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

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS

, income earned from one-off events, etc. (2) Percentage margin is calculated by dividing Gross profit from sales by Revenue from sales (3) Percentage margin is calculated by dividing Gross profit from

end of the first quarter this year stood at 0.98x, an increase from 0.48x in 31 December 2019 1Q 2020 SIGNIFICANT EVENTS New financial reporting standards that became effective in the current period 1

overseas assets • Net debt to equity ratio at the end of 2Q 2020 stood at 0.98x, an increase from 0.48x on 31 December 2019 2Q 2020 SIGNIFICANT EVENTS Impacts of Coronavirus Disease 2019 (COVID–19) COVID-19

was temporarily closed; only take-home order was allowed at branch March 22nd Partial Bangkok lockdown 1H/2020 Significant Events After You launched 4 Seasonal Menus during H1/2020 After You has been

provision of services as derivatives exchange with a defined scope that covers possible emergency events, including a detailed procedure and the responsible person for adhering to each step of the procedure

subscribers 2,085,900 2,328,700 2,380,700 14 % 2.2 % FBB net addition 114,500 60,500 51,900 -55 % -14 % FBB ARPU (Baht/user/month) 418 414 428 2.4 % 3.2 % Significant Events in 3Q23 • Advanced Wireless Network

launch in the fourth quarter of 2024. Overall, the company continues to maintain steady growth in both sales and profits. 2. Significant events and developments The company has a total of 1 1 5 branches

plan for recovery or an orderly wind-down, with approval of its board of directors, which contains details at least in the following matters: (1) events and circumstances in which a securities clearing