| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

Payment) 23) Dividend Payout = (Dividends / Net Income) * 100 * The Company paid dividend in 2015 in amount of 0.25 Baht per share, however, separate financial statements in 2015 shown net loss, dividend

to be temporary. As well, economy of developing countries in Asia still enables to be well expanded by mainly receiving supportive factors from recovery of domestic demand, which includes a direction

aircraft engine technology, which can save more fuel. In particular, the impact of the increase in excise tax rates on domestic aviation fuel. Domestic airlines have reduced their fuel reserves on each

and we are seeing some volumes repatriated on the Thai market increasing domestic competition. Golden Lime Public Company Limited 4 MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2019 3

expanded at a slower pace compared to the previous quarter, with merchandise exports contracting as global trade weakened, resulting in a decline in domestic industrial production. Meanwhile, tourism

environment The Thai economy for the year 2018 expanded as expected according to its potential. For the last quarter of 2018, the economy continued to expand largely from domestic demands contributed both from

global economy. For domestic sector, private consumption and private investment also showed positive signs with private consumption recovering strongly in the durable goods segment (especially in vehicles

economy. For domestic sector, private consumption and private investment also showed positive signs with private consumption recovering strongly in the durable goods segment (especially in vehicles) and

expand largely from domestic demands contributed both from private consumption and private investment. Private consumption grew notably in durable goods segment (especially in vehicles) while growth in non