) not yet occurred. In case of transfer for changing from debt instrument for trade to debt instrument holding until due, he company shall, at the date of transfer, transfer such debt instrument at fair

period xxx xxx * Write-off is an adjustment of gain (loss) not yet occurred. In case of transfer for changing from debt instrument for trade to debt instrument holding until due, he company shall, at the

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

of Baht 8,149 million. It results from the increase of trade and other receivables and unbilled receivables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial

mainly from trade accounts receivable and unbilled receivables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 31 December 2019 31 December 2018 Trade

. The decrease was mainly from trade accounts receivable, unbilled receivables and inventories. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 31

due to the lower trade accounts receivable. 4 The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 30 June 2019 31 December 2018 Trade account receivables