demand-supply condition after lessen competition in product discount, attributed to the improved profitability of methyl ester. Nevertheless, the volatility of CPO price in 1H2020 resulted in the Company’s

reflects the company’s determination to enhance its sustainability information reporting in accordance with the Sustainable Development Goal, SDG 12.6. Economic Overview and Competition in Commercial Banking

its control and not predictable, including, among other things, general business and economic conditions globally, industry trends, competition, changes in government and other regulation and policy

• Fair competition • Business opportunities through innovation • Anti-fraud & anti-corruption Environment • Prevention of environmental pollution • Sustainable use of resources, including energy and water

. Most of the large stock exchanges are now profit maximising and themselves publicly traded joint stock companies that operate in competition with other profit maximising stock exchanges and trading

intensified competition, and the refinery’s TAM which resulted in the lower volume of finished oil produced. On the other hand, retail market which is the company’s main distribution channel recorded sales

quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant

market recorded marginally lower oil sales compared to the previous year due to the intense competition brewing within the industrial market, and stock management within the refinery during the

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

Environment 1 1.1 Global and Thai Economy in 2019 and Outlook for 2020 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Significant Regulations and Rules related to Business Operations 5 2. Risk