. Global Green Chemicals Public Company Limited Management’s Discussion and Analysis | 7 In 4Q2018, demand for natural fatty alcohols improved from the 4Q2017 and 3Q2018, mainly resulting from more

Hotel Management was THB 113 million in 4Q18, showing a demonstrating 72.0% growth yoy compared to 4Q17, resulting from a stronger operational performance of Dusit Thani Lakeview Cairo Hotel, dusitD2

1,966 million for 9M’2016 to Baht 2,346 million for 9M’2017, primarily due to the improvement of our operating profit margin and the reduction of financing cost resulting from the repayment of loan after

1Q20, despite of soften revenue growth, EBITDA was Bt19,576mn increasing + 3. 8% YoY, + 1. 1% QoQ from cost saving on marketing activities and TOT partnership, resulting in reported EBITDA margin at 45

combination amount of Baht 276 million; and • Non-recurring expenses of Baht 281 million, primarily due to a bond issuance of BIP1&2 and green bond to refinance its project financing facilities resulting in a

declined slightly from 7.2% in 1Q18 to 7.1%. Meanwhile, cost of funds for 1Q19 was maintained at 2.3% resulting in loan spread for 1Q19 at 4.8%, a slight decline from 4.9% during 1Q18. 6 % 1Q18 2Q18 3Q18

of shareholding will cause the Company to have absolute control over the operation of COMASS and resulting in the Company be able to utilized the LED screens and billboards of COMASS in its full

of fund for 2Q18 remained stable at 2.3% yoy resulting in declining loan spread from 5.3% in 2Q17 to 4.9% in 2Q18. % 2Q17 1H17 2017 1Q18 2Q18 1H18 Yield on loan 7.6 7.6 7.5 7.2 7.2 7.2 Cost of fund 2.3

remained stable at 2.3% yoy resulting in declining loan spread from 5.3% in 2Q17 to 4.9% in 2Q18. % 2Q17 1H17 2017 1Q18 2Q18 1H18 Yield on loan 7.6 7.6 7.5 7.2 7.2 7.2 Cost of fund 2.3 2.3 2.3 2.3 2.3 2.3

maintained at 2.3% resulting in loan spread to decline from 5.2% in 2017 to 5.0% for 2018. % 4Q17 2017 1Q18 2Q18 3Q18 4Q18 2018 Yield on loan 7.4 7.5 7.2 7.2 7.3 7.3 7.2 Cost of fund 2.3 2.3 2.3 2.3 2.2 2.3