operating revenue breakdown by business segment (Unit: Million Baht) 2019 2018 Change Change (%) Sales of real estate 9,291 14,599 (5,308) (36) Revenue from hotel business 1,052 904 148 16 Revenue from rental

: 1) Revenue from sale and service was THB 732.80 million, increase by THB 79.83 million or 12.22%. The revenue from the main businesses of the Company and its subsidiaries as follows: - Sale of real

2018 Q3 2019 Increase/ (Decrease) 9M 2018 9M 2019 Increase/ (Decrease) THB mm THB mm % THB mm THB mm % Total Revenue/1 1,756.9 2,244.3 27.7% 7,227.4 9,121.4 26.2% Total Cost 492.6 916.3 86.0% 2,880.8

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 industrial land sale was THB 3,505.0 mm which increased by 64.9%, compared to the same period of last year, mainly from higher number of land transfer. • Utilities income was THB 2,258.7 mm

22.1% from the total revenue, a decrease of 282.5 million baht, or 27.7%, Mainly due to Gain from transfer of right for land purchase and sale agreement 312.0 million baht in 2018, however The Group

2016 In(De)crease % Million Baht % Million Baht % Million Baht % Revenue from sales of real estate 351.68 99.00 351.68 97.43 91.29 91.80 260.39 285.23 Other income 3.55 1.00 9.29 2.57 8.15 8.20 1.14

follows: Total revenue was THB 4,438.11 million, a decrease of THB 108.7 million or 2.39%. The main businesses of the Company and its subsidiaries were as follows: Operating results : 9 months 2019 2018

fees, land transfer fees and sales & marketing expenses for the launch of new residential projects Revenue from sales of house and condominium units As of 30 June 2019, the Company and its subsidiaries

company and subsidiaries had less advertisement and promoting expenses. Specific business tax and transfer fee were in accordance to revenue. 4.2 Administrative expenses In the first quarter 2019, the