advance received from customers. Management Discussion & Analysis ( - translation - ) For operating result of 4Q/18, ended 31 December 2018 Raimon Land Public Company Limited | 27 February 2019 5 / 5

(Record Date). As the Company invited its shareholders to propose agenda and nominate candidates to be elected as directors in advance for the 2019 Annual General Meeting of Shareholders, during 28 December

, increased by 89.52 million baht - Other non-current assets were 289.04 million Baht, decreased by 53.53 million Baht mainly from decreasing in advance payment by 52.21 million Baht. 2) Liabilities At the end

Company must plan in advance such as advertising expenses spent on various media. Furthermore, the Company introduced its new products in the second quarter of 2019 which are 4 formulas of SnailWhite Gold

1 .5 0 % (because it was used in the operation). Account receivable and other receivable at Baht 15.38 million, increased by Baht 8.37 million or equivalent to 1 19 .43 %, mainly because of advance

loan increased by Baht 25 million. c. The Company’s account payable increased by Baht 79.75 million and advance received decreased by Baht 10.90 million. 2. Non-current liabilities increased by Baht

advance or installment loans (AEON Happy Pay). Thus, the Company provides more channels to facilitate financial services to customers and reduce Company’s operation cost. Moreover, loan income from AEON

did not fully mirror the slowdown in revenue as there is a lead time for certain expenses that the Company must plan in advance such as advertising expenses spent on various media. Furthermore, the

, increased by Baht 6.54 million or equivalent to 93.28%, mainly because of advance payment for the rental – Changwattana branch in amount of Baht 1.96 million and accrued income – tour in amount of Baht 5.43

non-current assets. Note 3 Comprising income from rental fee received in advance, estimation of staff benefits, deposit of rental and service fee and other non - current liabilities. 6 Table 4