performance recovery by strict cost control and cost reduction and ramping up asset utilization to manage fixed costs. In Q3/2019, we have recognized apparent expenses decrease. This contribution leveraged our

2019 dividend payment of THB 1.0 per share paid from net profit, equal to 93% dividend payout ratio. *Net Profit = Net Profit attributable to owners of the parent Financial Performance for Q4’19 and FY19

Group will focus on improving performance of existing branches in terms of sales and efficiency. Growth will come from opening new franchise branches, in particularly the small-size concepts such as brand

1 of 9 Management’s Discussion and Analysis for the performance of the year 2019 Business Overview For the ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company”) had total

uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking

) 3,530 2,048 1,482 72% For focusing on the operating performance, the impact of lease income was excluded from the analysis of the operation result. Page 7 Profit from operation of EGCO Group before FX

2. Operation performance according to consolidated financial statement For the three-month period (April 1, 2017 – June 30, 2017) Unit : Million Baht 2017 2016 Revenue from sale and rendering of

assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially

1 1. ANALYSIS OF FINANCIAL PERFORMANCE For 9M/2017, East Water Group had total consolidated sales and services income of 3,268.14 million Baht, decreased by 64.83 million Baht or 1.95% (Total

' development progress not achieve the Company's target. Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 2017 Page 2 2. Operation performance according to