-Translation- Ref. WINNER 028/2020 November 12, 2020 Subject: Management Discussion and Analysis for the 3-month period and 9-month period ended 30 September 2020 To: The President The Stock Exchange

. 018 / 2018 May 9, 2018 Subject Explanation of the operating performance for 3-month period ended March 31, 2018 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company

31, 2018 which is differenced more than 20% compare from previous financial year same quarter as follows: 1. The company consolidated revenues from sales and services for this period increase from

Sirs, We would like to report our Q 1 performance (Jul.2017-Sep.2017), which are differed over 20% compare to Q 1 of same period of previous financial year as followings: 1. Sales and services decrease

more than 20% comparing to the same period of the previous year, the net profit for the third quarter and the nine-month periods of 2017 were 7.78 million Baht and 24.01 million Baht, decreased from the

first quarter ended 31st March 2019, Laguna Resorts & Hotels Public Company Limited achieved a net profit of Baht 83 million which was Baht 46 million lower when compared to the same period last year

to the same period of 2018 To : The President of the Stock Exchange of Thailand The Company would like to provide details of changes in profit and loss of the first quarter 2019 interim consolidated

is differenced more than 20% compare from previous financial year same quarter as follows: 1. The company consolidated revenues from sales and services for this period increase from 66.01 MB to 76.20

management. Based on the Company's financial statements for the 6 months ended June 30, 2019 While considering the Company financial statement, particularly the second quarter, 3 months’ period ended 30 June

of utility services in Q1/2018 compared with those in the same period of 2017, (while utility service income is stable), are attributable to the road and water system repairing cost. ▪ An increasing