launching of new products was very successful and got positive feedback from the customers. Besides, the product segment management and the improvement of customer services were well implemented. Moreover, in

are higher than distressed RTOs. • BHAR is decreasing in relative deal size and future changes in book value to equity. • Liquidity shows improvement post announcements as indicative in lowered spreads

% decrease Commenting Mr Geza Perlaki, Golden Lime Managing Director said: “While the year 2019 has been very challenging (especially in comparison with the highly successful 2018 as basis) we stayed committed

from high last year base from successful launch of Babi Mild White Sakura in October 2017. Supply Chain Services Segment C-Vitt drove the segment growth with its strong Q4’18 revenue increase by 111.2

and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 Successful commercial

this momentum to continue in the quarters to come. 1Q 2018 Highlights  Core EBITDA increased 49% year-on-year to $326 million, driven by strength in all segments and structural improvement in the

future. The new preventive measures will also come with traceability, enhancing the ability to trace back the route of the product. At the current stage, the Company is working on process improvement

improved profitability from 36.1% to 51.1%. The significant improvement of such GPM was as a result of the increase in land sale price.  The gross profit margin from the asset monetization to WHART increase

of the successful subscription to the Exercisable Warrants (IVL-W1, is- sued in August 2014). IVL received an additional equity of US$ 452 million. This not only helps deleverage the Company’s Balance

target customers for realization of the importance and improvement of the product quality and service. Management's Discussion and Analysis and operating results for the Quarter 2/2017 Page 2 / 7 Meanwhile