Management Discussion & Analysis ( - translation - ) For operating result of 1Q/2020, ended 31 March 2020 Raimon Land Plc. | 14 May 2020 1 / 6 Major Events in Q1/2020 January 1) Begin to adopt the

on the record of defect and the list of evidentiary documentation. ** The SEC Office will not consider the application or begin the processing period until the applicant has corrected the application

malls, rental rate escalations, incremental gains from operations management, and residential project development, are key drivers to realize the target. As the economy begin to flourish across various

for 2 calendar years, in which case the first application for approval shall take effect as of the date when an approval is granted, but the 2-year period shall begin as from the 1st day of January of

nature place higher valuations on higher skewed returns and are attracted to markets that begin to offer these properties while R investors are not transformed when similar excess volatility occurs. If

units and exercise price of THB 2 per share. Subsequently, 98mn additional listed shares begin trading on SET on 9 November 2017, resulting in an increase in paid-up common stock to THB 3,439mn shares

- - 2,934 LT lease liabilities 0 0.0% 50,017 14% *700MHz license has not yet officially allocated Hence the first payment for the spectrum will begin around Jan – 2021 *26GHz license first payment will be

begin around Oct - 2020 Others 25,163 8.7% 25,169 8.7% Total Equity 57,669 20% 69,394 24% Credit Rating Fitch National rating: AA+ (THA), Outlook: Stable S&P BBB+, Outlook: Stable Source and Use of Fund

license and first payment for the spectrum will begin around Oct-20. The low- band frequency such as 700MHz inherits a wide-coverage as strong characteristic which will support 5G coverage. In the short

equity proportion is approximately 25 percent). The capacity expansion project is planned to begin construction in August 2018 and is expected to be completed and commence commercial operation