of Governors of the Stock Exchange of Thailand Reference is made to the resolutions of the Board of Directors’ Meeting No. 6/2018 of Master Ad Public Company Limited (the “Company”), held on May 17

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

suitability for investment and the relevant risk exposure. The effectiveness of this registration statement neither represents that the Ministry of Finance of Thailand, the Securities and Exchange Commission or

circumstances, the Bank of Thailand lowered the Thai economy growth outlook in 2019, from 4.1% to 3.8%, as well as maintain the policy rate at 1.75% to balance the economic growth momentum and the stability of

has disclosed the issue about the procurement process of raw materials to The Stock Exchange of Thailand in Global Green Chemicals Public Company Limited Management’s Discussion and Analysis | 3 2Q2018

, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. Notification of the Office of Securities and Exchange Commission

Translation (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

Baht appreciating against the US Dollar affecting the value of the company’s inventory, resulted in this quarter’s Inventory Loss of THB 1,163 million, negatively affecting the refinery’s business

mandatory diesel to gradually replace B7 since January 2020. Comparison with 1Q2020, CPO price plummeted, pressured by a high level of CPO stock in Thailand due to high seasonal palm production in this

Revenue from owned hotel was THB 4,382 million in 2017, decreasing by 4.5% from 2016, contributed by • Owned hotels in Thailand reported a decreased revenue of 4.5% from the previous year, mainly