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

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

| 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

in crack spread between various finished products and crude oil, detailed as follow: UNL95/Dubai increased from decreased Chinese Mogas export, Kerosene/Dubai increased from emergency shutdowns of

refineries switching to Light grade crude, especially Chinese refineries, which has also lowered purchase of Heavy grade crude due to OPEC’s production reduction that caused the product’s shortage and price

| 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

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

. 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

$/BBL. Furthermore, the Thai Baht had appreciated 1.27 THB/USD when compared to 2018.  During 2019, the refinery business made gains from crude and product oil price hedging contract THB 147 million

policy for export Crude Palm Oil, combined with the gap between the price of Thai and Malaysian Crude Palm Oil widening once again. This resulted in the biodiesel business gross profit to improve, due to