mentioned. Excluding such non- recurring income, 1Q18 revenues would have grown 9% QoQ, mainly from stronger performance of hotel business. Management Discussion and Analysis 1Q18 Consolidated Financial

project management 195.2 4.7 280.0 8.4 84.8 43.4 Dividend income - - 0.3 - 0.3 100.0 Gain from transfer of right for land purchase and sale agreement 312.0 7.5 - - (312.0) (100.0) Gain on disposals of

Transfer from Saraburi Quicklime Co., Ltd. to Golden Lime Public Company Limited The Meeting of the Board of Directors of Golden Lime Public Company Limited (“GL”) No. 3/2019 held on Tuesday 14th May 2019 at

Page 1 of 11 Singha Estate Public Company Limited Management Discussion and Analysis 1Q2020 Executive Summary Bank of Thailand, in late March 2020, slashed its forecast for Thai economy from the

transfer of 182 residences of the total 209 residences in the previous quarters thus making slower sales momentum for this quarter. The Company had total selling and administrative expenses of 1,300 million

Management Discussion & Analysis ( - translation - ) For operating result of 4Q/18, ended 31 December 2018 Raimon Land Public Company Limited | 27 February 2019 1 / 5 Major Events in Q4/18 and

industry. The impacts on the Company are worse than others because the majority of income and sales volume of the Company during the first 9 months derive from sales and ownership transfer of ready-to-move

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of

84.3 3,588.4 177.3 Revenues from project management - - 603.7 9.1 603.7 100.0 Gain from transfer of right for land purchase and sale agreements - 312.0 4.7 312.0 100.0 Other Income 30.2 1.5 129.0 1.9

1 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis Operational Summary in 2Q20 (affected by Covid-19 pandemic and measurements from government) • Net