelectric Power Project have been completed and now in maintenance

factors Both domestic and international circumstances that have spread the disease of Covid 19 Therefore resulting in reduced revenue recognition.Which can be divided according to the project as follows

working capital and project, Decrease on Deposit receives and other. And now company has the development project 5 projects. Shareholder equity less total Baht 165.08 million or 37.96%. Please be informed

from power plant is Baht 44.89 million, or 47.12%. By an increase of Baht 43.67 million from the Solar power plant, Kurihara 2 project in Japan which began commercial electricity distribution (COD) on 25

receiving from Green Power 1 Company Limited “GP1” by “GP1” received money deposited as an envelope collateral in the waste management project. That had been returned with a financial institution due to the

for a project to modify machinery to increase production efficiency from the Board of Investment (BOI), which has set conditions for performance that must meet the criteria according to the indicators

mix: Table 6: KCE New Plant Capacity (Plan) 1Q-2Q 2017: 1.3 million sq.ft / month 3Q-4Q 2017: 1.5 million sq.ft / month 2Q2018 (Plan) 1.7 million sq.ft / month 4Q2018 (Plan) 2.0 million sq.ft /month