Monday, November 12, 2018 · CPO (DIT) : THB/Kg ME (EPPO) : THB/Litre METHYL ESTER (B100) BUSINESS UNIT Biodiesel Mandate ME EPPO P2F : THB/Kg GGC’s ME Operational Performance Plant

3Q18 Opportunity Day

Monday, November 12, 2018

Disclaimer

This presentation includes forward-looking statements that are subject to risks and uncertainties,including those pertaining to the anticipated benefits to be realized from the proposals describedherein. This presentation contains a number of forward-looking statements including, in particular,statements about future events, future financial performance, plans, strategies, expectations,prospects, competitive environment, regulation and supply and demand.

GGC has based these forward-looking statements on its views with respect to future events andfinancial performance. Actual financial performance of the entities described herein could differmaterially from that projected in the forward-looking statements due to the inherent uncertainty ofestimates, forecasts and projections, and financial performance may be better or worse thananticipated. Given these uncertainties, readers should not put undue reliance on any forward-lookingstatements.

Forward-looking statements represent estimates and assumptions only as of the date that they weremade. The information contained in this presentation is subject to change without notice and GGCdoes not undertake any duty to update the forward-looking statements, and the estimates andassumptions associated with them, except to the extent required by applicable laws and regulations.

Page 2

Agenda

Highlights

GGC Growth Project

Palm Oil Market Updates

Financial Performance

Page 3

Awards in 3Q2018

รางวลัและการรบัรองในไตรมาสท่ี 3/2561

• รางวลั CSR-DIW Continuous Award (การแสดงความรบัผิดชอบของผูป้ระกอบการอตุสาหกรรมต่อสงัคม) จากกรมโรงงานอตุสาหกรรม

• รางวลัสถานประกอบกิจการต้นแบบดีเด่น ด้านความปลอดภยั อาชีวอนามยัและสภาพแวดล้อมในการท างาน (ระดบัเพชร) จากกรมสวสัดิการและคุ้มครองแรงงาน

• รางวลั 3 Rs Awards / รางวลัการใช้ประโยชน์ของเสียได้ทัง้หมด (Zero Waste to Landfill Achievement Awards) และ รางวลัผลตอบแทนเศรษฐศาสตรท่ี์ดี (3Rs+ Awards) จากกรมโรงงานอตุสาหกรรม

• ประกาศนียบตัรฉลากลดโลกร้อน (Carbon Footprint Reduction) จากองคก์ารบริหารจดัการกา๊ซเรือนกระจก (องคก์ารมหาชน) หรือ อบก.

• รางวลั ECO Factory ประจ าปี 2561 จากกระทรวงดิจิตลัเพ่ือเศรษฐกิจและสงัคม กระทรวงอตุสาหกรรม และสภาอตุสาหกรรมแห่งประเทศไทย

Palm Oil Market UpdatesGGC Growth ProjectHighlights Financial Performance

Key Highlights

3Q18 Highlights

Page 4

FA Business Unit:

+ Natural FA prices were being in competitive

range to synthetic FA

Financial Performance:

+ Consoled EBITDA +111% QoQ, +37% YoY

+ ME EBITDA +50% QoQ, +56% YoY

+ FA EBITDA +319%QoQ, +19% YoY

+ Both ME & FA plants utilized at full capacity

• Annual maintenance shutdown FA plant

• ME plant 2 will COD by Q4/2018

ME Business Unit:

+ Mandate of B7

+ Since July 2nd, 2018, B20 has been

implemented for large fleet and agricultural

machinery

+ MOEN has revised the policy to increase

minimum of mandate (6.5% -> 6.8%), on Nov

5th 2018

- CPO & CPKO price continue downward

trend

- Slow demand due to rainy season

- THB appreciation over USD


26.34 25.03 25.11

30.09

24.93

3Q17 2Q18 3Q18 9M17 9M18

3Q18 Operation Highlights

Palm Oil Market Update Financial Performance GGC Going ForwardHighlights

CPO (DIT) : THB/Kg

ME (EPPO) : THB/Litre

METHYL ESTER (B100) BUSINESS UNIT

Biodiesel Mandate

ME EPPO P2F : THB/Kg

GGC’s ME Operational Performance

Plant Utilization Rate

Page 5

22.4320.78 20.24

26.35

20.45

3Q17 2Q18 3Q18 9M17 9M18

THB/Kg 3Q17 2Q18 3Q18 9M17 9M18

ME EPPO 30.45 28.94 29.03 34.79 28.82

97,373 90,100 84,637

252,457 277,491

3Q17 2Q18 3Q18 9M17 9M18

Sales Volume (Tons)3Q17 2Q18 3Q18 9M17 9M18

B5,B7

B7 B7 B7 B7112% 108% 113%

101%113%

3Q17 2Q18 3Q18 9M17 9M18

4.795.13 5.29 4.97 5.18

3Q17 2Q18 3Q18 9M17 9M18

109 116187

454 483

3Q17 2Q18 3Q18 9M17 9M18


Adjusted EBITDA (MB)

3Q18 Operation Highlights

FATTY ALCOHOLS BUSINESS UNIT

CPKO (MPOB) : USD/Ton

FA (ICIS) : USD/Ton

Natural Fatty Alcohols regained

Competitiveness vs. Synthetic ones

FA Market P2F : USD/Ton

GGC’s FA Operational Performance

Plant Utilization Rate

Page 6

Crude Oil Price (WTI) : USD/BBL

Ethylene Price (USGC) : USD/Ton

1,156 921 882

1,224 980

3Q17 2Q18 3Q18 9M17 9M18

1,8201,570 1,521

1,9491,625

3Q17 2Q18 3Q18 9M17 9M18

433 465 463 481 449

3Q17 2Q18 3Q18 9M17 9M18

4868 70

4967

3Q17 2Q18 3Q18 9M17 9M18

704582

663 712638

3Q17 2Q18 3Q18 9M17 9M18

2,205 2,2491,764

2,440 2,131

1,820 1,786 1,460 1,949

1,802

3Q17 2Q18 3Q18 9M17 9M18

Synthetic FA (C1215) Price : USD/Ton

Natural Mid Cut FA (C1214) Price : USD/Ton

123% 120% 110% 108% 110%

3Q17 2Q18 3Q18 9M17 9M18

31,574 30,209 26,899

79,107 81,343

3Q17 2Q18 3Q18 9M17 9M18

Sales Volume (Tons)

Adjusted EBITDA (MB)

245 170 159

897

593

3Q17 2Q18 3Q18 9M17 9M18


Agenda

Highlights

GGC Growth Project



Page 7

Projects Timeline

Refined Glycerine

Plant 220 KTA

ProjectMethyl Ester

Plant 2Refined Glycerine

Plant 2

Oleo Specialties BiocomplexPhase 1

Capacity Methyl Ester200 KTA

Refined Glycerine20 KTA

14 KTA Sugarcane : 2.4 mm TPAEthanol : 186 mm LPA

CAPEX 1,650 MB 304 MB TBA 7,650 MB(GGC will hold 50%)

Project Progress Update 100% Construction,Commissioning Test

Contractor Bidding Feasibility Study FID : 4Q2018

Scheduled COD 4Q2018 4Q19 Target 2Q20 Early of 1Q21

Methyl Ester Plant 2200 KTA

BiocomplexPhase 1

Sugarcane : 2.4 mm TPA

Ethanol : 186 mm LPA

Oleo Specialties

14 KTA

Page 8

2018End

2019End

2020End

Highlights Palm Oil Market Updates Financial PerformanceGGC Growth Project

Progress: On process to develop product recipe.

Next Action: Following for alternative options study / pre-

marketing

Timeline: Target COD within Q2, 2020

Projects Timeline

Page 9

Progress:

The project is in progress to do Plant

Performance Acceptance.

Next Action:

Request 2 licenses required from DOEB

1) Received Anti-oxidation license on Sep 2018

2) Production and distribution license (expected

to get license within Nov)

Timeline:

Target COD/Plant Acceptance within 4Q2018

Progress: Company had made technical evaluation and

clarify scope of work with sub-EPC Contractor. They will

propose bidding quotation within November 2018.

Next Action: Expect to start construction within Q4/2018

Timeline: Target COD within Q4, 2019

Methyl Ester Plant2 Refined Glycerine Plant 2

Oleo Specialty


Projects Timeline

Progress: In October 2018, the exceptional clause “except the factory in such location

provide consent to the other” has been added to the draft of the amendment of the

Notification of the Ministry of Industrial about the location of factory that using

sugar cane as raw material in Thailand 2559.

BIOCOMPLEX

Page 10

Next Action: Proceed project to BoD for FID

Timeline: Target COD within Q1,2021


Agenda

Highlights

GGC Growth Project



Page 11

3Q18 Highlights of Palm Oil & Oleochemicals MarketPalm Oil Market Updates Financial Performance GGC Going ForwardHighlights

Page 12

ME Chain ME Price & Spread

FA Price & Spread FA Chain

FA:

• Natural FA demand in Q4/18 is healthy as entering high season of

HPC market

• Natural FA price remains competitive to Synthetic FA

• However, weak CNY and INR currencies might weight on buying

sentiment of Chinese and Indian buyers

CPKO:

• CPKO price shall be stable at the narrow range although demand

from Oleochemical sectors are healthy;

✓ Pressure from CNO price

✓ High Palm stock in Indonesia and Malaysia

ME:

• ME demand is expected to be healthy in Q4/18 due to;

✓High consumption of Biodiesel in travelling season

✓ Additional demand as MOEN is pushing Biodiesel producers to

blend more ME;

5th Nov 18: Min 6.5%6.8%

1st Jan 19: Min 6.8%6.9%

✓MOEN’s initiative policy to push Biodiesel demand

B7 Plus: Increase Biodiesel blending from 7% 7.5%

B20: Use B20 in public transportation

CPO:

• Due to high stock level, local CPO price trends to be stable

although demand from Biodiesel sector is healthy

424 584

433 488 419 465 463 559 483

2,243

1,783 1,820

2,054

1,784

1,570 1,521 1,492

1,975

1,516

999 1,156

1,304 1,138

921 882 777

1,244

0

500

1,000

1,500

2,000

2,500

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Oct'18 FY17

USD/T Spread FA CPKO

5.17 4.95 4.80 4.93 5.14 5.13 5.29 5.26 4.96

39.54

34.38

30.45 28.62 28.51 28.94 29.03

26.25

33.25

30.78

25.84 22.43

20.48 20.34 20.78 20.24 17.89

24.89

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Oct'18 FY17

THB/KG Spread ME CPO


Opportunity: Potential to increase Biodiesel blending rate

Increase blending percentage of Biodiesel

Page 13

• B7 Plus:

✓ Negotiating with JAMA to increase Biodiesel blending ceiling from 7% 7.5%

✓ The policy shall help to support ME demand to increase around 7%-8%

• B10:

✓ Target to complete driving test of B10 100,000 K.M.s within Feb’19. (Current Testing

Progress of 50%)

✓ MOEN is cooperating with State Railway of Thailand to use B10 in train

• B20:

✓ B20 consumption in Sep’18 was expected to be around 3.0-3.5 Million Littre/Month

(equivalent to ME 0.6-0.7 Million Littre/Month)

✓ Gor.Bor.Ngor. approved to increase B20 subsidy from 3 THB/Littre to 5THB/Littre for 3

months (Dec18 – Feb19)

✓ MOEN is cooperating with Bangkok Mass Transit Authority (BMTA) and The Transport

Co. Ltd. to expand B20 usage to Public Transportation

The policy will help to increase B20 demand up to 20.0 Million Littre/Month

(equivalent to increase ME 2.2 Million Littre/Month, increase ME Demand 23,000

tons/year)


Agenda

Highlights

GGC Growth Project



Page14

Consolidated Financial Performance

Sales Revenue (MB)EBITDA & Adjusted EBITDA* (MB) /

Adjusted EBITDA Margin* (%)

3Q183Q17 2Q18 9M17

ME EBITDA ME Adjusted EBITDA FA EBITDA FA Adjusted EBITDA

Consolidated Adjusted EBITDA Margin

Net Profit (MB) & Net Profit Margin (%)

Page 15

9M18

3,277 2,690 2,370

8,822 7,834 1,903

1,546 1,334

5,431

4,737

5,180 4,236

3,704

14,253

12,571

3Q17 2Q18 3Q18 9M17 9M18

ME Business Unit FA Business Unit

55

-1,853

185 270

-1,603

3Q17 2Q18 3Q18 9M17 9M18

1.1%-43.7%

5.0% 1.9% -12.8%

102 109 106 116 159 187 298

454 428 483

109

245

31

170 130 159

452

897

209

593

211

354

137

286 289 346

750

1,351

637

1,076

6.8% 6.8%9.3% 9.5% 8.6%


Financial Position

Statements of Financial Position

Cash and

Cash Equivalent

Account Receivable,

Inventory, and other

Current Assets

PP&E

Non-current Assets

Other Liabilities

Interest Bearing Debt

Shareholders’ Equities

December 31, 2017

Baht 14,535 million

Key Financial Ratios

Repayment Plan Cash Flows

Million Baht

Million Baht

Million Baht

528

935

(2,292)

2,575 1,745

Page 16

*

*Cash from IPO was invested in ME2 project of 1,144 MB and WC 248 MBEnding Cash had not included short-term investment of 1,731MB

140

338

441

567

765

2018 2019 2020 2021 2022

September 30, 2017

Baht 12,793 million

2,422

+877

-738-402 2,159

BeginningCash

OperatingCash Flows

CAPEX &Investment

Financing EndingCash

9,058 7,923 11,073

9,080 9,265

833 2,689

2,400

2,258 2,258

FY15 FY16 FY17 2Q18 3Q18

0.1

0.3 0.2 0.2 0.20.6

1.8 2.1 2.4 2.2


Performance 3Q18 vs. 3Q17

Page 17

Net Profit : Million Baht

Operating profit: In 3Q18, the operating profit was a slightly lower than that of 3Q17, mainly attributed to

the lower profitability of fatty alcohols driving but it was help offset by higher profitability of methyl ester.

Stock Gain (Loss) & NRV: In 3Q18, the company recognized the stock loss & NRV of 57 MB, improved

from 3Q17 by 86 MB, mainly due to the slowing pace of downward trend of crude palm oil prices and crude

palm kernel oil price.

Gain/(Loss) from FX: In 3Q18 was recorded loss of 10 MB while recorded loss in 3Q17 of 22 MB because

THB appreciation in 3Q18 was less than 3Q17.

Others: In 3Q18, the others item was higher than that of 3Q17, mainly resulted from the company recognized profit from investments in the Thai Ethoxylate Company Limited (TEX).


Performance 3Q18 vs. 2Q18

Page 18


Operating profit: In 3Q18, the operating profit was higher than that of 2Q18, mainly attributed to the higher

profitability of methyl ester.

Stock Gain (Loss) & NRV: In 3Q18, the company recognized the stock loss & NRV of 57 MB, improved

from 2Q18 by 92 MB, mainly due to the slowing pace of downward trend palm product price.

Gain/(Loss) from FX: In 3Q18, the company was recorded the loss 10 MB against gain in 2Q18 of 44 MB

due to the impact from the appreciation of the THB by 2%, while in 2Q18 the THB was depreciated 6%.

-1,853


Performance 9M18 vs. 9M17

Page 19


Operating profit: In 9M18, the operating profit was lower than that of 9M17, mainly attributed to the lower

profitability of fatty alcohols.

Stock Gain (Loss) & NRV: In 9M18, the company recognized the stock loss & NRV of 441 MB, improved

from 9M17 by 159 MB, mainly due to the slowing pace of downward trend in palm product price.

Gain/(Loss) from FX: In 9M18, the company was recorded gain of 7 MB against loss in 9M17 of 73 MB

due to THB appreciation 7% in 9M17.

-1,853


T H A N K Y O U

Global Green Chemicals Public Company Limited

555/1 , Energy Complex, Building A, 4th Floor,

Vibhavadi Rangsit Road, Chatuchak, Chatuchak,

Bangkok 10900, Thailand

Tel: +66(0) 2 558 7306

Tel: +66(0) 2 558 7345

Fax: +66(0) 2 558 7301www.ggcplc.com

For further information or enquiries, please contact our Investor Relations Team : [email protected]

Page 20

Appendix

Palm Oil & Oleochemicals Market

Page 22

CP

KO

CP

O

2016 2017 2018

29

.63

30

.10

29

.02

32

.26

33

.93

33

.50

37

.49

34

.00

31

.05

30

.00

29

.63

30

.80

31

.40

31

.97

28

.97

26

.91

26

.77

23

.84

23

.05

22

.13

22

.11

21

.59

20

.73

19

.12

19

.10

21

.28

20

.37

18

.97

20

.16

23

.2

21

.59

20

.09

19

.03

15.00

20.00

25.00

30.00

35.00

40.00

45.00Ja

n-1

6

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

CPO_DIT(B/kg)

92

4

1,0

02

1,1

56

1,2

86

1,2

05

1,3

04

1,2

76

1,4

38

1,4

81

1,3

75

1,5

15

1,6

25

1,7

76

1,5

84

1,1

88

95

0

1,0

65

98

2

98

9

1,1

26

1,3

52

1,3

32

1,3

38

1,2

43

1,2

56

11

48

10

09

98

7

92

5

85

1

87

1

90

3

87

1

-

500

1,000

1,500

2,000

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

CPKO(USD/Ton)

Gly

ce

rin

e

0

200

400

600

800

1000

1200

Spread(USD/Ton) RGL(USD/Ton) CGL(USD/Ton)

Key Performance By Business Unit

Page 23Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV

Note : (1) Nameplate Capacity 300,000 Tons per year

(2) Conversion ratio: 0.865 Tons = c.1,000 Liters

(3) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV

3Q2018 3Q2017 % YoY 2Q2018 % QoQ 9M/2018 9M/2017 % QoQ

Utilization (%) 110% 123% -13% 120% -10% 110% 108% 2%

Sales Volume (Ton) 26,899 31,574 -15% 30,209 -11% 81,343 79,107 3%

Revenue from Sales (million baht) 1,334 1,903 -30% 1,546 -14% 4,737 5,431 -13%

EBITDA (million baht) 130 109 19% 31 319% 209 452 -54%

EBITDA margin(%) 9.7% 5.7% 4.0% 2.0% 7.7% 4.4% 8.3% -3.9%

Stock Gain/(Loss) & NRV -29 -136 -79% -139 -79% -384 -445 -14%

Adjusted EBITDA (million baht)(1) 159 245 -35% 170 -6% 593 897 -34%

Adjusted EBITDA Margin (%) 11.9% 12.9% -1.0% 11.0% 0.9% 12.5% 16.5% -4.0%

3Q2018 3Q2017 % YoY 2Q2018 % QoQ 9M/2018 9M/2017 % QoQ

Utilization (%)(1) 113% 112% 1% 108% 5% 113% 101% 12%

Sales Volume (ton) 84,637 97,373 -13% 90,100 -6% 277,491 252,457 10%

Sales Volume (million litre)(2) 98 113 -13% 104 -6% 321 292 10%

Sales Revenue (million baht) 2,370 3,277 -28% 2,690 -12% 7,834 8,822 -11%

EBITDA (million baht) 159 102 56% 106 50% 428 298 44%

EBITDA margin (%) 6.7% 3.1% 3.6% 3.9% 2.8% 5.5% 3.4% 2.1%

Stock Gain/(Loss) & NRV(million baht) -28 -7 300% -10 180% -55 -156 -65%

Adjusted EBITDA (million baht)(3) 187 109 72% 116 61% 483 454 6%

Adjusted EBITDA Margin (%) 7.9% 3.3% 4.6% 4.3% 3.6% 6.2% 5.1% 1.0%

ME

TH

YL

ES

TE

R (

B1

00

)

BU

SIN

ES

S U

NIT

FA

TT

Y A

LC

OH

OL

S

BU

SIN

ES

S U

NIT







ลบ. % ลบ. % ลบ. % ลบ. % ลบ. % ลบ. % ลบ. % ลบ. %

รายได้จากการขาย 3,704 100 5,180 100 (1,476) (28) 4,236 100 (532) (13) 12,571 100 14,253 100 (1,682) (12)

วตัถดุบิ (2,693) (73) (4,167) (80) 1,474 (35) (3,285) (78) 592 (18) (9,500) (76) (11,054) (78) 1,554 (14)

คา่เผ่ือมูลคา่สินค้าคงเหลือ (NRV) - - 18 0 (18) n.a. - - - n.a. 2 0 (1) (0) 3 (300)

Product to Feed Margin 1,011 27 1,031 20 (20) (2) 951 22 60 6 3,073 24 3,198 22 (125) (4)

คา่ใช้จา่ยแปรผนัอ่ืน (472) (13) (468) (9) (4) 1 (485) (11) 13 (3) (1,452) (12) (1,245) (9) (207) 17

คา่ใช้จา่ยในการผลิต (138) (4) (130) (3) (8) 6 (130) (3) (8) 6 (394) (3) (406) (3) 12 (3)

Stock Gain/(Loss) (57) (2) (161) (3) 104 (65) (149) (4) 92 (62) (441) (4) (600) (4) 159 (27)

คา่ใช้จา่ยในการขายและบริหาร (73) (2) (72) (1) (1) 1 (83) (2) 10 (12) (227) (2) (228) (2) 1 (0)

รายได้อ่ืนๆ 18 0 11 0 7 64 33 1 (15) (45) 78 1 31 0 47 152

EBITDA 289 8 211 4 78 37 137 3 152 111 637 5 750 5 (113) (15)

คา่เสื่อมราคาและตดัจ าหนา่ยทางบญัชี (124) (3) (143) (3) 19 (13) (133) (3) 9 (7) (395) (3) (421) (3) 26 (6)

EBIT 165 4 68 1 97 143 4 0 161 4,025 242 2 329 2 (87) (26)

คา่ใช้จา่ยทางการเงินสทุธิ (5) (0) (12) (0) 7 (58) (8) (0) 3 (38) (19) (0) (49) (0) 30 (61)

ก าไร/(ขาดทนุ)จากอัตราแลกเปลี่ยน (1) (10) (0) (22) (0) 12 (55) 44 1 (54) (123) 7 0 (73) (1) 80 (110)

สว่นแบ่งก าไร/(ขาดทนุ)จากเงินลงทนุ 46 1 15 0 31 207 27 1 19 70 93 1 60 0 33 55

คา่ใช้จา่ยภาษีเงินได้ (11) (0) 6 0 (17) (283) - - (11) na. (6) (0) 3 0 (9) (300)

ก าไรสุทธิรวม 185 5 55 1 130 236 67 2 118 176 317 3 270 2 47 17

รายการพิเศษสทุธิภาษี(2) - - - - - n.a. (1,920) (45) 1,920 n.a. (1,920) (15) - - (1,920) n.a.

ก าไรสทุธิรวมหลงัรายการพิเศษ 185 5 55 1 130 n.a. (1,853) (44) 2,038 (110) (1,603) (13) 270 2 (1,873) n.a.

9M/2561 9M/2560 YoYไตรมาส 3/2561 ไตรมาส 3/2560 YoY ไตรมาส QoQ

Consolidated Income Statement

Page 24

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Monday, November 12, 2018 · CPO (DIT) : THB/Kg ME (EPPO) : THB/Litre METHYL ESTER (B100) BUSINESS UNIT Biodiesel Mandate ME EPPO P2F : THB/Kg GGC’s ME Operational Performance Plant