over the long term. Guided by our core strategies of “Customer Centricity", KBank has decided to redefine our aspiration to become “Customers’ Life Platform of Choice”, meaning the most-preferred

. บรษัิท โกลบอลกรนีเคมคิอล จํากดั (มหาชน) Management’s Discussion and Analysis | 3 Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Operating Performance Table 1

2015 strategic plan adjusted to align with his vision presented before the SEC Board in the candidacy for the SEC Secretary-General post. The adjusted framework will focus primarily on understanding

price. Nevertheless, the company had improved the feedstock management, resulting in the recorded adjusted EBITDA of THB 346 million, a little decrease from the previous year by 2%. In addition, the

over net earned premium increased from 57.77% in the same quarter last year to 62.51%, as the terms and conditions of compulsory motor insurance had been adjusted in accordance with the notification of

declined from 63.48% to 58.46% mainly because the Company had adjusted the premium rate and condition of some non-motor policies. The overall loss ratio therefore was in decline. 2. Net investment revenue

% 4.6% -1.4% 3.9% 6.0% -2.1% Stock Gain/(Loss) & NRV -149 -425 -65% -233 -36% -382 -458 -17% Adjusted EBITDA(1) 286 653 -56% 444 -36% 730 998 -27% Adjusted EBITDA Margin (%) 6.8% 13.5% -6.7% 9.6% -2.8

discount since the demand and supply of biodiesel close to equilibrium. With deducting the effect of Stock Gain & NRV of THB 92 million, the Company had Adjusted EBITDA of THB 253 million, an increase of 18

requirements on qualifications of each type of licenses will also be adjusted accordingly to ensure that the salespersons will have proper knowledge of the products they offer. Additionally, to increase the

addition, the Company has adjusted strategic and operational objectives from intensively focusing on income from Government Projects. In the past, the Company experienced unstable cash flow and liquidity