591,338,795.54 x 50.0 percent) x 100 / THB 1,574,050,588 = 18.78 percent 2. Net profit = Net profit from the operating result of Hello LED x the acquired portion x 100 / net profit from the consolidated financial

----------------------------- Clause 15. Where it appears to the Office that the operations by a full-service branch office, online branch office or branch office in foreign countries may cause damages to investors, or the securities

----------------------------- Clause 15. Where it appears to the Office that the operations by a full- service branch office, online branch office or branch office in foreign countries may cause damages to investors, or the securities

appears to the Office that the operations by a full- service branch office, online branch office or branch office in foreign countries may cause damages to investors, or the securities company lacks of

appears to the Office that the operations by a full-service branch office or online branch office or branch office in foreign countries may cause damages to investors, or the derivatives broker lacks of

appears to the Office that the operations by a full- service branch office or online branch office or branch office in foreign countries may cause damages to investors, or the derivatives broker lacks of

----------------------------- Clause 15. Where it appears to the Office that the operations by a full- service branch office or online branch office or branch office in foreign countries may cause damages to investors, or the

the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

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

, an increase of 64.46 million baht or 305.84% of the net profit for the same period last year. This was due to the better operating results of the subsidiaries Net profit for Q2 / 2020 was 55.27 million