the negotiation and benefits the Company will receive. 3. Details of connected party and relationship nature : Major shareholder of the Company holding 24.22 percent of total paid-up capital of the

. Joint Venture with Sansiri 16 January 2019 Sansiri PCL or Sansiri, sold its ordinary shares in BTS Sansiri Holding Eighteen Co., Ltd. (a former U City and Sansiri 50:50 JV company) to Noble. The joint

Equity holding (%) Installed Capacity (MW) Equity Capacity (MW) Commercial Operation Date Solar Rooftop Solar Private PPA 100% 20.4 20.4 2Q2020- 4Q2020 Total 20.4 20.4 Please be informed accordingly

) Co.,ltd. by holding 49 percent of total shares. As for the accounting year ended 31st March 2020 and 2019, the company and its subsidiary recognized share of profit by equity method of Baht 1.95

Lohakit (Thailand) Co.,ltd. ,who is the marketing and sale force for the company and its subsidiaries and joint venture, by holding 49 percent of total shares. As for the period of three months ended 30th

items Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 3 of 8 Overview The Company is a holding

Baht. The Company has invested such capital increase amounting to 100 million Baht. The increase in the share capital of the subsidiary did not change the Company’s proportionate holding in the equity of

which are under construction and scheduled to achieve COD in 1Q2020-3Q2020. Power plant Type of power Category of producer Equity holding (%) Installed Capacity (MW) Equity Capacity (MW) Commercial

supported by the holding company. Gross Profit (Loss) The Company has a gross profit from sales of goods and services in the 1st quarter of 2020 of 169.62 million Baht, increased by 192.54 million Baht, or

Page 4 of 9 Overview The Company is a holding company engaging in the management of hotels and investments in international hotel companies. Over the past four fiscal years (year 2016-2019), the Company