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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

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MD&A Q4_2018 (Eng.) February 21, 2019 Subject : Yearly Management Discussion and Analysis of 2018 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements

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loan was Baht 606 million versus 521 million as of 2019 or equivalent to 14.10% decreased resulting from the lower value in inventory. The trade accounts payable as of 2019 was Baht 136 million, a

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