(Translation Version) The Opinion of the Independent Financial Advisor On the Asset Acquisition and Connected Transaction of Raimon Land Public Company Limited Presented to Shareholders Raimon Land Public Company Limited Prepared by Asset Pro Management Company Limited March 25, 2019 The Opinion of Independent Financial Advisor on Asset Acquisition and Connected Transaction Raimon Land Public Company Limited (RML) Table of Contents Executive Summary Page Opinion of Independent Financial Advisor on Asset Acquisition and Connected Transaction ………………...1 Asset Acquisition from Investment in Developing One City Centre Project (“OCC Project”) which is the Real Estate Development Project in form of Grade A Office Building and Retail Space Part 1 : Overview of Asset Acquisition ................................................................................................................ 10 1.1 Objective and Background ................................................................................................................. 10 1.2 Transaction Date ................................................................................................................................. 13 1.3 Profile of Developer............................................................................................................................. 13 1.4 Related Parties and Relationship with the Company and subsidiaries ............................................. 16 1.5 Type and Size of Transaction ............................................................................................................. 22 1.6 Details of Acquired Asset ................................................................................................................... 26 1.7 Total Value of Consideration ............................................................................................................... 49 1.8 Value of Acquired Assets ................................................................................................................... 49 1.9 Criteria to Compute the Value of Consideration ................................................................................. 50 1.10 Source of Capital ................................................................................................................................ 50 1.11 Expected Benefits ............................................................................................................................... 51 1.12 Opinion of Board of Directors ............................................................................................................. 51 1.13 Opinion of Audit Committee and/or Directors that is different from the opinion from the Board of Directors ............................................................................................................................................. 51 Part 2 : Reasonableness and Benefits of the Transaction ................................................................................ 52 2.1 Objective and Necessity of the Transaction ...................................................................................... 52 2.2 Advantages and Disadvantages of Entering into the Transaction .................................................... 52 2.3 Advantages and Disadvantages of Not Entering into the Transaction .............................................. 55 2.4 Risk of the Transaction ....................................................................................................................... 56 Part 3: Reasonableness of Price and Appropriateness of Conditions for the Transaction ............................... 59 3.1 Reasonableness of Price of the Transaction ...................................................................................... 59 3.2 Appropriateness of Conditions of the Transaction ............................................................................. 82 Part 4: Summary of the Opinion of IFA ............................................................................................................... 83 Asset Pro Management Company Limited (APM) The Opinion of Independent Financial Advisor on Asset Acquisition and Connected Transaction Raimon Land Public Company Limited (RML) Table of Contents Page Asset Acquisition from Acquiring Additional Ordinary Shares of RML19 Including the Right as the Creditor of KPNL with Accrued Interest from the Connected Persons Part 1 : Overview of Asset Acquisition and Connected Transaction ................................................................. 85 1.1 Objective and Background ................................................................................................................. 85 1.2 Transaction Date ................................................................................................................................. 87 1.3 Related Parties and Relationship ....................................................................................................... 88 1.4 Summary about Raimon Land 19 Co., Ltd. ........................................................................................ 89 1.5 Type and Size of Transaction ............................................................................................................. 95 1.6 Details of Acquired Asset ................................................................................................................... 98 1.7 Total Value of Consideration ............................................................................................................. 110 1.8 Value of Acquired Asset ................................................................................................................... 111 1.9 Criteria Used to Determine the Value of Consideration ................................................................... 111 1.10 Source of Capital .............................................................................................................................. 111 1.11 Expected Benefits ............................................................................................................................. 111 1.12 Details of the Connected Transaction .............................................................................................. 112 1.13 Opinion of Board of Directors ........................................................................................................... 112 1.14 Opinion of Audit Committee and/or Directors that is different from the opinion from the Board of Directors ........................................................................................................................................... 112 Part 2 : Reasonableness and Benefits of the Transaction .............................................................................. 113 2.1 Objective and Necessity of the Transaction .................................................................................... 113 2.2 Advantages and Disadvantages of Entering into the Transaction .................................................. 113 2.3 Advantages and Disadvantages of Not Entering into the Transaction ............................................ 114 2.4 Disadvantages of Entering into the Transaction with Connected Person........................................ 115 2.5 Risk of the Transaction ..................................................................................................................... 116 Part 3: Reasonableness of Price and Appropriateness of Conditions for the Transaction ............................. 119 3.1 Reasonableness of Price of the Transaction .................................................................................... 119 3.2 Appropriateness of Conditions of the Transaction ........................................................................... 138 Part 4: Summary of the Opinion of IFA ............................................................................................................. 140 Asset Pro Management Company Limited (APM) The Opinion of Independent Financial Advisor on Asset Acquisition and Connected Transaction Raimon Land Public Company Limited (RML) Appendix Appendix Page Appendix 1 : Overview of Raimon Land Public Company Limited 1.1 General Information ....................................................................................................................................... 2 1.2 The Nature of Business ................................................................................................................................. 2 1.3 Company Structure........................................................................................................................................ 4 1.4 List of Shareholders ....................................................................................................................................... 7 1.5 Organization Structure, List of Directors and Executives ............................................................................. 8 1.6 Performance and Financial Position ............................................................................................................ 10 Appendix 2 : Summary of Asset Appraisal for RML 548 Co., Ltd. Vacant Land – on Ploenchit Road, Lumpini, Pathumwan, Bangkok ................................................................... 23 Appendix 3 :Summary of Appraisal Report of Raimon Land Nineteen Co., Ltd. Vacant Land – Soi Sukhumvit 19, Sukhumvit