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- Translation - Page 1 of 5 CBG 023/2020 7 August 2020 Subject Management discussions and analysis the 3-month and 6-month period ended 30 June 2020 To President The Stock Exchange of Thailand We

No: AH 02022022 February 28, 2022 Subject: Management Discussion & Analysis (MD&A) for the financial statements of fiscal year 2021 ended as of December 31, 2021 To: The President The Stock Exchange of

pipeline growth stems from the increase of new managed hotels 5,925 keys (20 hotels), partially offset by the discontinuance of the 4,269 keys (7 managed hotels). MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020 13

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. The Guidebook also incorporates globally recognized tools and frameworks on impact measurement and management which businesses can refer to in their corporate reporting process on their positive

1 Ref. No. IVL 006/11/2017 9 Nov 2017 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Reviewed Financial Statements and the Management Discussion and Analysis of