approved Thai government agencies to offer for sale of bonds or corporate bonds on a program basis may offer bonds or corporate bonds for sale in all manners with unlimited value and number of offer from the

damage, either under Thai or foreign laws. 15 Clause 30 The approved entity to offer for sale of bonds on a program basis may offer bonds for sale in all manners with unlimited value and number of offers

securities on a program basis may offer debt securities for sale in all manners with unlimited value and number of offers from the date of approval is granted by the SEC Office under Clause 22 until the end of

Management Discussion and Analysis (MD&A) 2019 Page 1/8 Management Discussion and Analysis (MD&A) 2019 Overview and Factors Affecting Future Performance 2019 was considered a challenging year for the

1 of 9 Management’s Discussion and Analysis for the performance of the year 2019 Business Overview For the ended of the year 2019, S Hotels and Resorts Public Company Limited (“the Company”) had total

nine-month of the year 2016 ended September 30, 2016. The Company’s overall performance can be summarized as follows. DCORP would like to summarize the overview of the consolidated company’s performance

medical equipment as well as medical service concerning health and esthetics. 2. Overview of operating results in the Year 2017. The overall global economy still has growth direction in fine criteria from

service concerning health and esthetics. 2. Overview of operating results in the Year 2018. Although in 2018, the global economy as risk from international of political tensions and economic. And the

Company Limited Management Discussion and Analysis for the Quarter Ended on June 30, 2019 3 Overview Operational Results Between the second quarter of the year 2019 and 2018 (Unit: Million Baht) Description

Central Retail Corporation Public Company Limited Page 1 Overview of the operating result for the fourth quarter of 2019 The company’s total revenue for the fourth quarter of 2019 was THB 63,405