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

securities of Baht 117,676 million, private enterprise debt securities of Baht 66,270 million, and net investment in equity securities of Baht 101,199 million. Million Baht Investments by Investment Holding

1,848per ton in 2017. Management’s Discussion and Analysis (MD&A) for year 2017 2 As the result of EGM holding on 30 August 2017, the shareholders voted down the Debt Equity conversion. On 13 November 2017

cash margin by Baht 1,848per ton in 2017. Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 2 As the result of EGM holding on 30 August 2017, the shareholders voted down the Debt Equity

and debt securities 5,549 5,078 6,533 9.3% (15.1)% 10,627 13,854 (23.3)% Operating profit before tax 11,512 11,348 11,331 1.4% 1.6% 22,859 22,953 (0.4)% Income tax expenses 2,065 2,225 2,041 (7.2)% 1.2

43,367 Debt securities measured at AMC 26,966 Debt securities measured at FVOCI 526,858 Equity securities measured at FVOCI 61,964 Total investments 687,422 Million Baht Investments by Investment Holding

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

place; and (2) in cases where the person appointed as a fund manager is an employee of the investment management company, holding a position having either of the following characteristics: (a) a position

the resolutions as follows: 1. To dispose all investments in Nation U Co., Ltd. (“NU”) (a subsidiary of the Company holding the license and operating the Nation University business), i.e., disposing

beginning of the year, depressing farm income and the purchasing power of farm households, which represent a majority of the population. Coupled with high levels of household debt, these factors limited the