Management Discussion & Analysis ( - translation - ) For operating result of 1Q/2020, ended 31 March 2020 Raimon Land Plc. | 14 May 2020 1 / 6 Major Events in Q1/2020 January 1) Begin to adopt the

margin (excluding depreciation) in Q2-2017 was achieved at THB 834/ton, lower by 80% from last year quarter. - Sale volumes (Coil tons) in Q2-2017 achieved at 315,610 tons which were a slightly increased

aforementioned electricity fee since December 2011. According to Separate Financial Statements of the Company as at 30 September 2017, the Company has total liabilities of THB 17,622 million, which can be

Placement of 1,080mn shares to Plan B Media Public Company Limited (“PlanB”) at THB 1.4381 per share, totaling THB 1,553mn and 3) an agreement with PlanB on Advertising Media Management and Service Agreement

which shall at least take into account the best interest of the client; (2) a conflict of interest that may arise from such investment policy; (3) details on the management fee that the management company

reference. PAGE 10 Notification of the Office of the Securities and Exchange Commission No. Sor Thor. 14/2558 Re: Rules in Detail on the Prevention and Management of Conflicts of Interest __________________

can be made from cash flow from operation activities. In 2018, the consolidated current ratio was 1.93 times, the net debt to equity ratio was low at 0.27 time. GFPT Public Company Limited Management

10 of 14 Management Discussion & Analysis Summary of Consolidated Statements of Financial Position of GFPT Public Company Limited and its Subsidiaries As at 31 December 2017, 2018, and 2019 2017 2018

of the fund’s investment under (1)(a) shall be provided with at least the following particulars, which are the same as those contained in the mutual fund management scheme and prospectus, or private

and Procedures for Advertisement Related to Promotion of Sales of Investment Units and Providing of Fund Management Services _____________ By virtue of Section 98(10) of the Securities and Exchange