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

Business, in 2019 was 363.7 million Baht, an increase of 75.0 million Baht from 2018 or 26.0 percent, with revenue Management Discussion and Analysis (MD&A) 2019 Page 3/6 from debt tracking services

million 3. Management Discussion and Analysis 3.1 Revenue from construction for the second quarter of 2019, has decreased when compared to the same quarter of 2018, by Baht 846.73 million or 38.49%. The

(loss) for the year (from the separate financial statements) Baht (380.99) million Baht 470.09 million 3. Management Discussion and Analysis 3.1 Revenue from construction in 2019, has decreased by Baht

342.26 million 3. Management Discussion and Analysis 3.1 Revenue from construction for the third quarter of 2019, has decreased when compared to the same quarter of 2018, by Baht 732.44 million or 30.51

cost attributed to the slash in total revenue and net loss at THB 612m. Page 2 of 9 Singha Estate Public Company Limited Management Discussion and Analysis 2Q20 Significant Events and 2H20 Outlook The

(MD&A) Q2/2018 2Management Discussion & Analysis The company’s operating revenue in Q2/2018 was Baht 6,563 million, increased by Baht 847 million or 15% from Q1/2018, resulted mainly from the increase

Management Discussion & Analysis Q1/2020 Overall Operating Results of the Company in Q3/2019 Q3/18 Q3/19 (THB million) YoY Operating Revenue 287 219 (24%) Cost of sales 99 82 (17%) Gross Profit 188 137 (27

fee from business operation under “Mikka” brand Management Discussion & Analysis Q1/2021 • Revenue from Dessert Café in Q1/2021 was THB 156 million, decreased by THB 48 million or 24% from Q1/2020 due

Page 1 of 7 Management Discussion and Analysis 1Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 1Q19 Total revenue of THB 3,000m, increased by 167% YoY. The