3,425 4% 3% 3,630 3,318 -9% Fatty Alcohols Mid Cut (USD per ton)(1) 1,925 1,802 1,810 -6% 0% 1,656 2,039 23% Fatty Alcohols Long Chain (USD per ton)(1) 1,233 1,336 1,414 15% 6% 1,226 1,397 14% Fatty

Discussion and Analysis | 5 Note : (1) Reference Price of ICIS (2) Average price of Fatty Alcohols with production proportion: Short Chain 8% Mid Cut 62% and Long Chain 30% (3) Reference Price of Malaysian

: Products and Feedstocks’ prices Average Price 1Q2019 1Q2018 % YoY 4Q2018 % QoQ (USD/ton) Fatty Alcohols (1) - Short Chain 3,249 3,618 -10% 3,538 -8% - Mid Cut 1,241 1,796 -31% 1,231 1% - Long Chain 1,183

the period that US Federal Reserve would cut the interest rates. However, on 7 August 2019, the Bank of Thailand had announced the policy to cut interest rate which could expect Thai baht to become

Feedstocks’ prices Average Price 3Q2018 3Q2017 %YoY 2Q2018 %QoQ 9M/2018 9M/2017 %YoY (USD per ton) Fatty Alcohols (1) - Short Chain 3,822 3,425 12% 3,845 -1% 3,761 3,318 13% - Mid Cut 1,351 1,810 -25% 1,402 -4

Committee, the Bank of Thailand, had cut the policy rate twice, from 1.75% p.a. down to 1.50% p.a. in August, and cut again to 1.25% p.a. in early November. This is the lowest rate, almost equivalent to the

3,249 -33% 2,438 -10% - Mid Cut 1,225 1,241 -1% 1,157 6% - Long Chain 1,180 1,183 -0.3% 1,106 7% Average Fatty Alcohols (2) 1,289 1,385 -7% 1,244 4% Crude Palm Kernel Oil (CPKO) (3) 800 677 18% 742 8

net profit* margin of 13.7%, +110 bps YoY. Our strategies are to focus on core products and defend profit through supply chain, operation costs and expenses control, such that A&P have been cut or

consolidated revenues were 15,597 million baht, decreasing of 700 million baht or 4% y-y. The decreased income was a result of the Bank of Thailand cut the ceiling rates of interest rates on credit card from 18

such cut to length as per customers’ requirements. The Company and its subsidiaries therefore sold scrap and recorded as the other income. 1.3 Cost of goods sold Major cost of goods sold are cost of