Number of hotel 2 2 - Number of key 297 297 - Occupancy rate (%) 81 65 -16.5 ADR (THB) 10,174 9,760 -4.1 RevPAR (THB) 8,285 6,336 -23.5 Outrigger Hotels Number of hotel 6 6 - Number of key 859 859

Limited Management Discussion and Analysis 2Q20 2Q20 and 1H20 operating performance of Hospitality business Hotel 2Q19 2Q20 1H19 1H20 Self-Managed Hotels Number of hotel 2 2 2 2 Number of key 297 297 297

Owners of the Parent 177.7 695.3 -74.4% 396.8 965.1 -58.9% The key factor of the decrease of Normalized Net Income in 2Q2020 is the decrease of Normalized Share of Profit of Baht 347.9 million from GHECO

of a larger data plan; this resulted in the ARPU uplift for these 5G subscribers by 10-15%. We still aim to achieve 2mn 5G subscribers by the end of the year. The key drivers would be a higher data

pressure on mobile revenue resulting in a -0.7% YoY drop, but with a lesser magnitude compared to a drop in 1H21 vs 1H20 of -2.2%. The broadband business continued to be a key engine of growth, growing the

increase of 1.0% YoY from value- enhancing efforts. Fixed broadband business continued to be a key growth driver with a 15% increase YoY through the accelerated expansion of services into up-country areas

million baht 1,247 1,247 1,247 Key financial ratios Liquidity ratios Current ratio times 3.07 3.11 3.14 Quick ratio times 2.22 2.38 2.43 Cash ratio times 0.36 0.38 0.45 Receivable turnover times 4.82 4.70

under construction. We partner with a number of key Thai and international power developers, namely the Glow Group, the Gulf Group, the B. Grimm Power Group, SUEZ and the Gunkul Group. WHAUP recognized

business(1) Indicators 2017 2018 9 months in 2018 9 months in 2019 Self-Managed Hotels(2) Number of hotel(3) 2 2 2 2 Number of key(3) 278 291 284 297 Occupancy rate (%)(4) 81 76 78 73 ADR (THB) 8,074 8,415

capital-Paid million baht 1,247 1,247 1,247 Key financial ratios Liquidity ratios Current ratio times 2.99 3.07 3.09 Quick ratio times 2.04 2.22 2.35 Cash ratio times 0.45 0.37 0.38 Receivable turnover