คำอธิบายและการวิเคราะห์ฐานะการเงินและผลการดำเนินงาน * Note Please find further information in the consolidated financial statements. 1 February 21st, 2020 Subject: Management Discussion & Analysis

during end of the year. With the two projects that MK had on hand, MK Group could increase the proportion of rent and service continuously. (3) Golf and property management business Revenue from golf and

Cost of service 300.99 78.03% 331.19 77.17% 271.60 76.36% 59.59 21.94 Expenses of sales 9.81 2.54% 12.69 2.96% 14.42 4.05% (1.73) (12.01) Expenses of management 49.30 12.78% 48.24 11.24% 32.56 9.15

sufficient in inventory space for efficiency stock management and future expansion in the new site. Additionally, the company can extend the products line for business diversification including I-RETAIL

Veranda Resort Public Company Limited Management Discussion & Analysis Q2/2020 Management Discussion & Analysis Q2/2020 The company has main revenue portion from the property development business

cost control in both room and food and beverage management. Cost of sales In 1Q19, CPN reported costs of sales at THB 75 mn, a decrease of 44.6% YoY. The decrease is in-line with the lower revenue from

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE UNREVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE REVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED 31

9,893 mn, a 7.0% increase YoY. 5.5% YoY in line with the growth of revenues. Both hotels showed effective cost control in both room and food and beverage management. Administrative Expenses Total