Thailand agree to support the TMX project by considering working with Hero Experience in some aspect, for example, considering to broaden the sales to ASEAN, as to improve the image of Thailand. The main

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...

Financial and Ratio As at 30 September 2019 2018 Liquidity Ratio Current Ratio (Time) 1.4 1.5 Quick Ratio (Time) 4.6 4.7 Collection Period (Day) 22.0 22.5 Stock Turnover Period (Day) 8.3 8.3 Payment Period

June 2017 2016 Liquidity Ratio Current Ratio (Time) 1.8 2.3 Quick Ratio (Time) 4.3 5.1 Collection Period (Day) 22.8 21.8 Stock Turnover Period (Day) 6.6 6.2 Payment Period (Day) 30.9 30.2 Profitability

2015 2014 LIQUIDITY RATIO Current Ratio 4.26 Times 3.71 Times 4.03 Times 3.22 Times Quick Ratio 1.36 Times 1.27 Times 1.57 Times 1.22 Times Cash Flow Liquidity Ratio 0.35 Times 0.47 Times 0.19 Times 0.64

As at 30 September 2017 2016 Liquidity Ratio Current Ratio (Time) 1.7 2.3 Quick Ratio (Time) 4.1 5.1 Collection Period (Day) 23.6 23.1 Stock Turnover Period (Day) 6.8 6.2 Payment Period (Day) 33.3 31.1

Current Ratio (Time) 1.7 1.9 Quick Ratio (Time) 3.5 4.5 Collection Period (Day) 25.6 25.8 Stock Turnover Period (Day) 6.9 6.4 Payment Period (Day) 34.3 35.2 Profitability Ratio Gross Profit Margin (%) 11.4

Financial and Ratio As at 31 December 2018 2017 Liquidity Ratio Current Ratio (Time) 1.4 1.7 Quick Ratio (Time) 4.3 3.5 Collection Period (Day) 24.4 25.6 Stock Turnover Period (Day) 8.2 6.9 Payment Period

-March 2019 2018 Liquidity Ratio Current Ratio (Time) 1.4 1.9 Quick Ratio (Time) 4.7 4.1 Collection Period (Day) 20.5 20.4 Stock Turnover Period (Day) 8.1 7.8 Payment Period (Day) 32.1 33.6 Profitability

Ratio January-March 2019 2018 Liquidity Ratio Current Ratio (Time) 1.4 1.9 Quick Ratio (Time) 4.7 4.1 Collection Period (Day) 20.5 20.4 Stock Turnover Period (Day) 8.1 7.8 Payment Period (Day) 32.1 33.6