Management Discussion and Analysis ( - translation - ) For operating result of 3Q19, ended 30 September 2019 Raimon Land Plc. | 14 November 2019 1 / 7 Major Events in 3Q19 July  Issued unsubordinated

Management Discussion & Analysis ( - translation - ) For operating result of 4Q/2019, ended 31 December 2019 Raimon Land Plc. | 27 February 2020 1 / 7 Major Events in 4Q/2019 and January 2020

established. As a result, revenue from the main event business increased by Baht 15.1 million or 9% when compared to last year. In addition, revenue from caravan services is increased 100% from last year from

Mae Moh mine, Lam Pang of the Electricity Generating Authority of Thailand (“EGAT”), with both venture partners having a 50% interest. As a result of the final receivership order issued by the Court

the Electricity Generating Authority of Thailand (“EGAT”), with both venture partners having a 50% interest. As a result of the final receivership order issued by the Court, Saraburi is considered to be

without any charges when the contract ends. The Group’s management assessed the agreement in accordance with TFRIC 12 ‘Service Concession Arrangements’. As a result, the Group’s management recognized

244.34 million 2.3. Income tax income of 9 .6 1 million baht caused by advance received in accordance with the contract And adjusting the fair value of inventories As a result, the financial statements

the explanation and analysis of financial position and operating result 3.3.1 Summary of financial statements during the past 3 years and the latest quarter ended March 31, 2018 (a) Statement of

decrease of THB 35.66 million or 89.49% from the same period of previous year. As a result of the condition of sales agreement with the customer, there is only one customer in this period. At the present

, resulting in the delay in delivery and acceptance of equipment or projects. As the result, the total revenue Q2–2020 was lower than those in other quarters. In terms of total operating expenses in Q3–2020, it