, supply for Natural Fatty Alcohol was tight in some regions, as some Fatty Alcohol producers shutdown from volatility of crude palm kernel oil in quarter 2/2017. 6M/2017 Market P2F (Product to Feed) of

domestic and international market, consequence to drastically lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 1Q2018. Under these circumstances, the government has maintained

in both domestic and international market, consequence to lower crude palm oil (CPO) and crude palm kernel oil (CPKO) prices than that of 2Q/2018. Under these circumstances, in this quarter the

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

revenue of fatty alcohol business increased by 9% from 3Q2019, mostly due to significantly rising of sales volume of fatty alcohols by 5%. On the other hand, crude palm kernel oil price considerably

high, resulting to the soften Crude Palm Oil (CPO) and Crude Palm Kernel Oil (CPKO) price than that of 3Q2017. Under these circumstances, the government has maintained B7 mandate in this quarter. Besides

oil inventory remained high, crude palm oil (CPO) price continuously declined, as well as Crude Palm Kernel Oil (CPKO) price decreased. This year, the Thai government biodiesel mandate was set to B5 and

Crude Palm Kernel Oil(CPKO) prices than that of 1Q2017. Under these circumstances, the government has maintained B7 mandate in this quarter, comparing to the mandate of B5 back in 1Q2017. For Natural

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

Analysis | 2 Executive Summary In 2Q2018, Domestic palm oil production has increased as well as in other countries, consequence to lower Crude Palm Oil (CPO) prices and Crude Palm Kernel Oil (CPKO) prices