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

share (Baht) 0.03 0.06 (0.03) * According to the adoption of Thai Financial Reporting Standard No.9 Financial Instruments since January 1, 2020, the Company reclassified loan from financial institution

of 530 million baht or 2.12 baht per share, decreasing by 46% y-y. The financial performance can be summarized as follows. Overview The Thai economy in the first quarter of 2020 contracted by 1.8

. Notwithstanding, the market volume of Thai vitamin C drink appeared to enjoy a pleasant growth rate Revenue from sales by product group Unit: THB million 2019 % 2020 % Amount Percent Branded products by our own

businesses. Hospitality Business At the end of 1Q19, the Company’s total hotels reached 37 hotels with 4,271 keys covering 5 countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality

keys covering 5 countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality business generated THB 779m in 2Q19 or 132% increased from 2Q18. The acquisition of 6 Outrigger hotels on 12

. Overview According to the Bank of Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the second quarter of 2020 dropped by 12.2% compared with a 2

According to the Bank of Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the second quarter of 2021 increased by 7.5% (y-y) compared with a decrease of 2.6

Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the fiscal year 2021 expanded by 1.6% (y-y), recovering from a contraction of 6.2% from previous year, that

ประกาศคณะกรรมการกำกับตลาดทุน (UNOFFICIAL TRANSLATION) Codified up to No.6 As of 1 August 2017 Readers should be aware that only the original Thai text has legal force and that this English