completed in the previous year and sold with higher gross profit margin. Moreover, as a result of the expansion of rental and service business, the income from rental fee and service and management fee

previous year in the amount of THB 296 million or equivalent to a decrease of 3.9 percent as a result of the operating results of Domestic restaurant and bakery business and overseas restaurant business that

19.76 0.36 39.59 32.30 22.56 2 Key financial ratio related with operating result (%) 2Q19 2Q18 %YoY 1Q19 %QoQ 1H19 1H18 %YoY Gross profit margin (%) 44.00% 41.28% 2.72 41.47% 2.54% 42.82% 41.63% 1.18

(Translation) NEP-AC 002/2563 14 May 2020 Subject: Management Discussion and Analysis for Q1 end of 31 March 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and

was lower due to order postponement in our key countries as a result of COVID-19 lockdown. Food business The food sales for Q3/2019-2020 was Baht 630 million, decreased significantly by Baht 1,210

6.77 34.15 50.15 39.60 10.55 26.64 Key financial ratio related with operating result (%) For the quarterly Change For the six-month period Change 2Q20 2Q19 % YoY 2020 2019 %YoY Gross profit margin from

) Revenue structure + (-)2018 3 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major

AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major customer from 2019 to mid of 2020 due to eminent domain

17.41 15.98 19.83 1.80 59.78 49.71 20.26 Key financial ratio related with operating result (%) 3Q19 3Q18 %YoY 2Q19 %QoQ 9M19 9M18 %YoY Gross profit margin (%) 46.47 42.44 4.03 44.00 2.47 43.93 41.88 2.04

Management Discussion and Analysis ( - translation - ) For operating result of 2Q19, ended 30 June 2019 Raimon Land Public Company Limited | 14 August 2019 1 / 8 Major Events in 2Q19 and July 2019