Liabilities 808 698 829 Total Liabilities 817 707 841 Shareholder’s Equity 451 478 477 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,660 3,610 2,570 Gross Profit 263 274 213 Operating Profit 124 154 119

Microsoft Word - SHR MDA YE19_EN 20200226 vf Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page

35,912,900, divided into (1) 1,035,860 equity shares with a par value of INR 10 per share, and (2) 2,555,430 preference shares with a par value of INR 10. Board of Directors 1. S. Jeevanantham 2. S. Mohanraj 3

Public Company Limited amount 13.30 million Baht and from Wisdom Tree Investment (S) PTE. Limited amount 1.49 million Baht, total amount 14.79 million Baht. The Second Quarter Ended June 30, 2016

Company Limited amount 23.80 million Baht and from Wisdom Tree Investment (S) PTE. Limited amount 1.57 million Baht, total amount 25.37 million Baht. The Third Quarter Ended September 30, 2016, recognized

to equity holder of the company (10,892) 6,054 -280% (26,632) -59% (9,428) 16% Margin -2% 1% -5% -2% 2 (Unit : Thousand Baht) Separate F/S Q3/2019 Q3/2018 Δ% Q2/2019 Δ% Q1/2019 Δ% Revenues from sales

business transfer date, with the par value of Baht 100.00 or equivalent to 66.00 percent of SUTG’s shares capital (as mentioned in notes to financial statements No. 29).The company’ s following transactions

Financial Statement, in which the equity method is applied Changes Separate Financial Statement Changes (Financial Statement, in which the equity method is applied) (separate financial statement) (Unit

guarantee to perform obligations under the Equity Purchase Agreement pursuant to request of the Seller Group, the Company procured that S Hotels and Resorts (SC) Co. Ltd., a subsidiary of the Company with 100

SHR MD&A 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 9 May 15, 2020 (SHR_2020_CS