660 104% 91% 646 1,005 56% Adjusted EBITDA Margin (%) 6.7% 8.1% 13.7% 7.0% 5.5% 7.0% 11.1% 4.0% Note : (1) EPS is calculated from 1,023,666,700 shares (2) Adjusted EBITDA refers to EBITDA excluding

and Analysis (MD&A) For Q2/2017 2 - HRC cash margin (excluding depreciation) in Q2-2017 was achieved at THB 1,033/ton, lower by 72% from last year quarter. - Sale volumes (Coil tons) and production

. Sources of fund (if any) Working capital of the Company. 6. The opinion of Company’s Audit Committee and Board of Directors of the Company The Audit Committee and Board of Directors (excluding connected

pay rental fee 3 years in the rate of Baht 148,456 per month (154 baht per square wah) Total Rental Fee For 36 months, total rental amount is not exceeding Baht 5,344,416 (excluding other duties, fees

) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV % Adjusted EBITDA Margin Quarter 3/2016 Quarter 2Q/2017 Quarter 3Q/2017 Business Unit l Methyl Ester 9.7% 6.3% 3.4% l Fatty

price worldwide trend. - HRC cash margin (excluding depreciation) in Q3-2017 was achieved at THB 1,423/ton, higher by 21% from last year quarter. - Sale volumes (Coil tons) and production volumes in Q3

. บรษัิท โกลบอลกรนีเคมคิอล จํากดั (มหาชน) Management’s Discussion and Analysis | 3 Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Operating Performance Table 1

percentages to total revenues, excluding “Cost of real estate sales” that is presented in a percentage to revenue from sales of real estate. Total Revenue For the year ended 2017, the total revenue was 1,327.13

price of HRC in year 2017 was THB 18,690/ton, increased by 15.6% as compared with last year (THB 16,163/ton) according to HRC market price worldwide trend. - HRC cash margin (excluding depreciation) in

(excluding depreciation) in year 2017 was achieved at THB 1,700/ton, higher by 7.2% from last year. - Sale volumes (Coil tons) and production volumes in year 2017 were higher than last year by which in year