Bt33,822mn of cash CAPEX to enhance 4G capacity and increase fixed broadband last miles. Following the government’s announcement of tax incentive program, AIS recognized a YTD tax benefit in 3Q17 amounting

Business Operation For the year ended 31st December, 2017 http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjD7_TkjpnTAhUWTo8KHY7JB7MQjRwIBw&url=http

amid high household debt, whereas public investment and the government’s budget disbursement were affected by a delay in the formation of a new government. Nevertheless, economic stability remained sound

, supporting the government’s measures to help the country overcome this pandemic crisis. It also makes people change their behavior and raise awareness on healthcare to build immunity to become healthier. The

of the Company in Group of Hypermarkets such as Tesco Lotus, Big C, Home Pro, etc. are needed to close their shops according to the Government’s rule. Moreover, the decrease of sales revenue

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 8 August 13, 2020

percent. Toll revenue decreased in all sectors due to limited traveling trips and work from home since the end of February, comprising with the government’s measures to prevent further spread of COVID-19

approximately 90% of all sales. However, in compliance with the government’s order and measure to shut down shopping malls effective since March 22, 2020, the branches in shopping malls are permitted to provide

has not been directly nor significantly affected by the COVID-19 pandemic, the Company has put in place measures to alleviate the burden of the public in support of the government’s measures to

SHR MD&A EN Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 1 of 9 May 15, 2020 (SHR_2020_CS