part of the 3E project (Efficiency, Energy, and Environmental Project), lowering the cost of producing electricity and steam 9 | Management Discussion and Analysis of Business Operation for the year 2017

of IRPC-CP and ISP1 after start-up operation in Q4/2017 and the increase in revenue of the Combine Heat and Power Producing Company Limited (CHPP) from solar panel installation services on gas station

chain including PTA and PET through most of 2016 and 2017, through a gradual increase in level of feedstock integration, increasing domestic-orientation in the portfolio and an evolving fibers portfolio

instead of producing only one or two types of products as in present. Moreover, the Company has the policy of transparency based on good governance. Therefore, the Audit Committee has the opinion that the

started producing more gasoline products. When compared to Q1/2017, Mogas/Dubai crack spread (UNL95/DB) decreased by 0.53 USD/BBL. In Q2/2017 the crack spread faced pressure from excess supply; especially

Combine Heat and Power Producing Company Limited (CHPP) : VSPP Operating Performance Q3/17 Q2/18 Q3/18 Changes +/(-) 9M/17 9M/18 Changes +/(-) (THB million) QoQ YoY YoY Revenue Revenue from selling chilled

petroleum pitch from the CFP as the main source of fuel for the running of the steam turbine for producing electricity and steam to be delivered back to the CFP for use. Installed Production Capacity

producing and selling big bags which VAVA has skill, investment and high proportion of income. Most of the customers of VAVA are large industry that uses big bags to 12 transport goods, meanwhile, the

performance of duties among employees at all levels. They included:  Holding orientation sessions on good corporate governance and government regulations for new directors, along with providing communications

. We also arranged orientation sessions on good corporate governance for new executives, while a lecture on Corporate Governance, Risk Management and Compliance (GRC) was organized for management. In