Message of the Chairman Dear Shareholders, In 2023, the world continued to face a series of challenges. These included geopolitical tensions, which were hard to predict and cause energy and feedstock prices to soar, high levels of inflation and policy rates, global economic recession, the slow-than-expected economic recovery of China, as well as climate change, which remained a major global issue. In addition, new petrochemical capacities emerged over the past few years from countries with feedstock advantages, while China implemented a self-sufficiency policy, transforming it from an importer to a significant petrochemical producer and increasing the supplies in the market. This, when coupled with subdued demand and higher feedstock and utility prices, led to a historic decrease in the spreads of petrochemical products. However, PTT Global Chemical Public Company, or GC, has been closely monitoring all external factors and uncertainties and has established directions, strategies, and response plans in both short and long terms to ensure its ability to adapt and overcome all challenges. For the short term, we have formulated response plans, focusing on what is within our control. Over the past four years, we have actively been implementing proactive measures to strengthen our business internally, including enhancing enterprise-wide operational efficiency, tightening control over operational expenses to improve efficiency, and investing cautiously and selecting projects with high returns and quick payback periods. In addition, GC Recession Playbook has been formulated to restore profitability. We have also taken measures to maintain its financial strength, efficiently manage working capital and liquidity, and maximize asset utilization. Thanks to these measures, we have been able to significantly mitigate impacts on the operating results and maintain our liquidity, outperforming most chemical producers in different regions. We will continue to adhere to sustainable business practices and equip ourselves for challenges and changes as we foster growth in pursuit of leadership in the international chemical industry with a steadfast commitment to transparency, accountability, and fair and equitable treatment of shareholders. 30
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