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

. The major reason is inventories decreased and decrease in land development costs because transferred to cost of sales. And land awaiting for development transfer to land development costs. Total

. • Revenue from Land Business and Sale of Properties for the second quarter of 2020 was THB 546.7 mm and decreased by 55.5%, compared to the same period of last year, which was mainly from temporary

million or 15.41 percent. Due to the company has sold 1 plot of land total price 68 million baht but revenue from sales of houses and condominiums were decreased. Rental Income and Service Revenue The

is in the process of design and construction With the idea to develop land and utilities, roads, water systems, electrical and recreational systems in this large area To be a center for tourists Which

decreased amount of 451.16 million Baht or 69.52% Because the ownership of the land and buildings has been transferred In order to pay the debt of the https://market.sec.or.th/public/idisc/Download?FILEID=dat

 Land and Houses Bank Public Company Limited  Land and Houses Fund Management Company Limited  Land and Houses Securities Public Company Limited  Land and Houses Advisory Company Limited On July 27

 Land and Houses Bank Public Company Limited  Land and Houses Fund Management Company Limited  Land and Houses Securities Public Company Limited  Land and Houses Advisory Company Limited On July 27

Limited  Land and Houses Bank Public Company Limited  Land and Houses Fund Management Company Limited  Land and Houses Securities Public Company Limited  Land and Houses Advisory Company Limited On July

 Land and Houses Bank Public Company Limited  Land and Houses Fund Management Company Limited  Land and Houses Securities Public Company Limited  Land and Houses Advisory Company Limited On July 27