EBITDA/t (US$/t)) 122 107 91 34% 105 86 22% Net Operating Debt to Equity 0.57 0.84 0.91 (37)% 0.57 0.91 (37)% Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

. 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

March 7, 2019 by Ms. Sutida Mongkolsuthree (the “Seller”), for the Right of First Refusal of 2,200,000 shares with the offer price of THB 13.60 per share. Then The Board of Directors’ meeting of the

. Other derivatives liabilities 18. Provision 19. Other liabilities Total liabilities Shareholders’ equity 20. Share capital 20.1 Authorized share capital 20.2 Issued and paid-up share capital 21. Stock

payables 16. Debentures and debt instruments 17. Other derivatives liabilities 18. Provision 19. Other liabilities Total liabilities Shareholders’ equity 20. Share capital 20.1 Authorized share capital 20.2

business payables 16. Debentures and debt instruments 17. Other derivatives liabilities 18. Provision 19. Other liabilities Total liabilities Shareholders’ equity 20. Share capital 20.1 Authorized share

of the Company Cannot be calculated as there is no share issuance Calculation details of the transaction size of the investment in Target Group Hotels and Resorts Basis of calculation Transaction size

: (1) “bond” means a secured bond, an unsecured bond, a convertible bond, a structured note or a subordinated bond, whether or not the issuer provides a bond holder representative; (2) “secured bond

% Administrative expenses (109.5) (15.3) (512.5) (29.3) 368.0% Finance costs (Interest expenses) (68.6) (9.7) (205.5) (11.7) 200.0% Other income 83.8 11.7 83.8 4.8 0.1% Share of profit (loss) from investment in an

loan and permission note were Baht 18.98 million or increased from the same period of previous year by Baht 7.53 million or 42.11% due to long term loan for construction and working capital. (7) Share of