AVENUE SAM SEN NAI, PHAYA THAI, Bangkok 10400 Tel.0-2696-0000 Fax.0-2696-0099 21 KGI SECURITIES (THAILAND) PUBLIC CO.,LTD. 173 ASIA CENTRE BUILDING, FLR. 8-11 SOUTH SATHORN ROAD THUNG MAHA MEK, SATHON

SATHORN ROAD SI LOM, BANG RAK, Bangkok 10500 Tel.0-2684-2000 , 0-2684-2600 Fax.- 17 KASIKORN SECURITIES PUBLIC CO.,LTD. 400/22 1 , 3 , 11 , 19TH FLOOR, KASIKORNBANK BUILDING, PHAHON YOTHIN AVENUE SAM SEN

10330 Tel.0-2684-2000 , 0-2684-2600 Fax.- 18 KASIKORN SECURITIES PUBLIC CO.,LTD. 400/22 1 , 3 , 11 , 19TH FLOOR, KASIKORNBANK BUILDING, PHAHON YOTHIN AVENUE SAM SEN NAI, PHAYA THAI, Bangkok 10400 Tel.0

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

and Building in the J Avenue (Ratanathibet- Bangbuathong) 4) Objective Working Capital for development of projects. 1.3 Total Value and Valuation criteria of the transaction. 1) The Connected

, PHAHON YOTHIN AVENUE SAM SEN NAI, PHAYA THAI, Bangkok 10400 Tel. 0-2696-0000 Fax. 0-2696-0099 19. KGI SECURITIES (THAILAND) PUBLIC COMPANY LIMITED 173 ASIA CENTRE BUILDING, FLR. 8-11 SOUTH SATHORN ROAD

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

AVENUE SAM SEN NAI, PHAYA THAI, Bangkok 10400 Tel.0-2696-0000 Fax.0-2696-0099 13 KRUNGTHAI XSPRING SECURITIES CO.,LTD. - SI LOM, BANG RAK, Bangkok 10500 Tel.0-2695-5000 Fax. - 14 LGT SECURITIES (THAILAND