Management Discussion & Analysis ( - translation - ) For operating result of 4Q/18, ended 31 December 2018 Raimon Land Public Company Limited | 27 February 2019 1 / 5 Major Events in Q4/18 and

Management Discussion & Analysis ( - translation - ) For operating result of 1Q/19, ended 31 March 2019 Raimon Land Public Company Limited | 9 May 2019 1 / 6 Major Events in Q1/19 and April 2019

esthetics. 2. Overview of operating results in the Quarter 1’2019. From 2018 to the first quarter of 2019, the global economy still has risk factors from international political and economic tensions

2018 Airbus A320 9 9 Airbus A319 16 14 ATR 72-500 2 6 ATR 72-600 13 9 Total 40 38 5 ASIA’S BOUTIQUE AIRLINE Two Airbus A319 under operating lease were delivered in July 2018 and January 2019 respectively

Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its subsidiary for the six-month period ended June 30, 2019 Table 1

million baht or 14.59 percent, as a result, the Group's gross profit increased by 19.09 million baht or 18.50 percent. Since in the year 2019, there are increased operating results, in comparison to the

increase in FT rate and the increase in electricity and steam sales after maintenance shutdown of customers of Rayong Central Utility Plants in Q2/2017. Q2/2018 Financial and Operating Highlights * ไม่รวม

reviewed the 2 nd quarter financial statements as of August 31, 2018 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as follows. Overview

Financial Statements 3Q'18 3Q'17 % Change YTD 2018 YTD 2017 % Change Revenue from Sales and Services 443.4 406.2 9.2% 1,288.9 1,199.6 7.4% - Operating Revenue1 423.9 404.2 4.9% 1,264.9 1,165.5 8.5% - Other

which increased by 4.0 percent and 24.8 percent respectively. The unallocated revenue was mainly consisting of dividend received from investment in BDMS during the period. Nevertheless, the operating