enter an expansion phase again. Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2020 3. Financial highlights (based on Thai FRS) Q2 2020 Income statement

% Debt to equity (times) 0.3 0.4 Asset turnover (times) 0.7 0.4 Remark:  Financial ratios were calculated based on The Stock Exchange of Thailand’s formula. MANAGEMENT OUTLOOK The COVID-19 pandemic has

COVID-19 epidemic situation, the performance of Trading business felt 66.10% YoY, mostly from sales of the catalyst for aromatics production is over Baht 800 million, which is Big Lot sales based on

than 2.5 times as stated in loan and debenture agreement. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business

ANALYSIS FOR PERIOD ENDED 30 SEPTEMBER 2019 3. Financial highlights (based on Thai FRS) Q3 2019 Financial Position Summary as of 30 September 2019 compared to Q3 2018: Note: Gross profit = Sales and service

(2) Calculated based on total revenue from sales and service per total operating days of the same branch In the 3rd quarter of 2018 and 2019, the Group’s other income increased from THB 5.7 Mn to THB

management. Based on the Company's financial statements for the 9 months ended 30 September 2019 While considering the Company financial statement, particularly the third quarter, 3 months’ period ended 30

2018. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, the manufacture

increased by 32.7 MB, representing an increase of 33.4%, this is because the discount rate for calculating liabilities with long-term employee benefits which was based on the interest rate of the long-term

which was based on the interest rate of the long-term bonds had extremely decreased. The Company has re-evaluated the provision for long-term employee benefits in the first half year 2020. As a result