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

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

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

Restaurant Business During the Period (THB Mn) 2,020.0 2,046.5 Same-Store Sales Growth: SSSG (%) (2) 7.4% -5.3% Growth of Revenue from Restaurant Business (%) 19.7% 1.3% Remark: (1) Outlets owned by the Group

bakery business. The Company divides its business into 4 categories as follows: Analysis of Statement of Income 93% 2% 5% 0.2% Operating Revenue in Q1/2020 Dessert Café Non-Café Catering / Pop-up Franchise

: ________________________________________ 12) Home Regulator of the CIS Operator: ________________________________________ 13) Address of principal place of business: _______________________________________

Covered Management Company: ______________________________________________________________________ 9) Address of principal place of business: _______________________________________

: ______________________________________________________________________ 9) Address of principal place of business: _______________________________________ _______________________________________________________________________