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

2005 and the working capital from deposits redemption at the beginning of 2006. This caused a better working capital management to reduce the cost of fund. In Q2/2017 GC had a current ratio at 1.33 times

working capital management to reduce the cost of fund. In Q3/2017 GC had a current ratio at 1.36 times compared to 1.34 times in ending 2016, a little bit increased resulting from the drop in both short

deposits redemption at the beginning of 2006. This caused a better working capital management to reduce the cost of fund. In 2017 GC had a current ratio at 1.43 times compared to 1.34 times in ending 2016

a better working capital management to reduce the cost of fund. In Q1/2019 GC had a current ratio at 1.46 times compared to 1.43 times of ending 2018, a little bit increase resulting from the drop in

proceeds at the end of 2005 and the working capital from deposits redemption at the beginning of 2006. This caused a better working capital management to reduce the cost of fund. In Q2/2019 GC had a current

2005 and the working capital from deposits redemption at the beginning of 2006. This caused a better working capital management to reduce the cost of fund. In Q2/2018 GC had a current ratio at 1.40 times

management to reduce the cost of fund. In Q3/2018 GC had a current ratio at 1.35 times compared to 1.43 times in ending 2017, a decrease due to the rise in short-term loan from financial institutions and trade

had good fund from the IPO proceeds at the end of 2005 and the working capital from deposits redemption at the beginning of 2006. This caused a better working capital management to reduce the cost of

of 2006. This caused a better working capital management to reduce the cost of fund. In Q1/2020 GC had a current ratio at 1.29 times compared to 1.51 times of ending 2019, which was due to the rise in