-Controlling interests at 30.89% (32,092) Total Net Asset obtained GLOW at 69.11% 56,911 Goodwill 36,090 Proportion of acquisition cost 69.11% 93,001 From the fair value measured in the table, the majority

ordinary shares with par value of Baht 1 per share to VAVA PACK Company Limited (“VAVA”) under the private placement scheme, at the offering price of Baht 0.405 per share, in the total sum of Baht

Page 1 of 7 Management Discussion and Analysis 2018 Executive Summary The operating result of 2018, Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reached total revenue of

investments. Non- interest income decreased Baht 5,750 million or 9.17 percent, due largely to cancellation of fees for funds transfer via digital channels, and decrease in net premiums earned - net, while

shares to the shareholders of the Company at the offering price of Baht 56 per share. As a result, the company has a total ordinary shares of 2,819,729,367 shares and have changed the paid-up capital to a

range of investments. The Company’s gains and return on financial instruments were derived from a variety of products, including, derivative warrants (DWs), over-the-counter (OTC) derivatives, investments

1 of 9 Management’s Discussion and Analysis for the performance of the year 2019 Business Overview For the ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company”) had total

Company Limited ( “the Company”) had total revenue of THB 1,144.9 million, increased 17.6% from the three months ended of the year 2019 as a result of commercially available for two hotels as part of the

sale and also increase of investments in associates and right of uses. Total liabilities also increased by Baht 1,631.8 million, largely attributable to increase of trade account payable. Total

continuously strives to enhance customer value and efficiency to serve customers with 5G services. Investments were prioritized to maximize efficiency to expand 5G capacity to cover over 90% of Thailand while