Operating Results of the Company in Q2/2020 Q2/18 Q2/19 1H/18 1H/19 Change +/(-) (THB million) YoY 1H Operating Revenue 312 144 (54%) 599 363 (39%) Gross Profit 201 79 (61%) 389 216 (44%) EBITDA 95 27 (72

understand the Company and its subsidiaries’ 2018 audited financial statements. An Analysis of Performance * Analysis of Income The Company and its subsidiaries recorded the total revenue of 20,171 MTHB of

Consolidated Q4/ 2019 Q4/ 2018 Change Financial Statements (Million Baht) (%) (Million Baht) (%) (%) Revenue from Sales 1,416.8 100.0 % 1,402.5 100.0 % 1.0 % Cost of Sales (984.1) (69.5 %) (1,031.2) (73.5

like to clarify operating performance of the Company three-month for the Quarter 3/2017 ended September 30, 2017 are as follows : Statement of Income Total Revenue The company earned THB 258.0 MB in Q3

operating performance of the Company three-month for the Quarter 1/2019 ended 31 March 2019 are as follows: change Q1/2562 Q1/2561 increase (decrease) Sales 213.9 189.1 13.1% Other income 10.8 15.9 -32.2

from Consolidated Q2/ 2019 Q2/ 2018 Change Financial Statements (Million Baht) (%) (Million Baht) (%) (%) Revenue from Sales 1,302.1 100.0 % 1,286.9 100.0 % 1.2 % Cost of Sales (937.5) (72.0 %) (912.6

, 2019 as follow: Consolidated Q3/ 2019 Q3/ 2018 Change Financial Statements (Million Baht) (%) (Million Baht) (%) (%) Revenue from Sales 1,267.6 100.0 % 1,454.5 100.0 % (12.8 %) Cost of Sales (926.0

as follow: Consolidated Q2/ 2020 Q2/ 2019 Change Financial Statements (Million Baht) (%) (Million Baht) (%) (%) Revenue from Sales 1,011.6 100.0 % 1,302.1 100.0 % (22.3 %) Cost of Sales (734.6) (72.6

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

Income Total Revenue Total revenue from the core business in 3Q2020 was Bt734.72mn, increasing 10.2% QoQ because of the total usage increase from better economy in COVID-19 situation. The details of total