Baht Quarter 2 Year 2018 Quarter 2 Year 2017 %YoY Quarter 1 Year 2018 %QoQ Revenue from sales and services 157.7 150.6 4.7% 158.3 (0.4%) Revenue from food and beverage sales 125.5 142.0 (11.6%) 127.1

Sales and services 629.5 621.1 8.4 1.4% Sales of food & beverage 533.1 491.9 41.2 8.4% Total Sales 1,162.6 1,112.9 49.7 4.5% Gross Profit 228.0 191.5 36.5 19.1% Net Profit/(Loss) for the year (278.9

- Translation - OSP 11/2018 25 December 2018 Subject: Investment through its indirect wholly-owned subsidiary in a beverage company Attention: President Stock Exchange of Thailand With reference to

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

897,063 (57.0%) Food and beverage revenue 639,516 959,886 (33.4%) Other revenues 276,209 348,397 (20.7%) Hotel income 1,301,172 2,205,346 (41.0%) Cost of sales and services 1,065,622 1,216,118 (12.4

158,067 235,449 (32.9%) Food and beverage revenue 172,835 219,300 (21.2%) Other revenues 66,367 77,322 (14.2%) Hotel income 397,269 532,071 (25.3%) Cost of sales and services 275,326 283,641 (2.9

overall international business grew 14.4% at constant FX rate. 9M’19 Net sales grew 5.7% YoY, driven by core businesses in both domestic and international markets. Domestic beverage and personal care grew

& beverage customers. - Cost of the sales and services of 2016 was 90.79% decreased to 89.83% on 2017 or decreased 0.96% from sales due to can mark-up price to the customers which new price of R/M. - Selling

more raw materials, can expand sale to foods & beverage customers. - Cost of the sales and services of 2017 was 89.83% decreased to 88.84% on 2018 or decreased 0.98% from sales due to good efficiency on

1 Year 2019 Quarter 1 Year 2018 Change %YoY Revenue from sales and services 147.0 158.3 (11.3) (7.1%) Revenue from food and beverage sales 132.4 126.0 6.4 5.1% Total 279.4 284.3 (4.9) (1.7%) Gross