Interest-bearing Debt net of cash and cash equivalents 3Including rental and service income,marketing commission income, project management fee, interest, and others Management Discussion & Analysis

% Million Baht % Million Baht % Sale 1,036.71 99.53% 446.31 99.22% 590.40 132.29% 1,837.13 99.74% (800.42) (43.57%) Service 4.90 0.47% 3.53 0.78% 1.38 39.00% 4.88 0.26% 0.02 0.47% Total Revenues 1,041.61

launch of Singha Complex in late 2018. 2019 Net profit at THB 1,209m, or 16% decline YoY, due to various factors, namely profit margin during early stage of 2 hotels in Crossroads project phase 1

Second Quarter of 2017 WHAUP completed our 2Q2017 at record-high result with a Net Income of Baht 700.8 million, 169.4% increase from 2Q2016 and 157.2% increase from 1Q2017. Altogether, 1H2017 Net Income

the third Quarter of 2017 WHAUP completed our 3Q2017 with a Net Income of Baht 569.9 million, a 207.9% increase from 3Q2016. Altogether, 9M2017 Net Income increased 204% from 9M2016 result. 1. RESULTS

of 2017 WHAUP completed our 2017 at record-high result with a Net Income of Baht 1,980.9 million, 436.1% increase from 2016. 1. RESULTS OF OPERATION FOR 2017 Consolidated Financial Statements 2016 2017

2018 compared to 505mTHB in H1 2017  EBITDA: 68mTHB in Q2 2018 compared to 50mTHB in Q2 2017; 121mTHB in H1 2018 compared to 102mTHB in H1 2017  Net income: 25mTHB in Q2 2018 compared to 23mTHB in Q2

-1.18 -50% Net income for period -1.68 14.96 -16.64 -111% Earnings per share (THB) -0.01 0.05 -0.06 -111% FY 2019 FY 2018 YoY change YoY % change Unit: Million Thai Baht (THB) Sales and service income

1,373.97 2.08% Cost of sales and service 46,714.95 46,162.14 552.81 1.20% Gross profit 16,331.28 15,789.18 542.11 3.43% Cost of rental 584.20 595.18 (10.98) (1.84%) Selling and administrative expenses

Company "VNG" would like to disclose the connected transaction for warehousing service between Vanachai Woodsmith Company Limited (a subsidiary which VNG hold 99.99% of the paid-up shares) with Doctorwood