continuously. Including repayment to loans from financial institution on due period (loan in 2016 and 1st repayment in January 2017). So the debt to equity ratio as decrease. The above events reflect of the

SG&A expenses did not increase significantly. Management Discussion & Analysis Q3/2019 Q3/2019 Significant Events More Pop-Up Stores have been set up to increase accessibility to customers After

consisting of printing, relevant events hosting, content creation and television media business, all of which are the businesses that the Company has experience and expertise in. Thus, the Company considers

focus on its core business consisting of printing, relevant events hosting, content creation and television media business, all of which are the businesses that the Company has experience and expertise in

improvement from 0.55 times at the end of last year. Current ratio as at the same date and period stood at 2.47 times SIGNIFICANT EVENTS 7 January 2019: Vienna International Hotelmanagement AG (VI) acquired 100

due to THB appreciation against EUR and GBP • Net debt to equity ratio as of 30 June 2019 was 0.56x, comparing with 0.55x at the end of last year SIGNIFICANT EVENTS 4 major renovation works of Vienna

Management Discussion and Analysis ( - translation - ) For operating result of 2Q19, ended 30 June 2019 Raimon Land Public Company Limited | 14 August 2019 1 / 8 Major Events in 2Q19 and July 2019

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS

, income earned from one-off events, etc. (2) Percentage margin is calculated by dividing Gross profit from sales by Revenue from sales (3) Percentage margin is calculated by dividing Gross profit from

end of the first quarter this year stood at 0.98x, an increase from 0.48x in 31 December 2019 1Q 2020 SIGNIFICANT EVENTS New financial reporting standards that became effective in the current period 1