of the previous year. The increase is owing to the increase in the profit of Hongsa Power Company Limited, a joint venture, in a portion of 40 percent. In addition, the acquisition of RATCH

accordance with the investment in high-end lifestyle resort on Island 3 of Crossroads project, S Hotels and Resorts (SC) Co., Ltd. ("SHR SC"), a wholly owned subsidiary of the Company, enterred into a share

Eng_MD&A Final Q3'19 November 13, 2019 Ref: SET-2019-011 Re: Management Discussion and Analysis for Quarter 3’ 2019 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company

venture, are not consolidated within the Company’s hospitality business, and are instead accounted for using the equity method, pursuant to which the Company receives a share of profit or loss from the

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