repayment of short- term borrowings from financial institutions by using money gained from trading of its ordinary shares in the MAI stock exchange. • Other current assets decreased by Baht 35.06 million

million and the loss sharing from Wisdom Tree Investment (S) PTE. Limited (Wisdom Tree”) which was Baht 2.57 million. The Company gained the profit sharing from investment in associated and joint ventures

continuously support and grow together with us. Commercial operation of ABPR4 From a total of 3 SPP power plants in Amata City Industrial Estate that have scheduled COD in 2018, ABPR4 is the second gas-fired

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS Commercial operation of ABPR3 From a total of three SPP power plants in Amata City Industrial Estate that have scheduled COD in 2018, ABPR3 is the first

power plants that were fully developed and are in operation, namely (i) the inclusion of revenue from BPWHA1, located in Hemraj Industrial Estate, that started commercial operation dates on November 1

SHR MD&A 3Q19_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 Management’s

S Hotels & Resorts, A Singha Estate Company 123 Suntowers Buliding B, 10th Floor, Vibhavadi-Rangsit Road, Chom Phon, Chatuchak, Bangkok 10900, Thailand +66 (0) 2058-9888 | contactus

– Translation – GRC-02/2020/026 12 November 2020 Subject: Establishment of New Subsidiaries To: President The Stock Exchange of Thailand Singha Estate Public Company Limited ("the Company") would

lease of real property and receives services, as follows: 1) Real property lease for not over 3 years 2) Location : Office building at No. 45/14, Moo 1, JKN Gallery Salaya (Building 2), Tambon Song

Copper, Copper Foil, Laminate and Fiber glass. However, an increase in capacity and efficiency gained from Phase 3 of the new plant that supported volume growth helped lessen the effect of the above on