financial position remains strong with low debt-to-equity ratio and high current ratio. Global Green Chemicals Public Company Limited Management Discussion and Analysis | 3 10% 90% 1Q2019 41% 59% 1Q2018 444 8

from bond issue on August 2017. Net Interest-bearing Debt in 3Q2017 was Baht 7,589.7 million, decrease from Baht 10,292.9 million in 3Q2016 presenting the Net Interest-bearing Debt-to-Equity ratio of

(Translation) UAC.CS/003/2020 February 27, 2020 Subject: Explanation of the operating results for the year period ended December 31, 2019 To: President The Stock Exchange of Thailand Attachment

-to-equity ratio of 2.97 times and the interest-bearing debt to equity ratio of 2.61 times. Forward Looking The Company's operation has been continuing to set goals for the sustainability of the

quarter of 2020, the amount of collection increased. With the collection amount from bad debt written off, this is recorded as income 26.4 million baht. The overall NPL Ratio of the company is 7.79 as of Q2

Cycle (Days) 43 48 Total Debt to Equity Ratio (Times) 0.51 0.51 Interest Coverage Ratio (Times) 72.99 73.26 Debt Service Coverage Ratio (Times) 56.23 6.55 (3) Asset Management Capability (3.1) Debtor

(Times) 9.77 8.44 Average Collection Period (Days) 37 43 Inventory Turnover Period (Days) 19 19 Average Payable Period (Days) 16 18 Cash Cycle (Days) 40 44 Total Debt to Equity Ratio (Times) 0.47 0.51

50 Total Debt to Equity Ratio (Times) 0.51 0.71 Interest Coverage Ratio (Times) 73.26 43.82 Debt Service Coverage Ratio (Times) 6.55 2.59 (3) Asset Management Capability (3.1) Debtor Quality, Accounts

Account Receivable Turnover Ratio (Times) 9.37 8.58 Average Collection Period (Days) 38 42 Inventory Turnover Period (Days) 13 19 Average Payable Period (Days) 19 18 Cash Cycle (Days) 32 43 Total Debt to

Average Payable Period (Days) 22 17 Cash Cycle (Days) 38 48 Total Debt to Equity Ratio (Times) 0.49 0.51 Interest Coverage Ratio (Times) 114.45 73.26 Debt Service Coverage Ratio (Times) 14.12 6.55 (3) Asset