investment in ONE CITY CENTER (“OCC”) – grade A office building development project for a total investment value of THB 8,771.4mn. Management outlook and future projects Despite the real estate market in

August 2022. Management Discussion and Analysis ( - translation - ) For operating result of 2Q19, ended 30 June 2019 Raimon Land Public Company Limited | 14 August 2019 2 / 8 Management outlook and future

sales gallery of project “The Estelle Phrom Phong” in Singapore to increase oversea customers. Management outlook and future projects In the second half of the year, since August, the Monetary Policy

the construction of TAIT 12 – a luxury condominium, located on Sathorn Road, soi 12 Management outlook and future projects Since August 2019 until the beginning of 2020, the Monetary Policy Committee

(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

Environment 1 1.1 Global and Thai Economy in 2019 and Outlook for 2020 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Significant Regulations and Rules related to Business Operations 5 2. Risk

will adjust our production strategy to match with the domestic consumption and export the foreseeable in future. We would like to sincerely thank all our shareholders for their support and belief in the

healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat

loans from financial institutions of THB 1,044mn, which was partially offset by repayment of loans from financial institutions THB (1,735)mn. BUSINESS PLAN AND OUTLOOK In 2020, our Hospitality business

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the