in Q4/2017” Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q3/2018 • Progress Report on Acquisition of GLOW Energy Public Company Limited (GLOW) On June 20th, 2018, the

the ratification of the acquisition of assets of the ordinary shares of Phuketfuture Development Company Limited in the proportion of 80 %, approved by the Board of Directors' Meeting No. 4/2015 held on

decreased by Baht 18 million or 10% from Q1/2017 due to lower business development cost. Finance costs In Q1/2018, finance costs were Baht 119 million, increased by Baht 29 million or 32% from Q4/2017 and

(BESS) with size of 625 kWh. The development of this project will strongly support the growth of ESS business in which the company has been placing importance on since, this will support the company’s

Veranda Resort Public Company Limited Management Discussion & Analysis Q1/2020 Management Discussion & Analysis Q1/2020 Revenue Structure Hotel 45.3% Property development 46.4% Food and beverage 6.1

% % Revenue from hotel operations 279.41 68.61 284.71 51.49 (1.86) 646.47 71.23 666.78 49.31 (3.05) Revenue from property development operations 89.64 22.01 254.35 46.00 (64.76) 204.60 22.54 658.55 48.70 (68.93

acquisition of Outrigger hotels and gain on exchange rate. Significant Events 1. Development of EYSE 43 - On August 22, 2018, the Company entered into JV Agreement in partnership collaboration with Daiwa House

of assets 80.74 and loss from sales of investment 2.90 million baht Projects under construction as at September 30, 2019 As of 30 September 2019, the company has 3 construction projects on progress

of assets 80.74 and loss from sales of investment 2.90 million baht Projects under construction as at March 31, 2018 As of 30 September 2019, the company has 3 construction projects on progress, with a

029/2017 dated 1 August 2017 regarding to the notification of the progress of capital increase of WCI Holding Co., Ltd. According to WCI Holding Co., Ltd. (“WCIH”), subsidiary company of E for L Aim