shareholders funds section of the balance sheet. There is no cash affect concerning its movement.    Exceptional Items None Subsequent Event None Page 3 of 3

 section of the balance sheet. There is no cash affect concerning its movement.    Exceptional Items None Subsequent Event None Page 3 of 3

balance sheet. There is no cash affect concerning its movement. Exceptional Items None Subsequent Event None Page 3 of 3

. There is no cash affect concerning its movement. Exceptional Items None Subsequent Event None Page 3 of 3

, uplifting the country’s competitiveness Location: Rayong, Chonburi, and Chachoengsao Area : 1.3 Million Hectares (8.3 Million Rai) At a glance COMPLETE STRATEGIC LOCATION 3 4 EEC Act Exceptional Location

documentation to take into consideration potential exceptional events (such as significant change in perimeters through material M&A activities) or extreme events, including drastic changes in the regulatory

Saraburi Quicklime subsidiary, while we expect to maintain the momentum into the end of the year , there were exceptional circumstances in the competitive environment during the last two quarters that

-affirmed to AA- by TRIS Industry spreads weak Management focus on cost and cash flow improvement Exceptional items adversely impacted core EBITDA Strong Thai Baht adversely impacted translated earnings 2 3Q

potential exceptional events (such as significant change in perimeters through material M&A activities) or extreme events, including drastic changes in the regulatory environment that could substantially

of fixed effects may influence the results. I therefore add industry fixed effects. 16 Third, unlike Barth et al. (1999), I cluster standard errors by firm and year in order to mitigate the effects of