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

| 2 Executive Summary In 2019, overall palm oil production and crude palm oil ( CPO) inventory remained high in both domestic and international market, although the inventory plunged to a minimum record

Technology of Mahidol University Occupation/experience: 2013 - Present Director and 95% percent shareholder (including spouse) Paragon Agritech Co., Ltd. Business type: trading of Crude Palm Oil type A or CPOA

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 throughout the quarter, leading to an inventory loss. However, despite the refinery Hydrogen Production Unit and Hydrocracking Unit temporary shut down, refinery’s average crude run remained

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

Agritech Co., Ltd. Business type: trading of Crude Palm Oil type A or CPOA and Crude Palm Oil type B or CPOB 2014 - Present Director and 100% percent shareholder (including spouse) Lamair Palm Oil Co., Ltd

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

1Q2020, overall palm oil production in both domestic and international market declined due to the significant impact of drought on agriculture. According to Department of Internal Trade, local crude palm

to an inventory gain of THB 856 million. However, there was a loss from crude and product oil price hedging contract at THB 75 million. Furthermore, the refinery planned to manage the stocks of