result, the Corporate Group could not sell its products to the export market or through modern trade stores. In addition, the consumers have put off decision for purchasing new homes in housing projects

IP: INTER PHARMA PUBLIC COMPANY LIMITED L&E: LIGHTING & EQUIPMENT PUBLIC COMPANY LIMITED PAP: PACIFIC PIPE PUBLIC COMPANY LIMITED PRINC: PRINCIPAL CAPITAL PUBLIC COMPANY LIMITED PSL: PRECIOUS SHIPPING

of Thailand and NESDB, overall Thai economy in 2017 expanded by 3.9%, higher than 3.3% growth in 2016. This was mainly from acceleration of private consumption, export sector, and private investment in

, the effect of the strong Thai Baht that limited the export performance of the Thai lime industry in general, and the proportionally high cost of combustible fuels Golden Lime Public Company Limited 3

export sector. In addition, the household consumption expanded by 3.1%, compared with 2.2% in the previous year, which was supported by the government stimulus measures at the end of 2016. The Thai economy

economic activity in the second quarter of 2017 continued to expand, driven by export of goods which showed a high and more broad-based expansion and the tourism sector which continued to expand steadily

(Decrease) 2017 2016 Amount % Sales 596.50 591.40 5.10 0.86 -Export 339.88 346.80 (6.92) (1.99) -Domestic 256.62 244.60 12.02 4.91 Other Income 18.32 19.74 (1.42) (7.19) Total Income 614.82 611.14 3.68 0.60

consumption causes an increase in consumer confidence. Both export and tourism sectors rose faster in the first half of 2018. On the other hand, Thai economy showed signs of a slowdown in the second half of

positive market sentiment in Thailand and on the export markets.” Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 2. Outlook Overall Thai economic

aerated concrete blocks is gaining further ground. The nonferrous mining segment in our key export market Laos remains strong. Generally, export growth in Thailand has also translated into lime exports