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

received from the sale of units to the trustee in order to manage the property for the benefit of the unitholders with trustworthiness; (b) the REIT is not a juristic person, but is a pool of assets legally

represented 76% of total borrowings. To manage risk that might occur from the fluctuation in currency. The Company has entered cross currency interest rate swap contracts to hedge its debt. However, the Company

Sethakit 1 Rd., Klongmadua, Krathum Baen, Samut Sakhon 74110 Thailand. E-mail: ir@aienergy.co.th บริษัท เอไอ เอนเนอร์จี จํากดั (มหาชน) AI Energy Public Company Limited ทะเบียนเลขที 0107556000311 AIE 080/2022

1 August 17, 2018 Subject: Capital Increase for Offering for Sale to Specific Investors (Private Placement), Connected Transaction, Amendments to Articles of Association/Objectives of the Company and

MDA_Q3'17_En (Translation) Management Discussion and Analysis for the 3 rd Quarter ended November 30, 2017 AEON Thana Sinsap (Thailand) Public Company Limited (“The Company”) has already submitted

million baht. As a result, the expense to income ratio (Cost-to-Income Ratio) this year increased to 39.7%, driven from the expansion of subsidiaries in overseas. However, the Company will be able to manage

activities are better than the rest quarters. The Company still closely monitored and manage risks that might occur and affect company operations. The Company expected to grow its transaction amount from

. would like to inform its financial results for the second quarter of 2020 which ended on 30 June 2020. The Company and its subsidiaries reported a net loss of THB 35.23 million or loss per share of THB

. To manage risk that might occur from the fluctuation in currency and interest rate of long-term a debenture in foreign currencies, the Company has entered into cross currency interest rate swap