MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31 December 2019) 1 U CITY PCL 2019 KEY FINANCIAL HIGHLIGHTS • Total revenue increased by 53.4% YoY

Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 4 of 8 Room revenue The room revenue for the six months ended of year 2020 in an

31,482 million in 2017, primarily due to an increase in revenue from the power plants that were fully developed and are in operation, namely BPWHA1, located in Hemraj Industrial Estate, that started COD on

mm % Revenue 3,210.8 2,124.9 (1,085.9) (33.8%) Gross Profit 1,639.9 1,066.4 (573.4) (35.0%) Gross Profit Margin 51.1% 50.2% GPM before adjustment with PPA 56.6% 60.2% Income from sales of real estate

are as follows: Executive Summary The operating results of the third quarter of 2019, for the three-month period ended September 30, 2019 (“Q3 2019”), the Company generated total revenue of 221 million

Increase/(Decrease) Baht million Baht million Baht million % Revenue from Sales and Services 1,467.5 1,633.8 166.2 11.3 - Operating Revenue1 1,317.2 1,570.2 253.0 19.2 - Other Income from Utilities Business2

additional revenue that more or less fulfill the loss of regular hospital revenue. Furthermore, the Company has implemented cost saving measures to maintain its operating results for continuous growth. In

. Revenues from sales and services decreased from Baht 172.58 million to Baht 133.41 million in the amount of Baht 39.17 million. As a result of the slowdown in the real estate market, the Company adjusted its

its subsidiaries (the “Company”) reassessed its business structure to move towards Green Businesses targeting renewable energy and real estate business. To pursue its business strategy, the Company

(Translation) No. IR/2561/010 27 February 2018 Subject: Acquisition of assets To: President The Stock Exchange of Thailand Enclosures: Information Memorandum of Singha Estate Public Company Limited