capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

internal organization. To support the continuous growth rate in the future by focusing on the allocation of capital to improve factories and machineries instead of revenue growth and the revenue from sales

No. B52-201911/001 11 November 2019 Subject: Management Discussion and Analysis - for the three-month period ended 30 September 2019. To: The President of Stock Exchange of Thailand B-52 Capital

SET 5) Scope of Interests of Connected Persons 1) Mitsubishi Electric Corporation (Melco) holds 9,048,020 shares or 41.13 % of the registered and paid-up capital of KYE 2) Mitsubishi Electric Trading

, with holding 182,838,931 shares or 32.26% of the authorized paid-up capital. The Eksangkul shareholders group is the shareholder in the company, and they also hold 100% of shareholders and directors in

SET 5) Scope of Interests of Connected Persons 1) Mitsubishi Electric Corporation (Melco) holds 9,048,020 shares or 45.698 % of the registered and paid-up capital of KYE 2) Mitsubishi Electric Trading

Notification of the Capital Market Advisory Board ThorChor 21/2551 regarding the criteria for connected transaction and as in the Notification of the Stock Exchange of Thailand B.E. 2546 concerning the

0.03% NTA < X < 3 % NTA 0.45 < X = 3.00 < 45.06 1 < X = 3.00 < 45.60 The aforementioned transaction is regarded as a connected transaction as specified in the Notification of the Capital Market Advisory

) Total liabilities 993.33 988.16 5.17 0.52 Equity Share Capital - Authorized 140.00 140.00 - - Issued and paid-up 140.00 100.00 40.00 40.00 Share premium 246.11 - 246.11 n/a Retained earning Appropriated

significantly in G to G business. ● Declining in bank OD and short-term loan and account payable is a result of adjustment in company’s working capital. Please be informed accordingly Kindly Regards - Signature