Limited Global Green Chemicals Public Company Limited Management Discussion and Analysis | 2 Executive Summary In 2Q/2019, overall palm oil production and crude palm oil (CPO) inventory have remained high

oil price, which is a substitute raw material compared to growing of crude palm oil price. In contrast, market P2F of natural fatty alcohols in FY2019 was at 507 USD/ton, improved by 8% from FY2018

Limited Global Green Chemicals Public Company Limited Management Discussion and Analysis | 2 Executive Summary In 1Q2019, palm oil production and crude palm oil (CPO) inventory have remained high in both

, as coconut oil price declined, which the coconut oil is the substitute raw material to crude palm kernel oil, as a result, some producers had used coconut oil to be raw material and thus short chain

and its subsidiaries recorded total EBITDA of THB 2,514 million (-38% YoY, -38% QoQ), the performance softened, especially for Refinery Business, which was affected by the continuously lowering crude

). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading

. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited

Million for Last Year Quarter mainly due to increase in loss on devaluation of Finished Goods and Raw Material by THB 158 Million and lower Foreign Exchange Gain by THB 95 Million compared to Last Year

%) (Reversal of) loss on confirmed purchase orders for undelivered raw material 21 0 100% Other income 97 45 116% Total income 13,268 30,180 (56%) Expenses Cost of sale - Cost of goods sold 13,386 29,342 54

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a