within June 30, 2019 3.2 Value of the Transaction The total size of transaction 830,000,000 Baht is calculated by acquisition basis in the total value of consideration equivalent to 8.29 percent that

Calculated from interest-bearing debt net of cash and cash equivalents Management Discussion & Analysis ( - translation - ) For operating result of 1Q/19, ended 31 March 2019 Raimon Land Public Company Limited

shares issued by the Company to pay for the assets x 100% Number of issued and paid-up shares of the Company Cannot be calculated because the Company does not issue new shares. http

needs to calculate the transaction size percentage by considering four criteria. The total size of the Transaction calculated based on the total value of consideration criterion, gives the highest

the interest rate of 12.5% per annum. Total Value: The combination of loans value equivalent to Baht 94 million and the total maximum cost of financing of Baht 5.57 million calculated until November 15

implementation of the amended Thai Labor Protection Act 3 Adjusted EBITDA is calculated from Profit (loss) before income taxes, plus Finance costs, plus Depreciation and Amortization, deduct gain from exchange

within the next 12 months. The transaction is considered an acquisition of assets under the Notification of the Capital Market Supervisory Board. The calculated transaction value is 19.7% of total assets

percent based on the net tangible asset (NTA) criteria (calculated by using the information shown in the company's consolidated financial statements ended September 30, 2019). Upon including the transaction

10.8% 5,591 10.4% 288 5.2% Normalized EBITDA 4,045 7.5% 5,597 10.4% (1,552) (27.7%) Normalized profit for the period 1,104 2.0% 2,439 4.5% (1,335) (54.7%) (1) Percentage margin is calculated by dividing

approximately Baht 346,566,732.341) (“Transaction” ) . The size of the Transaction calculated based on the total value of consideration paid criteria, which gives the highest value, is equivalent to 0.87 per cent