main reason for the decline in user spending was the inflationary situation of the country's economy, causing the consumer purchasing power to decrease, together with the concerns of users about future

1 / 5 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the three-month period ended 30 June 2020

| www.shotelsresorts.com Page 1 of 7 Management’s Discussion and Analysis for the performance of the six months ended of the year 2019 Business Overview In the six months ended, S Hotels and Resorts Public Company Limited

quarter and 9- month period ended 30 September 2020. The details are as follows. Operating Performance 1. Revenues Unit: Million Baht The 3rd quarter of the Year 2020 comparing to 2019 Consolidated Separate

reason for the decline in user spending was the inflationary situation of the country's economy, causing the consumer purchasing power to decrease, together with the concerns of users about future

remuneration for the year 2020 Agenda 7 To consider and approve the appointment of auditors and their remuneration for the year 2020. Agenda 8 To consider and approve the decrease of the registered capital and

Limited and its subsidiaries For the Three-month period and Nine-month period ended 30th September 2017 1. Overall performance Consolidated financial results of Patum Rice Mill and Granary Public Company

S&P MD&A Q2_2019-Eng Ref. POL. 085/2019 August 8th 2019 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

THB 362 million respectively. The decrease is mainly due to reduction in sales volume as explained above. • Administrative expenses Administrative expenses for year 2019 and 2018 amounting to THB 543

decrease of production together with Graphite Electrode’s price which part of conversion cost higher than same period of last year. Performance Revenue from sale and cost of sale Total revenue from sales and