strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

and the Diplomat 39 which is a project purchased for sale • Net debt to Equity ratio2 as of 31 March 2019 equals 0.84 times Changes in accounting policy and reclassification in 1Q/19 During the three

1 MD&A 3Q 2017 (Ended 30 September 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2017 20 OCT 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has

, 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

to 2017. The main lime consuming sectors of the industry continue to expand: we maintain the view that the sugar cane harvest will be 10-15% stronger compared to last season, which translated into

proven resilient in the past and we expect this to continue into the rest of 2019. The main lime consuming sectors of the industry were not immune to the disruption: the sugar cane harvest was down after a

competitiveness of industry peers is under pressure by the very strong Thai Baht, resulting in repatriation of capacity allocation. On the upside we addressed the market weakness with savings on the cost side, our

customers are well known and have good reputation in the IC, and electronics industry. Provision is made of amounts outstanding over 90 days and amounts which the management believe may be doubtful. Accounts

). Industry Overview The Office of the National Economic and Social Development Council (NESDC) reported that Thailand’s GDP in 2018 growth 4.1% YOY, driving by private consumption and investment. Although the

%, with 16.0% increase in automotive parts businesses and 35.3% increase in dealership businesses respectively whilst industry production was up by 5.8%. The increase in revenue was due to the following