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

% Gain (loss) from crude and product oil price hedging contract 86 (136) (95) N/A N/A 320 (304) N/A Gain (loss) from foreign currency forward contracts (259) 95 (28) N/A N/A (242) 67 N/A Gain (loss) on

). 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

) from crude and product oil price hedging contract 11 233 86 681% -63% 174 320 84% Gain (loss) from foreign currency forward contracts 13 (19) (259) N/A N/A 71 -242 -440% Gain (loss) on foreign exchange

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

% -22% Gain (loss) from crude and product oil price hedging contract 1 46 (73) N/A -259% Gain (loss) from foreign currency forward contracts 37 17 - N/A N/A Gain (loss) on foreign exchange 271 227 172 -37

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

production for June 2019 was 2.8 million tons, down by 3.1% on June 2018. Turkey’s crude steel production for June 2019 was 2.7 million tons, a decrease of 11.0% compared to June 2018. The main raw materials

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

parallel with crude palm oil price. Gross profit from biodiesel business was higher from the growth in sales volume, as well as the capability to procure raw material and manage inventory better than last