| www.shotelsresorts.com Page 1 of 7 Management’s Discussion and Analysis for the performance of the six months ended of the year 2019 Business Overview In the six months ended, S Hotels and Resorts Public Company Limited

Discussion and Analysis for the performance of the nine months ended of the year 2019 Business Overview In the nine months ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company

. Reasons and Justifications for the Transaction : Since the Company regularly organizes events under the Superstar Marketing concept, as part of its business strategies, e.g., press release for clients

) was low and could not cover cost and expense. 2. Business Outlook Total domestic Hot Rolled Steel consumption for Quarter 1, 2020 stood 1.51 million MT and decreased by 3.4% compared to same quarter

baht, or 30.3% compared on the same period from last year. Due to the situation of COVID-19 causing the business to slow down, however, the company still has the ability to make PAGE 5 profit

THB 12,789 million which decreased by THB 505 million or 4% from year ended 2019 due to net loss for this quarter of THB 505 million. 5. Business Outlook The impact of outbreak of Covid 19 Pandemic was

ended 2019 due to net loss. 5. Business Outlook The impact of outbreak of Covid 19 Pandemic was more severely felt in Q2 2020 and the Thai GDP is expected to contract by about 10% for the Full year 2020

743.1 million baht. Even though the COVID- 19 pandemic bringing significant disruption to business, The Group still maintains the profit attributable to equity holders of the company amount of 707.1

, Trans.Ad has registered and paid-up capital of Baht 49.05 million, divided into 490,464 shares, Price per share Baht 100. b) Business Characteristic Trans.Ad engages in the design and installation of

pandemic of COVID-19 followed by the government’s order of a temporary business shutdown to limit the spread of COVID-19 applying from 22 March 2020 until the present affects our partners and customers