Thailand 13 - 13 Japan 15 (50% JV) 16 31 South Korea - 2 2 Singapore - 3 3 Kuwait - 1 1 UAE - 1 1 Philippines - 2 2 Total 38 26 64 5 2017 MD&A: PACE Development Corporation PLC. For property business, the

31 South Korea - 2 2 Singapore - 3 3 Kuwait - 1 1 UAE - 1 1 Philippines - 2 2 Total 38 26 64 5 2017 MD&A: PACE Development Corporation PLC. For property business, the increase in selling expenses

subsidiary companies are established to provide the following services in relation to real estate development: 1) Community management 2) Management of residential property for rent 3) Parking space management

by Baht 59 million over the prior year as a result of the decrease in occupancy and room rates of Laguna Phuket hotels and Banyan Tree Bangkok.  Revenue from property development operations which

development operations which comprise of property sales and the sale of holiday club memberships decreased by Baht 97 million. The difference is largely attributed to the lower revenue recognition of holiday

over the prior year as a result of the decrease in occupancy of Laguna Phuket hotels and Banyan Tree Bangkok.  Revenue from property development operations which comprise of property sales and the sale

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

in s: ond quarter o ame period percent. An g a unique sale, and syn the camera e second qu from debts c se of 100.3 p 2017 was 8 inly from the ter of 2017, hased from f 017 017 Q2/20 51.8 84 40.6 107

% % Revenue from hotel operations 279.41 68.61 284.71 51.49 (1.86) 646.47 71.23 666.78 49.31 (3.05) Revenue from property development operations 89.64 22.01 254.35 46.00 (64.76) 204.60 22.54 658.55 48.70 (68.93

the following reasons Exhibit 2: Revenue Breakdown 2018 – 2019 Revenue from property development business • Revenue from property development business of Baht 469.2 million decreased from 2018 by Baht