paid-up shares of SGAH at the total value of USD 50.00 million or equivalent to approximately Baht 1,761.00 million and (2) grant of a synthetic convertible loan by the Company to SGAH at the amount of

881 Website: www.aapico.com Management Discussion and Analysis for the 2nd quarter of year 2017 3 Malaysia (AQI), interest income of Baht 22 million from a synthetic convertible loan to Sakthi Global

Fatty Alcohols (FA) market, in 1Q2018, it was better than 1Q2017, as Natural FA price was being more competitive to Synthetic FA price. This was mainly due to softer CPKO prices. From above reasons, GGC

and services increased by 10.87% from last year due to the sharp increment of raw material prices during Quarter 2 to Quarter 3 especially in natural rubber, synthetic rubber and chemicals groups. The

USD 50.00 million or equivalent to approximately Baht 1,761.00 million and (2) grant of a synthetic convertible loan by the Company to SGAH at the amount of USD 50.00 million or equivalent to

unused, outdated machines Baht 23 million. 1,361 1,327 1,204 1,456 1,302 1,240 1,205 1,174 9 (15) (124) (143) (52) (63) (35) (60) (200.0) (180.0) (160.0) (140.0) (120.0) (100.0) (80.0) (60.0) (40.0) (20.0

because its price was more attractive than synthetic fatty alcohols price due to the decreasing of crude palm kernel oil price. Meanwhile, supply from natural fatty alcohols and synthetic fatty alcohols

supply. Consequently, this resulted in much healthier demand for Natural Fatty Alcohols than quarter 3/2016 as its price decreased to a lower level than that of Synthetic Fatty Alcohols as well as the

B7, which increased from B3, B5 and B7 in previous year. Fatty Alcohols(FA) market in 2017 had improved from previous year, driven by demand for Natural FA since its price could compete to Synthetic FA

industry reports published between 2007-2019 (2) Zerbib, O. (2019) Global 1,065 green bonds and 2 synthetic conventional bonds for each green bond issued between 2013-2017 (18) Kapraun, J. & Scheins, C