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

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

to February 2019. For fatty alcohols market, natural fatty alcohols was being more competitive to synthetic fatty alcohols due to its price attractive as CPKO price which is the feedstocks to produce

บการซือ้คอลออปชั่นหรือพุทออปชั่นได้เนื่องจาก พอร์ตโฟลิโอจะให้มูลค่าเท่ากบัมลูค่าคอลออปชัน่และมลูค่าพทุออปชัน่ (Synthetic Call Option/Put Option)ภายใต้ข้อ สมมตุิฐานตลาดที่ปราศจากการเก็งก าไรแบบไร้ความเสีย่งด