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

Page 1 of 7 Management Discussion and Analysis 2018 Executive Summary The operating result of 2018, Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reached total revenue of

: President The Stock Exchange of Thailand Singha Estate Public Company Limited (the “Company”) would like to inform the acquisition of asset and plan for disposal of assets as follows 1. Acquisition of Asset

ส่วนที่ 2 บริษัทที่ออกหลักทรัพย์ - 2.1 วัตถุประสงค์การใช้เงิน Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company

Thailand Enclosure: Information Memorandum of Singha Estate Public Company Limited Re: Entering into Connected Transaction Singha Estate Public Company Limited (the “Company”) would like to inform the

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ement. 760.15 147.74 ,539.42 725.50 assets equ % percent d otal liabilitie 55 percent lion baht. T equity ratio -58.25 -3.80 162.41 2.47 al to 2,429. due to the es equal to due to an i The Compan is 1.93

Page 1 of 7 Management Discussion and Analysis 2Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 2Q19 total revenue of THB 2,355m, increased by 147% YoY. 300