S&P MD&A 2017-Revised Year In Comparison Table -1- Ref. POL. 028/2018 February 23, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock

List of approved investment analysts / investment consultants

รายชื่อนักวิเคราะห์การลงทุน/ผู้แนะนำการลงทุนที่ได้รับความเห็นชอบต่ออายุ

supply. Consequently, this resulted in much healthier demand for Natural Fatty Alcohols than quarter 3/2016 as its price decreased to a lower level than that of Synthetic Fatty Alcohols as well as the

B7, which increased from B3, B5 and B7 in previous year. Fatty Alcohols(FA) market in 2017 had improved from previous year, driven by demand for Natural FA since its price could compete to Synthetic FA

). Table 1 : Performance Summary Table 2 : Adjusted EBITDA Margin In the face of volatile crude palm oil and crude palm kernel oil prices’ movement, both had continued to decrease from quarter 1/2017 due to

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because its price was more attractive than synthetic fatty alcohols price due to the decreasing of crude palm kernel oil price. Meanwhile, supply from natural fatty alcohols and synthetic fatty alcohols

costs. In the first half of the year 2017, natural rubber and synthetic rubber prices are higher than the year 2016. Although in the 4th quarter, natural rubber and synthetic rubber prices have fallen to

costs. In the first half of the year 2017, natural rubber and synthetic rubber prices are higher than the year 2016. Although in the 4 th quarter, natural rubber and synthetic rubber prices have fallen to