(MD&A) for year 2017 (Revised) 4 Overview of World Steel Industry Chart of world crude steel production monthly, ending 31 December 2017 Source: World Steel Association According to the World Steel

% due to sales orders and cost of goods sold have been decreased and controlled inventories turnover to be less than 45 days. Also, the Crude Palm Oil (“CPO”) price was fluctuated in 2018 (in range of 7

Analysis | 2 Executive Summary In 3Q2018, domestic palm oil production has increased as in other countries, in addition, stock of Crude Palm Oil (CPO) both in Thailand and International market has remained

business to total revenue for the 2nd quarter of 2017 and 2016 were 73.44% and 75.58% respectively, which was effected by two factors; - Raw material price: the average price of Crude Palm Oil (CPO) in 2nd

World Steel Association’s report on world crude steel production was 443.0 million tons in the first three months of 2020, significant decrease by 1.4% compared to the same period in 2019. The region with

get there, SEC Thailand mobilized global financial leaders to virtually discuss the next steps. They focused on innovative practices to enhance stewardship of financing for long-term, sustainable value

sanction will also be promoted as another enforcement tool. Financial product development : relevant regulations will be amended for effective supervision on innovative products and transactions. Supervisory

conservation. This collaboration can facilitate the creation of innovative financial products, such as green bonds. In addition, there are various frameworks and sets of recommendations related to biodiversity

Ratios 19 P a g e | 3 - Management Discussion and Analysis 2Q2020 - Executive Summary In 2Q2020, crude palm oil (CPO) price was higher than 2Q2019 caused by the implementation of biodiesel B10 as the

of derivatives broker; “derivatives contract” means a derivatives contract under Section 3 of the Derivatives Act B.E. 2546 (2003) having securities, gold, crude oil, currencies, exchange rate