performance of the Group Unit: Million Baht Q2’ 2018 Q2’ 2017 Increase (decrease) Variance (%) Total revenues 1,822 1,909 (87) (5%) Net profit 170 116 54 47% The Group’s total revenues for the second quarter of

earnings from the Company’s performance Financial Ratio Financial Ratio As of June 30, 2018 Liquidity Ratio (times) 10.31 Cash Conversion Cycle (days) 282.00 Debt to Equity Ratio (times) 0.12 Return on

Agreement and performance of the relevant contractual provisions. - If any lease agreements are to expire before the closing date of the transaction, the Seller shall have renewed such lease agreements for

shareholders’ equity of THB 4,973.36 million. The surge in shareholders’ equity was mainly caused by the Company’s initial public offering (IPO) as well as the retained earnings from the Company’s performance

performance of the Group Unit: Million Baht Q3’ 2018 Q3’ 2017 Increase (decrease) Variance (%) Total revenues 1,875 1,853 22 1% Net profit 137 54 83 154% The Group’s total revenues for the third quarter of 2018

. 66 2 654 3323 Summary of Financial Performance Analysis of the Operating Results Revenues In Q3 2018, for the three-month period ended 30 September 2018, the Company generated total revenues of 1,093

consolidated reviewed the 3 rd quarter financial statements as of November 30, 2018 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as

| 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

quarter. Summary of Financial Performance Analysis of the Operating Results Revenues For the third quarter of 2019, the three-month period ended September 30, 2019, the Company generated revenues of 485