debt net of cash and cash equivalents Management Discussion and Analysis ( - translation - ) For operating result of 2Q19, ended 30 June 2019 Raimon Land Public Company Limited | 14 August 2019 3 / 8

not recognize the revenue from the sales of real estate due to no transfer of land for the Industrial Development Business during that period. Gross profit from sale of real estate stood at THB 181.6 mm

. • Revenue from industrial land sale increased by 48.2% and 32.3% during 3 months and 6 months ended the second quarter of 2019, mainly from higher land transfer which came from higher backlog. Moreover, the

Petchkasem 29, The LINE Sukhumvit 101, KHUN By Yoo and The LINE Phahon Pradipat, construction is nearly completed and is expected to be ready for transfer in 4Q 2019. As of 30 June 2019, the JVs had 2

develop and transfer the remaining units within the next 1-2 years. Moreover, it is in the interest of The Company in pursuing with property development projects that aligns to the cash flow of The Company

% YoY to THB 6,976mn, preeminently due to full year consolidation of the hotel business in Europe and from acquired assets under the Entire Business Transfer of Unicorn Enterprises Limited (EBT of UE

million THB to 21,250.21 million THB. The main reasons are as follows: 1) Cash and cash equivalent increase 8.77% from 31 December 2017 as a result of the performance of the Company. 2) Inventory increases

areas nationwide. In the end of 2Q17, the usage amount from mobile top-up and money transfer are still growing. In addition, other online top-up and payments are growing up such as E-wallet top-up and

For working capital and project construction 6. Total value of Consideration Obtained Get Cash in totally 50,812,500 Baht separate into  The par value of 10 Baht/share in 50,000 shares, totally in

Baht. The key reason was from the result of the transfer of 58 residences of MahaNakhon project in Q2 2018 which significantly increased as compared to the same period last year. The Company had total