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

, delivering a solid operating revenue of THB 199mn, an increase by 4.9% QoQ and 9.6% YoY. The Company reported net profit of THB 51mn, increased by 36.9% QoQ and 26.0% YoY. For more details of the Company’s

100.0% Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 4 of 8 Room revenue The room revenue

from 1.04 times as of 31 December 2019. With the Company’s target revenue from residential real estate projects of THB 10,000 -12,000mn per year within the next 5 years, the Company expects this ratio

impact and one-time loss items, normalized total revenue and share of profit from investments in associates decreased by 1.7%, mainly from lower land transfer. Notwithstanding, the Company had a large

Margin (%) 49.5% 35.5% 13.9% 28.1% 33.3% -5.2% Executive Summary Revenue from Sales and Services • Yggdrazil Group Public Company Limited (“Company”) has total revenue from sales and services equivalent to

36.47 million. In the third quarter of 2018, the net loss was increased by Baht 20.01 million which details are as following; (1) Revenue from sales The Company and its subsidiaries’ revenues from sales

which increased by Baht 1,422 million YoY. The Company posted net loss of Baht 854 million, increase by Baht 499 million YoY (due to reasons as described below) and sale revenue Baht 2,124 million

revenue grew significantly from last year. Focusing on card recruitment activities, the Company has developed more card recruitment channels including setting booths in high traffic areas and encouraging

9.18 77.17 Profit for non-controlling interests of the subsidiaries (0.03) (0.05) (0.02) (0.05) 0.00 15.38 SAAM Energy Development Public Company Limited - 2 - Revenue Total revenues from operation of