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

business : 1. Investment in consumer products business 2. Investment in food and beverage business 3. Industrial park development and investment in other businesses Issued and paid-up share capital : Baht

portfolio in the near term. For food and beverage business, after the first branch opening of Baan Ying restaurant and Management Discussion & Analysis( - translation - ) For operating result of 1Q18,ending

& 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

2018 Increased (Decreased) Room revenue 235,449 317,603 (25.9%) Food and beverage revenue 219,300 280,547 (21.8%) Other revenues 77,322 92,138 (16.1%) Hotel income 532,071 690,288 (22.9%) Cost of sales

% Revenue from food and beverage sales 127.1 127.9 (0.8) (0.6%) Total 285.4 283.4 2 0.7% Gross Profit 51.5 57.4 (5.9) (10.3%) Net Profit/(Loss) for the year (47.8) (88.8) 41 46.2% Net Profit/(Loss) from the