Reduction Program* or other internationally recognized verified carbon standard programs;    (2) The revenue shall mainly come from selling carbon credits;    (3) The appraisal of invested assets shall be

Countries Recognized by the SEC Office concerning Supervisory Measures on Investment Management

% yoy) because EBITDA from FA business was lower due to stock loss as CPKO price drop. Moreover, the company recognized profit of THB 20 million from investments in the Thai Ethoxylate Company Limited

(down 40% yoy) because FA EBITDA margin was decreased from lower Market P2F margin. However, the company recognized profit of THB 27 million from investments in the Thai Ethoxylate Company Limited (TEX

company recognized profit of THB 46 million from investments in the Thai Ethoxylate Company Limited (TEX) which produces Fatty Alcohol Ethoxylate (Derivative Product of FA). Lastly, the company had gotten

% 92% 4Q2018 310 217 61% 39% 1Q2019 2,816 60% 40% 1Q2018 4,631 57% 43% 4Q2018 3,654 Operating Performance Exhibit 1 : Consolidated Company’s Performance comparison of 1Q2019 vs. 1Q2018 vs. 4Q2018 UNIT: M

346 37% 63% FY2018 33% 67% FY2017 1,386 1,802 Adjusted EBITDA Breakdown Operating Performance Exhibit 1 : Consolidated Company’s Performance UNIT: M THB 4Q2018 4Q2017 % YoY 3Q2018 % QoQ FY2018 FY2017

specification complies with the government standard. Global Green Chemicals Public Company Limited Management Discussion and Analysis | 3 Operating Performance Exhibit 1: Consolidated Company’s Performance

GDP meanwhile income and wages did not exhibit high growth rates. However, most of retailer concerned about that and recognized that the consumers concentrated on conservative spending by limited only

year mainly due to: 1.1) Revenue from selling of electricity increase 23.91 million baht or 100% due to the Company recognized revenue from Saraburi Solar Farm Project. 1.2) Revenue from Sales decrease