increase of total arrivals from Russia of +24.9% YoY while arrivals from other key European source markets (ie: the UK, Germany, and France) did not increase that much. With regards to ARR, overall hotels in

Osotspa Public Company Limited Q3’19 and 9M’19 Management Discussion & Analysis 13 November 2019 Q3’19 and 9M’19 Management Discussion & Analysis Page 1/6 Financial Highlights - Overall Q3’19 Net

22 February 2019 Please find below the additional information supporting our financial statements for period ended December 31, 2018. Total revenues decreased slightly to THB 1,132 million from THB

19.85 15.4% 50.12 28.9% 152.5% Grand Total Revenues 129.11 100.0% 173.64 100.0% 34.5% Overall, the Company’s recurring revenue decreased from 84.6% in Q1 2019 to 71.1% this year, while non-recurring

Total Revenues 267.79 100.0% 346.35 100.0% 29.3% Overall, the Company’s recurring revenue decreased from 81.7% in 1H 2019 to 70.2% this year, while non-recurring revenue increased to 29.8% from 18.3%. The

and its subsidiaries’ operating results for the quarter ended June 30th, 2018 Unit: THB Million Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M2017 6M2018 YoY Total Revenue 42,828 44,226 45,558 6% 3% 86,823 89,783 3

) expects the Thai economy to contract by 6.7 percent. The main factors driving the economic downturn are the contraction in exports of services, predominantly tourism revenues following the sharp fall in the

Total Non- Recurring 111.53 21.7% 149.27 24.9% 33.8% Grand Total Revenues 515.11 100.0% 598.85 100.0% 16.3% Overall, the Company’s recurring revenue decreased from 78.3% in 2018 to 75.1% this year, while

100.0% 0.8% Grand Total Recurring 293.32 78.2% 333.27 77.8% 13.6% Grand Total Non- Recurring 81.53 21.8% 95.25 22.2% 16.8% Grand Total Revenues 374.85 100.0% 428.52 100.0% 14.3% Overall, the Company’s

97.26 75.2% 109.26 84.6% 12.3% Grand Total Non- recurring 32.01 24.8% 19.85 15.4% (38.0%) Gran Total Revenue 129.27 100.0% 129.11 100.0% (0.1%) Overall, the Company continues to report a higher proportion