from THB 22.3 billion in year 2018. Sales Revenue in USD terms decreased by 5% to USD 656m in 2019 from USD 689m in 2018. Operating profits decreased 39% to THB 1,408m in 2019 from THB 2,309m in 2018

Management Discussion & Analysis ( - translation - ) For operating result of 2Q18, ended 30 June 2018 Raimon Land Public Company Limited | 9 August 2018 1 / 4 Major Events in 2Q18 and July 2018 April

Page 1 of 7 Management Decision and Analysis Q3’18 Executive Summary The operating result of the third quarter of 2018 (Q3’18), Singha Estate Public Company Limited (“the Company” or “Singha Estate

resolutions of the Board of Directors’ Meeting No. 9/2018, which was held on November 27, 2018. This was due to the fact that the manufacturing business’ operating results were declining, the percent of

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expanding through TV media and online channels. This is the core business of Shop Global (Thailand) Ltd. that the Company has invested in. And this will be another sales channel for expanding market and sales

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reported at 37.8% due to the price competition in the glassware market. The total cost of sales and operating expenses were Baht 502.3 million, decreased by 4.5% QoQ, which was in line with sales dropping in