Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change

and Exchange Act B.E. 2535 (1992) as amended by the Securities and Exchange Act (No. 4) B.E. 2551 (2008) and Section 35, Section 36, Section 56, Section 67, and Section 69 of the Securities and Exchange

provident fund for its employees in accordance with the Provident Fund Act B.E. 2530 (1987) (as amended). d) There is no significant change to the board of directors and the controlling power of the company

section 258 of the investor) as specified in the Securities and Exchange Act. B.E.2535 (as amended) (if any)) still being the major shareholder (the major shareholder means shareholding percentage exceed 10

) Explaining the guideline for administrating, managing or solving the case that the proceeds from capital increase are not sufficient or there is a situation which causes the change of absorption costing

under the Act on offenses arising from the use of checks in 1991 for 2 cases (the case of the North District Court and the Suphan Buri District Court) and one offense of creditors (Nonthaburi District

of Section 126 (1) of the Securities and Exchange Act B.E. 2535 (1992) and Section 139 (5) of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and Exchange Act (No. 2) B.E

By virtue of Section 126 (1) of the Securities and Exchange Act B.E. 2535 (1992) and Section 139 (5) of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and Exchange Act

Thailand (the “SET”) material matters resolved in the meeting as follows: 1. Inform the change of the date of the Extraordinary General Meeting No. 1/2017 for the reason that the Company has a concern on the

of the Annual Budget Expenditure Act, and the drought that would affect a large number of related businesses and employment. Number of tourists was expected at a much lower number than the previous