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

exchange loss of Baht 378 million during the current quarter against net foreign exchange gain of Baht 169 million during last year quarter. The consolidated net loss is Baht 1,287 million, which increased

508 Million representing a decrease from the same quarter of the previous year by Baht 351 Million or 40.9 percent from the effect of COVID-19 outbreak also the change in recording revenue from TTW

the IPO Plan by CCPT-KY, which are subject to change as considered appropriate by the Company’s board of directors or its designated person. 4.2. Details about the CCPT-KY Name of the business : Cal

shareholders of the details about the IPO Plan by CCPT-KY, which are subject to change as considered appropriate by the Company’s board of directors or its designated person. 6 4.2. Details about the CCPT-KY

exchange gain. 3.6 In the second quarter of 2019, the law, officially called the Labour Protection Act., has increased the severance pay from 300 days to 400 days for workers serving over 20 years. Such

baht or 25% y-y. Other revenues consist of bad debt recovery, which was 638 million baht increased by 11% y-y or sharing 6% of total revenues, gain on sales of written-off receivables were 320 million

2,888 million baht or 14% of total revenues, showing an increase of 174 million baht or 6% y-y. Other revenues consist of bad debt recovery, which was 1,423 million baht or 7% of total revenues, gain on

of bad debt recovery, which was 385 million baht or 7% of total revenues, gain on sales of written-off receivables was 105 million baht, collection service income was 56 million baht, insurance broker

and evaluation expense (11) (8) (15) 32% 75% (48) (45) -5% Gain (loss) from crude and product oil price hedging contract 46 (95) (138) N/A N/A 366 (442) N/A Gain (loss) from foreign currency forward