UAC : Annual Report 2010 by UAC Universal Adsorbents & Chemicals

บริษัท ยูนิเวอรแซล แอดซอรบเบนท แอนด เคมิคัลส จำกัด (มหาชน) Universal Adsorbents & Chemicals Public Company Limited

รายงานประจำป 2553

ANNUAL REPORT

2010

สารบัญ วิสัยทัศน พันธกิจ จุดเดนในรอบป รายงานคณะกรรมการ สารจากกรรมการผูจัดการ สรุปขอมูลทางการเงิน ผังการบริหารงาน คณะกรรมการบริษัท ความรับผิดชอบตอสังคม ขอมูลทั่วไปและลักษณะการประกอบธุรกิจ โครงสรางการบริหาร การตลาดและภาวะการแขงขัน โครงสรางรายได ปจจัยความเสี่ยง การควบคุมภายใน การกํากับดูแลกิจการและการดูแลเรื่องการใชขอมูลภายใน รายละเอียดเกี่ยวกับคณะกรรมการบริษัทและผูบริหาร การถือครองหุนของคณะกรรมการบริษัทและผูบริหาร คาตอบแทนกรรมการและผูบริหาร ผูถือหุนรายใหญ รายการระหวางกัน รายงานความรับผิดชอบของคณะกรรมการตอรายงานทางการเงิน รายงานของคณะกรรมการตรวจสอบตอผูถือหุน คําอธิบายและการวิเคราะหของฝายจัดการ รายงานของผูสอบบัญชีรับอนุญาต งบการเงิน หมายเหตุประกอบงบการเงิน

2 3 4 6 8 12 14 16 17 27 37 41 42 51 52 62 65 66 68 69 73 74 76 80 81 89

Content Vision and Mission Financial Highlights Report from the Board of Directors Message from the Managing Director Key Financial Results Organization Chart Board of Directors Corporate Social Responsibility General Information and Nature of Business Management Structure Marketing and Competitive Conditions Revenue Structure Risk Factors Internal Control Corporate Governance and Supervision on the Use of Internal Information Details of the Board of Directors and Management Shareholdings of the Board of Directors and Management Directors and Executives Remuneration Major Shareholders Connected Persons and Transactions Report on Responsibilities of the Board of Directors to the Financial Statements The Audit Committee’s Report to the Shareholders Management’s Discussion and Analysis of the Financial Statements Auditor’s Report Notes to the Financial Statements

2 3 5 7 8 12 14 16 104 114 124 128 129 138 139 149 152 153 155 156 160 161 163 167 176

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

วqสัยทัศน (Vision)

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พันธกิจ (Mission)

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Mission

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รายงานประจําป 2553 บริษัท ยูนิเวอรแซล แอดซอรบเบนท แอนด เคมิคัลส จํากัด (มหาชน)

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Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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üĕąëĕîëĔą ëĘĊēğâøě þĆēûĕüâĆĆĄâĕĆýĆėČĔú

Report from the Board of Directors

nE :z.zO FP@K@ S@K@ HIMEI[ALEF APLEM@H IE FP@ o>BJLENO T>K IEHFLEA@ FP@ o>BJLEN ?@ALB@ L JG?DIA A>BJLEN DIBIF@Q IE cJKID :z.z LEQ SLH DIHF@Q >E =PLIDLEQlH xLKV@F T>K cDF@KELFIR@ nER@HFB@EF tBLIu >E sAF>?@K ..O :z.z SP@K@LH TLR>KL?D@ T@@Q?LAV PLH ?@@E K@A@IR@Q TK>B FP@ IER@HF>KH/ =P@ ~>LKQ >T ]IK@AF>KH LEQ FP@ BLELM@B@EF >T FP@ o>BJLEN PLR@ HFGQI@Q K@MGDLFI>EH LEQ AKIF@KIL >T FP@ sT[A@ >T k@AGKIFI@H LEQ XCAPLEM@ o>BBIHHI>EO FP@ kF>AV XCAPLEM@ >T =PLIDLEQ LEQ FP@ K@D@RLEF LM@EAI@H >E BIHHI>EH LEQ K@HJ>EHI?IDIFI@H F>SLKQH FP@ HPLK@P>DQ@KHO H>AI@FI@H LEQ K@D@RLEF JLKFI@H SIFP >?Z@AFIR@ F> ?@A>B@ M>>Q A>KJ>KLF@ M>R@KELEA@/ nE >KQ@K F> D@HH@E BIHHI>EH >T FP@ ~>LKQ >T ]IK@AF>KHO BLEN kG?YA>BBIFF@@H PLR@ ?@@E @HFL?DIHP@Q LH LJJK>JKILF@Q LEQ E@A@HHLKNO HGAP LH FP@ cGQIF o>BBIFF@@O FP@ XC@AGFIR@ o>BBIFF@@O FP@ w>BIELFI>E LEQ p@BGE@KLFI>E o>BBIFF@@ LEQ FP@ pIHV xLELM@B@EF o>BBIFF@@/ ]GFI@H LEQ K@HJ>EHI?IDIFI@H >T LDD kG?YA>BBIFF@@H PLR@ ?@@E AD@LKDN HJ@AI[@Q/

HGMM@HFI>EH LEQ MGIQ@DIE@H >E K@RI@SO IBJK>R@B@EF LH S@DD LH LKKLEM@B@EF >T :z.: HFKLF@MIA ?GHIE@HH JDLEHO H> FPLF FP@N HPLDD PLR@ AD@LK >?Z@AFIR@H LEQ GJYF>YQLF@/ cDD J>F@EFILD KIHV TLAF>KH PLR@ ?@@E ALK@TGDDN FLV@E IEF> A>EHIQ@KLFI>E QGKIEM IBJD@B@EFLFI>E J@KI>Q LEQ FP@N LK@ IE DIE@ SIFP FP@ o>BJLENlH J>DIAI@H/ nE :z.zO FP@ ~>LKQ >T ]IK@AF>KH LDH> JGF @BJPLHIH >E KIHV BLELM@Y B@EF ?N T>DD>SIEM GJ BLELM@B@EF K@HGDFH >T FP@ kG?YA>BBIFF@@H LEQ FP@ @C@AGFIR@H >T FP@ o>BJLEN IE BLEN SLNH SPIAP IEADGQ@ p@mG@HF FP@ pIHV xLELM@B@EF o>BBIFF@@ F> A>EQGAF KIHV BLELM@B@EF K@J>KF LEQ KIHVH JK@R@EFIR@ MGIQ@DIE@H F> HG?BIF F> FP@ ~>LKQ >T ]IK@AF>KH/ p@mG@HF FP@ cGQIF o>BBIFF@@ F> HGBBLKIW@ LEQ T>DD>S GJ >J@KLFI>EH >T FP@ IEF@KELD LGQIF GEIF LH S@DD LH F> IBJD@B@EF IEF@KELD A>EFK>D HNHF@B T>K FP@ @C@AGFIR@H LEQ F> ADLKITN LEN HGMM@HFI>EH F> BLV@ HGAP GEIF B>K@ LJJK>JKILF@DN LEQ K>?GHFDN/ =P@ cGQIF o>BBIFF@@ BGHF ?@ L JLKF IE IBJK>RIEM mG@HFI>EH SIFP K@MLKQH F> FP@ IEF@KELD A>EFK>D HNHF@B >T FP@ k@AGKIFI@H LEQ XCAPLEM@ o>BBIHHI>E/

cJLKF TK>B HGJ@KRIHI>E >E BLELM@B@EF >T FP@ kG?YA>BBIFF@@H LEQ FP@ @C@AGFIR@HO FP@ ~>LKQ >T ]IK@AF>KH LDH> MLR@ @BJPLHIH F> FP@ o>BJLENlH J@KH>EE@D Q@R@D>JB@EF JDLE LF LDD D@R@DH A>EFIEGLDDNO TK>B @BJD>N@@ D@R@D sE ?GHIE@HH LHJ@AFH IE :z.zO BLEN A>GEFKI@H F> F>J @C@AGFIR@ D@R@DO IEADGQIEM L HGAA@HHI>E JDLE F> H@D@AF FP@ JK>J@K IE FP@ S>KDQ PLR@ TLA@Q @A>E>BIA HD>S Q>SE J@KH>EH T>K F>J BLELM@B@EF J>HIFI>E/ A>EQIFI>EHO ELFGKLD QIHLHF@KHO IEADGQIEM Q>B@HFIA J>DIFIALD FGKB>ID SPIAP PLH LQR@KH@DN IBJLAF@Q UIELDDNO FP@ ~>LKQ >T ]IK@AF>KH S>GDQ DIV@ F> @CJK@HH MKLFIFGQ@ T>K ?GHIE@HH >J@KLFI>EH FPK>GMP>GF FP@ S>KDQ/ LDD HGJJ>KF@KH LEQ HFLV@P>DQ@KH T>K N>GK SLKB S@DA>B@ FP@ o>BJLEN F> >S@R@KO EIR@KHLD cQH>K?@EFH LEQ oP@BIALDH ?@A>B@ L DIHF@Q A>BJLEN IEADGQIEM T>K N>GK A>EHFLEF HGJJ>KF LEQ FKGHF rG?DIA o>BJLEN iIBIF@Q PLH JDLEH IE JDLA@ IE FP@ o>BJLEN/ =P@ ~>LKQ >T ]IK@AF>KH HPLDD A>BBIF IFH@DT F> >R@KH@@ F> K@HJ>EQ F> FP@ S>KDQ @A>E>BIA AKIHIH LEQ ?GHIE@HH SIFP B>KLDO FKLEHJLK@EAN LEQ @T[AI@EAN/ cF FP@ HLB@ FIB@O FP@ ~>LKQ FP>H@ A>EH@mG@EF IBJLAFH AD>H@DN LEQ ALK@TGDDN >T ]IK@AF>KH HPLDD FK@LF LEQ JDLA@ IBJ>KFLEA@ F> LDD HFLV@P>DQ@KH @mGLDDN F> BLIEFLIE HFL?D@ ?LDLEA@ >E A>EFIEG@ ?LHIHO LEQ BLIEFLIE IFH K>D@H F> Q@R@D>J A>BBGEIFI@HO H>AI@FI@H LEQ @ERIK>EB@EFH BLELM@ ALHP >S @CI?DN LEQ K@QGA@ KIHVH SPIAP S@DD LH F> AK@LF@ RLDG@ F> FP@ HPLK@P>DQ@KH A>EFIEGLDDN T>K HFL?IDIFNO MK>SFP BLN IEAGK TK>B HGAP AKIHIH HIFGLFI>EH/ @EA@O LEQ HGHFLIEL?IDIFN >T FP@ ?GHIE@HHO H>AI@FI@H LEQ @ERIK>EB@EF/ J@KT>KBLEA@ K@HGDFH >T FP@ o>BJLEN IE :z.z S@K@ IE HLFIHTLAF>KN D@R@D LEQ ALE AK@LF@ M>>Q RLDG@ F> LDD HFLV@P>DQ@KH/ cDFP>GMP FP@ S>KDQ @A>E>BIA HIFGLFI>EH IE :z.z BIMPF E>F ?@ TLR>KL?D@ F> ?GHIE@HH >J@KLFI>EHO FP@ ~>LKQ >T ]IK@AF>KH PLH @BJPLHIW@Q >E FP@ o>BJLENlH HFKLF@MIA ?GHIE@HH /T %JCPEJCK ,KXCECVG oPLIKBLE >T FP@ ~>LKQ >T ]IK@AF>KH JDLEHO ?>FP IE BIQ F@KB LEQ D>EM F@KB F> JK@JLK@ T>K K@A>R@KN >T FP@ S>KDQ @A>E>BIA ?N JK>RIQIEM

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

สารจากกรรมการผูจัดการ

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üĕąâėøøė ëĘĊēğâøě âĆĆĄâĕĆÿĜňéĔ÷âĕĆ

Message from the Managing Director

r@KT>KBLEA@ >T EIR@KHLD cQH>K?@EFH oP@BIALDH rG?DIA o>BJLEN iIBIF@Q IE :z.z SLH HLFIHTLAF>KN IE LDD LHJ@AFHO Q@HJIF@ H>B@ GEA@KFLIEFI@H >T FP@ S>KDQ @A>E>BIAO IEADGQIEM J>DIFIALD QIHFGK?LEA@H SIFPIE FP@ A>GEFKN LEQ L?K>LQ/ >S@R@KO FP>H@ TLAF>KH PLR@ JIAV@Q GJ IE FP@ DLFF@K JLKF >T FP@ N@LK/ ]GKIEM FP@ JLHF N@LKO FP@ o>BJLEN @BJPLHIW@Q >E ?GHIE@HH MK>SFP ?N Q@R@D>JIEM LEQ IEAK@LHIEM J>F@EFILDH >T FP@ @CIHFIEM JK>QGAFH F> ?GIDQ GJ ?GHIE@HH IE JLKLDD@D SIFP @T[AI@EAN IBJK>R@B@EF IE H@KRIA@ LEQ BLELM@B@EF HNHF@BH/ =P@ o>BJLEN LDH> Q@F@KBIE@H F> @CJLEQ IFH IER@HFB@EFH LEQ HFK@EMFP@E ?GHIE@HH F>M@FP@K SIFP JK@JLKLFI>E IFH@DT T>K TGFGK@ MK>SFP/ 5WOOCT[ QH ÌPCPEKCN TGUWNVU KP =P@ o>BJLEN ALE T>KFITN IFH IEA>B@ MK>SFP H>DIQDN IE :z.z/ w@F JK>[F LTF@K FLC@H SLH ~LPF .z}/.; BIDDI>EO IEAK@LH@Q ?N .}y/z. J@KA@EF TK>B FP@ JK@RI>GH N@LK/ XLKEIEM ?@T>K@ IEF@K@HFO FLCO Q@JK@AILFI>E LEQ LB>KFIWLFI>E tX~n=]cu >T FP@ o>BJLEN SLH ~LPF |;/}y BIDDI>EO Q@AK@LH@Q ?N .v/.: J@KA@EF TK>B DLHF N@LK/ cJLKF TK>B T>AGHIEM >E >GK BLIE ?GHIE@HHO S@ LDH> @CJD>K@ >JJ>KFGEIFN F> IER@HF IE LDF@KELFIR@ @E@KMN ?GHIE@HHO ?N GFIDIWIEM @EMIE@@KIEM @CJ@KFIH@ LEQ F@APE>D>MN IEADGQIEM K@DLFI>EHPIJ SIFP FP@ A>GEFKNlH D@LQIEM @E@KMN A>BJLEI@H F> ?KIEM L?>GF ?GHIE@HH ?@E@[FHO FP@ HLB@ SLN S@ QIQ SIFP FP@ Z>IEF IER@HFB@EF JK>Z@AF IE ~LEMAPLV ~I>TG@D o>BJLEN iIBIF@Q >K ~~UO SP@K@ FP@ o>BJLEN PLH HPLK@P>DQIEM KLFI> >T ;z J@KA@EF LEQ ~LEMAPLV r@FK>D@GB rG?DIA o>BJLEN iIBIF@Q PLH {z J@KA@EF/ rK@H@EFDNO FP@ o>BJLEN IH GEQ@KFLVIEM FP@ A>BJK@HH@Q ?I>YMLH JK>Z@AFO SPIAP JK>QGA@H MLH TK>B JIM @CAK@B@EF LEQ MK@@E R@M@FL?D@H/ =PIH JK>Z@AF ALE JDLN L JLKF F> P@DJ K@QGAIEM MD>?LD SLKBIEM JK>?D@BH/ cQQIFI>ELDDNO A>BJK@HH@Q ?I> MLH IH IE@CJ@EHIR@ @E@KMNO SPIAP ALE HG?HFIFGF@ J@FK>D@GBO A>BJK@HH@Q ELFGKLD MLH >K DImGIQ J@FK>D@GB MLH tirqu IE FP@ D>EM KGE/ n S>GDQ DIV@ F> @CJK@HH BN ?@HF SIHP@H LEQ LJJK@AILFI>E F> LDD HPLK@P>DQ@KH LEQ HFLV@P>DQ@KH T>K FP@IK HGJJ>KF LEQ FKGHF IE FP@ o>BJLEN LEQ S@ P>J@ FPLF S@ ALE H@KR@ N>G B>K@ IE FP@ TGFGK@/ EIR@KHLD cQH>K?@EFH oP@BIALDH rG?DIA o>BJLEN iIBIF@Q

/T -KVVK ,KXCECVG /CPCIKPI &KTGEVQT

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

สรุปขอมูลสําคัญทางการเงqน (Key Financial Results) สินทรัพยรวม

, EIF xIDDI>E ~LPF

9 ' ;. $ :||; yz./{. 8 ) . z/z} , 52$ 2 & vy/.} 52 ' ;. $ :||: +,7

- % & % - - "2 {|/{:

601.71 411.63

Total Assets

=>FLD LHH@FH LH >T ]@A@B?@K ;.O :z.z LB>GEFIEM F> ~LPF yz./{. BIDDI>EO IEAK@LH@Q ?N ~LPF . z/z} BIDDI>E >K vy/.} J@KA@EF A>BJLKIEM SIFP ]@A@B?@K ;.O :zz / x>HF >T LHH@FH S@K@ >J@KLFIEM ALHP TK>B >J@KLFI>EH TK>B K@LDIWLFI>E >T JK>[F HPLKIEM TK>B ?I> QI@H@D ?GHIE@HH ?N ~LPF {|/{: BIDDI>E/

323.39

2551 2008

2552 2009

สวนของผูถือหุนรวม

2553 2010

, EIF xIDDI>E ~LPF

82 * 4 25 , ;yy/{z 8 ) :zy/vz , 52$ 2 & .:}/{y 52 ' ;. $ :||: - , \ :||; .z}/.; % & * +, * 452, .|

366.70 160.30

Total Shareholders’ Equity

=>FLD HPLK@P>DQ@KHl @mGIFN LH >T ]@A@B?@K ;.O :z.z SLH ~LPF ;yy/{z BIDDI>EO IEAK@LH@Q ?N ~LPF :zy/vz BIDDI>E >K .:}/{y J@KA@EF A>BJLKIEM SIFP ]@A@B?@K ;.O :zz / =P@N S@K@ @LKEIEMH IE :z.z >T ~LPF .z}/.; BIDDI>EO LEQ QIRIQ@EQ PLH ?@@E JLIQ F> FP@ HPLK@P>DQ@KH LF ~LPF .| BIDDI>E/

163.49

2551 2008

2552 2009

2553 2010

ŕ¸ŕ¸ąŕ¸&#x2022;ŕ¸Łŕ¸˛ŕ¸Şď&#x153;&#x160;ŕ¸§ŕ¸&#x2122;ŕ¸Ťŕ¸&#x2122;ŕ¸ľŕš&#x2030;ŕ¸Şŕ¸´ŕ¸&#x2122;ŕ¸Şŕ¸¸ŕ¸&#x2014;ŕ¸&#x2DC;qŕ¸&#x2022;ď&#x153;&#x160;ŕ¸ŕ¸&#x2014;ŕ¸¸ŕ¸&#x2122;

, ) .{{/;{ \ 2 {z/;z 6 & , ) $ % & 8Â&#x2026;) 2 # , ) # 2 ./|| + \ :||: z/v} + \ :||;

0.48 1.55

Net Debt to Equity Ratio

=>FLD E@F DIL?IDIFI@H LB>GEFIEM F> ~LPF .{{/;{ BIDDI>EO LE Q@AK@LH@Q >T ~LPF {z/;z BIDDI>E TK>B DLHF N@LK QG@ F> JLNB@EF F> LAA>GEF JLNL?D@ LEQ IEAK@LH@ >T >J@KLFIEM ALHP/ w@F Q@?F F> @mGIFN KLFI> SLH Q@AK@LH@Q ?N ./|| FIB@H IE :zzÂ&#x2022; F> z/v} FIB@H IE :z.z

0.84

2551 2008

2552 2009

2553 2010

ŕ¸Łŕ¸˛ŕ¸˘ŕš&#x201E;ŕ¸&#x201D;ď&#x153;&#x2039;ŕ¸&#x2C6;ŕ¸˛ŕ¸ ŕ¸ ŕ¸˛ŕ¸Łŕ¸&#x201A;ŕ¸˛ŕ¸˘ŕ¸Łŕ¸§ŕ¸Ą

, Â&#x201A; Â&#x2018;EIF Â&#x201A; xIDDI>E ~LPF

- 8 {y{/z} 8Â&#x2026;) 82 \ 2 yz/|. $ 2 & }/|y

767.08 706.57

Total Revenues from Sales

637.84

=>FLD K@R@EG@ TK>B HLD@H SLH ~LPF {y{/z} BIDDI>EO LE IEAK@LH@Q >T ~LPF yz/|. BIDDI>E TK>B FP@ HLB@ J@KI>Q >T DLHF N@LKO >K }/|y J@KA@EF/

2551 2008

2552 2009

2553 2010

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

กําไรขั้นตนรวมและ อัตรากําไรขั้นตน

, EIF xIDDI>E ~LPF

- 8 ) # , \ :||; ..}/z; {/z: 2 # - 8 ) # # 2 2 8 tqK>HH rK>[F xLKMIEu $ 2 & .|/; # 82 \ 2 2 & 2 & .{/{z

118.04 125.05 114.11

Total Gross Profit and Gross Profit Margin qK>HH JK>[F IE :z.z SLH ~LPF ..}/z; BIDDI>EO Q@AK@LH@Q ?N ~LPF {/z: BIDDI>E

qK>HH JK>[F BLKMIE SLH .|/; J@KA@EF SPIAP SLH PIMP@K FPLE FP@ HLB@ J@KI>Q >T DLHF N@LK SPIAP SLH LF .{/{z J@KA@EF/

2551 2008

2552 2009

2553 2010

EBITDA

, EIF xIDDI>E ~LPF

- 2 2 ) ( $ 5 2 $ % &$ +6 # tX~n=]cu |;/}y }/}y , 52$ 2 & .v/.: 52

82 \ 2

53.86 62.72 46.44

EBITDA

XLKEIEMH ?@T>K@ IEF@K@HFO FLCO Q@JK@AILFI>E LEQ LB>KFIWLFI>E tX~n=]cu LB>GEF@Q F> ~LPF |;/}y BIDDI>EO Q@AK@LH@Q ?N ~LPF }/}y BIDDI>E >K .v/.: J@KA@EF SP@E A>BJLKIEM SIFP FP@ HLB@ J@KI>Q >T DLHF N@LK/

2551 2008

2552 2009

2553 2010

ŕ¸ ŕš?ŕ¸˛ŕš&#x201E;ŕ¸Łŕ¸Şŕ¸¸ŕ¸&#x2014;ŕ¸&#x2DC;qŕ¸Łŕ¸§ŕ¸Ą

, Â&#x201A; Â&#x2018;EIF Â&#x201A; xIDDI>E ~LPF

- , \ ) ;. $ :||; .z}/.;

8Â&#x2026; ) 82 \ 2 {z/;; $ 2 & .}y/z.

108.13 37.81

Total Net Profit Earnings

w@F JK>[F @LKEIEM T>K FP@ N@LK @EQ@Q ]@A@B?@K ;.O :z.z SLH ~LPF .z}/.;O IEAK@LH@Q ?N ~LPF {z/;; BIDDI>E >K .}y/z. J@KA@EF TK>B FP@ HLB@ J@KI>Q >T DLHF N@LK/

24.95

2551 2008

2552 2009

2553 2010

ŕ¸ ŕš?ŕ¸˛ŕš&#x201E;ŕ¸Łŕ¸&#x2022;ď&#x153;&#x160;ŕ¸ŕ¸Ťŕ¸¸ď&#x153;&#x2039;ŕ¸&#x2122;

, Â&#x201A; Â&#x2018;EIF Â&#x201A; ~LPF

- # 2 , , \ ) ;. $ :||; z/}|* # 2, 8Â&#x2026; ) 2 & y;/vy , , 7 4 Â&#x2014; 4 ) , t# u 5 2 82 \ 2 Â&#x192;Â&#x2026; - # 2 , z/|:* # 2,

z/}| z/|:

Â&#x2DC;, , 7 4 Â&#x2014; 4 ) , t# u

z/vy

Earnings per Share

XLKEIEMH J@K HPLK@ T>K FP@ N@LK @EQ@Q ]@A@B?@K ;.O :z.z SLH ~LPF z/}|* J@K HPLK@O LE IEAK@LH@ >K y;/vy J@KA@EF TK>B FP@ HLB@ J@KI>Q >T DLHF N@LK SPIAP SLH LF ~LPF z/|:* J@K HPLK@/ Â&#x2DC;=> ?@ Q@RIQ@Q ?N Â&#x2122;@IMPF@Q LR@KLM@ EGB?@K >T >KQIELKN HPLK@H

2551 2008

2552 2009

2553 2010

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

ผังการบรqหารงาน บริษัท ยูนิเวอรแซล แอดซอรบเบนท แอนด เคมิคัลส จํากัด (มหาชน)

Organization Chart Universal Adsorbents & Chemicals Public Company Limited

คณะกรรมการบริษัท Board of Directors เลขานุการบริษัท Corporate Secretary

คณะกรรมการตรวจสอบ Audit Committee

คณะกรรมการบริหาร Executive Committee

คณะกรรมการตรวจสอบ Internal Audit

รองกรรมการผูจัดการ ฝายบัญชีและการเงิน Deputy Managing Director Finance and Accounting

ผูจัดการ ฝายการเงิน Finance Manager

ผูจัดการ ฝายบัญชี Accounting Manager

คณะกรรมการบริหาร ความเสี่ยง Risk Management Committee

คณะกรรมการสรรหาและ พิจารณาคาตอบแทน Nomination and Remuneration Committee

กรรมการผูจัดการ

Managing Director

รองกรรมการผูจัดการ ฝายขาย การตลาดและปฎิบัติการ Deputy Managing Director Sales, Marketing and Operation

ผูจัดการ ผูจัดการ ผูจัดการฝายการ ตลาดและพัฒนา ฝายการตลาด ทีม 2 ฝายบริหารงาน ทัว่ ไป & ประชาสัมพันธ ธุรกิจทีม 1 Marketing General Marketing & Manager Administration Business Team 2 Manager & Development Public Relation Manager Team 1

ผูจัดการฝาย วางแผนองคกร Corporate Planning Manager

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

คณะกรรมการบรqษัท Board of Directors

นายชาญชัย ชีวะเกตุ

นายกิตติ ชีวะเกตุ

Mr. Chanchai Jivacate

Mr. Kitti Jivacate

Y กรรมการอิสระ Y ประธานกรรมการ Y กรรมการบริหารความเสี่ยง

Y Independent Director

Y Chairman Y Risk Management Committee Member

นางสาวนิลรัตน จารุมโนภาส

Y กรรมการ Y รองกรรมการผูจัดการฝายบัญชีและการเงิน Y กรรมการบริหารความเสี่ยง

Miss Nilrat Jarumanopas

Y Director Y Deputy Managing Director Finance & Accounting Y Risk Management Committee Member

Y กรรมการ Y กรรมการผูจ ัดการ Y ประธานคณะกรรมการบริหารความเสี่ยง Y Director Y Chairman of the Executive Committee Y Chairman Risk Management Committee

รศ. ดร. เอกชัย นิตยาเกษตรวัฒน Y Y Y Y

กรรมการอิสระ/ ประธานกรรมการตรวจสอบ กรรมการสรรหาและ พิจารณาคาตอบแทน กรรมการบริหารความเสี่ยง

Assoc. Prof. Dr. Aekkachai Nittayakasetwat Y Y Y Y

Independent Director Chairman of the Audit Committee Nomination & Remuneration Committee Member Risk Management Committee Member

รศ. ดร. นายปริทรรศน พันธุบรรยงก Y Y Y Y

กรรมการอิสระ/ กรรมการตรวจสอบ กรรมการสรรหาและพิจารณาคาตอบแทน กรรมการบริหารความเสี่ยง

Assoc. Prof. Dr. Paritud Bhandhubanyong Y Y Y Y

Independent Director Audit Committee Member Nomination & Remuneration Committee Member Risk Management Committee Member

นางสาวจีระพันธ จินดา

Y กรรมการอิสระ Y กรรมการตรวจสอบ Y ประธานคณะกรรมการสรรหาและพิจารณาคา ตอบแทน Y กรรมการบริหารความเสี่ยง

Miss Jeerapan Jinda

Y Independent Director Y Audit Committee Member Y Chairman of Nomination & Remuneration Committee Y Risk Management Committee Member

นายชัชพล ประสพโชค

Y กรรมการ Y รองกรรมการผูจัดการ ฝายขาย การตลาด และปฏิบัติการ

Mr. Chatchaphol Prasopchoke Y Director Y Deputy Managing Director Sales, Marketing & Operation

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

ความรับผิดชอบตอสังคม Corporate Social Responsibility

รวมปนนํ้าใจ

!" # $%& ' ( () & & * # + , ) -. & () / *0, 1 2334

แบงฝน ปนนํ้าใจ

* 5 1 1

,617 1 #+8# - 1 891 ,617 # - 1 891:) $ 1 ; ) ! ,61 + # 9 < 1 < +

) & () 2= 1- % *& .9 233> () !

ขอมูลทั่วไปและลักษณะการประกอบธุรกิจ

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รายงานประจำป 2553 บริษัท ยูนิเวอรแซล แอดซอรบเบนท แอนด เคมิคัลส จำกัด (มหาชน)

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.AME OF #OMPANY 5NIVERSAL !DSORBENTS #HEMICALS 0UBLIC #OMPANY ,IMITED !DDRESS OF (EAD /FFICE .O 40 4 4OWER TH &LOOR 3OI 6IBHAVADIRANGSIT 6IBHAVADIRANGSIT 2OAD #HATUCHAK 3UB $ISTRICT #HATUCHAK $ISTRICT "ANGKOK 4ELEPHONE &ACSIMILE 7EB 3ITE WWW UAC CO TH % MAIL IR UAC CO TH 4YPE OF "USINESS )MPORT AND DISTRIBUTION OF CHEMICALS AND EQUIPMENT USED IN VARIOUS INDUSTRIES I E OFF SHORE NATURAL GAS EXPLORATION AND PRODUCTION OIL REFINERY AND UPSTREAM PETROCHEMICALS ENGINE OIL LUBRICANT MANUFACTURING PLANTS POLYMER AND PLASTIC MANUFACTURING PLANT CHEMICAL INDUSTRIAL PLANT POWER PLANT AND UTILITIES SYSTEM AND INVESTMENT IN ALTERNATIVE ENERGY BUSINESS #OMPANY 2EGISTRATION .O "OR -OR *OR 2EGISTERED #APITAL "AHT 0AID UP #APITAL "AHT .UMBER OF 3HARES 3HARES 0AR 6ALUE "AHT /THER 2EFERENCES /RDINARY 3HARE 2EGISTRAR 4HAILAND 3ECURITIES $EPOSITORY #O ,TD 4HE 3TOCK %XCHANGE OF 4HAILAND "UILDING 2ATCHADAPISEK 2OAD +LONGTOEY "ANGKOK 4ELEPHONE !UDITOR -RS 3UVIMOL +RITTATAKIERN #ERTIFIED 0UBLIC !CCOUNTANT 2EGISTRATION .O $ ) ! )NTERNATIONAL !UDIT #O ,TD 3UKHUMBIT 3OI 3UKHUMVIT 2OAD +LONGTOEY $ISTSRICT "ANGKOK 4ELEPHONE &INANCIAL !DVISOR !DVISORY 0LUS #O ,TD 4HANAPOOM 4OWER TH &LOOR .EW 0HETCHABURI 2OAD -AKKASAN $ISTRICT 2ACHTAWEE "ANGKOK 4ELEPHONE

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

.ATURE OF "USINESS 5NIVERSAL !DSORBENTS #HEMICALS 0UBLIC #OMPANY ,IMITED lTHE #OMPANYm WAS INCORPORATED ON !PRIL )N THERE WAS A MAJOR STRUCTURAL CHANGE WHERE -R +ITTI *IVACATE WHO HAS KNOWLEDGE AND EXPERIENCES ON CHEMICALS PETROCHEMICALS OIL REFINERY AND NATURAL GAS BECAME THE #OMPANY}S PRINCIPAL SHAREHOLDER )N *UNE THE #OMPANY}S NAME HAS BEEN CHANGED TO 5NIVERSAL !DSORBENTS AND #HEMICALS #OMPANY ,IMITED 4HE #OMPANY HAS ENGAGED IN BUSINESS OF IMPORT AND DISTRIBUTION OF CHEMICALS AND EQUIPMENT USED IN VARIOUS INDUSTRIES I E OFF SHORE NATURAL GAS EXPLORATION AND PRODUCTION OIL REFINERY AND UPSTREAM PETROCHEMICALS ENGINE OIL LUBRICANT MANUFACTURING PLANTS POLYMER AND PLASTIC MANUFACTURING PLANT CHEMICAL INDUSTRIAL PLANT POWER PLANT AND UTILITIES SYSTEM 4HE #OMPANY HAS INCREASED ITS REGISTERED CAPITAL TO BE "AHT MILLION "AHT MILLION "AHT MILLION AND "AHT MILLION IN AND RESPECTIVELY 4HE #OMPANY HAS EXPANDED ITS BUSINESS CONTINUALLY AND BECAME A DISTRIBUTOR OF ADDITIONAL PRODUCTS 4HE #OMPANY IS A DISTRIBUTOR OF MANY PRODUCTS OF THE WORLD}S LEADING MANUFACTURES I E 5/0 ,,# AND 0!,, #ORPORATION SINCE AND CONTINUALLY INCLUDING AT PRESENT TIME /N !PRIL THE #OMPANY WAS LISTED AS A PUBLIC LIMITED COMPANY TO RAISE FUND IN THE 3TOCK %XCHANGE OF 4HAILAND AND STARTED SELLING SHARES FOR THE FIRST TIME IN -ARKET FOR !LTERNATIVE )NVESTMENT -!) ON /CTOBER /VERVIEW OF "USINESS /PERATIONS 5NIVERSAL !DSORBENTS AND #HEMICALS 0UBLIC #OMPANY ,IMITED IMPORTS AND DISTRIBUTES CHEMICALS AND EQUIPMENTS USED IN VARIOUS INDUSTRIES I E OFFSHORE NATURAL GAS EXPLORATION AND PRODUCTION OIL REFINERY PETROCHEMICAL PRODUCTION ENGINE OIL PRODUCTION POLYMERS AND PLASTIC PLANT POWER PLANT AND UTILITIES AND ALSO INVESTS IN ALTERNATIVE ENERGY PROJECT I E BIO DIESEL PLANT JOINTLY WITH "ANGCHAK 0ETROLEUM 0LC "#0 0RODUCTS DISTRIBUTED BY THE #OMPANY CAN BE DIVIDED INTO GROUPS ACCORDING TO THE CHARACTERISTICS OF THE CUSTOMERS} BUSINESS AS FOLLOWS 2EFINERY "USINESS 'ROUP /FF SHORE NATURAL GAS PRODUCTION OIL REFINERY AND UPSTREAM PETROCHEMICALS -OST OF THESE PRODUCTS ARE ADSORBENT AND MOLECULAR SIEVE TO SIEVE ADULTERANTS IN CRUDE OIL NATURAL GAS BEFORE THEY ARE ENTERING INTO THE PRODUCTION PROCESSES "ELOW ARE PRODUCTS WHICH ARE IN THIS GROUP !DSORBENT AND -OLECULAR 3IEVES ARE SYNTHETIC SUBSTANCES AND THEIR POROUS STRUCTURE CAN HELP ADSORBING MORE THAN ONE SUBSTANCE 4HEY HAVE PROPERTIES TO ADSORB UNWANTED SUBSTANCES SUCH AS SULFUR DIOXIDE 3/ CARBON DIOXIDE #/ AND MERCURY (G FROM FEEDSTOCK I E CRUDE OIL NATURAL GAS BEFORE ENTERING INTO REFINING PROCESS 4HESE PRODUCTS ARE AVAILABLE IN BOTH POWDER AND PELLET 4HEIR APPLICATION DEPENDS ON SUITABILITY OF PRODUCT 4HEY ARE MOSTLY USED IN OIL REFINERY PETROCHEMICAL PLANTS ETHYLENE PLANT AROMATICS PLANT AND GAS SEPARATION PLANT AND ETC #ERAMIC !LUMINA "ALLS ARE SYNTHETIC SUBSTANCES WITH ROUND SHAPE AND HAVE VARIOUS SIZES DEPENDING ON THEIR APPLICATION 4HEY MUST BE JOINTLY USED WITH !DSORBENTS AND -OLECULAR 3IEVE TO HELP BALANCING FLOW OF NATURAL GAS AND HYDROCARBON IN REACTION TOWER #/ -EMBRANE 3EPARATION IS EQUIPMENT TO SEPARATE CARBON DIOXIDE GAS FROM NATURAL GAS AND USED IN NATURAL GAS PRODUCTION PROCESS IN THE 'ULF OF 4HAILAND $ESORBENT FOR 08 EXTRACTION IS LIQUEFIED CHEMICALS TO SEPARATE PARAXYLENE FROM HYDRO CARBONS )T IS TYPICALLY USED IN AROMATICS PLANTS ##2 #ATALYST IS USED IN #ONTINUOUS #ATALYST 2EGENERATION 5NIT TO INCREASE OCTANE OF GASOLINE AND AMOUNT OF AROMATICS IN OIL REFINERY AND AROMATICS PLANT 4RIETHYLENE 'LYCOL 4%' IS CHEMICAL USED TO ADSORB HUMIDITY FROM NATURAL GAS BEFORE TRANSPORTING INTO UNDERSEA NATURAL GAS PIPELINE THEN TO GAS SEPARATION PLANT BECAUSE UNDERSEA NATURAL GAS PIPELINE HAS A VERY LOW TEMPERATURE WHICH CAN COAGULATE HUMIDITY IN NATURAL GAS AND SUBSEQUENTLY CLOG UP THE PIPELINE

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6/# 2EMOVAL #ATALYST IS USED TO REDUCE 6OLATILE /RGANIC #HEMICALS AND BAD ODOR OF OIL AND PETROCHEMICAL VAPORS )T IS USUALLY USED IN OIL REFINERY AND PETROCHEMICALS PLANT /IL 'AS &IELD #HEMICALS ARE USED IN OIL RIG AND NATURAL GAS INDUSTRY FOR INSTANCE THEY ARE USED TO REDUCE HYDROGEN SULFIDE ( 3 3CAVENGER TO REDUCE BIOCIDE AND TO USE AS CORROSION INHIBITOR IN NATURAL GAS OIL PIPELINE BECAUSE THERE ARE ACID CONTAMINANTS SUCH AS CARBON DIOXIDE AND HYDROGEN SULFIDE IN NATURAL GAS OIL 3INCE SUCH PIPELINES ARE LAID UNDERSEA CORROSION AND RUST CAN CAUSE DAMAGES TO PIPELINES AND LEAKAGE OF NATURAL GAS OIL INTO THE SEA &ILTER AND #OALESCER IS USED TO SEPARATE UNWANTED SOLID OR LIQUID FROM NATURAL GAS OIL AND PETROCHEMICALS 4HEY ARE MOSTLY USED IN PROCESS WHICH REQUIRES REFINED QUALITY &ILTER IS EQUIPMENT TO SIEVE SOLID SUBSTANCE FROM LIQUID SUBSTANCE GAS FOR INSTANCE FILTER DUST AND ADSORBENT FROM NATURAL GAS OR OIL #OALESCER IS EQUIPMENT TO SEPARATE LIQUID FROM GAS AND SEPARATE LIQUID FROM LIQUID FOR INSTANCE SEPARATE PARTICLE LIQUID FROM GAS BEFORE IT GOES INTO 'AS #OMPRESSOR TO PREVENT DAMAGES WITHIN 'AS #OMPRESSOR OR SEPARATE WATER FROM OIL !NYHOW IN LARGE STRUCTURAL PROCESS &ILTER AND #OALESCER ARE MOSTLY USED TOGETHER BY USING FILTER TO SIEVE SOLID SUBSTANCE FROM LIQUID GAS FIRST THEN FOLLOWING BY #OALESCER SO THAT LIQUID GAS OBTAINED SHALL HAVE GOOD STANDARDS ENOUGH TO ENTER INTO PRODUCTION PROCESSES

-IST %LIMINATOR IS AN EQUIPMENT TO SEPARATE UNWANTED LIQUID FROM NATURAL GAS 4YPICALLY IT IS USED IN PRIMARY SEPARATION PROCESS ROUGH SEPARATION BEFORE &ILTER #OALESCER IS USED FOR REFINE PROCESS SEPARATION #YCLONE 4HREE 0HASE 3EPARATOR IS EQUIPMENT TO SEPARATE SOLID LIQUID AND GAS FROM EACH OTHER AND IT IS USED IN NATURAL GAS PRODUCTION AND OIL REFINERIES 3TRAINERS ARE USED IN PIPELINE SYSTEM TO SCREEN DIRTINESS &LARES ARE USED TO BURN UNWANTED GAS IN THE NATURAL GAS PLATFORM (IGH 0RESSURE 6ESSEL IS GENERAL EQUIPMENT USED IN NATURAL GAS PRODUCTION OIL REFINERY AND PETROCHEMICALS PLANTS 2EFINERY "USINESS 'ROUP ,IQUID CHEMICALS USED IN OIL REFINERY PETROCHEMICALS PLANT AND PLASTIC PELLET PLANT "ELOW ARE PRODUCTS WHICH ARE IN THIS GROUP $-$3 $IMETHY $ISULFIDE IS CATALYST CHEMICALS )T IS MAINLY USED IN OIL REFINERY AROMATICS PLANT AND OLEFINS PLANT !NTIOXIDANT FOR *ET &UEL IS CHEMICALS TO MIX WITH JET FUEL TO REDUCE OXYGEN LEVEL TO BE IN APPROPRIATE LEVEL (YDRO PROCESSING #ATALYSTS ARE USED TO ELIMINATE SULFUR NITROGEN AND HEAVY METALS FROM DIESEL OIL NAPHTHA AND AROMATICS 4HEY ARE MAINLY USED IN QUALITY IMPROVEMENT UNITS OF OIL REFINERIES TO REDUCE POLLUTION TO BE IN INTERNATIONAL STANDARDS -EROX #HEMICAL IS USED TO CHANGE MOLECULAR STRUCTURE OF SULFUR TO BE IN NON HAZARDOUS FORM AND IT IS MOSTLY USED IN OIL REFINERIES 0ROCESS #HEMICALS ARE USED IN PRODUCTION PROCESS OF OIL REFINERY TO INCREASE EFFICIENCY AND REDUCE PROBLEMS 4HEY CAN BE DIVIDED INTO MAIN TYPES AS FOLLOWS

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#HEMICALS USED IN PRODUCTION PROCESS IN OIL REFINERY 4HIS GROUP OF CHEMICALS IS USED IN OIL REFINERY PROCESS TO MAXIMUM ITS EFFICIENCY 4HE #OMPANY OFFERS WIDE RANGE OF PRODUCTS TO BE USED FROM CRUDE OIL RECEIVING PROCESS REFINING PROCESS AND QUALITY IMPROVEMENT PROCESS I E

#RUDE $EMULSIFIER TO INCREASE SEPARATION EFFICIENCY OF WATER OR SALT IN OIL FOR EASILY TREATMENT AND PREVENTION REFINING PROCESS FROM DAMAGING CAUSED BY SALT AND TEMPER #HEMICALS TO IMPROVE QUALITY OF CRUDE OIL WHICH HAS HIGH ACIDITY !S OIL PRICES TEND TO BE HIGHER SO OIL REFINERIES TRY TO REFINE CHEAP CRUDE FOR MAXIMUM PROFITS BUT USUALLY CHEAP CRUDE OIL HAS HIGH ACIDITY AND IT CAN CAUSE CORROSION PROBLEM TO PIPELINE OF REFINING UNITS OF THE REFINERY 4HE PRODUCTS SOLD BY THE #OMPANY CAN ADJUST SUCH ACIDITY AND THE #OMPANY ALSO HAS SERVICE TO MEASURE ACIDITY VALUE IN OIL REFINERY

#HEMICALS TO SMOOTHEN FUNCTIONAL UNITS !NTIFOULANT 4HIS GROUP OF CHEMICALS IS USED IN PRODUCTION UNITS WHICH ARE EXPOSED TO RISKS FROM TEMPER FOR INSTANCE CHEMICALS TO PREVENT POLYMERS FROM CLOG UP IN (EAT %XCHANGER OR ANTI CORROSION CHEMICALS IN REFINERY TOWER /IL )MPROVEMENT #HEMICALS 3OMETIMES QUALITY OF OIL PRODUCTS I E DIESEL OIL GASOLINE AND FUEL OIL WHICH ARE OBTAINED FROM REFINING PROCESS OF CRUDE OIL IS NOT AS PER THE SPECIFIED STANDARDS SO IT IS NEEDED TO USE OIL IMPROVEMENT CHEMICALS SUCH AS SUBSTANCE FOR ANTI OXIDATION TURBIDITY REDUCTION CORROSION PREVENTION OR SUBSTANCE TO INCREASE POUR POINT LUBRICATION AND CONDUCTIVITY AND ETC #HEMICALS USED IN PETROCHEMICALS PRODUCTION 4HEY ARE !NTIFOULANT AND CHEMICALS TO IMPROVE QUALITY OF POLYMERS I E OXIDANT PREVENTION AND DEGENERATION PREVENTION FROM 56 AND ETC

%THANOLAMINE SUCH AS -ONOETHANOLAMINE -%! $IETHANOLAMINE $%! -ETHYL DIETHANOLAMINE -$%! IS USED TO SEPARATE CARBON DIOXIDE AND SULFUR DIOXIDE FROM LIQUEFIED PETROLEUM GAS ,0' )T IS MOSTLY USED IN OIL REFINERY AND PETROCHEMICALS PLANTS !NTI ICING !DDITIVE IS CHEMICAL USED IN FIGHTER JET FUEL TO PREVENT FUEL FROM CLOTTING UP IN LOW TEMPERATURE ATMOSPHERE 3ULFOLANE IS CHEMICAL TO SEPARATE GASOLINE FROM AROMATICS !NTIFOAM IS USED TO PREVENT FOAM IN SYSTEMS OF OIL REFINERY AND PETROCHEMICALS PLANTS .-0 3OLVENT IS CHEMICAL USED IN BASIC LUBRICANT OIL PRODUCTION PROCESS $EWAXING !GENT IS CHEMICAL TO DEWAX IN BASIC LUBRICANT OIL PRODUCTION PROCESS $IISOPROPANOLAMINE $)0! IS CHEMICAL TO SEPARATE CARBON DIOXIDE AND SULFUR DIOXIDE FROM LIQUEFIED PETROLEUM GAS ,0' )T IS MOSTLY USED IN OIL REFINERY AND PETROCHEMICALS PLANT

#HEMICAL AND 3OLVENT 0RODUCTS 4HESE PRODUCTS ARE USED AS PART OF FEEDSTOCK IN PRODUCTION PROCESS OF MIDSTREAM CHEMICALS INDUSTRY TO PRODUCE CHEMICALS FOR CONTINUOUS INDUSTRIES 4HE #OMPANY DISTRIBUTES MANY SOLVENT PRODUCTS WHICH CAN BE DIVIDED INTO MAIN GROUPS AS FOLLOWS

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%THANOLAMINE 'ROUP WHICH IS -ONOETHANOLAMINE -%! $IETHANOLAMINE $%! AND 4RIETHANOLAMINE 4%! WHICH HAS BASE SOLVENT PROPERTIES )TS APPLICATION DEPENDS ON CHEMICAL PROPERTIES PHYSICAL PROPERTIES AND APPROPRIATENESS OF EACH PRODUCT )T IS MOSTLY USED AS INGREDIENT FOR PRODUCTION OF SHAMPOO CONDITIONER FABRIC SOFTENER DETERGENT COSMETICS AND IN MEDICINE CEMENT PRINTING INK AND OTHER MIDSTREAM INDUSTRIES %THYLENE 'LYCOL 'ROUP SUCH AS -ONOETHYLENE 'LYCOL -%' $IETHYLENE 'LYCOL $%' 4RIETHYLENE 'LYCOL 4%' AND 0OLYETHYLENE 'LYCOL WHICH HAS SOLVENT PROPERTIES )TS APPLICATION DEPENDS ON CHEMICAL PROPERTIES PHYSICAL PROPERTIES AND APPROPRIATENESS OF EACH PRODUCT )T IS MOSTLY USED AS INGREDIENT FOR PRODUCTION OF COATING AND RESIN BUILDING PAINTING PAINTING FOR STEEL WOOD PLASTIC AND INK INDUSTRIES DETERGENT AND TEXTILE AND SYNTHETIC FIBER PRODUCTS 'LYCOL %THER 'ROUP SUCH AS "UTYL 'LYCOL %THER "'% "UTYL $IGLYCOL %THER "$'% %THYL 'LYCOL %THER %$'% %THYL !CETATE %!C )SOPROPYL !CETATE )0!C "UTYL !CETATE "!C AND )SOBUTYL !CETATE )"!C )T HAS SOLVENT PROPERTIES AND IS USED IN VARIOUS INDUSTRIES SUCH AS SHELLAC LACQUER THINNER PAINT DYE PRINTING INK PAINT REMOVING SOLUTION GLUE AS WELL AS USED AS COMPONENTS IN PACKAGING INDUSTRY PESTICIDE AND HERBICIDE PRODUCTS DETERGENT SURFACE CLEANING PRODUCTS TO ELIMINATE RUST AND OIL STAIN AND STERILIZATION IN INDUSTRIAL PLANTS AND FOR HOUSEHOLD USE #HEMICALS AND OTHER SOLVENTS SUCH AS #RUDE 'LYCERIN -ETHANOL AND !CETONE )TS APPLICATION DEPENDS ON CHEMICAL PROPERTIES PHYSICAL PROPERTIES AND APPROPRIATENESS OF EACH PRODUCT AS FOLLOWS #RUDE 'LYCERIN WHICH SHALL BE PROCESSED UNTIL IT BECOMES 2EFINED 'LYCERIN 2EFINED 'LYCERIN IS NON TOXIC SUBSTANCE IN ALL APPLICATIONS REGARDLESS IT IS USED AS SUBSTRATE OR ADDITIVE SO IT CAN BE WIDELY USED I E USED AS INGREDIENT OR SUPPLEMENTARY IN COSMETICS AND SOAP PRODUCTION PROCESS TOILETRY AND PERSONAL HYGIENE PRODUCTS MEDICINE AND FOOD PRODUCTS -ETHANOL IS USED AS ONE OF MAIN SUBSTRATES IN BIO DIESEL PRODUCTION PROCESS FROM VEGETABLE OIL AND ANIMAL WAX TO BE USED AS ALTERNATIVE ENERGY OF DIESEL FUEL )T CAN ALSO BE MAIN COMPONENTS IN PRODUCTION OF FORMALDEHYDE BASE RESIN GLUE FOR CONSTRUCTION WOOD AND FURNITURE INDUSTRY -OREOVER METHANOL CAN ALSO BE USED IN VARIOUS INDUSTRIES I E PHARMACEUTICALS PRINTING INK PAINT DYE COATING AND SYNTHETIC RESIN !CETONE IS USED IN LACQUER PAINT THINNER GLUE SYNTHETIC RUBBER SAFETY GLASS COSMETICS PAINT REMOVAL SOLUTION PLASTIC FIBER AND IT CAN BE USED AS EXTRACT IN VEGETABLE OIL LUBRICANT AND PHARMACEUTICALS AND SOLVENTS IN CELLULOSE GROUPS "ASE OIL AND !DDITIVES ARE CHEMICALS USED IN PRODUCTION OF LUBRICANT FOR VEHICLES AND ALL KINDS OF METAL WORKS AND ALSO FOR BIO DIESEL FUEL PRODUCTION PLANTS 4HERE ARE PRODUCTS IN THIS GROUP AS FOLLOWS "ASE /IL 'ROUP ))) AND 'ROUP )6 IS SYNTHETIC LUBRICANT USED AS MAIN INGREDIENT FOR PRODUCTION OF SYNTHETIC ENGINE OIL AND LUBRICANT IN HIGH QUALITY INDUSTRIES 0OLYISOBUTENE IS FEEDSTOCK IN PRODUCTION OF 4 ENGINE OIL TO INCREASE EFFICIENCY FOR REDUCTION OF WHITE SMOKE IN 4 MOTORCYCLE 0OLYISOBUTENE (IGH -7 HIGH ATOMIC MASS IS FEEDSTOCK FOR PRODUCTION OF FIRE AND HEAT RESISTANT GLUE AND INSULATOR FOR COOLING EQUIPMENT SUCH AS AIR CONDITIONER OR REFRIGERATOR INSULATOR

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-ETAL 7ORKING !DDITIVES WHICH CAN BE DIVIDED INTO GROUPS AS FOLLOWS !DDITIVES TO INCREASE EFFICIENCY OF LUBRICANT AND INDUSTRIAL OIL TO INCREASE CLEANING PROPERTIES AND HEAT TRANSFER EFFICIENCY REDUCE RUSTING AND FRICTION AND LUBRICATE HEAT RESISTANT WORK !DDITIVES TO REDUCE ANTIOXIDANT REACTION WHICH IS ARISING FROM EXPOSURE OR EXCHANGE OF AIR "RAKE &LUID FOR ALL TYPES OF VEHICLES "OTH $/4 AND $/4 'RADES ARE AVAILABLE %/ 0/ "LOCK 0OLYMER IS CHEMICALS USED IN MONOSODIUM GLUTAMATE PRODUCTION PROCESS !NTI &REEZING IS CHEMICALS TO REDUCE SOLIDIFYING POINT OF COOLANTS IN LARGE REFRIGERATING SYSTEM #OMPRESSOR /IL FOR AIR CONDITIONING SYSTEM IN VEHICLE WHICH USES 2 A -ETHANOL IS SOLVENT IN BIO DIESEL FUEL PRODUCTION 3ODIUM -ETHYLATE IS CATALYST FOR BIO DIESEL FUEL PRODUCTION 3ULFURIZED /IL IS ADDITIVES FOR PRODUCTION OF GREASE 0OWER AND 5TILITIES 'ROUPS FOR MACHINERY DISTRIBUTION COMPANY AND EQUIPMENT FOR POWER PLANT AND TAP WATER PRODUCTION PLAN AND RAW WATER TREATMENT PLANT 4HERE ARE PRODUCTS IN THIS GROUP /IL &ILTER 3YSTEM IS EQUIPMENT USED TO SEPARATE WATER AND DIRTINESS IN HYDRAULICS OIL AND TRANSFORMER OIL OF THE POWER PLANT -ICRO &ILTRATION IS EQUIPMENT USED TO SEPARATE DIRTINESS IN WATER TO CLEAN WATER AS REQUIRED STANDARDS AND IT IS USED IN TAP WATER PRODUCTION PROCESS OR WITH WATER USED IN STEAM PRODUCTION IN THE POWER PLANT #ONDENSATE 0OLISHING 3YSTEM IS EQUIPMENT TO SEPARATE DIRTINESS AND ORGANIC MATTER IN PURIFIED WATER SYSTEM OF THE POWER PLANT 6ANISH 2EMOVAL 3YSTEM IS EQUIPMENT TO SEPARATE DIRTINESS IN FORMS OF VANISH OR POLYMERS IN HYDRAULIC OIL SYSTEM OF THE POWER PLANT -IST %LIMINATOR IS A SYSTEM TO SEPARATE MIST FROM NATURAL GAS BEFORE ENTERING INTO GAS TURBINE TO INCREASE EFFICIENCY FOR POWER GENERATION 6IBRATION -ONITORING 3YSTEM IS USED TO MEASURE VIBRATION OF GAS TURBINE AND STEAM TURBINE PUMPS IN THE POWER PLANT %NGINEERING -AINTENANCE #ONSULTANT 4HIS IS SERVICE PROVIDED JOINTLY WITH A CONSULTANT COMPANY FROM !USTRALIA TO SOLVE THE PROBLEMS OF RUSTING CORROSION AND DAMAGES OF 2OTATING %QUIPMENT DUE TO VIBRATION &ILTER #LOTH &ILTER "AG IS A ROUGH FILTER KIT AND IS GENERALLY USED TO SEPARATE DIRTINESS FOR WATER SYSTEM AND CHEMICALS 7AREHOUSE AND $ELIVERY 0ROCESS TO THE #USTOMERS 4HE #OMPANY HAS WAREHOUSES AS FOLLOWS ,EASED WAREHOUSE WHICH IS LOCATED AT .O -OO 3OI 3ERMMITRA 3UKHUMVIT 2OAD "ANGPOO 3UB DISTRICT -UANG 3AMUTPHRAKAN $ISTRICT 3AMUTPHRAKAN 0ROVINCE )T IS A WAREHOUSE BUILDING WITH UTILIZATION AREAS OF SQUARE METERS ON AREAS OF RAIS )T HAS BEEN LEASED FROM A JURISTIC PERSON WHO IS RELATED TO THE #OMPANY WITH A TERM OF YEARS BEGINNING FROM *ANUARY TO $ECEMBER TO STORE STOCKS OF PRODUCTS AND CHEMICALS #HEMICALS STORED IN THE WAREHOUSE WHILE PENDING FOR DELIVERY TO THE CUSTOMERS HAVE BEEN CONTAINED IN LITER CONTAINERS WITH #ERTIFICATE OF !CCEPTANCE #/! FROM THE MANUFACTURERS 4HE #OMPANY SHALL SUPPLY PRODUCTS FROM THE WAREHOUSE TO THE CUSTOMERS BY USING VARIOUS SIZED TRUCKS THAT THE #OMPANY HIRED FROM THE THIRD PARTY TRANSPORTATION SERVICE PROVIDER WHICH HAS BEEN REGISTERED ON SAFETY PURSUANT TO STANDARDS OF THE $EPARTMENT OF )NDUSTRIAL 7ORKS

$/4 IS BRAKE FLUID SUITABLE FOR GENERAL VEHICLE WITH BOILING POINT HIGHER THAN DEGREES #ELSIUS AND BOILER POINT RISE HIGHER THAN DEGREES #ELSIUS $/4 IS BRAKE FLUID SUITABLE FOR HIGH SPEED OR ENGINE MODIFIED VEHICLES AS WELL AS VEHICLE FOR LONG DISTANCE DRIVE AND HIGH LOAD TRUCKS INCLUDING VEHICLES WHICH ARE REGULARLY USED IN HIGH STEEP MOUNTAINS )T HAS BOILING POINT HIGHER THAN DEGREES #ELSIUS AND BOILING POINT RISE HIGHER THAN DEGREES #ELSIUS )T IS COOLANT SUBSTANCE OR REFRIGERANT WHICH HAS PROPERTIES TO ADSORB HEAT IN SURROUNDING AREA INTO ITSELF AND MAKE AMBIENT AIR HAS LOWER TEMPERATURE )T IS NOT HAZARDOUS SUBSTANCE WHICH CAN DAMAGE THE WORLD}S OZONE LAYER )T REPLACES #&# WHICH IS OZONE DEPLETION SUBSTANCE

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4WO CHEMICAL STORAGE TANKS WHICH HAVE BEEN LEASED FROM 3IAM #HEMICALS 0UBLIC #OMPANY ,IMITED l3IAM #HEMICALSm AND THEY ARE LOCATED AT .O 3UKSAWAT +- 2OAD 0AKKRONG "ANGPLAKOD 3UB DISTRICT 3AMUT 0RACHEDI $ISTRICT 3AMUT 0RAKARN 0ROVINCE 4HEIR STORAGE CAPACITY IS LITERS PER TANK OR TOTAL LITERS 4HEY ARE USED TO STORE METHANOL WHICH IS LIQUEFIED CHEMICAL IMPORTED FROM ABROAD VIA BULK WHICH HAS BEEN DISEMBARKED AT THE PORT OF 3IAM #HEMICALS THEN TRANSPORTED TO STORE AT SUCH TANKS BEFORE SUPPLIED TO THE CUSTOMERS 4RANSPORTATION OF SUCH METHANOL SHALL BE DONE BY LOADING FROM TANK INTO BULK FEEDER TANK FOR CHEMICAL STORAGE OR LOADING INTO LITER TANK TO FURTHER DELIVERY TO THE CUSTOMERS BY TRUCKS WHICH THE #OMPANY HIRED FROM THE THIRD PARTY )N SOME CASES THE CUSTOMER MAY PROVIDE HIS OWN TRUCK TO COLLECT PRODUCTS AT THE TANK FARM BY HIMSELF (OWEVER SUCH TRUCKS AND THE DRIVERS MUST PASS QUALITY ASSURANCE INSPECTION PROCESS OR MUST HAVE BEEN REGISTERED WITH 3IAM #HEMICALS SO THAT THEIR OPERATION SHALL CONFORM TO THE SAFETY STANDARDS SPECIFIED BY 3IAM #HEMICALS 4HE #OMPANY}S CONTROL SECURITY SYSTEM OF WAREHOUSE IS TO PROVIDE THE SECURITY GUARD TO SAFEGUARD HOURS A DAY (AZARDOUS CHEMICALS SHALL BE DIVIDED BY CHEMICAL TYPE AND STORED AS PER PRESCRIBED BY LAWS WITH THE HAZARDOUS CONTROL OFFICER IN THE WAREHOUSE 4HE #OMPANY SHALL NOT ALLOW ANY THIRD PARTY OR ANY PERSON EVEN ITS EMPLOYEES WHOSE DUTIES ARE NOT RELATED TO SUCH WAREHOUSE INTO THE WAREHOUSE WITHOUT AUTHORIZATION )N ADDITION THE #OMPANY HAS EXECUTED AN INSURANCE TO COVER GOODS STORED IN THE WAREHOUSE IN CASE OF ACCIDENT DURING STORAGE PERIOD OR FROM OPERATIONS AS WELL AS HAVING INSURANCE FOR GOODS DURING TRANSPORTATION TO THE CUSTOMERS AS WELL !LMOST OF THE #OMPANY}S PRODUCTS ARE DISTRIBUTED WITHIN THE COUNTRY BY THE SKILLED AND EXPERIENCED SALES TEAM WHO CAN PROVIDE RECOMMENDATIONS AND PLAN ON THEIR APPLICATION AS PER REQUIREMENTS BY THE CUSTOMERS TOGETHER WITH AFTER SALES SERVICE -OST OF THE #OMPANY}S CUSTOMERS ARE LARGE INFRASTRUCTURE MANUFACTURERS OF THE COUNTRY SUCH AS OIL REFINERY GAS SEPARATION PLANTS AND PETROCHEMICALS PLANTS 4HE #OMPANY HAS BEEN APPOINTED TO BE A DISTRIBUTOR FROM MORE THAN LEADING MANUFACTURERS OF THE WORLD SUCH AS 5/0 ,,# AND 0!,, #ORPORATION 0RODUCTS SUPPLIED FOR SUCH COMPANIES ARE !DSORBENT AND -OLECULAR 3IEVE AND PRODUCTIONS CONCERNING WITH FILTRATION SINCE AND CONTINUALLY INCLUDING NOWADAYS 4HE #OMPANY IS ALSO A DISTRIBUTOR FOR MANY DOMESTIC MANUFACTURERS I E 4/# 'LYCOL #O ,TD BY SUPPLYING -ONOETHYLENE 'LYCOL -%' AND $IETHYLENE 'LYCOL $%' WHICH ARE USED IN PAINTING SOLVENT TEXTILES PLASTIC PELLETS WATER BOTTLE AND RESIN INDUSTRIES SINCE INCLUDING TODAY /THER PRODUCTS THAT THE #OMPANY IS A DISTRIBUTOR ARE BASIC ENGINE OIL ADDITIVES LUBRICANTS BRAKE FLUID AND CHEMICALS USED IN PRODUCTION OF LUBRICANTS FOR METALS WORKS 1UALITY AND STANDARDS OF PRODUCTS SUPPLIED 4HE #OMPANY PLACES IMPORTANCE ON QUALITY AND STANDARDS OF THE PRODUCTS SUPPLIED TO ENSURE THAT THEY ARE COMPLIANCE WITH SPECIFICATIONS AGREED BY THE CUSTOMERS #HEMICALS THAT THE #OMPANY ORDERS FROM THE MANUFACTURER SHALL BE PACKED IN CLOSED DRUM WITH #ERTIFICATE OF !CCEPTANCE #/! FROM THE MANUFACTURER 4HE #OMPANY SHALL SUPPLY SUCH CHEMICALS IN CLOSED DRUM WITH #/! TO THE CUSTOMERS WITHOUT OPENING THE DRUM TO ENSURE THAT THE CUSTOMER SHALL RECEIVE PRODUCTS WITH COMPLETE QUALITY AND STANDARDS FROM THE MANUFACTURERS )N CASE THE CHEMICALS ARE TRANSPORTED IN BULK AND NOT IN A CLOSED DRUM SUCH AS METHANOL WHEN THEY ARRIVED AT THE PORT THEY SHALL BE INSPECTED BY THE 3URVEYOR EMPLOYED BY THE #OMPANY ON THE SHIP BEFORE DISEMBARK FROM THE SHIP AND ITS QUALITY SHALL BE INSPECTED ONCE AGAIN AFTER THEY HAVE BEEN TRANSPORTED INTO THE STORAGE TANK )N ADDITION THE #OMPANY HAS BEEN CERTIFIED ON )3/ 1UALITY -ANAGEMENT 3YSTEM 3TANDARDS FROM 3'3 4HAILAND #O ,TD FOR IMPORT AND DISTRIBUTION OF CHEMICALS ADSORBENT CATALYSTS FILTER AND EQUIPMENTS USED IN OIL ENERGY PETROCHEMICALS AND UTILITIES BUSINESS

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)NVESTMENT IN !SSOCIATED #OMPANY 4HE #OMPANY HAS INVESTED IN ONE ASSOCIATED COMPANY NAMELY "ANGCHAK "IOFUEL #O ,TD 4HIS COMPANY IS A JOINT VENTURE BETWEEN THE #OMPANY AND "ANGCHAK 0ETROLEUM 0UBLIC #OMPANY ,IMITED l"#0m WHERE THE #OMPANY HOLDS PERCENT AND "#0 HOLDS PERCENT OF TOTAL ISSUED SHARES OF "ANGCHAK "IOFUEL "ANGCHAK "IOFUEL IS ENGAGED IN BUSINESS OF PRODUCTION DISTRIBUTION AND SALES OF BIODIESEL FUEL WHICH IS LIQUEFIED FUEL TO BE USED AS INGREDIENT TO MIX WITH DIESEL OIL OBTAINED FROM PETROLEUM PRODUCTION PROCESS TO CREATE VARIOUS TYPES OF BIODIESEL FUELS I E " OR " "IODIESEL "ANGCHAK "IOFUEL PLANT PRODUCES BIODIESEL BY USING CRUDE PALM OIL AS RAW MATERIAL AND PASSING SUCH CRUDE PALM OIL INTO A CHEMICAL PROCESS CALLED 4RANSESTERIFICATION 0ROCESS BY ALLOWING THEM HAVING REACTION WITH ALCOHOL I E METHANOL AND USING ALKALI AS CATALYST UNTIL ESTER WITH QUALIFICATIONS CLOSED TO DIESEL OIL CALLED lBIODIESELm OR l" m ARE GENERATED -AXIMUM PRODUCTION CAPACITY OF THE PLANT IS LITERS PER PRODUCTION DAY "Y PRODUCT FROM BIODIESEL PRODUCTION PROCESS IS #RUDE 'LYCERIN #RUDE 'LYCERIN -INIMUM 0URITY OF APPROXIMATELY LITERS PER PRODUCTION DAY "ANGCHAK "IOFUEL HAS STARTED ITS COMMERCIAL OPERATIONS ON $ECEMBER !CCORDING TO THE JOINT VENTURE AGREEMENT AT LEAST PERCENT OF TOTAL BIODIESEL PRODUCTS PRODUCED BY "ANFCHAK "IODIESEL SHALL BE SOLD TO "#0 AND REMAINDER SHALL BE SOLD TO OTHER PURCHASES 7HILE CRUDE GLYCERIN A BY PRODUCT OF BIODIESEL PRODUCTION SHALL BE SOLD TO GENERAL PURCHASERS )T IS EXPECTED THAT DEMAND OF BIODIESEL SHALL BE INCREASED CONTINUALLY IN THE FUTURE WHICH IS IN LINE WITH THE GOVERNMENT}S POLICIES PROMOTION OF ALTERNATIVE ENERGY FOR INSTANCE COMPULSORY USE OF " "IODIESEL BIODIESEL MIXED IN DIESEL OIL AT RATIO OF TO REPLACE ALL OF DIESEL OIL SINCE *UNE AND COMPULSORY USE OF " "IODIESEL WITHIN 3UCH POLICIES SHALL CONTRIBUTE TO HIGHER DEMAND OF BIODIESEL IN THE FUTURE SINCE IT IS REQUIRED TO USE HIGHER PROPORTION OF BIODIESEL TO MIX WITH DIESEL OIL SO THIS POLICY SHALL BE FAVORABLE TO SALES OF BIODIESEL OF "ANGCHAK "IOFUEL #HARACTERISTICS OF THE #USTOMERS AND 4ARGET #USTOMERS 4HE #OMPANY}S CUSTOMER GROUPS ARE MANUFACTURERS IN VARIOUS INDUSTRIES WHICH NEED CHEMICALS AND EQUIPMENT TO USE IN THEIR PRODUCTION PROCESS -AIN CUSTOMER GROUPS OF THE #OMPANY ARE THE MANUFACTURERS IN INFRASTRUCTURE INDUSTRIES OF THE COUNTRY I E GAS SEPARATION PLANT OIL REFINERY PETROCHEMICALS AND ETC 0RODUCTS SOLD BY THE #OMPANY CAN BE USED VARIEDLY DEPENDING ON APPLICATION REQUIREMENTS OF THE CUSTOMERS 4ARGET CUSTOMERS CAN BE DIVIDED BY PRODUCTS CHARACTERISTICS INTO GROUPS AS FOLLOWS 0RODUCT 'ROUPS 4ARGET #USTOMERS 2EFINERY 'ROUP /FFSHORE 2EFINERY AND $RILLING AND PRODUCTION UNIT OF NATURAL GAS AND PETROLEUM PRODUCTS BOTH 5PSTREAM 0ETROCHEMICALS ONSHORE AND OFFSHORE GAS SEPARATION PLANT PETROCHEMICAL PLANTS ETHYLENE PLANT AROMATICS PLANT AND CONTRACTORS OF OIL REFINERY AND PETROCHEMICALS PLANTS /IL REFINERY PETROCHEMICAL PLANT PLASTIC PALLET PLANT AROMATICS PLANT AND OLEFINS 2EFINERY 'ROUP ,IQUID CHEMICALS PLANTS -IDSTREAM CHEMICALS PLANT WHICH PRODUCE CHEMICALS FOR CONTINUOUS INDUSTRIES #HEMICAL AND 3OLVENT 0RODUCTS SUCH AS PRODUCTION PLANT FOR SHAMPOO FABRIC SOFTENER DETERGENT PAINT CEMENTAND PRINTING INK INDUSTRY AND ETC ,UBRICANT MIXING PLANT AND BIODIESEL PRODUCTION PLANT "ASE OIL AND !DDITIVES 0OWER PLANTS GROUP AND TAP WATER PRODUCTION PLANT 0OWER AND 5TILITIES " "IODIESEL IS HIGH SPEED DIESEL OIL MIXED WITH BIODIESEL WHICH IS PRODUCED FROM " BIODIESEL AT RATIO OF PERCENT AND DIESEL OIL OF PERCENT

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)N INCOME RATIO OF #OMPANY FROM SALES TO THE FIST MAJOR CUSTOMERS EQUALED TO PERCENT PERCENT AND PERCENT OF TOTAL SALES INCOME RESPECTIVELY 4HERE WERE MAJOR CUSTOMERS WHICH ARE MANUFACTURERS IN OIL INDUSTRY NATURAL GAS AND PETROCHEMICALS HAVE RATIO MORE THAN PERCENTS 4HESE CUSTOMERS HAVE GOOD RELATIONSHIP WITH THE #OMPANY AND HAVE DEALT BUSINESS WITH THE #OMPANY MORE THAN YEARS 4HE PRODUCTS SOLD BY THE #OMPANY ARE THOSE THAT HAVE TO BE USED IN THE PRODUCTION PROCESS CONTINUALLY )N THE #OMPANY HAS SALES INCOME FROM ONE MAJOR CUSTOMER MORE THAN PERCENT OF TOTAL SALES INCOME BUT IN AND NONE OF SALES TO ANY CUSTOMER IS MORE THAN PERCENT OF TOTAL SALES INCOME OF THE #OMPANY 4HE #OMPANY ALWAYS HAS GOOD RELATIONSHIP WITH THE CUSTOMERS AND NEW PRODUCTS HAS BEEN SOUGHT CONTINUALLY TO RESPOND TO THE CUSTOMERS} NEEDS !PART FROM SELLING VARIOUS TYPES OF PRODUCTS AND EQUIPMENT THE #OMPANY ALSO PROVIDES RELATED CONSULTANCY AND AFTER SALES SERVICES TO THE CUSTOMERS 4HE #OMPANY PLACES IMPORTANCE ON DELIVERY OF PRODUCT ON TIME AND COMMITS TO IMPROVE WORK OPERATIONS CONTINUALLY BY CONDUCTING SATISFACTORY SURVEY WITH THE CUSTOMERS REGULARLY AND THE RESULTS GAINED SHALL BE USED TO IMPROVE OUR OPERATION 4HE #OMPANY ALSO PROVIDES SUGGESTIONS AND JOINTLY PLANS WITH THE CUSTOMERS TO ENHANCE EFFICIENCY OF SERVICE PROVISION AS WELL AS COMPLETELY COMPLIES WITH CONDITIONS CRITERIA AND REQUIREMENTS OF THE CUSTOMERS SO THE #OMPANY HAS ALWAYS BEEN TRUSTED BY THE CUSTOMERS 0RICING POLICY 0RICING POLICY USED BY THE #OMPANY IS COST PLUS PRICING AND SELLING PRICE MUST BE FLEXIBLE PURSUANT TO MARKET PRICES OF EACH TYPE OF PRODUCTS -OST OF CHEMICALS PRODUCTS SUPPLIED BY THE #OMPANY ARE PRODUCTS OF CRUDE OIL REFINERY PROCESS AND PETROCHEMICAL PRODUCTIONS 0RICING MECHANISM OF PRODUCTS OR PRODUCT COSTS OF THE #OMPANY SHALL BE DEFINED AND FLUCTUATED BY PRICING CONDITION OF OIL AND PETROCHEMICALS #ONSEQUENTLY PRODUCT PRICING MUST BE FLEXIBLE AND SUITABLE WITH NATURE OF EACH PRODUCT TARGET GROUP OF CUSTOMER QUANTITY AND VALUE OF PURCHASING ORDER AND IT MUST ALSO BE ABLE TO COMPETE WITH OTHER COMPETITORS IN THE MARKET AND AT THE SAME TIME IT MUST BE ABLE TO MAINTAIN ADEQUATE MARGIN TO SUPPORT EXPENSES ON SALES MANAGEMENT AND OPERATIONS $ISTRIBUTION AND DISTRIBUTION CHANNEL !LMOST OF THE #OMPANY}S PRODUCTS APPROXIMATELY PERCENT OF TOTAL SALES ARE SOLD WITHIN THE COUNTRY BY THE #OMPANY}S SALES TEAM WHICH CONSISTS OF MEMBERS WHO WORK IN HEAD OFFICE IN "ANGKOK AND BRANCH OFFICE IN 2AYONG 3ALES TEAM SHALL DIVIDE RESPONSIBILITY INTO EACH PRODUCT GROUP AND SHALL CONTACT TAKE CARE OF CUSTOMERS} REQUIREMENTS AND PRESENT PRODUCTS DIRECTLY 4HEY ALSO CONTACT WITH THE MANUFACTURERS OR THE BUSINESS PARTNERS CONTINUALLY SO THAT DEMAND OF THE CUSTOMERS SHALL BE ACKNOWLEDGED IN ADVANCE INCLUDING DETAILS OF PRODUCTS TENDENCY OF QUANTITY AND PRICING IN THE MANUFACTURER}S MARKET FOR PURPOSES OF EFFECTIVE PLANNING AND FIXING OF PRODUCT PRICE -OST OF THE PRODUCTS SUPPLIED BY THE #OMPANY HAVE RECEIVED PURCHASE ORDER FROM THE CUSTOMERS IN ADVANCE WITH PREPARATION PERIOD FOR PURCHASING AND DELIVERY PROCESS AS PER AGREED SCHEDULE 4HE CUSTOMERS USUALLY SPECIFY THEIR REQUIREMENTS STANDARDS SOURCES OR MANUFACTURERS FOR THE #OMPANY SO THAT THE #OMPANY CAN PROPOSE THE PRODUCTS IN ACCORDANCE WITH THEIR REQUIREMENTS INCLUDING PROPOSE PRICE AND SALES CONDITIONS IN BIDDING NATURE -OST OF THE PRODUCTS SUPPLIED ARE PRODUCTS WHICH ARE MADE FROM THE MANUFACTURERS TRUSTED BY THE CUSTOMERS AND CORRESPONDING TO THE CUSTOMERS} PRODUCTION PROCESS STANDARDS WHICH THEY HAVE TO USE THEM CONTINUALLY 0ROCUREMENT OF PRODUCTS AND SERVICES -ORE THAN PERCENT OF THE PRODUCTS SUPPLIED BY THE #OMPANY HAVE BEEN IMPORTED FROM MANY MANUFACTURERS IN FOREIGN COUNTRIES AND MOST OF THEM ARE WORLD CLASS MANUFACTURES OF LEADING CHEMICALS PRODUCTS AND EQUIPMENTS USED IN OIL REFINERY AND PETROCHEMICALS INDUSTRIES 4HE #OMPANY HAS A POLICY TO FOCUS ON DISTRIBUTE AND BEING A DISTRIBUTOR OF THE PRODUCTS WITH GOOD QUALITY AND STANDARDS THAT CONFORM TO REQUIREMENTS OF THE CUSTOMERS WITH CLEAR PROCESS ON SELECTION OF PRODUCT #/! SOURCE AND DETAILS OF PRODUCTS I E TYPE OF CHEMICALS CHEMICALS COMPOUNDS CHEMICAL HAZARDOUS PREVENTIVE AND CORRECTIVE ACTION AND ETC 4HE BUSINESS PARTNERS WHO SUPPLY THE PRODUCTS TO THE #OMPANY MUST REGISTER WITH THE #OMPANY AND THE #OMPANY SHALL REGULARLY REVIEW SUCH LIST FOR EFFECTIVE OPERATIONS AND CREATION OF CONFIDENCE ON THE PRODUCT SUPPLIED

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4HE #OMPANY PLANS ABOUT PURCHASE ORDER FOR PRODUCTS TO BE SUPPLIED TO THE CUSTOMERS IN ADVANCE IN THE APPROPRIATED AMOUNT BY TAKING INTO CONSIDERATION MARKET TRENDS REQUIREMENTS OF THE CUSTOMERS IN EACH PERIOD AND INVENTORY AMOUNT 2EASONS ARE THAT THE #OMPANY CAN PREPARE PRODUCTS ADEQUATELY FOR SUCH SUPPLY CAN REDUCE LOSS FROM OPPORTUNITY LOSS DUE TO SHORTFALL AMOUNT OF INVENTORY OR INABILITY TO SUPPLY PRODUCTS ON TIME AND SUFFICIENTLY WITH THE CUSTOMERS} DEMAND !T THE SAME TIME THE INVENTORY KEPT IN THE WAREHOUSE MUST BE CONTROLLED IN SUITABLE LEVEL AND IT SHOULD NOT BE KEPT IN WAREHOUSE FOR A LENGTHY PERIOD OF TIME THAT IT CAN CAUSE BURDENS TO THE #OMPANY 4HE #OMPANY IS A DISTRIBUTOR AND AGENT OF PRODUCTS IN EACH PRODUCT GROUP FOR THE FOLLOWING MANUFACTURERS 0RODUCT 'ROUP -ANUFACTURER 5/0 ,,# 2EFINERY /FFSHORE 2EFINERY AND 5PSTREAM 0ETROCHEMICALS 0!,, #ORPORATION &ILTRATION AND 3EPARATIONS 4HAILAND ,TD ).%/3 /XIDE .IKKI 5NIVERSAL #O ,TD #%#! 3 ! 5/0 ,,# 2EFINERY ,IQUID #HEMICALS .IPPON +ETJEN #O ,TD !LBEMARLE !SIA 0ACIFIC $ORF +ETAL #HEMICALS 4/# 'LYCOL #O ,TD #HEMICAL AND 3OLVENT 0RODUCTS ).%/3 /XIDE &ORTREC #HEMICALS AND 0ETROLEUM 0TE ,TD .ESTE /IL 3UISSE 3 ! "ASE /IL AND !DDITIVES $AELIM #ORPORATION #LARIANT #HEMICAL 0!,, #ORPORATION &ILTRATION AND 3EPARATIONS 4HAILAND ,TD 0OWER AND 5TILITIES -UNTERS 4HAILAND ,TD "RÃ¼EL +JÃ¦R 6IBRO ! 3 )N THE #OMPANY HAS PLACED ORDER WITH THE FIRST LARGE MANUFACTURERS EQUALED TO PERCENT PERCENT AND PERCENT OF TOTAL PURCHASE ORDERS RESPECTIVELY )N EACH YEAR APPROXIMATELY LARGE MANUFACTURERS RECEIVED ORDERS FROM THE #OMPANY IN RATIO OF MORE THAN PERCENT AND THOSE MANUFACTURERS HAVE GOOD AND LONG TERM RELATIONSHIP WITH THE #OMPANY AND THE #OMPANY HAS BEEN TRUSTED TO RENEW THE DISTRIBUTION AGREEMENT WITH SUCH COMPANIES ALL THE TIME )N THE #OMPANY HAS ORDERED PRODUCTS FROM ONE LARGE MANUFACTURER IN RATIO OF MORE THAN PERCENT

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Management Structure 4HE #OMPANY}S MANAGEMENT STRUCTURE CONSISTS OF THE "OARD OF $IRECTORS AND THE EXECUTIVES 4HE "OARD OF $IRECTORS CONSISTS OF THE )NDEPENDENT $IRECTORS NON EXECUTIVE DIRECTORS AND EXECUTIVE DIRECTORS .UMBER OF THE )NDEPENDENT $IRECTORS IS MORE THAN HALF OF TOTAL DIRECTORS 4HE #OMPANY HAS 3UB COMMITTEES I E THE !UDIT #OMMITTEE THE %XECUTIVE #OMMITTEE THE .OMINATION AND 2EMUNERATION #OMMITTEE AND THE 2ISK -ANAGEMENT #OMMITTEE 4HE "OARD OF $IRECTORS SPECIFIED THAT THE CHAIRMAN OF THE "OARD OF $IRECTORS THE CHAIRMAN OF THE !UDIT #OMMITTEE THE CHAIRMAN OF THE .OMINATION AND 2EMUNERATION AND ALL MEMBERS IN THE !UDIT #OMMITTEE ARE )NDEPENDENT $IRECTORS 4HE COMMITTEE MEMBERS OF THE "OARD OF $IRECTORS AND 3UB COMMITTEES INCLUDING THE EXECUTIVES OF THE #OMPANY ARE QUALIFIED PERSONS AND POSSESS CHARACTERISTICS AS PER SPECIFIED UNDER 3ECTION OF THE 0UBLIC ,IMITED #OMPANY !CT " % AND PURSUANT TO THE RELEVANT NOTIFICATIONS OF THE #APITAL -ARKET 3UPERVISORY "OARD "OARD OF $IRECTORS !S AT $ECEMBER THE #OMPANY}S "OARD OF $IRECTORS CONSISTS OF DIRECTORS AS FOLLOWS .AME 0OSITION -R #HANCHAI *IVACATE #HAIRMAN AND )NDEPENDENT $IRECTOR -R +ITTI *IVACATE $IRECTOR -ISS .ILRAT *ARUMANOPAS $IRECTOR -R #HATCHAPHOL 0RASOPCHOKE $IRECTOR !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT #HAIRMAN OF THE !UDIT #OMMITTEE AND )NDEPENDENT $IRECTOR !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG !UDIT #OMMITTEE AND )NDEPENDENT $IRECTOR -ISS *EERAPAN *INDA !UDIT #OMMITTEE AND )NDEPENDENT $IRECTOR -ISS +INGDAO 3OMASRI IS A #ORPORATE 3ECRETARY 4HE !UTHORIZED $IRECTORS -R +ITTI *IVACATE -ISS .ILRAT *ARUMANOPAS AND -R #HATCHAPHOL 0RASOPCHOKE TWO OF THE THREE DIRECTORS ARE REQUIRED TO JOINTLY SIGN TOGETHER WITH THE #OMPANY}S SEAL AFFIXED 4ERM OF THE #OMPANY}S $IRECTORS $URING EVERY ANNUAL GENERAL MEETING AT LEAST ONE THIRD OF DIRECTORS SHALL RETIRE )F NUMBER OF DIRECTORS IS NOT A MULTIPLE OF THREE THEN NUMBER OF DIRECTORS CLOSEST TO ONE THIRD SHALL RETIRE 4HE DIRECTORS WHO SHALL RETIRE IN THE FIRST AND THE SECOND YEAR AFTER REGISTRATION OF THE #OMPANY SHALL BE SELECTED BY DRAWING LOT AND FOR SUBSEQUENTLY YEARS THE DIRECTORS WHOSE TERM OF OFFICE ARE THE LONGEST SHALL RETIRE ! RETIRED DIRECTOR MAY BE RE APPOINTED 3COPE OF !UTHORITY AND 2ESPONSIBILITIES OF THE "OARD OF $IRECTORS 4O OVERSEE THE OPERATIONS OF THE #OMPANY TO ENSURE COMPLIANCE WITH THE LAWS OBJECTIVES AND ARTICLES OF ASSOCIATION OF THE #OMPANY AS WELL AS RESOLUTIONS OF SHAREHOLDERS} MEETINGS EXCEPT THE MATTERS WHICH HAVE TO BE OBTAINED AN APPROVAL FROM THE SHAREHOLDERS} MEETING FIRST FOR INSTANCE ANY ACTIVITY THAT LAWS HAS SPECIFIED THAT IT MUST HAVE APPROVAL FROM THE SHAREHOLDERS} MEETINGS ANY UNDERTAKING OF ANY RELATED TRANSACTION AND ANY ACQUISITION OR DISPOSAL OF THE SIGNIFICANT ASSETS ACCORDING TO THE REGULATIONS OF THE 3TOCK %XCHANGE OF 4HAILAND OR OF OTHER GOVERNMENT AGENCIES AND ETC 4O CONSIDER AND APPROVE SIGNIFICANT MATTERS I E POLICIES BUSINESS PLAN AND BUDGET PROJECT INVESTMENTS WHICH DOES NOT LIST IN AN ANNUAL BUDGET MANAGEMENT STRUCTURE MANAGEMENT POWER POLICIES CONCERNING CORPORATE GOVERNANCE ANY TRANSACTION OR ACTION WHICH SHALL HAVE SIGNIFICANT IMPACT TO FINANCIAL POSITION LIABILITY STATUS BUSINESS OPERATIONS AND REPUTATION OF THE #OMPANY PAYMENT OF INTERIM DIVIDEND AND ANY OTHER MATTERS SPECIFIED BY THE 3TOCK %XCHANGE OF 4HAILAND OR AS REQUIRED BY LAWS

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4O SUPERVISE PERFORMANCE OF MANAGEMENT TO ENSURE COMPLIANCE WITH THE APPROVED POLICIES BUSINESS PLAN AND BUDGET 4O CONSIDER AND APPOINT THE QUALIFIED PERSON WHO DOES NOT POSSESS CHARACTERISTICS THAT ARE PROHIBITED UNDER THE 0UBLIC #OMPANY !CT " % INCLUDING ANY AMENDMENTS AND LAWS ON SECURITIES AND STOCK EXCHANGE AS WELL AS THE RELATED NOTIFICATIONS REGULATIONS AND OR RULES IN CASE OF A VACANCY OF A DIRECTOR}S POSITION DUE TO REASONS OTHER THAN BY RETIREMENT IN DUE COURSE INCLUDING TO APPOINT THE #OMPANY}S -ANAGING $IRECTOR 4O CONSIDER ON APPOINTMENT AND TO DETERMINE DUTY AND RESPONSIBILITIES OF THE 3UB COMMITTEES AS FOLLOWS 4O ESTABLISH 3UB COMMITTEES AS APPROPRIATED AND NECESSARY TO ASSIST WORK OPERATIONS PURSUANT TO RESPONSIBILITIES OF THE "OARD OF $IRECTORS SUCH AS THE !UDIT #OMMITTEE THE %XECUTIVE #OMMITTEE THE .OMINATION AND 2EMUNERATION #OMMITTEE AND THE 2ISK -ANAGEMENT #OMMITTEE 4O CONSIDER AND APPROVE DUTIES AND RESPONSIBILITIES OF EACH 3UB COMMITTEE AS WELL AS CHANGES IN COMPONENTS OF THE APPOINTED 3UB COMMITTEE 4O ESTABLISH RELIABLE ACCOUNTING SYSTEM FINANCIAL REPORTING AND AUDITING SYSTEM AS WELL AS TO ENSURE THAT INTERNAL AUDIT AND INTERNAL CONTROL SYSTEM ARE EFFICIENTLY AND EFFECTIVELY INCLUDING TO APPROVE ON CHANGES IN THE SIGNIFICANT POLICIES AND PRACTICES CONCERNING WITH ACCOUNTING AND INTERNAL CONTROL SYSTEM OF THE #OMPANY 4O SUPERVISE AND ENSURE THAT THE #OMPANY HAS COMPREHENSIVE RISK MANAGEMENT SYSTEM AND EFFECTIVE RISK MANAGEMENT REPORTING AND MONITORING PROCEDURES 4O REPORT RESPONSIBILITIES OF THE "OARD OF $IRECTORS IN AN ANNUAL REPORT BY PRESENTING CLOSELY WITH THE AUDITOR}S REPORT 4O PRESERVE THE BEST INTEREST OF MAJOR AND MINOR SHAREHOLDERS ON AN EQUITABLE BASIS AND TO TREAT ALL SHAREHOLDERS AND STAKEHOLDER FAIRLY 4O OVERSEE AND ENSURE CLEAR AND TRANSPARENT MANAGEMENT PROCEDURES CONCERNING THE RELATED TRANSACTION BETWEEN THE #OMPANY AND THE RELATED PERSONS TO PREVENT ANY CONFLICT OF INTEREST BY DISCLOSING CORRECT AND ADEQUATE INFORMATION AS WELL AS REPORTING TO THE "OARD OF $IRECTORS CONSTANTLY 4O EVALUATE PERFORMANCE OF THE "OARD OF $IRECTORS AS FOLLOWS 4O PRESCRIBE CRITERIA AND METHOD ON PERFORMANCE EVALUATION OF THE "OARD OF $IRECTORS AND TO EVALUATE THEIR EFFECTIVENESS CONSTANTLY 4HE "OARD OF $IRECTORS SHALL EVALUATE THEIR OWN PERFORMANCE EVERY YEAR AND SHALL ALSO MAKE STATEMENT ON THEIR PERFORMANCE RESULTS INCLUDING CORPORATE GOVERNANCE POLICY APPLIED IN THE #OMPANY IN AN ANNUAL REPORT 4HE FOLLOWING OPERATIONAL POWERS SHALL BE PERFORMED ONLY AFTER THEY HAVE OBTAINED AN APPROVAL FROM THE SHAREHOLDERS} MEETING FIRST PROVIDED THAT ANY DIRECTOR OR PERSON WHO MIGHT HAVE ANY CONFLICTS INTERESTS OR CONFLICT OF INTEREST REGARDING ANY TRANSACTION WITH THE #OMPANY OR SUBSIDIARY IF ANY MUST NOT PARTICIPATE IN VOTING ON IT !NY ACTIVITY THAT LAWS HAS SPECIFIED THAT IT MUST HAVE AN APPROVAL FROM THE SHAREHOLDERS} MEETING FIRST !NY TRANSACTION THAT ANY DIRECTOR MAY HAVE SOME INTERESTS AND IN SCOPE THAT THE LAWS OR REGULATIONS OF THE 3TOCK %XCHANGE OF 4HAILAND PRESCRIBED THAT IT MUST HAVE AN APPROVAL FROM THE SHAREHOLDERS} MEETING FIRST 4HE "OARD OF $IRECTORS MAY AUTHORIZE ONE OR MORE DIRECTORS OR ANY PERSON TO ACT ON ITS BEHALF (OWEVER THE ABOVEMENTIONED AUTHORIZATION SHALL NOT INCLUDE THE DELEGATION OF AUTHORITY OR SUB AUTHORIZATION WHICH CAN ENTITLE THE DIRECTOR OR SUCH AUTHORIZED PERSON TO APPROVE ANY UNDERTAKING THAT SUCH PERSON OR A PERSON WHO MIGHT HAVE CONFLICT OF INTEREST INTERESTS OR ANY BENEFITS IN ANY OTHER MANNERS AGAINST BENEFITS OF THE #OMPANY OR ITS SUBSIDIARY AS WELL AS REQUEST FOR AN APPROVAL FROM THE SHAREHOLDERS} MEETING TO PERFORM ANY RELATED TRANSACTION AND ANY ACQUISITION OR DISPOSAL OF THE SIGNIFICANT ASSETS ACCORDING TO THE REGULATIONS OF THE 3TOCK %XCHANGE OF 4HAILAND AND NOTIFICATIONS OF THE 3ECURITIES AND %XCHANGE #OMMISSION AND OR RELATED AGENCIES FOR SUCH UNDERTAKINGS

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4HE !UDIT #OMMITTEE !S AT $ECEMBER THE !UDIT #OMMITTEE CONSISTS OF PERSONS AS FOLLOWS .AME 0OSITION !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT #HAIRMAN OF THE !UDIT #OMMITTEE !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG !UDIT #OMMITTEE -ISS *EERAPAN *INDA !UDIT #OMMITTEE -RS *ARUNEE "OONMUNGMEE IS A SECRETARY OF THE !UDIT #OMMITTEE !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT AND -ISS *EERAPAN *INDA HAVE SUFFICIENTLY SKILLS AND EXPERIENCES TO ASSUME DUTIES OF AUDITING ACCOUNTABILITY OF THE FINANCIAL STATEMENT 4ERM OF /FFICE OF THE !UDIT #OMMITTEE 4ERM OF THE !UDIT #OMMITTEE SHALL BE YEARS EACH EXCEPT IN CASE OF RETIRE ON ROTATION PURSUANT TO THE #OMPANY}S ARTICLES OF ASSOCIATIONS 4HE RETIRED DIRECTOR MAY BE RE APPOINTED 4HE !UDIT #OMMITTEE SHALL BE DIRECTLY RESPONSIBLE FOR THE "OARD OF $IRECTORS AND SHALL HAVE POWER DUTY AND RESPONSIBILITY AS PER ASSIGNED BY THE "OARD 3COPE OF DUTY AND RESPONSIBILITIES OF THE !UDIT #OMMITTEE 3COPE OF DUTY AND RESPONSIBILITIES OF THE !UDIT #OMMITTEE ASSIGNED BY INCLUDING REQUIRED TO REPORT TO THE "OARD OF $IRECTORS ARE AS FOLLOWS 4O REVIEW THE SUFFICIENCY CREDIBILITY AND TRANSPARENCY OF THE FINANCIAL REPORTING BY COORDINATING WITH THE EXTERNAL AUDITOR AND THE EXECUTIVES WHO ARE RESPONSIBLE FOR PREPARING OF QUARTERLY AND YEARLY FINANCIAL REPORTS 4O REVIEW THE #OMPANY}S INTERNAL CONTROL SYSTEM AND INTERNAL AUDIT TO ENSURE THAT THEY ARE SUITABLE AND EFFECTIVE TO DETERMINE INDEPENDENCE OF THE INTERNAL AUDIT UNIT INCLUDING CONSENT TO THE APPOINTMENT ROTATION AND DISMISSAL OF THE CHIEF OF THE INTERNAL AUDIT UNIT OR ANY OTHER UNIT IN CHARGE OF INTERNAL AUDIT ACTIVITIES 4O ENSURE THAT THE #OMPANY COMPLIES WITH THE LAWS ON SECURITIES AND EXCHANGE REGULATIONS OF THE STOCK EXCHANGE AND THE LAWS RELATED TO THE #OMPANY}S BUSINESS 4O SELECT AND PROPOSE AN INDEPENDENT PERSON WHO WILL BE THE #OMPANY}S AUDITOR AND TO FIX HIS OR HER REMUNERATION THEN PROPOSE TO THE "OARD OF $IRECTORS TO FURTHER REQUEST FOR APPOINTMENT FROM THE ANNUAL GENERAL MEETING OF SHAREHOLDERS AS WELL AS TO ATTEND MEETING WITH THE AUDITOR WITHOUT ANY EXECUTIVES ATTENDING AT LEAST ONCE A YEAR 4O HAVE THE POWER TO ENGAGE AN INDEPENDENT CONSULTANT AS NECESSARY AT THE #OMPANY}S EXPENSES 4O REVIEW THE RELATED TRANSACTIONS OR TRANSACTIONS THAT MAY LEAD TO CONFLICTS OF INTEREST TO ENSURE THAT THEY ARE REASONABLE COMPLIANCE WITH THE LAWS AND REGULATIONS OF THE STOCK EXCHANGE AND THE #APITAL -ARKET 3UPERVISORY "OARD AND FOR MAXIMUM BENEFITS OF THE #OMPANY )N CARRYING OUT DUTIES IF THE !UDIT #OMMITTEE HAS FOUND OR IS SUSPICIOUS ABOUT ANY OF THE FOLLOWING TRANSACTIONS OR ACTIVITIES WHICH MAY HAVE MATERIAL IMPACTS TO THE FINANCIAL POSITION OR PERFORMANCE OF THE #OMPANY THE !UDIT #OMMITTEE MUST REPORT THE "OARD OF $IRECTORS TO TAKE CORRECTIVE ACTION IMMEDIATELY p #ONFLICTS OF INTEREST TRANSACTION p &RAUD OR UNUSUAL TRANSACTION OR SIGNIFICANT DEFICIENCY IN THE #OMPANY}S INTERNAL CONTROL SYSTEM p 6IOLATION OR BREACH OF LAWS ON SECURITIES AND EXCHANGE NOTIFICATIONS AND REGULATIONS OF THE 3TOCK %XCHANGE OF 4HAILAND THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION AND #APITAL -ARKET 3UPERVISORY "OARD AND THE LAWS RELATED TO THE #OMPANY}S BUSINESS

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)N CASE THE "OARD OF $IRECTORS OR THE EXECUTIVES FAIL TO TAKE CORRECTIVE ACTION WITHIN A REASONABLE PERIOD OF TIME THE !UDIT #OMMITTEE}S MEMBER MAY REPORT SUCH TRANSACTION OR ACTIVITY TO THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION OR THE 3TOCK %XCHANGE OF 4HAILAND )F THE #OMPANY}S AUDIT DISCOVERED ANY SUSPICIOUS CIRCUMSTANCE CONCERNED WITH THE DIRECTOR MANAGER OR ANY PERSON RESPONSIBLE FOR THE #OMPANY}S OPERATIONS WHICH VIOLATED THE LAW AND THE AUDITOR HAS REPORTED SUCH ISSUE TO THE !UDIT #OMMITTEE THE !UDIT #OMMITTEE MUST CONDUCT AN ADDITIONAL INVESTIGATION WITHOUT DELAY AND SHALL REPORT THE RESULT OF THE PRELIMINARY INVESTIGATION TO THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION AND THE AUDITOR WITHIN DAYS FROM THE NOTIFICATION DATE OF THE AUDITOR 4O PREPARE THE !UDIT #OMMITTEE}S REPORT AND DISCLOSE IN THE #OMPANY}S ANNUAL REPORT 4HE REPORT MUST BE SIGNED BY THE #HAIRMAN OF THE !UDIT #OMMITTEE AND INCLUDED AT LEAST THE FOLLOWING COMMENTS A !CCURACY COMPLETENESS AND CREDITABILITY OF THE #OMPANY}S FINANCIAL REPORT B !DEQUACY OF THE #OMPANY}S INTERNAL CONTROL SYSTEM C #OMPLIANCE WITH LAWS ON SECURITIES AND EXCHANGE THE STOCK EXCHANGE}S REGULATIONS OR OTHER LAWS RELATED TO THE #OMPANY}S BUSINESS D 3UITABILITY OF THE AUDITOR E 4HE TRANSACTIONS THAT MAY CAUSE CONFLICTS OF INTERESTS F .UMBER OF THE !UDIT #OMMITTEE}S MEETINGS AND ATTENDANCE OF SUCH MEETINGS BY EACH COMMITTEE MEMBER G /THER CONCERNS OR OBSERVATIONS THAT HAVE ARISEN AS THE !UDIT #OMMITTEE PERFORMED ITS DUTIES IN ACCORDANCE WITH THE CHARTER AND H /THER MATTERS WHICH SHOULD BE MADE AVAILABLE TO THE SHAREHOLDERS AND GENERAL INVESTORS WITHIN SCOPE OF DUTY AND RESPONSIBILITIES ASSIGNED BY THE #OMPANY}S "OARD OF $IRECTORS AND 4O PERFORM ANY OTHER ACTS AS APPOINTED BY THE "OARD OF $IRECTORS AS NECESSARY )N PERFORMING THE OPERATIONS PURSUANT TO SCOPE OF WORK DUTY AND RESPONSIBILITIES THE !UDIT #OMMITTEE SHALL HAVE POWER TO INVITE THE CONCERNED MANAGEMENT EXECUTIVES OR OFFICERS OF THE #OMPANY TO REPORT PROVIDE OPINION PARTICIPATE IN THE MEETING OR SUBMIT DOCUMENT WHICH IS DEEMED RELEVANT AND NECESSARY )N ADDITION THE "OARD OF $IRECTORS HAS POWER TO AMEND SCOPE OF DUTY AND RESPONSIBILITIES OF THE !UDIT #OMMITTEE AS IT DEEMS NECESSARY AND APPROPRIATED 4HE %XECUTIVE #OMMITTEE 4HE "OARD OF $IRECTORS} MEETING .O ON !PRIL RESOLVED TO APPOINT THE %XECUTIVE #OMMITTEE COMPRISING OF PERSONS AS FOLLOWS .AME 0OSITION -R +ITTI *IVACATE #HAIRMAN OF THE %XECUTIVE #OMMITTEE -EMBER -ISS .ILRAT *ARUMANOPAS -R #HATCHAPHOL 0RASOPCHOKE -EMBER -ISS +INGDAO 3OMASRI IS A SECRETARY OF THE %XECUTIVE #OMMITTEE 4ERM OF /FFICE OF THE %XECUTIVE #OMMITTEE 4ERM OF THE %XECUTIVE #OMMITTEE SHALL BE YEARS EACH 4HE RETIRED DIRECTOR MAY BE RE APPOINTED 4HE %XECUTIVE #OMMITTEE SHALL BE DIRECTLY RESPONSIBLE FOR THE "OARD OF $IRECTORS AND SHALL HAVE POWER DUTY AND RESPONSIBILITY AS PER ASSIGNED BY THE "OARD Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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3COPE OF DUTY AND RESPONSIBILITY OF THE %XECUTIVE #OMMITTEE 4O OVERSEE AND MANAGE THE #OMPANY}S BUSINESS OPERATIONS AS PER ASSIGNED BY THE "OARD OF $IRECTORS 4O DEFINE DETAILS ON RECRUITMENT TRAINING EMPLOYMENT AND TERMINATION OF EMPLOYMENT OF THE #OMPANY}S EMPLOYEES AS WELL AS TO DEFINE BENEFITS AND WELFARE OF THE EMPLOYEE WHICH IS APPROPRIATED WITH SITUATIONS CUSTOMARY PRACTICES AND CONSISTENT WITH THE CURRENT APPLICABLE LAWS 4O FORMULATE POLICY BUSINESS PLAN ANNUAL BUDGET MANAGEMENT STRUCTURE AND MANAGEMENT POWER IN EACH LINE OF BUSINESS OF THE #OMPANY TO PROPOSE AT THE "OARD OF $IRECTORS FOR APPROVAL 4O CONSIDER AND APPROVE CAPITAL EXPENDITURE WHICH IS OUT OF ANNUAL BUDGET OR EXCEEDS ANNUAL BUDGET NOT MORE THAN "AHT MILLION PER YEAR AND TO APPROVE ADDITIONAL EXPENSE WHICH EXCEEDS ANNUAL BUDGET NOT MORE THAN PERCENT )N CASE CREDIT LINE EXCEEDS THE SPECIFIED LIMIT THE %XECUTIVE #OMMITTEE SHALL PROPOSE AT THE "OARD OF $IRECTORS FOR FURTHER CONSIDERATION AND APPROVAL 4O CONSIDER AND APPROVE ON JOINT INVESTMENT IN CONSORTIUM OR JOINT VENTURE AT PROJECT COST NOT MORE THAN "AHT MILLION )N CASE THE COST IS MORE THAN THE SPECIFIED AMOUNT THE %XECUTIVE #OMMITTEE SHALL PROPOSE AT THE "OARD OF $IRECTORS FOR FURTHER CONSIDERATION AND APPROVAL 4HE %XECUTIVE #OMMITTEE SHALL ALSO HAVE POWER TO APPROVE FOR ANY LOAN OR REQUEST FOR CREDIT OF THE #OMPANY AT THE AMOUNT NOT EXCEEDING "AHT MILLION 4O MONITOR AND FOLLOW UP OPERATIONS OF THE #OMPANY TO ENSURE THAT THEY ARE EFFECTIVELY COMPLIANCE WITH THE SPECIFIED MANAGEMENT POLICIES AND GUIDELINES 4O PERFORM ANY OTHER ACTS ASSIGNED BY THE "OARD OF $IRECTORS FROM TIME TO TIME (OWEVER AUTHORITY OF THE %XECUTIVE #OMMITTEE AS WELL AS DELEGATION OF AUTHORITY TO OTHER PERSONS THAT THE %XECUTIVE #OMMITTEE DEEMS APPROPRIATE SHALL NOT INCLUDE AUTHORITY OR DELEGATION OF AUTHORITY TO APPROVE ANY TRANSACTION THAT THE %XECUTIVE $IRECTOR OR RELEVANT PERSON WHO MIGHT HAVE CONFLICT OF INTEREST INTERESTS OR ANY OTHER BENEFITS IN ANY OTHER MANNERS AGAINST THE BENEFITS OF THE #OMPANY OR ITS SUBSIDIARY OR TRANSACTION WHICH IS NOT UNDER NORMAL BUSINESS OPERATION OF THE #OMPANY OF WHICH SUCH TRANSACTION IS REQUIRED TO SUBMIT TO THE "OARD OF $IRECTORS} MEETING AND OR THE SHAREHOLDERS} MEETING FOR CONSIDERATION AND APPROVAL PURSUANT TO THE #OMPANY}S ARTICLES OF ASSOCIATION 4HE .OMINATION AND 2EMUNERATION #OMMITTEE 4HE "OARD OF $IRECTORS} MEETING .O ON &EBRUARY RESOLVED TO APPOINT THE .OMINATION AND 2EMUNERATION #OMMITTEE CONSISTING OF PERSONS AS FOLLOWS

.AME -ISS *EERAPAN *INDA !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG

0OSITION #HAIRMAN OF .OMINATION AND 2EMUNERATION #OMMITTEE -EMBER -EMBER

-ISS +INGDAO 3OMASRI IS A SECRETARY OF THE .OMINATION AND 2EMUNERATION #OMMITTEE 4ERM OF /FFICE OF THE .OMINATION AND 2EMUNERATION #OMMITTEE 4HE .OMINATION AND 2EMUNERATION #OMMITTEE SHALL HOLD OFFICE FOR A TERM YEARS EACH 4HE RETIRED DIRECTOR MAY BE RE APPOINTED 4HE .OMINATION AND 2EMUNERATION #OMMITTEE SHALL BE DIRECTLY RESPONSIBLE FOR TO THE "OARD OF $IRECTORS AND SHALL HAVE POWER DUTY AND RESPONSIBILITY AS PER ASSIGNED BY THE "OARD

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3COPE OF DUTY AND RESPONSIBILITY OF THE .OMINATION AND 2EMUNERATION #OMMITTEE 4O ESTABLISH CLEAR TRANSPARENT AND SUITABLE POLICIES CRITERIA METHODS AND PROCEDURES FOR BENEFITS OF THE #OMPANY WITH REGARDS TO NOMINATION REMOVAL OR TERMINATION OF EMPLOYMENT OF THE DIRECTORS AND TOP EXECUTIVES OF THE #OMPANY AND TO PROPOSE TO THE #OMPANY}S "OARD OF $IRECTORS FOR CONSIDERATION AND APPROVAL 4O CONSIDER AND NOMINATE THE QUALIFIED PERSON TO BE THE MEMBER OF THE "OARD THE 3UB COMMITTEE AND TOP EXECUTIVE TO THE "OARD OF $IRECTORS IN CASE OF VACANCY OF SUCH POSITION OR UPON EXPIRATION OF THE TERM 4O ESTABLISH REMUNERATION POLICY FOR THE DIRECTORS AND TOP EXECUTIVES OF THE #OMPANY THEN TO PROPOSE TO THE "OARD OF $IRECTORS FOR CONSIDERATION AND APPROVAL 4O CONSIDER COMPENSATION PACKAGES FOR "OARD OF $IRECTORS AND THE 3UB COMMITTEES WHICH SHALL INCLUDE MEETING ALLOWANCES BONUSES SHARES AND OTHER RELEVANT FRINGE BENEFITS AND TO PROPOSE TO THE "OARD OF $IRECTORS FOR CONSIDERATION AND APPROVAL 4O DEVELOP A SUCCESSION PLAN FOR THE IMPORTANT EXECUTIVE POSITIONS AND SUCH PLAN MUST BE CONSTANTLY REVIEWED BY TAKING INTO CONSIDERATION IMPORTANCE OF POSITION NOMINATION AND DEVELOPMENT SO THAT SUCH EXECUTIVE SUCCESSOR SHALL HAVE KNOWLEDGE CAPABILITIES EXPERIENCES AND OTHER QUALIFICATIONS WHICH MEET REQUIREMENTS AND BE BENEFICIAL TO THE #OMPANY 4O PERFORM ANY OTHER ACTS ASSIGNED BY THE "OARD OF $IRECTORS AS APPROPRIATED 4HE 2ISK -ANAGEMENT #OMMITTEE 4HE "OARD OF $IRECTORS} MEETING .O ON &EBRUARY RESOLVED TO APPOINT THE 2ISK -ANAGEMENT #OMMITTEE CONSISTING OF THE FOLLOWING PERSONS .AME 0OSITION -R +ITTI *IVACATE #HAIRMAN OF 2ISK -ANAGEMENT #OMMITTEE -R #HANCHAI *IVACATE -EMBER -ISS .ILRAT *ARUMANOPAS -EMBER !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT -EMBER !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG -EMBER -ISS *EERAPAN *INDA -EMBER -ISS +INGDAO 3OMASRI IS A SECRETARY OF THE 2ISK -ANAGEMENT #OMMITTEE 4ERM OF /FFICE OF THE 2ISK -ANAGEMENT #OMMITTEE 4HE 2ISK -ANAGEMENT #OMMITTEE SHALL HOLD OFFICE FOR A TERM OF YEARS EACH 4HE RETIRED DIRECTOR MAY BE RE APPOINTED 4HE 2ISK -ANAGEMENT #OMMITTEE SHALL BE DIRECTLY RESPONSIBLE FOR THE "OARD OF $IRECTORS AND SHALL HAVE POWER DUTY AND RESPONSIBILITY AS PER ASSIGNED BY THE "OARD 3COPE OF DUTY AND RESPONSIBILITY OF THE 2ISK -ANAGEMENT #OMMITTEE 4O ESTABLISH OVERALL POLICIES AND GUIDELINES ON RISK MANAGEMENT OF THE #OMPANY WHICH SHALL COVER FINANCIAL RISKS MARKETING RISKS RISKS RELATED TO TRANSPORTATION AND INVENTORY INVESTMENT RISKS AND OTHER RISKS WHICH MIGHT BE IMPACTED TO OPERATIONS AND REPUTATION OF THE #OMPANY TO PROPOSE TO THE "OARD OF $IRECTORS FOR CONSIDERATION AND APPROVAL 4O ESTABLISH CRITERIA ON RISK MEASUREMENT AND RISK LIMITS ACCEPTABLE BY THE #OMPANY 4O #ONSIDER MATERIAL RISKS OF THE #OMPANY AND TO PROPOSE MEASURES TO PREVENT OR REDUCE RISKS TO BE IN ACCEPTABLE LEVEL 4O OVERSEE MONITOR EVALUATE AS WELL AS TO IMPROVE OPERATION PLAN TO REDUCE RISKS WHICH IS SUITABLE FOR BUSINESS OPERATIONS OF THE #OMPANY ON CONTINUED BASIS Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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4O REVIEW ADEQUACY OF RISK MANAGEMENT POLICY AND SYSTEM WHICH SHALL INCLUDE EFFICIENCY OF THE SYSTEM AND COMPLIANCE WITH THE SPECIFIED POLICY 4O REPORT RISK REDUCTION OPERATION TO THE "OARD OF $IRECTORS REGULARLY AND IN CASE OF CRITICAL MATTER WHICH MAY HAVE SIGNIFICANT IMPACT TO THE #OMPANY SUCH MATTER SHALL BE REPORTED TO THE "OARD OF $IRECTORS FOR CONSIDERATION EXPEDITIOUSLY 4O PERFORM ANY OTHER ACTS ASSIGNED BY THE "OARD OF $IRECTORS AS APPROPRIATED

#ORPORATE 3ECRETARY $URING THE "OARD OF $IRECTORS} MEETING .O ON -AY THE "OARD RESOLVED TO APPOINT -ISS +INGDAO 3OMASRI AS A #ORPORATE 3ECRETARY ACCORDING TO 3ECTION OF 3ECURITIES AND %XCHANGE !CT " % AS AMENDED BY 3ECURITIES AND %XCHANGE !CT .O " % 4HE #ORPORATE 3ECRETARY SHALL BE RESPONSIBLE FOR PROVIDING ADVICE ON LAWS AND REGULATIONS RELATED TO THE "OARD OF $IRECTORS AND THE EXECUTIVES SUPERVISING THE "OARD}S ACTIVITIES ARRANGING THE "OARD}S MEETING AND SHAREHOLDERS} MEETING OF THE #OMPANY RECORDING MINUTE OF MEETING OF THE "OARD}S MEETING AND SHAREHOLDERS} MEETING MONITORING AND COORDINATING ON COMPLIANCE WITH THE "OARD}S RESOLUTIONS AS WELL AS PREPARING AND KEEPING THE DOCUMENTS SUCH AS A REGISTER OF DIRECTORS A NOTICE CALLING DIRECTOR MEETING A MINUTE OF MEETING OF THE BOARD OF DIRECTORS AND AN ANNUAL REPORT OF THE COMPANY A NOTICE CALLING SHAREHOLDER MEETING AND A MINUTE OF SHAREHOLDERS} MEETING KEEPING A REPORT ON INTEREST FILED BY A DIRECTOR OR AN EXECUTIVE AND PERFORMING ANY OTHER ACTS AS SPECIFIED IN THE 3ECURITIES AND %XCHANGE !CT 4HE %XECUTIVE /FFICERS !S AT $ECEMBER THE #OMPANY HAS EXECUTIVES AS FOLLOWS

.AME

-R +ITTI *IVACATE

-ISS .ILRAT *ARUMANOPAS

-R #HATCHAPHOL 0RASOPCHOKE

-ISS 0REEYAPORN 4HANARATSET -RS *ARUNEE "OONMANGMEE -RS !REE 0LEEKHAN

0OSITION -ANAGING $IRECTOR !CTING #ORPORATE 0LANNING -ANAGER $EPUTY -ANAGING $IRECTOR Â¼ !CCOUNTING AND &INANCE !CTING !DMINISTRATION AND (UMAN 2ESOURCES -ANAGER $EPUTY -ANAGING $IRECTOR Â¼ 3ALES -ARKETING AND /PERATIONS !CTING -ARKETING -ANAGER 4EAM -ARKETING "USINESS $EVELOPMENT -ANAGER Â¼ 4EAM &INANCE -ANAGER !CCOUNTING -ANAGER

3COPE OF DUTY AND RESPONSIBILITY OF THE -ANAGING $IRECTOR 4HE -ANAGING $IRECTOR SHALL HAVE DUTY AND RESPONSIBILITIES ON MANAGEMENT OF THE #OMPANY AS PER ASSIGNED BY THE "OARD OF $IRECTORS INCLUDE THE FOLLOWING MATTERS AND ACTIVITIES 4O PERFORM DAY TO DAY BUSINESS OPERATIONS OF THE #OMPANY 4O PREPARE POLICY BUSINESS PLAN AND BUDGET MANAGEMENT STRUCTURE AND MANAGEMENT POWERS OF THE #OMPANY TO PROPOSE TO THE %XECUTIVE #OMMITTEE FOR CONSIDERATION BEFORE PROPOSING TO THE "OARD OF $IRECTORS FOR APPROVAL 4O UNDERTAKE TASKS OR OPERATIONS PURSUANT TO THE APPROVED POLICY BUSINESS PLAN AND BUDGET 4O APPROVE EXPENSES OR INVESTMENT OUT OF ANNUAL BUDGET OR EXCEED ANNUAL BUDGET AT THE AMOUNT NOT EXCEEDING "AHT MILLION PER YEAR 4O DEVELOP THE ORGANIZATION AND PERSONNEL TO ENSURE THAT BOTH OF THEM SHALL BE QUALIFIED AND EFFECTIVE ON CONTINUED BASIS

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4O BE THE AUTHORIZED PERSON OF THE #OMPANY FOR MANAGEMENT OF THE #OMPANY}S BUSINESS FOR ACHIEVEMENT OF OBJECTIVES REGULATIONS POLICIES RULES REGULATIONS ORDERS RESOLUTIONS OF THE SHAREHOLDERS} MEETING AND OR RESOLUTIONS OF THE "OARD OF $IRECTORS 4O OVERSEE AND MAINTAIN GOOD IMAGE OF THE ORGANIZATION 4O PERFORM ANY OTHER ACTS ASSIGNED BY THE "OARD OF $IRECTORS AND OR THE !UDIT #OMMITTEE

(OWEVER POWER OF THE -ANAGING $IRECTOR AS WELL AS DELEGATION OF AUTHORITY TO OTHER PERSONS THAT THE -ANAGING $IRECTOR DEEMS APPROPRIATED SHALL NOT INCLUDE POWER OR DELEGATION OF AUTHORITY TO APPROVE ANY TRANSACTION THAT HE OR RELEVANT PERSON WHO MIGHT HAVE CONFLICT OF INTEREST INTERESTS OR ANY OTHER BENEFITS IN ANY OTHER MANNERS AGAINST THE BENEFITS OF THE #OMPANY OR ITS SUBSIDIARY OR TRANSACTION WHICH IS NOT UNDER NORMAL BUSINESS OPERATION OF THE #OMPANY OF WHICH SUCH TRANSACTION IS REQUIRED TO SUBMIT TO THE "OARD OF $IRECTORS} MEETING AND OR THE SHAREHOLDERS} MEETING FOR CONSIDERATION AND APPROVAL PURSUANT TO THE #OMPANY}S ARTICLES OF ASSOCIATION OR THE RELEVANT LAWS .OMINATION OF THE DIRECTORS AND THE EXECUTIVES 4HE "OARD OF $IRECTORS AND THE -ANAGING $IRECTOR 4HE .OMINATION AND 2EMUNERATION #OMMITTEE SHALL HAVE DUTY TO NOMINATE THE QUALIFIED PERSONS TO HOLD POSITION OF THE "OARD OF $IRECTORS AND THE -ANAGING $IRECTOR UPON VACANCY OF SUCH POSITION OR TO REPLACE THE DIRECTOR WHO IS RETIRED ON ROTATION 4HE CONSIDERATION CRITERIA SHALL FOCUS ON PERSONS WHO HAVE SKILLS AND EXPERIENCES NECESSARY FOR BUSINESS OPERATIONS OF THE #OMPANY BASED ON THE FOLLOWING QUALIFICATIONS (AVING QUALIFICATIONS CONFORMS TO 0UBLIC ,IMITED !CT 3ECURITIES AND %XCHANGE !CT RULES OF THE 3ECURITIES AND %XCHANGE #OMMISSION RULES OF THE 3TOCK %XCHANGE OF 4HAILAND AND CORPORATE GOVERNANCE OF THE #OMPANY (AVING DIVERSIFIED KNOWLEDGE CAPABILITIES AND EXPERIENCES ON VARIOUS PROFESSIONAL FIELDS WHICH SHALL BE BENEFICIAL AND CAN ADD VALUE TO THE #OMPANY (AVING CHARACTERISTICS WHICH SUPPORT AND PROMOTE CORPORATE GOVERNANCE OPERATIONS TO STRENGTHEN VALUE TO THE #OMPANY WHO PERFORM DUTIES WITH ACCOUNTABILITY CARE AND LOYALTY AND MUST HAVE SUFFICIENT TIME TO DEVOTE FOR THE #OMPANY 3ELECTION AND APPOINTMENT OF THE DIRECTOR SHALL BE AS PER METHOD SPECIFIED IN ARTICLES OF ASSOCIATIONS OF THE #OMPANY AND THE DIRECTORS WHO HAVE BEEN APPOINTED ARE SUBJECT TO AN APPROVAL FROM THE SHAREHOLDERS} MEETING 2ESOLUTION OF THE SHAREHOLDERS} MEETING SHALL BE MADE BY A MAJORITY OF VOTES OF THE SHAREHOLDERS WHO PRESENT AND HAVE THE VOTING RIGHTS 4HE #OMPANY}S "OARD OF $IRECTORS SHALL BE AT LEAST PERSONS WHO HAVE BEEN APPOINTED BY THE SHAREHOLDERS} MEETING AND NOT LESS THAN ONE HALF OF TOTAL DIRECTORS MUST RESIDE IN THE KINGDOM 4HE SHAREHOLDERS} MEETING SHALL ELECT THE DIRECTORS PURSUANT TO THE FOLLOWING CRITERIA AND METHOD %ACH SHAREHOLDER SHALL HAVE A NUMBER OF VOTES EQUAL TO THE NUMBER OF SHARES HELD %ACH SHAREHOLDER MAY EXERCISE ALL THE VOTES HE SHE HAS TO ELECT ONE OR SEVERAL PERSONS AS DIRECTOR OR DIRECTORS )F SEVERAL PERSONS ARE TO BE ELECTED AS DIRECTORS THE SHAREHOLDER MAY NOT ALLOT HIS HER VOTES TO ANY PERSON IN ANY NUMBER 4HE CANDIDATES WHO HAVE THE HIGHEST VOTES IN DESCENDING ORDERS SHALL BE APPOINTED AS THE DIRECTORS UNTIL ALL OF THE DIRECTOR POSITIONS ARE FILLED )N CASE THE VOTES FOR CANDIDATES IN DESCENDING ORDER ARE TIED WHICH WOULD MAKE THE NUMBER OF DIRECTORS TO BE EXCEEDED THE #HAIRMAN IS ENTITLED TO A CASTING VOTE $URING EVERY ANNUAL GENERAL MEETING AT LEAST ONE THIRD OF DIRECTORS SHALL RETIRE )F THE NUMBER OF DIRECTORS IS NOT A MULTIPLE OF THREE THEN THE NUMBER OF DIRECTORS CLOSEST TO ONE THIRD SHALL RETIRE 4HE DIRECTORS WHO SHALL RETIRE IN THE FIRST AND THE SECOND YEAR AFTER THE REGISTRATION OF THE #OMPANY SHALL BE SELECTED BY DRAWING LOT AND FOR SUBSEQUENTLY YEARS THE LONGEST SERVING DIRECTORS SHALL BE RETIRED ! RETIRED DIRECTOR MAY BE RE APPOINTED !NY DIRECTOR WHO SHALL RESIGN FROM DIRECTORSHIP POSITION SHALL SUBMIT A RESIGNATION LETTER TO THE #OMPANY AND SUCH RESIGNATION SHALL BE EFFECTIVE FROM THE DATE SUCH LETTER ARRIVES AT THE #OMPANY 4HE RESIGNED DIRECTOR UNDER PARAGRAPH ONE MAY INFORM HIS OR HER RESIGNATION TO THE REGISTRAR UNDER THE 0UBLIC #OMPANY !CT Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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)N CASE OF VACANCY OF DIRECTOR}S POSITION DUE TO REASONS OTHER THAN BY RETIREMENT IN DUE COURSE THE "OARD OF $IRECTORS MAY APPOINT A PERSON WHO IS QUALIFIED AND DOES NOT POSSESS ANY PROHIBITED QUALIFICATIONS SPECIFIED IN THE 0UBLIC ,IMITED !CT AND LAWS ON SECURITIES AND EXCHANGE TO BE THE DIRECTOR IN THE NEXT "OARD OF $IRECTORS} MEETING %XCEPT IN A CASE WHERE THE REMAINING TERM OF A DIRECTOR IS LESS THAN MONTHS THEN THE TERM OF THE NEWLY APPOINTED DIRECTOR SHALL EXPIRE AT THE SAME TIME AS THE DIRECTOR HE SHE SUBSTITUTES 4HE RESOLUTION OF THE "OARD OF $IRECTORS UNDER PARAGRAPH ONE SHALL CONSIST OF VOTES NOT LESS THAN THREE FOURTHS OF THE REMAINING DIRECTORS 4HE SHAREHOLDERS} MEETING MAY HAVE A RESOLUTION TO REMOVE ANY DIRECTOR PRIOR TO EXPIRATION OF HIS OR HER TERM WITH THE VOTES NOT LESS THAN THREE FOURTHS OF VOTES OF SHAREHOLDERS PRESENT AT THE MEETING AND HAVE THE VOTING RIGHT WHICH MUST HAVE ACCUMULATED SHARES NOT LESS THAN ONE HALF OF TOTAL SHARES OF THE SHAREHOLDERS PRESENT AT THE MEETING AND HAVE VOTING RIGHT

4HE INDEPENDENT $IRECTOR 4HE #OMPANY PRESCRIBES THAT THE "OARD OF $IRECTORS SHALL CONSIST OF AT LEAST ONE THIRD OF TOTAL DIRECTORS OF THE #OMPANY 4HE "OARD OF $IRECTORS OR THE SHAREHOLDERS} MEETING AS THE CASE MAY BE SHALL APPOINT THE )NDEPENDENT $IRECTOR TO BE MEMBERS OF THE "OARD OF $IRECTORS /NE THIRDS OF THE "OARD OF $IRECTORS AND AT LEAST MUST BE THE )NDEPENDENT $IRECTORS #RITERIA ON SELECTION OF THE )NDEPENDENT $IRECTOR SHALL BE BASED ON CRITERIA ON SELECTION OF THE "OARD OF $IRECTORS )NDEPENDENT $IRECTOR SHALL NOT POSSESS PROHIBITED CHARACTERISTICS PURSUANT TO THE 0UBLIC #OMPANY !CT AND RELEVANT LAWS ON SECURITIES AND EXCHANGE INCLUDING NOTIFICATIONS REGULATIONS AND OR RULES 4HE )NDEPENDENT $IRECTOR SHALL HAVE APPROPRIATED EDUCATIONS SPECIALIZED SKILLS AND EXPERIENCES 4HEY MUST BE PROPOSED AT THE SHAREHOLDERS} MEETING FOR CONSIDERATION AND APPROVAL TO BE THE #OMPANY}S DIRECTOR )N ADDITION IF ANY )NDEPENDENT $IRECTOR VACATES FROM OFFICE BEFORE AN EXPIRATION OF THE TERM THE "OARD OF $IRECTORS MAY APPOINT ANOTHER )NDEPENDENT $IRECTOR WHO POSSESSES THE ABOVEMENTIONED QUALIFICATIONS TO REPLACE SUCH VACATED POSITION AND THE TERM OF THE NEW )NDEPENDENT $IRECTOR SHALL BE EQUAL TO THE REMAINING TERM OF THE )NDEPENDENT $IRECTOR THAT HE OR SHE REPLACES 4HE "OARD OF $IRECTORS HAS SPECIFIED QUALIFICATIONS OF THE )NDEPENDENT $IRECTOR AS FOLLOWS (OLDING SHARES NOT EXCEEDING PERCENT OF THE TOTAL NUMBER OF VOTING SHARES OF THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY OR A CONTROLLING PERSON OF THE #OMPANY PROVIDED THAT THE SHARES HELD BY THE RELATED PERSON OF THE )NDEPENDENT $IRECTOR SHALL ALSO BE COUNTED FOR THIS PURPOSE .OT BEING OR HAVING BEEN A DIRECTOR INVOLVED IN THE MANAGEMENT AN EMPLOYEE A CONSULTANT WITH A MONTHLY WAGE OR A CONTROLLING PERSON OF THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A SUBSIDIARY IN THE SAME LEVEL A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY EXCEPT HE SHE HAS RESIGNED FROM SUCH POSITION AT LEAST YEARS PRIOR TO THE DATE OF APPOINTMENT AS AN )NDEPENDENT $IRECTOR .OT BEING RELATED BY BLOOD OR LEGAL REGISTRATION AS A FATHER MOTHER SPOUSE SIBLING AND CHILD INCLUDING AS A SPOUSE OF THE CHILD OF AN EXECUTIVE OFFICER A MAJOR SHAREHOLDER A CONTROLLING PERSON OR A PERSON WHO WILL BE NOMINATED TO BECOME AN EXECUTIVE OFFICER OR A CONTROLLING PERSON OF THE #OMPANY OR ITS SUBSIDIARY .OT HAVING OR HAD A BUSINESS RELATIONSHIP WITH THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY IN THE MANNER WHICH MAY INTERFERE THE EXERCISE OF INDEPENDENT JUDGMENT INCLUDING NOT BEING OR HAVING BEEN A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF A PERSON HAVING A BUSINESS RELATIONSHIP WITH THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY EXCEPT WHERE SUCH RESTRICTION HAD PASSED FOR NOT LESS THAN YEARS PRIOR TO THE APPOINTMENT AS AN )NDEPENDENT $IRECTOR .OT BEING OR HAVING BEEN AN AUDITOR OF THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY AND NOT BEING A MAJOR SHAREHOLDER A CONTROLLING PERSON OR A PARTNER OF AN AUDIT OFFICE FOR WHICH THE AUDITOR OF THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY WORK EXCEPT WHERE SUCH RESTRICTION HAD PASSED FOR NOT LESS THAN YEARS PRIOR TO THE APPOINTMENT AS AN )NDEPENDENT $IRECTOR

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.OT BEING OR HAVING BEEN A PROFESSIONAL SERVICE PROVIDER INCLUDING A LEGAL CONSULTANT OR FINANCIAL ADVISOR WHO RECEIVES SERVICE FEES EXCEEDING "AHT MILLION FROM THE #OMPANY ITS COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY EXCEPT WHERE SUCH RESTRICTION HAD PASSED FOR NOT LESS THAN YEARS PRIOR TO THE APPOINTMENT AS AN )NDEPENDENT $IRECTOR .OT BEING A DIRECTOR APPOINTED TO REPRESENT THE #OMPANY}S "OARD OF $IRECTORS A MAJOR SHAREHOLDER OR A SHAREHOLDER WHO IS RELATED TO THE #OMPANY}S MAJOR SHAREHOLDER .OT BEING IN A BUSINESS OF THE SAME NATURE AS AND OF SIGNIFICANT COMPETITION TO THAT OF THE #OMPANY OR ITS SUBSIDIARY OR NOT BEING A DIRECTOR WHO IS INVOLVED WITH MANAGEMENT TASKS A STAFF MEMBER AN EMPLOYEE A CONSULTANT WITH A MONTHLY WAGE AS WELL AS A SHAREHOLDER WHO HOLDS MORE THAN PERCENT OF SHARES WITH VOTING RIGHTS OF ANOTHER COMPANY WHICH IS ENGAGED IN A BUSINESS OF THE SAME NATURE AS AND OF SIGNIFICANT COMPETITION TO THAT OF THE COMPANY OR ITS SUBSIDIARY .OT HAVING ANY OTHER CHARACTERISTIC WHICH PREVENTS THE GIVING OF AN INDEPENDENT OPINION ON OPERATIONS OF THE #OMPANY

4HE )NDEPENDENT $IRECTOR SHALL EXAMINE AND CERTIFY ITS OWN INDEPENDENT QUALIFICATIONS AT LEAST ONCE A YEAR BY NOTIFYING SUCH RESULT TOGETHER WITH A REPORT ON BIO DATA OF DIRECTOR AT YEAR END FOR PREPARATION OF FORM AND ANNUAL REPORT OF THE #OMPANY 4HE !UDIT #OMMITTEE 4HE "OARD OF $IRECTORS OR THE SHAREHOLDERS} MEETING AS THE CASE MAY BE SHALL APPOINT AT LEAST DIRECTORS TO BE THE #OMPANY}S !UDIT #OMMITTEE %ACH MEMBER OF THE !UDIT #OMMITTEE SHALL BE AN )NDEPENDENT $IRECTOR AND MUST NOT BE A DIRECTOR WHO IS APPOINTED FROM THE "OARD OF $IRECTORS TO MAKE DECISION WITH REGARDS TO BUSINESS OPERATIONS OF THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY ITS ASSOCIATED COMPANY A SUBSIDIARY IN THE SAME LEVEL A MAJOR SHAREHOLDER OR A CONTROLLING PERSON OF THE #OMPANY AND MUST NOT BE A DIRECTOR OF THE #OMPANY ITS PARENT COMPANY ITS SUBSIDIARY A SUBSIDIARY IN THE SAME LEVEL OF THE LISTED COMPANY ONLY 4HE !UDIT #OMMITTEE SHALL HAVE QUALIFICATIONS PURSUANT TO THE LAWS ON SECURITIES AND EXCHANGE INCLUDING NOTIFICATIONS REGULATIONS AND OR RULES OF THE 3TOCK %XCHANGE OF 4HAILAND ON QUALIFICATIONS AND SCOPE OF WORK OPERATIONS OF THE !UDIT #OMMITTEE )N ADDITION AT LEAST MEMBER OF THE !UDIT #OMMITTEE SHALL HAVE ADEQUATE KNOWLEDGE UNDERSTANDINGS AND EXPERIENCES ON ACCOUNTING OR FINANCE THAT CAN AUDIT CREDIBILITY OF THE FINANCIAL STATEMENT AS WELL AS PERFORM OTHER DUTIES AS THE !UDIT #OMMITTEE 4HE %XECUTIVES 4HE #OMPANY HAS A POLICY TO SELECT PERSON WHO ARE KNOWLEDGEABLE CAPABLE AND HAVE RELEVANT EXPERIENCES CONCERNING WITH THE #OMPANY}S BUSINESS 3ELECTION PROCESS MUST COMPLY WITH RULES ON HUMAN RESOURCES MANAGEMENT AND MUST HAVE BEEN APPROVED FROM THE "OARD OF $IRECTORS OR THE PERSON APPOINTED BY THE "OARD OF $IRECTORS 4HE .OMINATION AND 2EMUNERATION #OMMITTEE SHALL CONSIDER AND SELECT A PERSON WHO SHALL HOLD A POSITION OF -ANAGING $IRECTOR 4HE APPOINTMENT OF A -ANAGING $IRECTOR IS REQUIRED TO HAVE AN APPROVAL FROM THE "OARD OF $IRECTORS 4HE -ANAGING $IRECTOR IS ASSIGNED TO APPOINT QUALIFIED CAPABLE AND EXPERIENCED PERSONS CONCERNING WITH THE #OMPANY}S BUSINESS TO BE AN EMPLOYEE IN VARIOUS LEVELS (OWEVER THE APPOINTMENT OF A CHIEF OR PERSON WHO IS RESPONSIBLE FOR AUDIT AND INTERNAL CONTROL IS REQUIRED TO HAVE AN APPROVAL FROM THE !UDIT #OMMITTEE FIRST

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Marketing and Competitive Conditions 4HE #OMPANY HAS ENGAGED IN BUSINESS OF IMPORT AND DISTRIBUTION OF CHEMICALS AND EQUIPMENTS USED IN VARIOUS INDUSTRIES -OST OF THE #OMPANY}S PRODUCTS ARE SUPPLIED TO OIL GAS EXPLORATION AND PRODUCTION REFINERY PETROCHEMICAL PLANTS NATURAL GAS SEPARATION PLANT AND POWER PLANT !PPROXIMATELY PERCENT OF INCOMES IN WERE FROM SALES TO CUSTOMERS IN OIL GAS EXPLORATION AND PRODUCTION REFINERY UPSTREAM PETROCHEMICAL AND CHEMICAL INDUSTRY 4HEREFORE BUSINESS OPERATIONS OF THE #OMPANY ARE DIRECTLY RELATED TO THE GROWTH OF SUCH INDUSTRIES )NDUSTRIAL #ONDITIONS )NDUSTRIAL #ONDITIONS OF 2EFINERY !T PRESENT 4HAILAND HAS REFINERIES )N MILLION LITERS OF PETROLEUM PRODUCTS HAVE BEEN PRODUCED WITH DIESEL OIL HAS THE HIGHEST PROPORTION AT MILLION LITERS OR PERCENT OF TOTAL PETROLEUM PRODUCTS PRODUCED FOLLOWED BY GASOLINE JET FUEL AND FUEL OIL AT PERCENT PERCENT AND PERCENT RESPECTIVELY )N LIQUEFIED PETROLEUM GAS HAS BEEN PRODUCED AT MILLION KILOGRAM AN INCREASE OF PERCENT FROM $ETAILS OF PRODUCTION VOLUME OF PETROLEUM PRODUCTS CLASSIFIED BY TYPES ARE AS FOLLOWS -ILLION LITERS PER YEAR 4YPE OF 0RODUCT 'ASOLINE $IESEL OIL +EROSENE *ET FUEL &UEL OIL 4OTAL ,IQUEFIED PETROLEUM GAS MILLION KILOGRAM 3OURCE $EPARTMENT OF %NERGY "USINESS -INISTRY OF %NERGY $EMAND FOR PETROLEUM PRODUCTS IN WAS BARRELS DAY AN INCREASE OF PERCENT FROM WHICH WAS AT BARRELS DAY DUE TO A RISE IN JET FUEL AND ,0' CONSUMPTION 5SAGE OF GASOLINE AND DIESEL OIL IN WAS CLOSED TO VOLUME IN AS PER DETAILS SHOWN IN BELOW TABLE "ARRELS DAY 4YPE OF 0RODUCT 'ASOLINE $IESEL OIL +EROSENE *ET FUEL &UEL OIL ,IQUEFIED PETROLEUM GAS 4OTAL 3OURCE $EPARTMENT OF %NERGY "USINESS -INISTRY OF %NERGY

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)NDUSTRIAL #ONDITIONS OF /IL 'AS %XPLORATION AND 0RODUCTION "USINESS -AIN OPERATORS IN OFF SHORE NATURAL GAS EXPLORATION AND PRODUCTION INDUSTRY IN 4HAILAND ARE #HEVRON 4HAILAND %XPLORATION AND 0RODUCTION 044 %XPLORATION AND 0RODUCTION 0UBLIC ,IMITED #OMPANY #HEVRON /FFSHORE 4HAILAND ,IMITED (ESS 4HAILAND ,IMITED AND -ITSUI /IL %XPLORATION #OMPANY ,IMITED 4HE PRODUCTION AMOUNT OF PETROLEUM IN 4HAILAND HAS BEEN EXPANDED CONTINUALLY SINCE AS A RESULT OF SURPLUS DEMAND OVER SUPPLY 4HE OPERATORS HAVE SURVEYED NEW ENERGY SOURCES AND EXPANDED THEIR PRODUCTION SOURCES BOTH DOMESTICALLY AND INTERNATIONALLY TO RESPOND TO THE INCREASED DEMAND )N DOMESTIC PRODUCTION AMOUNT OF NATURAL GAS WAS BARRELS DAY #RUDE /IL %QUIVALENT AN INCREASE PERCENT FROM WHICH WAS AT BARRELS DAY 7HILE DOMESTIC CRUDE OIL PRODUCTION IN WAS BARRELS DAY A DECREASE OF PERCENT FROM WHICH WAS AT BARRELS DAY $OMESTIC PRODUCTION OF LIQUEFIED NATURAL GAS WAS BARRELS DAY AN INCREASED OF PERCENT FROM WHICH WAS AT BARRELS DAY $ETAIL OF PETROLEUM PRODUCTION IN 4HAILAND IN WAS AS FOLLOWS #RUDE /IL %QUIVALENT ,IQUEFIED .ATURAL 'AS .ATURAL 'AS #RUDE /IL 9EAR "ARREL $AY "ARREL $AY "ARREL $AY 3OURCE %NERGY 0OLICY AND 0LANNING /FFICE -INISTRY OF %NERGY #ONDITIONS OF 0ETROCHEMICALS )NDUSTRY )N AN OVERVIEW OF PETROCHEMICAL INDUSTRIES WERE BETTER THAN PART OF THE REASON WAS DUE TO CLARITY ON THE ORDERS FROM THE !DMINISTRATIVE #OURT ON CONSTRUCTION SUSPENSION OF INDUSTRIAL PLANTS IN -AP 4A 0HUT )NDUSTRIAL %STATE AND CONSIDERABLY DEMAND OF PETROCHEMICALS DURING THE RD AND THE TH QUARTER OF 0RICES AND EXPORT VOLUMES WERE HIGHER AS A RESULT OF SHORTAGE OF FEEDSTOCK AND DELAY OF NEW PRODUCTION PLANTS FROM THE -IDDLE %AST 4HEREFORE EXCESSIVE SUPPLY WAS NOT AS SEVERE AS PREVIOUSLY EXPECTED .EW PLANTS OF LARGE DOMESTIC OPERATORS I E 044 AND 3#' HAVE STARTED OPERATIONS IN THE TH QUARTER OF )T IS FORECASTED THAT DEMAND IN THE WORLD MARKET SHALL BE ON THE RISE DUE TO IMPROVED ECONOMIC SITUATIONS SO THIS BUSINESS CYCLE SHALL BE UP AGAIN FROM ONWARDS #OMPETITION 4HERE ARE MANY BUSINESS OPERATORS WHO HAVE ENGAGED IN BUSINESS OF IMPORT AND DISTRIBUTION OF CHEMICAL PRODUCTS AND EQUIPMENT BECAUSE THERE ARE VARIOUS CHEMICALS FOR VARIOUS INDUSTRIES %ACH BUSINESS OPERATOR HAS DIFFERENT EXPERTISE 4HE #OMPANY HAS AN EXPERTISE ON DISTRIBUTION OF CHEMICALS AND PRODUCTS FOR OIL GAS REFINERIES GAS SEPARATION PLANT AND PETROCHEMICALS INDUSTRIES #OMPETITION IN THIS INDUSTRIAL GROUP IS NOT HARSH WHEN COMPARED WITH OTHER INDUSTRIES BECAUSE THE OPERATORS IN THIS FIELD HAVE TO BE THE SPECIALIZED EXPERTS AND MUST HAVE GOOD EXPERIENCED SALES TEAM WHO CAN PROVIDE SUGGESTIONS ADVICES AND AFTER SALE SERVICES TO THE CUSTOMERS !DDITIONALLY NEW COMERS MAY FIND THAT IT IS QUITE DIFFICULT TO ENTER IN THIS FIELD OF BUSINESS BECAUSE THEY NEED TO HAVE LONG TERM RELATIONSHIP WITH THE CUSTOMERS AND A LOT OF INVESTMENTS WHEN COMPARED WITH SUPPLY OF CHEMICALS AND EQUIPMENT TO GENERAL INDUSTRIES

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)T IS QUITE COMPLICATED TO IDENTIFY MARKET SHARE OF THE #OMPANY BY INDUSTRY GROUPS BECAUSE THERE ARE A LOT OF CHEMICALS AND EQUIPMENT SUPPLIERS AND RANGE OF THEIR SUPPLIED PRODUCTS ARE SO VAST !NYWAY THE #OMPANY HAS READINESS TO COMPETE WITH OTHER DISTRIBUTORS BECAUSE THE #OMPANY HAS EXPERIENCES AND THE SPECIALIZED SALES TEAM TO SELL CHEMICALS AND EQUIPMENT FOR LARGE INFRASTRUCTURE INDUSTRIES AND THE PRODUCTS SOLD HAVE GOOD QUALITY AND STANDARDS IN WORLD CLASS LEVEL WITH AFTER SALES SERVICE )N ADDITION THE #OMPANY ALWAYS HAS GOOD RELATIONSHIP WITH THE CUSTOMERS SO WE ARE TRUSTED BY THE CUSTOMERS FOR A LONG TIME #OMPETITIVE STRATEGIES 4HE #OMPANY HAS EXPERIENCES AND SKILLS ON DISTRIBUTION OF CHEMICALS AND EQUIPMENT FOR VARIOUS INDUSTRIES AND MOST OF THEM ARE INFRASTRUCTURE INDUSTRIES OF THE COUNTRY $URING OVER YEARS OF BUSINESS OPERATIONS THE #OMPANY HAS ALWAYS DEVELOPED AND INCREASED TYPE OF PRODUCTS SUPPLIED TO MEET THE INCREASED AND DIVERSIFIED DEMAND OF THE CUSTOMERS 4HE COMPETITIVE STRATEGIES OF THE #OMPANY ARE TO FOCUS ON STRENGTHENING LONG TERM SATISFACTION AND RELATIONSHIP WITH THE CUSTOMERS /UR MARKETING AND COMPETITIVE STRATEGIES ARE AS FOLLOWS p 3UPPLY GOOD QUALITY PRODUCTS WHICH ARE CORRESPONDING TO THE CUSTOMERS} NEED BOTH ON QUANTITY AND QUALITY FROM THE WORLDS} LEADING MANUFACTURERS WITH #ERTIFICATE OF !CCEPTANCE #/! 0RODUCTS SHALL BE TESTED AND CONTROLLED TO ENSURE THEIR QUALITY AND STANDARDS BY THE #OMPANY}S TEAM AND THE THIRD PARTY}S SURVEYOR p !LWAYS KEEP THE CUSTOMER SATISFIED WITH REGARDS TO PRODUCTS AND SERVICES PROVIDED 4HE #OMPANY SHALL STUDY TENDENCY OF THE PRODUCT}S MARKETS CONTINUALLY TO SEEK AND SELECT NEW PRODUCTS WHICH CAN RESPOND TO THE NEEDS OF THE CUSTOMER IN EACH GROUP OF INDUSTRY 4HE #OMPANY HAS AFTER SALES SERVICE PROCESS TO ACKNOWLEDGE PROBLEMS AND PROVIDE CORRECTIVE SOLUTIONS TO PREVENT ANY REOCCURRENCE OF SUCH PROBLEM WHICH CAN LEAD TO SUSTAINABLE SATISFACTION TO THE CUSTOMERS IN THE LONG TERM p %MPHASIZE ON COMPLETE AND ON TIME DELIVERY OF PRODUCTS AS WELL AS SAFETY TRANSPORTATION BY HIRING THE SPECIALIZED TRANSPORTATION COMPANY FOR MAXIMUM EFFICIENCY AND AVOIDANCE OF ANY POTENTIAL ACCIDENT FROM TRANSPORTATION 4HIS PRACTICE CAN REDUCE COST ON PROCUREMENT OF TRUCKS AND ADMINISTRATION AND MANAGEMENT COSTS OF TRANSPORTATION PERSONNEL p &IX PRICE PROPERLY AND FLEXIBLY PURSUANT TO PRICING CONDITIONS IN EACH MARKET !S MOST OF THE PRODUCTS SOLD BY THE #OMPANY ARE BY PRODUCT FROM CRUDE OIL REFINERY AND PETROCHEMICAL PROCESSES SO THEIR PRICING MECHANISM HAVE BEEN DEFINED AND VARIED BY CONDITION OF OIL AND PETROCHEMICAL PRICES 0RICING AND MARGIN SHALL BE BASED ON QUALIFICATIONS AND COMPETITIVENESS OF PRODUCT IN EACH PRODUCT GROUP p &OCUS ON SALE DIRECTLY TO CUSTOMERS IN MAIN INDUSTRIES IN LARGE VOLUME AND ON CONTINUED BASIS BY SALES TEAMS WHO HAVE EXPERIENCES AND KNOWLEDGE TO INCREASE SALES INCOME AND GOOD IMAGE TO THE #OMPANY AS THE KEEN EXPERT ON THIS BUSINESS

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)NDUSTRIAL AND #OMPETITIVE 4RENDS 4HE COMPETITION ON BUSINESS OF IMPORT AND DISTRIBUTION OF CHEMICALS AND EQUIPMENT IN THE LARGE INFRASTRUCTURE INDUSTRIES SUCH AS OIL GAS EXPLORATION AND PRODUCTION REFINERY PETROCHEMICAL INDUSTRY AND LARGE POWER PLANTS IS NOT INTENSE BECAUSE THE OPERATOR MUST HAVE SPECIALIZED KNOWLEDGE AND GOOD RELATIONSHIP WITH THE CUSTOMERS AND IT IS A BUSINESS WHICH REQUIRED A LOT OF INVESTMENTS 4HE TRADERS TEND TO COMPETE BY ADDING VALUE TO THE PRODUCTS SUPPLIED BY INCREASING CONSULTANCY AND RECOMMENDATION SERVICES INCLUDING FINDING NEW PRODUCTS WHICH CAN INCREASE VALUE AND REDUCE COSTS TO THE CUSTOMERS (OWEVER THESE BUSINESS OPERATORS MIGHT ENCOUNTER PROBLEMS CONCERNING WITH POLICIES ON REQUEST FOR CONSTRUCTION OF NEW PLANT WHICH REQUIRES TO HAVE THE ENVIRONMENT AND HEALTH IMPACT ASSESSMENT 4HIS ISSUE MAY TAKE TIME TO CONSIDER AND IT CAN IMPACT THE #OMPANY AND THE COMPETITORS WHO ARE TRADERS ON IMPORT AND DISTRIBUTION OF CHEMICALS RELATED TO OIL REFINERY AND INFRASTRUCTURE INDUSTRIES

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Revenue Structure

Unit : Million Baht

5NIT "AHT -ILLION )NCREASE $ECREASE !MOUNT !MOUNT !MOUNT 2EVENUE FROM 3ALES 0RODUCT IN 2EFINERY /FFSHORE 2EFINERY AND 5PSTREAM 0ETROCHEMICALS 0RODUCT SIN 2EFINERY ,IQUID #HEMICALS #HEMICAL AND 3OLVENT 0RODUCTS "ASE /IL AND !DDITIVES 0RODUCTS 0RODUCTS IN 0OWER AND 5TILITIES 'ROUP /THERS 4OTAL 2EVENUE FROM 3ALES /THER 2EVENUE 4OTAL 2EVENUE

900 800 700 600 500 400 300 200 100 0

19 115 70 108

389

2009 Other Revenued Base Oil and Additive Products Refinery#1

15 143 136 128 342

2010 Others Chemical and Solvent Products

Products in Power and Utilities Group Refinery#2

#OST OF SALES IN WAS "AHT MILLION AND "AHT MILLION OR PERCENT AND PERCENT OF REVENUE FROM SALES RESPECTIVELY 3UCH INCREASED COST OF SALE WAS IN LINE WITH EXPANSION OF SALES DURING SUCH PERIOD 2ATIO OF COST OF SALES WAS INCREASED FROM WHICH WAS AT PERCENT 4OTAL GROSS PROFIT MARGIN IN AMOUNTED TO PERCENT DECREASED FROM WHICH WAS PERCENT DUE TO REDUCTION OF GROSS PROFIT OF PRODUCTS IN REFINERY GROUP 2ATIO OF SALES IN DECREASED BY PERCENT COMPARED WITH THE PREVIOUS YEAR )N ADDITION RATIO OF SALES OF APPROXIMATELY PERCENT OF TOTAL REVENUE CAME FROM CHEMICALS AND SOLVENT PRODUCTS AND BASE OIL AND ADDITIVES PRODUCTS WHICH HAD RATHER LOW GROSS PROFIT MARGIN AS THEY ARE PRODUCTS WITH HIGH COMPETITIVENESS

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Risk Factors 2ISKS 2ELATING TO /PERATIONS 2ISKS 2ELATING TO THE #OMPANY}S /PERATIONS p 2ISKS FROM (IGHLY $EPENDENT ON -AJOR #USTOMERS 4HE #OMPANY ENGAGES IN BUSINESS OF IMPORT AND DISTRIBUTION OF CHEMICALS AND EQUIPMENTS USED IN THE #OUNTRY}S INFRASTRUCTURE INDUSTRIES SUCH AS GAS SEPARATION PLANT OIL REFINERY AND PETROCHEMICAL PLANTS )NCOMES FROM SALES TO THE FIRST MAJOR CUSTOMERS OF THE #OMPANY ARE PERCENT PERCENT AND PERCENT OF TOTAL SALES INCOME IN AND RESPECTIVELY 3UCH REDUCED RATIO IN EACH YEAR IS ATTRIBUTED TO SUCCESS IN EXPANSION TO NEW CUSTOMERS AND INTRODUCTION OF NEW PRODUCTS .ATURE OF BUSINESS THOSE CUSTOMERS CAN BE DIVIDED INTO MANY BUSINESS GROUPS AND DEMAND OF PRODUCTS OF EACH GROUP IS DIFFERENTLY 4HE #OMPANY HAS SEPARATED PROCESS ON ORDERS DEALING AND NEGOTIATION WITH EACH GROUP 2ATIO OF COMBINED INCOME FROM SALES FROM EACH MAJOR CUSTOMER IN EACH BUSINESS WAS RATHER HIGH WHEN COMPARING WITH THE #OMPANY}S OVERALL SALES INCOME $URING THE PAST THREE YEARS SALES TO ONE MAJOR CUSTOMER IN WAS MORE THAN PERCENT OF TOTAL SALES INCOME BUT IN AND NONE OF SALES TO ANY CUSTOMER IS MORE THAN PERCENT OF THE #OMPANY}S TOTAL SALES INCOME 4HE #OMPANY MAY HAVE RISKS FROM DEPENDENT ON MAJOR CUSTOMERS IN SOME CERTAIN LEVEL (OWEVER WHEN CONSIDERING ABOUT DEMAND OF MAJOR CUSTOMERS WHICH REQUIRES TO USE THE #OMPANY}S PRODUCTS ON CONTINUALLY BASIS AND SOME TYPE OF PRODUCTS ARE ESSENTIAL FOR THEIR MANUFACTURING PROCESS AND BECAUSE THE #OMPANY IS A DISTRIBUTOR OF THE WELL KNOWN AND BIGGEST MANUFACTURERS IN FOREIGN COUNTRY WHICH HAS BEEN TRUSTED BY THE CUSTOMERS SO THE ORDERS FOR SUCH PRODUCTS HAVE BEEN OBTAINED CONSISTENTLY AND CONTINUALLY 4HE #OMPANY HAS GOOD RELATIONSHIP WITH SUCH CUSTOMERS FOR MANY YEARS AND APART FROM SELLING VARIOUS PRODUCTS AND EQUIPMENT THE #OMPANY}S EXPERIENCED SALES TEAMS WHO ARE KNOWLEDGEABLE IN THIS FIELD OF BUSINESS HAVE ALSO PROVIDED RELEVANT CONSULTANCY SERVICE INCLUDING AFTER SALES SERVICES 4HE #OMPANY HAS CONDUCTED CUSTOMER SATISFACTION SURVEY TO IMPROVE THE SERVICES CONSTANTLY -OREOVER THE #OMPANY ALSO PROVIDES SUGGESTIONS AND JOINTLY PLANS WITH THE CUSTOMERS TO INCREASE EFFICIENCY OF SERVICES RENDERING AS WELL AS FULLY COMPLIES WITH RULES CRITERIA AND REQUIREMENTS OF THE CUSTOMER SO THE #OMPANY IS TRUSTED BY THE CUSTOMERS ALL ALONG )N ADDITION THE #OMPANY HAS A POLICY TO LOOK FOR NEW ADDITIONALLY CUSTOMERS AND PRODUCTS IN ORDER TO REDUCE TOO MUCH DEPENDENCE ON ANY CUSTOMERS p 2ISKS FROM #HANGES IN #OSTS OF 'OODS -OST OF CHEMICAL PRODUCTS DISTRIBUTED BY THE #OMPANY ARE PRODUCTS OF PETROCHEMICAL INDUSTRIES OF WHICH THEIR PRICES ARE FLUCTUATED WITH PRICES OF CRUDE OIL IN THE WORLD}S MARKETS AND PETROCHEMICAL INDUSTRIAL CONDITIONS WHICH HAVE BEEN CHANGED IN CYCLE 3UCH CONDITIONS MAKE THE #OMPANY HAS RISKS ON COST OF GOODS WHICH MIGHT HAVE UNAVOIDABLY IMPACTS TO MARGIN OF THE #OMPANY -OST OF THE #OMPANY}S COSTS ARE COST OF GOODS 4HE #OMPANY KEEPS TRACKING MOVEMENT OF CHEMICAL PRODUCT PRICES BOTH IN THE COUNTRY AND OVERSEAS AS WELL AS TENDENCY OF CRUDE OIL PRICES IN THE WORLD MARKET CONSTANTLY IN ORDER TO PREPARE ITSELF FOR CHANGES IN COST OF GOODS AND TO CONDUCT SALES AND INVENTORY MANAGEMENT PLAN EFFECTIVELY

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(OWEVER SUCH RISKS FROM CHANGES IN THE PRODUCT PRICES IN THE WORLD MARKET CAN BE REDUCED TO SOME CERTAIN LEVELS BECAUSE MOST OF THE #OMPANY}S CUSTOMERS ARE IN THE PETROLEUM AND PETROCHEMICAL BUSINESS SO THEY HAVE GOOD AND THOROUGH UNDERSTANDINGS ABOUT CONDITION TREND AND CYCLE OF THE RAW MATERIALS PRICES (ENCE THE #OMPANY HAS FLEXIBILITY IN FIXING SELLING PRICES OF PRODUCTS IF THERE IS A CHANGE IN FACTOR WHICH CAN HAVE IMPACT TO SUCH PRODUCT PRICES -OREOVER MOST OF THE PRODUCTS ORDERED OR IMPORTED FOR DISTRIBUTION ALREADY HAVE PURCHASE ORDERS FROM THE CUSTOMERS OR THEY ARE PRODUCTS WITH ANNUAL PURCHASE AND SALES CONTRACT WITH FIXED PRICES 4HERE ARE ONLY SMALL AMOUNT OF PRODUCTS KEPT IN STOCK PENDING FOR PURCHASE ORDER FROM THE CUSTOMERS AND MOST OF SUCH STOCKED PRODUCTS ARE ONLY SOME CERTAIN TYPES OF PRODUCTS OR THE PRODUCTS TO BE SUPPLIED TO MINOR CUSTOMERS

2ISKS FROM $EPENDENT ON 0RINCIPLE .ATURE OF BUSINESS OPERATION OF THE #OMPANY IS TO IMPORT AND DISTRIBUTE CHEMICAL PRODUCTS AND EQUIPMENT USED IN VARIOUS INDUSTRIAL PLANTS 4HE #OMPANY IS A DISTRIBUTOR OF MAJOR PRINCIPLE 5/0 ,,# WHICH IS A LARGE COMPANY IN THE 5NITED 3TATES OF !MERICA THAT PROVIDES STATE OF THE ART TECHNOLOGY FOR BUSINESSES OF REFINERY NATURAL GAS SEPARATION PETROCHEMICALS AND ESSENTIAL MANUFACTURING INDUSTRIES FOR MORE THAN YEARS 4HE #OMPANY IS A DISTRIBUTOR OF 5/0 ,,# SINCE 0!,, #ORPORATION WHICH IS A COMPANY IN THE 53! AND IT IS THE WORLD}S LARGEST AND MOST WELL KNOWN MANUFACTURER OF PRODUCTS CONCERNING WITH FILTRATION SEPARATION AND PURIFICATION 4HE #OMPANY IS A DISTRIBUTOR OF 0!,, #ORPORATION SINCE *UNE AND 4/# 'LYCOL #OMPANY ,IMITED WHICH IS A SUBSIDIARY OF 044 #HEMICALS 0UBLIC #OMPANY ,IMITED AND PRODUCTS DISTRIBUTED ARE -ONOETHYLENE 'LYCOL -%' AND $IETHYLENE 'LYCOL $%' THAT ARE USED IN PAINTING AND SOLVENT INDUSTRY TEXTILE INDUSTRY AND MANUFACTURING PLANT OF PLASTIC PELLETS BOTTLES AND RESINS 4HE #OMPANY IS A DISTRIBUTOR OF 4/# 'LYCOL #O ,TD SINCE

)N TOTAL PURCHASE ORDERS THAT THE #OMPANY PLACED WITH PRINCIPAL MANUFACTURERS WERE APPROXIMATELY PERCENT PERCENT AND PERCENT OF TOTAL PURCHASE ORDERS RESPECTIVELY 4HE REMAINING ORDERS WERE PURCHASED FROM OTHER PRINCIPLES 4HE #OMPANY HAS A POLICY TO PROVIDE NEW PRODUCTS BOTH FROM THE EXISTING AND NEW PRINCIPLE TO INCREASE DIVERSITY AND TO CONTINUE BUILDING UP MAIN BUSINESS OF THE #OMPANY 4HE #OMPANY HAS BEEN APPOINTED TO BE A DISTRIBUTOR OF PRODUCTS AND EQUIPMENT OF SUCH PRINCIPAL MANUFACTURERS AND MOST OF SUCH DISTRIBUTION CONTRACTS HAS THE TERM OF YEARS WITH CLEARLY CONDITIONS ON CONTRACT RENEWAL .ONETHELESS THE #OMPANY MAY HAVE A RISK IF SUCH COUNTERPARTY DOES NOT RENEW THE CONTRACT OR CANCELS THE CONTRACT UPON THE EXPIRY TERM WHICH CAN MAKE THE #OMPANY LOSES INCOME FROM BEING THE DISTRIBUTORS OF SUCH PRODUCTS (OWEVER THE #OMPANY IS A DISTRIBUTOR OF THOSE PRINCIPAL MANUFACTURERS I E 5/0 ,,# AND 0!,, #ORPORATION FOR APPROXIMATELY YEARS ALREADY AND IS A DISTRIBUTOR OF 4/# 'LYCOL #O ,TD FOR YEARS AND DURING ALL THOSE YEARS THE #OMPANY CAN KEEP GOOD RELATIONSHIP AND HAS BEEN TRUSTED BY THOSE COMPANIES CONTINUALLY 4HE #OMPANY HAS A TENDENCY TO INCREASE ORDER FROM SUCH MANUFACTURERS IN PROPORTION TO THE GROWTH OF SALES AMOUNT OF THE #OMPANY 4HEREFORE THE #OMPANY IS CONFIDENT THAT THE DISTRIBUTION CONTRACT SHALL BE RENEWED CONTINUALLY IN THE FUTURE -OREOVER THE #OMPANY DID NOT HAVE ANY HISTORICAL RECORD FOR UNABLE TO RENEW CONTRACT WITH SUCH PRINCIPAL MANUFACTURERS AT ALL

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2ISKS FROM "USINESS /PERATIONS OF THE !SSOCIATED #OMPANY 4HE #OMPANY HAS INVESTMENTS IN "ANGCHAK "IOFUEL #OMPANY ,IMITED l"ANGCHAK "IOFUELm AN ASSOCIATED COMPANY AT SHAREHOLDING RATIO OF PERCENT 4HE #OMPANY REALIZED PROFIT LOSS SHARING FROM SUCH INVESTMENTS IN THE FINANCIAL STATEMENT SINCE WHICH IS A YEAR THE #OMPANY INVESTED IN SUCH COMPANY (OWEVER DURING "ANGCHAK "IOFUEL DID NOT HAVE ANY OPERATING INCOME AS IT WAS DURING THE STARTING PHRASE OF PROJECT SO IT HAS LOSS PERFORMANCE .ET LOSS WAS "AHT AND MILLION RESPECTIVELY 4HE #OMPANY REALIZED LOSS FROM SUCH INVESTMENTS IN THE FINANCIAL STATEMENT OF THE #OMPANY WHICH HAS SHOWN IN EQUITY METHOD OF "AHT MILLION AND "AHT MILLION IN RESPECTIVELY OR ACCOUNTING FOR PERCENT AND PERCENT OF NET PROFIT ACCORDING TO #OMPANY}S ONLY FINANCIAL STATEMENT "ANGCHAK "IOFUEL STARTED ITS COMMERCIAL OPERATION SINCE $ECEMBER AND AFTER SUCH COMMENCEMENT UNTIL THE END OF "ANGCHAK "IOFUEL HAS GOOD PERFORMANCE WITH NET PROFIT IN WAS "AHT MILLION 4HE #OMPANY REALIZED PROFIT LOSS SHARING FROM INVESTMENTS IN "ANGCHAK "IOFUEL IN AT "AHT MILLION (OWEVER THE #OMPANY MAY HAVE RISK FROM PERFORMANCE OF "ANGCHAK "IOFUEL AND SUCH PERFORMANCE SHALL HAVE DIRECT IMPACT TO NET PROFIT AND FINANCIAL STATEMENT OF THE #OMPANY )NCOME FROM PROFIT LOSS SHARING FROM SUCH INVESTMENTS SHALL NOT DEDUCT ANY COSTS IN PROFIT AND LOSS STATEMENT OF THE #OMPANY AND IT IS NOT SUBJECT TO ANY CALCULATION FOR CORPORATE INCOME TAX 4HEREFORE IF "ANGCHAK "IOFUEL HAS BETTER PERFORMANCE IT CAN MAKE THE #OMPANY REALIZE MORE PROFITS FROM INVESTMENTS AND SUBSEQUENTLY NET PROFIT CAN BE INCREASED /N THE OTHER HAND POOR OR LOSS PERFORMANCE OF "ANGCHAK "IOFUEL CAN REDUCE NET PROFIT OF THE #OMPANY AS WELL 2ISKS FROM BUSINESS OPERATION OF "ANGCHAK "IOFUEL CAN BE SUMMARIZED AS FOLLOWS 2ISKS FROM &LUCTUATION OF !MOUNT AND 0RICE OF 2AW -ATERIALS 2AW MATERIAL USED IN MANUFACTURING BIODIESEL IS CRUDE PALM OIL WHICH IS EXTRACTED FROM PALM CLUSTERS THAT ARE MAINLY PLANTED IN THE SOUTHERN PART OF 4HAILAND !MOUNT OF PALM CLUSTERS DEPENDS ON SEASONS AND WEATHER CONDITIONS )F SUCH FACTORS ARE NOT FAVORABLE ITS PRODUCTIVITY SHALL BE DECREASED AND IT MIGHT RESULT IN INADEQUATE AMOUNT OF RAW MATERIALS FOR PRODUCTION OF BIODIESEL /THER PROBLEM IS PALM PLANTATION AREAS ARE NOT ADEQUATELY !T PRESENT PURITY OIL REFINERY WHICH IS A MANUFACTURER OF PALM OIL FOR CONSUMPTION AND BIODIESEL PLANT HAS EXCESS PRODUCTION CAPACITY )N THE FUTURE IF SUCH PLANTS INCREASE THEIR MANUFACTURING CAPACITY PLUS MANDATORY USAGE OF " "IODIESEL TO BE MIXED IN BIODIESEL OIL IN HIGHER RATIO ACCORDING TO THE GOVERNMENT POLICY TO PROMOTE ALTERNATIVE ENERGY IT IS LIKELY THAT CRUDE PALM OIL MAY BE SHORTAGE 'RAPH DISPLAYING CRUDE PALM OIL PRODUCTIVITY IN 4HAILAND IN AND ESTIMATES IN Thousand/ton 2,000

1,715

1,544 1,500

1,167

1,051

1,345

1,000 500 0

2006

2007

2008

2009

2010

Crude palm oil quantity

3OURCE "UREAU OF !GRICULTURAL 0ROMOTION $EPARTMENT OF )NTERNAL 4RADE -INISTRY OF #OMMERCE Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

131

)N ADDITION CRUDE PALM OIL IS A CONSUMABLE PRODUCT OF WHICH ITS PRICE HAS BEEN CHANGED ACCORDING TO DEMAND AND SUPPLY OF THE MARKET )MBALANCE CONDITIONS OF DEMAND AND SUPPLY CAN HAVE IMPACT TO STABILITY OF CRUDE PALM OIL PRICE AND IT CAN RESULT IN PRICE FLUCTUATION AND COSTS FOR MANUFACTURING OF BIODIESEL 3INCE THE BEGINNING OF THE PRODUCTION PROCESS IN $ECEMBER "ANGCHAK "IOFUEL PURCHASED ALL CRUDE PALM OIL WITHIN THE COUNTRY BY DIRECTLY PURCHASING FROM MANY MANUFACTURERS IN THE SOUTHERN PROVINCES $URING THE PAST PERIOD "ANGCHAK "IOFUEL HAS NOT ENCOUNTERED ANY PROBLEM FROM SHORTAGE OF RAW MATERIAL OR FLUCTUATION OF ITS PRICES EVEN THOUGH PRODUCTIVITY OF PALM OIL DURING .OVEMBER $ECEMBER OF WAS RATHER LOW AND IT WAS INADEQUATELY FOR CONSUMPTION DEMAND AND ITS PRICES TENDS TO BE HIGHER WHICH MAY HAVE IMPACT OF COST AND BIODIESEL OIL PRICE IN THE FUTURE &LUCTUATION OF CRUDE PALM OIL PRICES CAN IMPACT TO PRODUCTION AND COST OF BIODIESEL (IGH PRODUCTION COST CAN OBSTRUCT THE DEVELOPMENT AND PROMOTION ON USAGE OF ALTERNATIVE ENERGY )N ADDITION THE GOVERNMENT HAS A POLICY TO ENFORCE COMPULSORY USE OF " "IODIESEL THROUGHOUT THE COUNTRY IN AFTER COMPULSORY USE OF " "IODIESEL INSTEAD OF " "IODIESEL IN *UNE -ANDATORY ON MIXING HIGHER PROPORTION OF BIODIESEL IN DIESEL OIL SHALL LEAD TO DEMAND OF " "IODIESEL OF APPROXIMATELY MILLION LITERS PER DAY ACCOUNTING FOR CRUDE PALM OIL OF MILLION TON PER YEAR IN 4HIS AMOUNT IS MORE THAN CURRENT AMOUNT WHICH IS AT APPROXIMATELY TONS $EMAND OF CRUDE PALM OIL WHICH IS EXPECTED TO BE INCREASED IN THE FUTURE CAN SUBSEQUENTLY CAUSE IMBALANCE OF DEMAND AND SUPPLY !N INCREASE OF CRUDE PALM OIL AMOUNT MUST BE IN LINE WITH THE EXPANSION OF PALM PLANTATION AREAS !CCORDING TO THE PALM OIL DEVELOPMENT PLAN OF THE -INISTRY OF !GRICULTURE AND #OOPERATIVES PLANNED TO EXPAND THE PLANTATION AREAS OF OIL PALM OF MILLION RAIS NATIONWIDE 'OOD PALM SEEDS SHALL BE PLANTED IN ARID RICE PADDLE ORCHARDS WITH POORLY YIELD DEGENERATE FORESTS SOUR SOIL AREAS AND RUBBER PLANTATION AREA IN LOWLAND 7HEN COMBINING WITH EXISTING PLANTATION AREAS OF APPROXIMATELY MILLION RAIS TOTAL PALM PLANTATION AREAS SHALL BE APPROXIMATELY MILLION RAIS BY SO THEIR PRODUCTIVITY SHALL BE INCREASED AND CAN SUPPORT EXPANSION OF BIO DIESEL INDUSTRY AND USAGE OF " "IODIESEL IN THE FUTURE "ANGCHAK "IOFUEL IS AWARE OF RISK FROM FLUCTUATION PRICE OF CRUDE PALM OIL WHICH IS MAIN COST FOR BIO DIESEL PRODUCTION SO IT HAS SELECTED MORE THAN GOOD QUALITY AND CREDIBLE MANUFACTURERS AS ITS TRADING PARTNERS 3INCE THE BEGINNING OF ITS OPERATION UP TO $ECEMBER FOR ABOUT MONTHS "ANGCHANK "IOFUEL DID NOT HAVE ANY PROBLEM ABOUT PROCUREMENT OF SUCH RAW MATERIAL !DDITIONALLY IT HAS EXECUTED A LONG CONTRACT YEARS FOR PURCHASE AND SALES OF CRUDE PALM OIL WITH SOME OF MAJOR SUPPLIERS WITH AGREED AMOUNT IN EACH CONTRACT AND CRITERIA OF PURCHASE PRICE SHALL BE REFERRED TO MARKET PRICES OF CRUDE PALM OIL MARKET "ESIDES "ANGCHAK "IOFUEL ALWAYS SUPPORTS RESEARCH AND DEVELOPMENT OF PLANTATION OF ENERGY PLANTS SUCH AS PALM OIL AND *ATROPHA CUSCUS BY COOPERATING WITH .ATIONAL 3CIENCE AND 4ECHNOLOGY $EVELOPMENT !GENCY .34$! TO UNDERTAKE PROJECT ON IMPROVEMENT AND DEVELOPMENT OF AGRICULTURAL AREAS IN UPPER PART OF 4UNG ,UANG 2UNGSIT WHICH COVER AREAS OF PROVINCES BY ENCOURAGING THE COMMUNITIES TO GROUP THEMSELVES AS COOPERATIVES OR SMALL ENTERPRISE TO GROW PALM OIL AND THEN SELL ITS PRODUCTIVITY TO SMALL MILL AT .ATIONAL -ETAL AND -ATERIALS 4ECHNOLOGY #ENTER -4%# WHICH IS LOCATED IN .ONGSUA $ISTRICT 0ATHUMTHANI 0ROVINCE "ANGCHAK "IOFUEL SHALL PURCHASE CRUDE OIL PRODUCED 3UCH ENERGY PLANT PROMOTION PROJECT CAN NOT ONLY SOLVE ACID SOILS AND GENERATE MORE INCOME TO COMMUNITIES BUT IT CAN ALSO HELP INCREASING NEW RAW MATERIAL RESOURCES TO "ANGCHAK "IOFUEL AS WELL .ONETHELESS EVEN THOUGH BIODIESEL REFINERY PLANT OF "ANGCHAK "IOFUEL CURRENTLY USES ONLY PALM OIL AS ITS RAW MATERIAL BUT IN THE FUTURE IT PLAN TO SLIGHTLY MODIFY ITS REFINERY PLANT TO SUPPORT OTHER ENERGY PLANTS ESPECIALLY *ATROPHA CUSCUS WHICH DOES NOT COAGULATE SO IT SHALL BE SUITABLE FOR BIODIESEL PRODUCTION TO EXPORT TO COAL WEATHER COUNTRIES IF RESULTS FROM RESEARCH STUDY PROVES THAT IT IS WORTHWHILE AND BUSINESS VIABILITY 3UCH PROVINCES ARE "ANGKOK NORTHERN PART 0ATHUMTHANI 3ARABURI .OKHON .AYOK AND #HACHOENGSAO

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2ISKS FROM DEPENDENT ON MAJOR CUSTOMERS !T PRESENT MOST OF BIODIESEL PRODUCTS ARE SUPPLIED TO "ANGCHAK 0ETROLEUM 0UBLIC #OMPANY ,IMITED l"#0m A PARENT COMPANY OF "ANGCHAK "IOFUEL "#0 HOLDS PERCENT OF SHARES IN "ANGCHAK "IOFUEL !CCORDING TO A PURCHASE AND SALES CONTRACT OF " BIODIESEL BETWEEN "ANGCHAK "IOFUEL AND "#0 "#0 IS OBLIGATED TO PURCHASE AT LEAST PERCENT OF TOTAL " "IODIESEL PRODUCED BY "ANGCHAK "IOFUEL FOR A PERIOD OF YEARS WITH NORMAL PURCHASE PRICE AND CONDITION 2EMAINING PORTIONS SHALL BE SUPPLIED TO OTHER OIL TRADERS "ANGCHAK "IOFUEL MAY HAVE RISK FROM DEPENDENT ON A MAJOR CUSTOMER "#0 (OWEVER THE OPPORTUNITY TO LOSE SUCH PRIMARY CUSTOMER IS VERY UNLIKELY BECAUSE "#0 IS A PARENT COMPANY AND FOUNDER OF "ANGCHAK "IOFUEL PURSUANT TO BIODIESEL DEVELOPMENT PROJECT WHICH SPECIFYING THAT "ANGCHAK "IOFUEL SHALL BE THE MANUFACTURER OF " "IODIESEL WHICH SHALL BE USED AS FEEDSTOCK TO "#0 TO PRODUCE BIODIESEL FUEL &URTHERMORE "#0 IS A MAJOR OIL COMPANY AND LISTED IN THE 3TOCK %XCHANGE OF 4HAILAND WITH SOLID FINANCIAL STATUS IS WELL KNOWN AND ACCEPTED IN THE BUSINESS 7ITH THE ABOVE REASONS THE OPPORTUNITY TO LOSE THIS CUSTOMER OR THE OPPORTUNITY THAT THIS CUSTOMER SHALL ENCOUNTER BUSINESS OR FINANCIAL PROBLEMS THAT CAN IMPACT THE PURCHASE ORDER FROM "ANGCHAK "IOFUEL IS VERY IMPROBABLE )N ADDITION "ANGCHAK "IOFUEL IS ALSO CAPABLE TO SELL BIODIESEL PRODUCTS TO OTHER CUSTOMERS WHO ARE MAJOR OIL COMPANIES 2ISK FROM #HANGES IN 'OVERNMENT 0OLICY !T PRESENT THE GOVERNMENT SECTORS ENCOURAGE PRODUCTION AND USAGE OF BIODIESEL INSTEAD OF DIESEL FUEL WITH OBJECTIVES TO REDUCE IMPORT OF FUEL FROM FOREIGN COUNTRIES INCREASE ENERGY STABILITY AND SUPPORT USAGE OF ALTERNATIVE ENERGY FROM PLANTS WHICH ARE DOMESTIC PRODUCTIVITY -ANY MEASURES HAVE BEEN SET UP TO ASSIST AND SUPPORT BIODIESEL MANUFACTURERS I E SUPPORT ON RAW MATERIALS OR INCREASING PALM PLANTATION AREAS SUPPORT BIODIESEL MANUFACTURERS ON PRIVILEGES AND BENEFITS OF THE "OARD OF )NVESTMENT "/) MANDATORY USAGE OF BIODIESEL " TO MIX WITH HIGH SPEED DIESEL FUEL PRESCRIPTION OF REFERENCED SELLING PRICES OF BIODIESEL CREATING BIODIESEL MARKETS BY USING TAXING MEASURES SO THAT RETAIL PRICES OF BIODIESEL SHALL BE LOWER THAN DIESEL FUEL PRESCRIPTION OF CHARACTERISTICS AND QUALITY OF BIODIESEL TO ENHANCE CONFIDENCE OF CONSUMERS AS WELL AS FIXING COMPENSATION RATE TO BE OBTAINED FROM OIL FUND BECAUSE BIODIESEL PRICES PRODUCED SHALL BE HIGHER THAN REFINERY PRICE OF NORMAL DIESEL FUEL 3UCH SUPPORTING MEASURES FROM THE GOVERNMENT SECTORS DO A GREAT FAVOR TO BIODIESEL MANUFACTURERS (OWEVER IF IN THE FUTURE THE GOVERNMENT SECTORS CHANGE POLICIES ON BIODESEL SUPPORTS THE BIODIESEL MANUFACTURES SHALL BE IMPACTED FOR INSTANCE THEY MIGHT BE UNABLE TO GET RETURNS FROM INVESTMENTS AS EXPECTED HAS LOW RETURN (OWEVER THE OPPORTUNITY THAT THE GOVERNMENT SECTOR MAY CANCEL SUCH BIODIESEL SUPPORTING PROJECTS IS VERY RARE BECAUSE THE ALTERNATIVE ENERGY DEVELOPMENT IS MAIN STRATEGY ON ENERGY DEVELOPMENT OF 4HAILAND 4HIS STRATEGY CAN STRENGTHEN NATIONAL ENERGY STABILITY BY DISTRIBUTING RISKS AND PREVENTING ENERGY COSTS OF THE COUNTRY TO ONLY BIND WITH PETROLEUM PRICES WHICH CONSEQUENTLY SHALL BE BENEFICIAL AND CAN SUSTAINABLE CONTRIBUTE TO THE ECONOMIC GROWTH OF THE COUNTRY 2ISK FROM 2EDUCTION OF $EMAND OF $IESEL &UEL 3INCE BIODIESEL PRODUCTS OF "ANGCHAK "IOFUEL IS USED AS MIXING COMPONENT WITH DIESEL FUEL IN VARIOUS PROPORTIONS 4HEREFORE DEMAND OF BIODIESEL IS UP TO DEMAND OF DIESEL FUEL IN THE MARKET WHICH DEPENDS ON ECONOMIC GROWTH OF THE COUNTRY DEMAND ON VEHICLE USAGE TENDENCY ON DIESEL FUEL PRICES AND OTHER FUELS INCLUDING GROWTH AND SUBSTITUTION OF ENERGY USAGE IN VARIOUS FORMS )F DEMAND OF DIESEL FUEL CHANGES AND IS NOT AS PER FORECASTED IT MAY HAVE IMPACT TO SUPPLY OF BIODIESEL AND INCOME OF "ANGCHAK "IOFUEL "ANGCHAK "IOFUEL ALWAYS FOLLOWS UP ECONOMIC CONDITIONS MARKET STATUS AND TRENDS CONCERNING FUEL AND OTHER ENERGY INDUSTRIES AS WELL AS DOMESTIC ENERGY DEMAND BOTH IN SHORT TERM AND LONG TERM SO THAT IT CAN ADAPT ITSELF TO THE CHANGING SITUATIONS WHICH MAY HAVE IMPACT TO BUSINESS OPERATIONS IN THE FUTURE Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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&INANCIAL 2ISKS 2ISKS 2ELATING TO &OREIGN %XCHANGE 2ATES -OST OF CHEMICALS AND EQUIPMENTS DISTRIBUTED BY THE #OMPANY HAVE BEEN ORDERED AND IMPORTED FROM FOREIGN COUNTRIES OF WHICH MOST OF THEM ARE DENOMINATED IN 53 $OLLAR )N THE #OMPANY HAS IMPORTED PRODUCTS AT "AHT MILLION "AHT MILLION AND "AHT MILLION RESPECTIVELY OR ACCOUNTING TO PERCENT PERCENT AND PERCENT OF TOTAL ORDERS AMOUNT RESPECTIVELY /N THE OTHER HAND MOST OF PRODUCTS ARE SOLD WITHIN THE COUNTRY AND INCOMES ARE LARGELY DENOMINATED IN "AHT THEREFORE THE #OMPANY IS EXPOSED TO FLUCTUATION RISK FROM EXCHANGE RATES (IGHER APPRECIATION OF 53 DOLLAR SHALL INCREASE COST FOR PURCHASING PRODUCTS OF THE #OMPANY (OWEVER THE #OMPANY HAS A POLICY TO REDUCE EXCHANGE RISK BY ENTER INTO CURRENCY FORWARD CONTRACT AGAINST EXCHANGE RATE RISK HEDGING 5SUALLY PRICES QUOTED TO THE CUSTOMERS ARE IN "AHT WHICH ARE BASED ON PRICES QUOTED IN FOREIGN CURRENCIES BY THE MANUFACTURERS OR THE SUPPLIERS WITH MARK UP TO COVER RISKS AND FLUCTUATIONS UNTIL THE DUE DATE OF THE MANUFACTURERS AND THE SUPPLIERS 4HE #OMPANY ENTERS INTO SUCH #URRENCY &ORWARD #ONTRACT WITH OBJECTIVES TO REDUCE RISKS FROM EXCHANGE RATE ONLY BUT THE #OMPANY DOES NOT HAVE A POLICY TO EXPLOIT BENEFITS FROM EXCHANGE RATE AND THE TERM OF SUCH CONTRACT IS MONTHS TO COVER EACH ORDER PERIOD (OWEVER IF SOME PRODUCTS ARE ORDERED WITHOUT EXECUTION SUCH CONTRACT DUE TO SHORT INTERVAL OF ORDER DATE AND DUE DATE THE #OMPANY SHALL MONITOR MOVEMENT OF FOREIGN RATE CLOSELY INSTEAD &URTHERMORE FOR SALES TO SOME MAJOR CUSTOMERS WITH HIGH VALUE PURCHASING AND SELLING PRICE CAN BE NEGOTIATED TO DENOMINATE IN FOREIGN CURRENCY MOSTLY IN 53 $OLLAR SO THIS PRACTICE CAN HELP REDUCING RISK FROM EXCHANGE RATE IN SOME EXTENTS &OR THE PAST PERIODS THE #OMPANY HAS BEEN SLIGHTLY IMPACTED FROM EXCHANGE RATE WHEREAS IN THE #OMPANY GAINED PROFITS FROM EXCHANGE RATES EQUALED TO "AHT MILLION "AHT MILLION AND "AHT MILLION RESPECTIVELY OR ACCOUNTING FOR PERCENT PERCENT AND PERCENT OF TOTAL SALES INCOME RESPECTIVELY 2ISKS 2ELATING TO 0ROVISION OF #REDIT -OST OF SALES BY THE #OMPANY ARE SALES BY CREDIT 7ITH NATURE OF MAIN CUSTOMER GROUPS AT PRESENT AND CAREFUL POLICY ON CREDIT APPROVAL REVIEW ON CREDIT LIMIT AND CLOSELY MONITORING OF CUSTOMERS} OPERATIONS BY THE #OMPANY}S SALES TEAM SO THE #OMPANY DID NOT HAVE ANY HISTORY OF BAD DEBT FROM CREDIT ONLY DELAY PAYMENT BY SOME CUSTOMERS WHICH WAS LONGER THAN AVERAGE DEBT COLLECTION PERIOD OF DAYS IN 4HE #OMPANY HAS A BUSINESS PLAN TO EXPANSION TO A HIGHLY GROWTH AND COMPETITION INDUSTRY WITH LONGER CREDIT PERIOD THAN THE CURRENT PERIOD OF THE #OMPANY THEREFORE IT MIGHT HAVE IMPACT TO AVERAGE DEBT COLLECTION PERIOD OF THE #OMPANY AND RISK FROM DEBT COLLECTION FROM THE CUSTOMERS 2ISKS 2ELATING TO -ANAGEMENT p 2ISKS FROM (AVING 0RINCIPAL 3HAREHOLDER WHO HAS !UTHORITY TO 3PECIFY -ANAGEMENT 0OLICY !T PRESENT -R +ITTI *IVACATE IS A PRINCIPAL SHAREHOLDER OF THE #OMPANY WHO HOLDS SHARES AT APPROXIMATELY PERCENT -R +ITTI *IVACATE ALSO HOLDS A POSITION OF -ANAGING $IRECTOR OF THE #OMPANY AND HAS MAJORITY VOTE TO CONTROL ALMOST RESOLUTIONS OF THE SHAREHOLDERS} MEETING AS WELL AS CAN CONTROL POLICY AND MANAGEMENT TASKS IN THE #OMPANY PARTICULARLY ON REQUESTING FOR RESOLUTIONS WHICH REQUIRE MAJORITY VOTES OF SHAREHOLDERS} MEETING EXCEPT IN MATTERS THAT THE LAWS OR THE #OMPANY}S ARTICLES OF ASSOCIATION SPECIFIED THAT IT REQUIRED TO HAVE THREE FOURTH VOTES OF THE SHAREHOLDERS} MEETING 4HEREFORE OTHER SHAREHOLDERS MAY HAVE RISK FROM INABILITY TO COLLECT VOTES TO BALANCE THE MATTERS PROPOSED BY THE PRINCIPAL SHAREHOLDER

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(OWEVER IN ORDER TO MAKE BUSINESS OPERATIONS OF THE #OMPANY TRANSPARENT WITH BALANCE OF POWER THE #OMPANY HAS ESTABLISHED THE MANAGEMENT STRUCTURE WHICH IS RESPONSIBLE BY COMPETENT PERSONNEL WITH CLEARLY SCOPE OF WORK DELEGATION OF AUTHORITY TO THE DIRECTORS AND THE EXECUTIVES PERSONNEL FROM THE THIRD PARTY HAVE BEEN APPOINTED TO BE THE INDEPENDENT DIRECTORS IN THE "OARD OF $IRECTORS OF THEM ARE THE !UDIT #OMMITTEE WHICH IS MORE THAN HALF OF TOTAL DIRECTORS TO AUDIT BALANCE DECISION MAKING INCLUDING CONSIDER AND APPROVE THE MATTERS BEFORE PRESENTING TO THE SHAREHOLDERS} MEETING !DDITIONALLY THE #OMPANY HAS PRESCRIBED MEASURES ON TRANSACTION WITH PERSON WHO MIGHT HAVE CONFLICT OF INTEREST BY RESTRICTING VOTING RIGHT OF THE CONCERNED PERSON 4HE #OMPANY ALSO ESTABLISHES AN INTERNAL CONTROL UNIT BY EMPLOYING THE EXPERT FROM THE THIRD PARTY}S COMPANY WHO CAN WORK INDEPENDENTLY AND REPORT DIRECTLY TO THE !UDIT #OMMITTEE -AIN DUTY AND RESPONSIBILITIES OF THIS INTERNAL CONTROL UNIT ARE TO OVERSEE INTERNAL CONTROL SYSTEM TO ENSURE THAT IT COMPLIES WITH THE SPECIFIED SYSTEM IN ORDER TO STRENGTHEN CONFIDENCE OF THE SHAREHOLDERS WITH REGARD TO TRANSPARENCY AND BALANCE OF POWER ON MANAGEMENT OF THE #OMPANY

2ISKS FROM )NVESTMENT IN .EW 0ROJECT 4HE #OMPANY IS CURRENTLY WORKING ON THE #OMPRESSED "IO -ETHANE 'AS #"' 0ROJECT WHICH IS A NEW INVESTMENT PROJECT WITH TOTAL INVESTMENT OF APPROXIMATELY "AHT MILLION OR PERCENT OF TOTAL ASSET OF THE #OMPANY AS AT $ECEMBER 4HIS PROJECT SHALL BE COMMENCED AROUND THE ND QUARTER OF UNTIL EARLY OF AND IT IS EXPECTED THAT THE PRODUCTION PROCESS CAN BE STARTED IN EARLY OF 2ISKS RELATING TO INVESTMENT IN NEW PROJECT ARE AS FOLLOWS 2ISKS FROM INABILITY TO FULFILL AGREEMENTS CONCERNED WITH THE PROJECT !T PRESENT THE PROJECT IS UNDER PREPARATION AND NEGOTIATION PROCESSES !FTER THE #OMPANY HAS CONDUCTED A PRELIMINARY FEASIBILITY STUDY THERE ARE SOME PROGRESSES FOR INSTANCE AN EXECUTION OF ,ETTER OF )NTENT ON DEVELOPMENT OF BIO GAS PRODUCTION PROJECT WITH -ONGKOL AND 3ONS &ARM #OMPANY ,IMITED l-ONGKOL AND 3ONS &ARMm AN EXECUTION OF -EMORANDUM OF 5NDERSTANDING ON EXPERIMENTAL DEVELOPMENT PROJECT ON BIO GAS FROM ANIMAL EXCREMENT FOR COMMUNICATIONS IN #HIANG -AI WITH 044 0UBLIC #OMPANY ,IMITED l044m A LETTER OF FINANCIAL CREDIT SUPPORT FROM ONE COMMERCIAL BANK BRIEF DETAILS OF SUCH -/5 OR LETTER ARE APPEARED IN 3ECTION )TEM &UTURE 0ROJECT 3UCH -/5 OR FINANCIAL SUPPORTS ARE PRIMARY STEP TO LEAD TO THE EXECUTION OF MAIN CONTRACTS CONCERNING THE PROJECT OPERATIONS WHICH ARE ,AND LEASE CONTRACT AND PURCHASE AND SALE OF PIG EXCREMENT CONTRACT WITH -ONGKOL AND 3ONS &ARM 0URCHASE AND SALES OF #"' CONTRACT WITH 044 ,OAN AGREEMENT WITH A COMMERCIAL BANK (OWEVER THE PROJECT MAY HAVE RISK FROM INABILITY TO FULFILL AGREEMENTS OR PROPOSALS IN ORDER TO BRING ABOUT THE EXECUTION OF CONTRACTS CONCERNING WITH THE PROJECT OPERATIONS 4HE #OMPANY IS WELL AWARE OF SUCH POTENTIAL RISKS AND TRIES ITS BEST TO FIND CONCLUSION TO LEAD TO PREPARATION AND EXECUTION OF THE CONTRACT SO THAT IT CAN HAVE LEGAL EFFECTS )T IS EXPECTED THAT THE #OMPANY CAN SIGN IN LAND LEASE CONTRACT AND PURCHASE AND SALES OF PIG EXCREMENT CONTRACT WITH -ONGKOL AND 3ONS &ARM BY !PRIL AND SIGN IN PURCHASE AND SALES OF #"' CONTRACT WITH 044 BY !PRIL AND SIGN IN LOAN AGREEMENT WITH THE BANK BY THE ND QUARTER OF 2ISKS ON AMOUNT AND PURCHASE PRICE !T PRESENT THE #OMPANY AND 044 HAVE JOINTLY SIGNED IN -EMORANDUM OF 5NDERSTANDING ON #"' PRODUCTION PROJECT TO BE USED AS VEHICLE AUTO FUEL TO SUBSTITUTE #.' CURRENTLY SUPPLIED BY 044 044 SHALL PURCHASE ALL #"' PRODUCED BY THE #OMPANY WHICH HAS QUALIFICATIONS AS SPECIFIED IN THE APPROPRIATED PRICE AND THE AGREED AMOUNT TO SELL TO THE .'6 GAS STATION FOR THE VEHICLE USERS .EGOTIATION ON AN EXECUTION OF GAS PURCHASE AND SALES HAS BEEN COMPLETED IN MAJOR PRINCIPLES BUT NOT YET REACHED THE EXECUTION STAGE OF THE CONTRACT Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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$ESPITE HAVING SUCH -/5 THE #OMPANY MAY HAVE RISKS IF IT CANNOT FULFILL AGREEMENTS IN THE CONTRACT AS EXPECTED $URING THE PRELIMINARY NEGOTIATIONS GAS PRICES SELLING TO 044 SHALL BE REFERRED TO PRICING FORMULA TO BE AGREED IN DETAILS LATER &OR THE PAST PERIOD 044 HAS TO TAKE LOSS BURDEN FROM SELLING OF .'6 SINCE THE BEGINNING WHERE ITS RETAIL SELLING PRICE HAS BEEN DETERMINED BY THE #ENTRAL #OMMITTEE WHICH CONSISTS OF GOVERNMENT AGENCIES I E %NERGY 0OLICY 0LANNING /FFICE %00/ AND .ATIONAL %NERGY 0OLICY #OUNCIL .%0# 0RESENT RETAIL PRICE IS "AHT PER KILOGRAM WHICH 044 HAS TO ABSORB LOSS OF APPROXIMATELY "AHT PER KILOGRAM SELLING GAS IN GAS STATION IN REMOTE AREAS WHICH ARE FAR FROM NATURAL GAS PIPELINE AND MAIN .'6 GAS STATION SHALL HAVE AN ADDITIONAL COSTS 4OTAL ACCUMULATED LOSS OF 044 FROM SELLING .'6 IN WAS APPROXIMATELY "AHT MILLION !CCORDING TO GAS PRICE ESTIMATION THE #OMPANY SHALL SELL GAS TO 044 AT LOWER PRICES THAN PRESENT COST OF 044 WHICH IS REASONABLE PRICE AND WILL NOT CAUSE BURDEN TO 044 4HEREFORE IT IS VERY LIKELY THAT THE #OMPANY SHALL HAVE FAVORABLE RESPONSE FROM 044 BOTH ON AMOUNT AND PURCHASED PRICE AS PER ESTIMATED )N ADDITION THE #OMPANY PLACES MOST IMPORTANCE ON EXECUTION OF PURCHASE AND SALES OF #"' CONTRACT WITH 044 WHICH IS REGARDED AS THE FOREMOST STEP FOR PROJECT OPERATION .EGOTIATIONS TO ENTER INTO THE CONTRACT MUST BE DONE WITH MOST CAREFULNESS AND FAIRNESS TO BOTH PARTIES IN ORDER TO MAKE OPERATION OR EXECUTION OF AGREEMENT OR CONTRACT HAPPEN IN THE NEXT STEPS 4HE #OMPANY EXPECTED THAT THE CONTRACT CAN BE EXECUTED WITHIN !PRIL

4ECHNICAL RISKS 3INCE #"' PRODUCTION PROJECT IS A NEW PROJECT AND THE #OMPANY DOES NOT HAVE ANY DIRECT EXPERIENCE IN THIS FIELD THEREFORE THE #OMPANY MAY HAVE TECHNICAL RISKS DUE TO INABILITY TO PRODUCE AS PER EXPECTED !CCORDING TO -/5 EXECUTED BETWEEN THE #OMPANY AND 044 044 HAS EXPRESSED ITS INTENTION TO PURCHASE ALL #"' FROM THE #OMPANY AT THE AGREED PRICE AND AMOUNT IF THE #OMPANY CAN PRODUCE #"' WHICH HAS APPROPRIATED QUALIFICATIONS TO BE ABLE TO SELL AS LIQUEFIED GAS IN VEHICLE AND CONFORMS TO QUALIFICATIONS UNDER THE .OTIFICATION OF $EPARTMENT OF %NERGY "USINESS ON l0RESCRIBING #HARACTERISTICS AND 1UALITY OF .ATURAL 'AS FOR 6EHICLES " % m OR THE AMENDED .OTIFICATION IN THE FUTURE 4HE #OMPANY HAS PREVENTED SUCH POTENTIAL RISK BY HIRING 2ESCOM %NGINEERING )NC TO CONDUCT CONCEPTUAL DESIGN ON $ECEMBER /BJECTIVES WERE TO MAKE THE #OMPANY BE ABLE TO PRODUCE #"' IN ACCORDANCE WITH AMOUNT AND STANDARDS AS PRESCRIBED BY 044 AND TO HAVE MACHINERY THAT CAN PRODUCE #"' BY USING VARIOUS KINDS OF RAW MATERIALS BY COMBING IT WITH SOME MACHINERY AND EQUIPMENT FROM 5/0 A MANUFACTURER FROM THE 53! WHICH HAS EXPERTISE ON TECHNOLOGY MANAGEMENT TO VARIOUS INDUSTRIES INCLUDING GAS INDUSTRY 7ITH REGARDS TO ACQUISITION OF SUCH TECHNOLOGY AND MACHINERY THE #OMPANY HAS SPECIFIED CONDITIONS ON GUARANTEE OF SUCCESSFUL ACHIEVEMENT OF THE PRODUCTION AND IT MUST HAVE TECHNICAL ASSISTANCE FROM THE EXPERTS TO ENSURE THAT IT CAN PRODUCE ACCORDING TO THE AGREED STANDARDS 2ISKS RELATING TO RAW MATERIALS #"' PRODUCTION PROCESS SHALL USE PIG EXCREMENT AS RAW MATERIAL 4HE ARRANGEMENT ON ACQUISITION OF SUCH RAW MATERIAL SHALL BE MADE WITH -ONGKOL AND 3ONS &ARM WHO SHALL PROVIDE THE LEASED LAND AND ALL PIG EXCREMENT FROM ITS FARM -OREOVER APART FROM HAVING FARM LOCATED IN THE PROJECT SITE -ONGKOL AND 3ONS FARM ALSO HAS ANOTHER PIG FARM WHICH IS APPROXIMATELY KILOMETERS FAR FROM THE PROJECT SITE 4HIS SECOND FARM SHALL BE A RESERVE RESOURCE OF RAW MATERIAL IN CASE THERE IS A CIRCUMSTANCE WHICH MAKES THE AMOUNT OF PIG EXCREMENT FROM THE FARM LOCATED IN THE PROJECT SITE IS INADEQUATE FOR THE PRODUCTION NEEDS (OWEVER THE #OMPANY MAY HAVE RISKS FROM SHORTAGE OF RAW MATERIALS IN CASE OF EPIDEMIC IN PIG FARM OR ANY OTHER FORCE MAJEURE EVENTS 4HEREFORE THE #OMPANY HAS CONDUCTED A STUDY ON USAGE OF ALTERNATIVE RAW MATERIALS TO BE USED IN THE PROJECT SUCH AS CHICKEN EXCREMENT CORNSTALK YAM ROOTSTOCK AS CONTINGENCY PLAN IN CASE OF SHORTAGE OF RAW MATERIAL WHICH MAY BE INCURRED IN THE FUTURE 5SAGE OF SUCH ALTERNATIVE RAW MATERIALS MAY CAUSE HIGHER COST OF PRODUCTION AND MAY RESULT IN REDUCTION OF INVESTMENT RETURN OF THE #OMPANY 3OURCE .'6 &OCUS TH 9EAR 6OLUME !PRIL *UNE

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2ISKS FROM COST OVERRUN AND DELAY OF CONSTRUCTION AND MACHINE INSTALLATION !FTER EMPLOYMENT 2ESCOM %NGINEERING )NC TO PERFORM CONCEPTUAL DESIGN THE ESTIMATED INVESTMENT COST OF TOTAL PROJECT IS APPROXIMATELY "AHT WHICH WAS REDUCED FROM PREVIOUS ESTIMATED COST OF "AHT MILLION -OST OF SUCH INVESTMENT IS FOR PLANT CONSTRUCTION AND PURCHASE OF MACHINERY AND EQUIPMENT 3UCH INVESTMENT COST IS NOT THE EXACT AMOUNT AS IT SHALL ALSO DEPEND ON SELECTION OF THE CONTRACTOR FINAL PROPOSAL PRICE FROM THE MANUFACTURER OR THE SELLER OF MACHINERY AND EQUIPMENT AS WELL AS EXCHANGE RATE )F THERE ARE CHANGES IN FACTORS WHICH RESULT IN AN INCREASE OF PROJECT COST FROM THE AMOUNT ESTIMATED IT CAN HAVE IMPACT ON INVESTMENT RATE OF RETURN WHICH IS NOT AS PER PREVIOUSLY EXPECTED (OWEVER THE #OMPANY BELIEVES THAT SUCH ESTIMATED INVESTMENT COST IS THE HIGHEST POSSIBLE COSTS OF THE PROJECT AS IT IS THE HIGHEST COST PRIMARILY RECEIVED FROM SURVEY CONTACT AND NEGOTIATION WITH MANY CONTRACTORS AND MANUFACTURERS AND THE #OMPANY ALSO RESERVED CONTINGENCY COST AT PERCENT OF CONSTRUCTION COST AND MACHINERY INSTALLATION COST (OWEVER IN ORDER TO REDUCE RISK FROM COST OVERRUN THE #OMPANY SHALL ENTER INTO A CONTRACT WITH THE CONTRACTOR OR THE SELLER OF MACHINERY BY FIXING THE EXACT COST AS WELL AS CLEARLY SPECIFY RESPONSIBILITY IN EACH PART OF WORK IN THE CONDITIONS OF THE AGREEMENT )N ADDITION RISKS RELATING TO DELAY ON CONSTRUCTION AND INSTALLATION OF MACHINERY HAVE BEEN LIMITED BY SELECTING WELL KNOWN AND EXPERIENCED CONTRACTOR AND MANUFACTURER AND THE COMPLETION DATE OF EACH PART OF WORK INCLUDING COMPENSATION CONDITIONS IN CASE OF DELAY SHALL ALSO BE CLEARLY SPECIFIED IN THE CONTRACT !DDITIONALLY THE #OMPANY HAS SPECIFIED A PROJECT MANAGER TO OVERSEE AND ASSESS THE PROJECT CLOSELY AS WELL AS TO FOLLOW UP SITUATIONS OR FACTORS WHICH MAY HAVE IMPACT TO THE PROJECT IN ORDER TO REDUCE POTENTIAL IMPACT TO BE INCURRED FROM SUCH RISKS ALREADY 2ISKS FROM NOT HAVING LAND OF ITS OWN 4HE #OMPANY SHALL NOT INVEST IN PURCHASING LAND FOR OPERATION OF #"' PRODUCTION PROJECT )NSTEAD THE #OMPANY SHALL ENTER INTO A LONG TERM APPROXIMATELY YEARS LAND LEASE CONTRACT WITH -ONGKOL AND 3ONS &ARM TO BE USED AS THE PROJECT SITE AS WELL AS SITE FOR PLANT BUILDING AND PRODUCTION EQUIPMENT PRODUCTION 4HEREFORE THE #OMPANY MAY HAVE RISK FROM PREMATURELY TERMINATION OF CONTRACT BY THE COUNTERPARTY WHICH CAN CAUSE DAMAGE TO THE #OMPANY AND MAKE INVESTMENT RATE OF RETURN UNABLE TO BE AS PER ESTIMATED 4HE #OMPANY MAY BE PREMATURELY TERMINATED IN THE FOLLOWING CASES BREACH OF PAYMENT DEFAULT OF LEASE PAYMENT FAILURE TO RECTIFY CAUSE OF DEFAULT OR BEING ADJUDGED BANKRUPT BY THE COURT AND ETC (OWEVER THE LEASE FEE UNDER THE CONTRACT IN EACH YEAR WHICH INCLUDES THE ADJUSTMENT OF LEASE FEE IN EACH PERIOD OF TIME IS NOT HIGH !DDITIONALLY COMPLIANCE WITH OTHER CONDITIONS UNDER THE CONTRACT FOR INSTANCE AN AGREEMENT ON USAGE OF THE LEASED PROPERTY FOR BUSINESS OPERATION OF THE #"' PROJECT MAINTENANCE AND IMPROVEMENT OF THE LEASED PROPERTY TO BE ALWAYS IN GOOD CONDITION THROUGHOUT THE LEASE PERIOD USAGE OF THE LEASED PROPERTY RIGHTLY PURSUANT TO THE LAW ARE OBLIGATIONS THAT THE #OMPANY SHALL HAVE TO NORMALLY COMPLY SO THE OPPORTUNITY THAT THE #OMPANY IS UNABLE TO COMPLY WITH THE CONTRACT AND TO BE PREMATURELY TERMINATED IS VERY IMPROBABLE

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Internal Control 4HE "OARD OF $IRECTORS REALIZES ITS DUTIES AND RESPONSIBILITIES AS THE "OARD OF $IRECTORS OF THE LISTED COMPANY ON OVERSEEING THE PREPARATION OF THE #OMPANY}S FINANCIAL REPORT 3IGNIFICANT ACCOUNTING INFORMATION SHALL BE AUDITED TO ENSURE THAT THEY ARE CORRECTLY TRANSPARENT WITH ADEQUATE DISCLOSURE TO MAINTAIN THE #OMPANY}S ASSETS PREVENT FRAUD AND ABNORMAL TRANSACTIONS AND RELATED TRANSACTION WHICH MIGHT LEAD TO CONFLICT OF INTERESTS IN NORMAL COURSE OF BUSINESS 4HE "OARD OF $IRECTORS ALSO COMPLIES WITH THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ADHERES TO APPROPRIATED ACCOUNTING POLICIES AND PRACTICES CONSTANTLY AND ALWAYS BEARS IN MIND REASONABLENESS MAXIMUM BENEFITS AND COMPLIANCE WITH THE LAWS AND RELEVANT CRITERIA &INANCIAL STATEMENT AND CONSOLIDATED FINANCIAL STATEMENT OF THE #OMPANY INCLUDING FINANCIAL INFORMATION TECHNOLOGY PRESENTED IN THE ANNUAL REPORT OF THE #OMPANY ARE CAREFULLY PREPARED 4HEREFORE IN ORDER TO STRENGTHEN STAKEHOLDERS} CONFIDENCE IN THE FINANCIAL REPORTING OF THE #OMPANY THE "OARD OF $IRECTORS HAS APPOINTED THE !UDIT #OMMITTEE WHICH CONSISTS OF )NDEPENDENT $IRECTORS WHO POSSESS QUALIFICATIONS PURSUANT TO THE REQUIREMENTS AND BEST PRACTICES OF THE 3TOCK %XCHANGE OF 4HAILAND AND THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION 4HEIR DUTIES ARE TO ENSURE THAT THE #OMPANY HAS ADEQUATE AND CORRECT FINANCIAL REPORTING AND OPERATIONS WITH TRANSPARENT ACCURATE AND COMPLETE DISCLOSURE OF THE RELATED TRANSACTIONS OR TRANSACTIONS THAT MAY LEAD TO CONFLICTS OF INTEREST 4HEY ALSO REVIEW SUFFICIENCY APPROPRIATENESS AND EFFICIENCY OF THE RISK MANAGEMENT SYSTEM INTERNAL CONTROL INTERNAL AUDIT AND SUPERVISORY METHODS OF THE #OMPANY /THER IMPORTANT DUTIES ARE TO HAVE COMPLETE AND PROPER PROCEDURES IN PLACE TO MONITOR COMPLIANCE WITH LAWS RELEVANT REGULATIONS REQUIREMENTS AND POLICIES INCLUDING REQUIREMENTS OF THE 3TOCK %XCHANGE OF 4HAILAND AND THE NOTIFICATIONS OF THE /FFICE OF THE 3ECURITIES AND %XCHANGE #OMMISSION $URING THE "OARD OF $IRECTORS} MEETING .O ON -ARCH WHERE ALL MEMBERS OF THE !UDIT #OMMITTEE PRESENTED THE "OARD OF $IRECTORS HAS JOINTLY CONSIDERED AND ASSESSED ADEQUACY OF THE INTERNAL CONTROL SYSTEMS PURSUANT TO THE ASSESSMENT FORM ON ADEQUACY OF INTERNAL CONTROL SYSTEM PREPARED BY THE 3%# BY ENQUIRING INFORMATION ON AREAS FROM THE MANAGEMENT AS FOLLOWS ORGANIZATION AND ITS ENVIRONMENT CONDITION RISK MANAGEMENT CONTROL ON OPERATIONS OF THE MANAGEMENT INFORMATION TECHNOLOGY AND DATA COMMUNICATIONS AND MONITORING SYSTEM !FTER SUCH ASSESSMENT THE "OARD OF $IRECTORS WAS OF OPINION THAT THE #OMPANY}S INTERNAL CONTROL SYSTEM WAS ADEQUATELY AND PROPERLY AND HAS MONITORING PROCEDURES TO OVERSEE OPERATIONS OF THE #OMPANY THAT CAN PREVENT THE EXECUTIVES FROM WRONGFULLY AND UNAUTHORIZED EXPLOIT THE #OMPANY}S ASSETS 0ARTICULARLY THE #OMPANY HAS ADEQUATE INTERNAL CONTROL SYSTEMS WITH REGARDS TO TRANSACTIONS WITH MAJOR SHAREHOLDERS COMMITTEES EXECUTIVES OR ANY THIRD PARTIES RELATED TO SUCH PERSONS &URTHERMORE THE #OMPANY HAS SYSTEM TO MAINTAIN MATERIAL DOCUMENTS WHICH ALLOWS THE COMMITTEE AUDITOR AND LEGAL AUTHORIZED PERSON TO AUDIT THEM WITHIN REASONABLE PERIOD 4HE #OMPANY HAS EMPLOYED 0ITISEVI #OMPANY TO EXAMINE AND ASSESS ADEQUACY OF THE INTERNAL CONTROL SYSTEM TO ENSURE THAT MAIN OPERATIONS IN EACH WORK SYSTEM HAVE FOLLOWED APPROPRIATED AND EFFICIENT GUIDELINES AS WELL AS TO AUDIT COMPLIANCE WITH THE LAWS AND REGULATIONS CONCERNED WITH THE #OMPANY &OR INDEPENDENCY ON OPERATIONS THE INTERNAL AUDITOR SHALL SUBMIT THE AUDITING RESULTS DIRECTLY TO THE !UDIT #OMMITTEE )NTERNAL CONTROL REPORT OF 0ITISEVI #OMPANY ON .OVEMBER WHICH ASSESSED ADEQUACY OF CREDIT PAYMENT SYSTEM AND FIXED ASSET SYSTEM HAS PROVIDED SOME OBSERVATIONS WHICH WERE REQUIRED TO IMPROVE AS FOLLOWS #ERTIFICATE OF PAYMENT AND ITS SUPPORTING DOCUMENT MUST BE STAMPED WITH l0AIDm /RIGINAL DOCUMENT ON SUMMARY OF EXPENSES AND RECEIPT SHOULD BE ATTACHED TO THE CERTIFICATE OF PAYMENT NOT WITH THE CERTIFICATE OF DEBT 4HE MANAGEMENT AND THE OPERATORS HAVE COMPLIED IMPROVED AND CORRECTED AS PER OBSERVATIONS ALREADY 4HE #OMPANY}S AUDITOR HAS AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED $ECEMBER AND HAS OPINION THAT THE #OMPANY DID NOT HAVE ANY MATERIAL WEAKNESS IN ITS INTERNAL CONTROL SYSTEM AND ANY CONCERNS REGARDING OPERATIONS AND ADMINISTRATION SYSTEMS SO -ANAGEMENT ,ETTER HAS NOT BEEN ISSUED TO THE #OMPANY FOR 4HESE FINDINGS HAVE BEEN REPORTED TO THE !UDIT #OMMITTEE FOR ACKNOWLEDGMENT DURING THE "OARD OF $IRECTORS} MEETING .O DATED &EBRUARY ALREADY

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Corporate Governance and Supervision on the Use of Internal Information 4HE #OMPANY REALIZES AND PUTS EMPHASIS ON EFFECTIVE TRANSPARENT AUDITABLE AND ETHICAL MANAGEMENT SYSTEM TO ENHANCE CONFIDENCE OF ALL PARTIES CONCERNED AND FOR SUSTAINABLE GROWTH OF BUSINESS (ENCE THE #OMPANY HAS DEFINED GOOD CORPORATE GOVERNANCE POLICY TO LIFT UP THE EXISTING OPERATIONS SO THAT THEY CAN HAVE CLEARLY AND SYSTEMATICALLY STANDARDS AND DISTRIBUTE TO ALL LEVELS OF THE #OMPANY}S EMPLOYEES 4HROUGHOUT THE #OMPANY HAS COMPLIED WITH CORPORATE GOVERNANCE PRINCIPLES APPLIED FOR A LISTED COMPANY IN THE 3TOCK %XCHANGE OF 4HAILAND WHICH HAS BEEN ANNOUNCED SINCE IN SECTIONS AND IT CAN BE SUMMARIZED AS FOLLOWS 3ECTION 4HE 2IGHTS OF 3HAREHOLDERS 4HE #OMPANY RECOGNIZES AND EMPHASIZES THE IMPORTANCE OF BASIC RIGHTS OF SHAREHOLDERS AS AN INVESTOR IN THE SECURITIES AND AS OWNER OF THE #OMPANY I E RIGHT TO BUY SELL TRANSFER SHARES IN THEIR POSSESSION RIGHT TO SHARE IN PROFITS OF THE #OMPANY RIGHT TO HAVE ADEQUATE ACCESS TO THE #OMPANY}S INFORMATION RIGHT IN THE SHAREHOLDERS} MEETING RIGHT TO EXPRESS OPINIONS AND TO JOINTLY MAKE DECISION ON SIGNIFICANT MATTER OF THE #OMPANY I E ALLOCATION OF DIVIDEND ELECTION OR REMOVAL OF THE DIRECTORS APPOINTMENT OF AN AUDITOR APPROVAL OF SIGNIFICANT TRANSACTION WHICH HAS IMPACT TO DIRECTION OF THE #OMPANY}S BUSINESS OPERATIONS AMENDMENT OF THE #OMPANY |S AFFIDAVIT ARTICLES OF ASSOCIATIONS AND ETC )N ADDITION TO THE ABOVE BASIC RIGHTS AS MENTIONED ABOVE THE #OMPANY ALSO UNDERTAKES MEASURES TO ENCOURAGE AND FACILITATE RIGHT EXERCISING OF THE SHAREHOLDERS AS FOLLOWS 4HE #OMPANY ENCOURAGES THE "OARD OF $IRECTORS EXECUTIVES AND RELEVANT AGENCIES INCLUDING AUDITOR TO PARTICIPATE IN THE SHAREHOLDERS} MEETING 4HE #OMPANY SHALL SEND EACH SHAREHOLDER AN INVITATION LETTER TO THE MEETING TOGETHER WITH ADEQUATE SUPPORTING INFORMATION AT LEAST DAYS IN ADVANCE OF THE MEETING DATE OR PURSUANT TO THE RULES SPECIFIED BY THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION AND THE 3TOCK %XCHANGE OF 4HAILAND .OTICE OF MEETING SHALL BE ADVERTISED IN THE NEWSPAPER AT LEAST DAYS PRIOR TO THE MEETING DATE FOR CONSECUTIVE DAYS #OMMENTS OF THE "OARD OF $IRECTORS SHALL BE INCLUDED IN EACH AGENDUM AND SUCH INFORMATION SHALL BE POSTED ON THE #OMPANY}S WEBSITE SO THAT SHAREHOLDERS SHALL HAVE TIME TO STUDY ALL AGENDA IN ADVANCE )N CASE ANY SHAREHOLDER IS UNABLE TO ATTEND THE MEETING BY HIMSELF HERSELF THE #OMPANY SHALL ALLOW SUCH SHAREHOLDER TO PROXY THE INDEPENDENT DIRECTOR OR ANY PERSON TO ATTEND ON HIS HER BEHALF BY USING ONE OF PROXY FORMS ATTACHED WITH THE INVITATION LETTER TO THE SHAREHOLDERS} MEETING 4HE SHAREHOLDERS CAN SUBMIT THEIR OPINIONS RECOMMENDATIONS OR INQUIRIES IN ADVANCE OF THE MEETING DATE /N THE MEETING DATE SHAREHOLDERS SHALL HAVE EQUITABLE RIGHT TO EXPRESS THEIR VIEWS RECOMMENDATIONS AND ASK QUESTIONS CONCERNING THE AGENDA OPENLY BEFORE ANY RESOLUTIONS SHALL BE MADE -OREOVER DURING THE SHAREHOLDERS} MEETING THE DIRECTORS AND THE RELEVANT EXECUTIVES SHALL ALSO ATTEND THE MEETING TO REPLY ANY INQUIRIES WHICH MIGHT HAVE BEEN ASKED DURING THE MEETING )MPORTANT ISSUES AND OPINIONS SHALL ALSO BE RECORDED IN A MINUTE OF MEETING SO THAT THE SHAREHOLDERS CAN INSPECT THEM LATER $URING THE MEETING TO SELECT THE DIRECTOR SHAREHOLDERS SHALL HAVE A CHANCE TO CAST THEIR VOTES TO SELECT THE DIRECT ONE PERSON AT A TIME 4HEY ARE ENTITLED TO SELECT THE REPRESENTATIVES WHO HAVE PROPER QUALIFICATIONS TO HOLD POSITION OF DIRECTORS TO OVERSEE THEIR OWN BENEFITS !FTER THE MEETING THE #OMPANY SHALL PREPARE A MINUTE OF MEETING WITH ACCURATE AND COMPLETE INFORMATION FOR SHAREHOLDERS} VERIFICATION AND SHALL PUBLICIZE SUCH MINUTE IN THE #OMPANY}S WEBSITE 3ECTION 4HE %QUITABLE 4REATMENT OF 3HAREHOLDERS 4HE #OMPANY HAS AN EQUITABLE TREATMENT POLICY FOR ALL SHAREHOLDERS PARTICULARLY MINOR SHAREHOLDERS BY ALLOWING THEM TO PROPOSE ANY MEETING AGENDA FOR THE SHAREHOLDERS} MEETING AS WELL AS TO NOMINATE A SUITABLE CANDIDATE FOR DIRECTOR 0ROVIDED THAT DETAILED INFORMATION FOR CONSIDERATION AND OR QUALIFICATIONS AND CONSENT OF THE CANDIDATE SHALL BE PROVIDED IN ADVANCE OF THE SHAREHOLDERS} MEETING 4HE #OMPANY SHALL SCREEN AGENDA WHICH ARE TRULY BENEFICIAL AND SHALL SELECT CANDIDATE WITH PROPERLY QUALIFICATION THROUGH THE .OMINATION AND 2EMUNERATION #OMMITTEE BEFORE PROPOSING TO THE "OARD OF $IRECTORS FOR CONSIDERATION THEN SPECIFY IN THE MEETING AGENDA Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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4HE SHAREHOLDERS WHO WISH TO PROPOSE AGENDA OR DIRECTOR CANDIDATE MUST POSSESS QUALIFICATIONS ACCORDING TO CRITERIA AS FOLLOWS "EING THE SHAREHOLDER OF THE #OMPANY WHICH CAN BE EITHER ONE SHAREHOLDER OR COMBINED SHAREHOLDERS (OLDING MINIMUM SHARES NOT LESS THAN SHARES -UST HOLD SHARES AS SPECIFIED IN #LAUSE CONTINUOUSLY FOR AT LEAST MONTHS AND MUST HOLD SHARES ON THE DATE THE SHAREHOLDER PROPOSES THE AGENDA OR DIRECTOR CANDIDATE !LL SHAREHOLDERS SHALL HAVE EQUITABLE RIGHT "EFORE EACH MEETING THE #HAIRMAN SHALL CLEARLY EXPLAIN HOW BALLOTS ARE CAST AND COUNTED AND SHALL PROVIDE REASONABLE TIME TO ALL SHAREHOLDERS TO EXPRESS THEIR OPINIONS SUGGESTIONS AND INQUIRIES IN EACH AGENDA 4HE CHAIRMAN SHALL CONDUCT THE MEETING IN ACCORDANCE WITH SEQUENCE OF THE AGENDA 4HE #OMPANY DOES NOT HAVE A POLICY TO ADD AGENDA WITHOUT NOTIFYING THE SHAREHOLDERS IN ADVANCE SO THAT ALL SHAREHOLDERS SHALL HAVE TIME TO STUDY AGENDA BEFORE THEY MAKE ANY DECISION 4HE #OMPANY EMPLOYS A STRICT POLICY ON USAGE OF INSIDE INFORMATION TO PREVENT ANY ABUSIVE SELF DEALING FOR THE SAKE OF FAIRNESS OF ALL STAKEHOLDERS 4HE #OMPANY HAS PRESCRIBED WRITTEN GUIDELINES ON MAINTAINING THE #OMPANY}S INSIDE INFORMATION AND GUIDELINES TO PREVENT USAGE OF SUCH INFORMATION FOR PERSONAL GAIN 4HE #OMPANY ALSO SPECIFIES THAT THE DIRECTORS EXECUTIVES AND ALL EMPLOYEES SHALL NOT PURCHASE AND SELL THE #OMPANY}S SHARES BY USING CONFIDENTIAL AND OR INSIDE INFORMATION AND OR ENTER INTO ANY LEGAL ACTS BY USING THE #OMPANY}S CONFIDENTIAL AND OR INSIDE INFORMATION WHICH MAY CAUSE DAMAGES EITHER DIRECTLY OR INDIRECTLY TO THE #OMPANY !DDITIONALLY THE DIRECTORS EXECUTIVES EMPLOYEES WHO WORK IN THE UNIT THAT CAN ACCESS TO INSIDE INFORMATION SHALL NOT USE SUCH INFORMATION BEFORE IT HAS BEEN DISCLOSED TO THE PUBLIC !NY PERSONS WHO CAN ACCESS TO INSIDE INFORMATION INCLUDING THEIR SPOUSES CHILDREN UNDER LEGAL AGE ARE PROHIBITED TO PURCHASE AND SELL SHARES OF THE #OMPANY DIRECTLY OR INDIRECTLY SUCH AS NOMINEE VIA PERSONAL FUND WITHIN MONTH BEFORE DISCLOSURE OF QUARTERLY AND ANNUALLY FINANCIAL STATEMENT AND AT LEAST DAYS AFTER DISCLOSURE OF SUCH INFORMATION 4HE #OMPANY ENSURES THAT ITS DIRECTORS AND EXECUTIVES ARE KNOWN ABOUT THEIR OBLIGATIONS TO REPORT THEIR SECURITIES HOLDING OF THE #OMPANY AND PENALTY CLAUSES PURSUANT TO THE 3ECURITIES AND %XCHANGE !CT " % AND REGULATIONS OF THE 3TOCK %XCHANGE OF 4HAILAND 4HE DIRECTORS AND EXECUTIVES ARE REQUIRED TO FILE A REPORT ON THEIR HOLDINGS OF THE #OMPANY}S STOCK THEIR SPOUSES AND CHILDREN UNDER LEGAL AGE PURSUANT TO 3ECTION OF THE 3ECURITIES AND %XCHANGE !CT " % EVERY TIME THEY BUY OR SELL SUCH SECURITIES WITHIN DAYS TO THE /FFICE OF THE 3ECURITIES AND %XCHANGE #OMMISSION AND THE 3TOCK %XCHANGE OF 4HAILAND FOR ACKNOWLEDGEMENT AND FURTHER DISSEMINATION TO THE PUBLIC -OREOVER THE #OMPANY ESTABLISHES DISCIPLINARY PENALTY AGAINST PEOPLE WHO EXPLOIT USAGE OF OR DISCLOSE INSIDE INFORMATION WHICH IF RELEASED PREMATURELY WOULD CAUSE DAMAGE TO THE #OMPANY 6ARIOUS PENALTIES HAVE BEEN IMPOSED SUCH AS VERBAL WARNING WRITTEN WARNING PROBATION AND TERMINATION OF EMPLOYMENT BY FIRING OR DISCHARGING AS THE CASE MAY BE 4HE #OMPANY ALSO ADHERES TO THE EQUITABLE TREATMENT OF SHAREHOLDERS AND PRESCRIBES TRANSPARENT AND AUDITABLE MANAGEMENT GUIDELINES ON CONFLICT OF INTERESTS ESPECIALLY IN CONSIDERATION ON TRANSACTION BETWEEN THE #OMPANY AND THE STAKEHOLDERS OR RELATED PERSONS )N CASE OF SUCH INCIDENT THE STAKEHOLDER SHALL REPORT TO THE #OMPANY IMMEDIATELY AND SHALL NOT PARTICIPATE IN CONSIDERATION OR VOTING IN SUCH MATTER 4HE #OMPANY ALSO STIPULATES GUIDELINES TO PREVENT THE DIRECTOR OR AN EXECUTIVE WHO HAS AN INTEREST IN TRANSACTION FROM PARTICIPATING IN DECISION MAKING PROCESS $URING THE VOTE SESSION AT THE "OARD OF $IRECTORS ANY DIRECTOR WITH SUCH A CONFLICT SHALL NOT BE ENTITLED TO VOTE 3ECTION 4HE 2OLE OF 3TAKEHOLDERS 4HE #OMPANY RECOGNIZES THE RIGHTS OF ALL STAKEHOLDERS INCLUDING INTERNAL STAKEHOLDERS I E SHAREHOLDERS EXECUTIVES AND EMPLOYEES OF THE #OMPANY AND EXTERNAL STAKEHOLDERS I E CREDITORS CUSTOMERS BUSINESS PARTNERS COMPETITORS GOVERNMENT SECTOR SOCIETIES AND COMMUNITIES 4HE #OMPANY SHALL COMPLY WITH THE LAWS AND RELATED REGULATIONS TO ENSURE THAT RIGHTS OF THOSE STAKEHOLDERS ARE UNDER GOOD CARE $URING BUSINESS OPERATIONS OF THE #OMPANY RIGHTS OF ALL STAKEHOLDERS HAVE BEEN CONSIDERED PURSUANT TO THE FOLLOWING GUIDELINES

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4O TREAT ALL SHAREHOLDERS EQUALLY MAINTAIN THEIR BENEFITS AND NOT PERFORM ANY ACT WHICH MAY VIOLATE OR LESSEN THEIR RIGHTS TO STRONGLY COMMIT TO INCREASE MAXIMUM SATISFACTION TO SHAREHOLDERS BY TAKING INTO CONSIDERATION SUSTAINABLE GROWTH OF THE #OMPANY TO INCREASE VALUE ADDED AND APPROPRIATE RETURNS ON CONTINUED BASIS AS WELL AS TO ADHERE TO GOOD CORPORATE GOVERNANCE 4O TREAT ALL EMPLOYEES EQUALLY AND FAIRLY WITH REGARDS TO OPPORTUNITY COMPENSATION FRINGE BENEFITS AND %MPLOYEES POTENTIAL DEVELOPMENT !LL EMPLOYEES ARE REGARDED AS VALUABLE RESOURCES AND KEY FACTOR TO DRIVE THE ORGANIZATION TO ACHIEVEMENT 4HEREFORE THE #OMPANY IS DETERMINED TO BECOME A LEARNING ORGANIZATION TO ENHANCE CORPORATE CULTURE AND ATMOSPHERE PROMOTE TEAM WORK DEVELOP CAPABILITIES OF EMPLOYEES AND ENSURE THAT THEY HAVE SECURITIES IN THEIR CAREERS AND CONFIDENCE IN THEIR QUALITY OF LIFE AND SAFETY AT WORK 4HE #OMPANY SHALL LISTEN TO OPINIONS AND FEEDBACK OF THE EMPLOYEES AT ALL LEVELS EQUALLY AND FAIRLY 4O DETERMINE TO CREATE SATISFACTION AND CONFIDENCE TO CUSTOMERS TAKE GOOD CARE AND BE RESPONSIBLE FOR #USTOMERS CUSTOMERS #USTOMERS SHALL RECEIVE GOOD QUALIFIED AND SAFELY PRODUCTS SERVICES AT APPROPRIATED PRICES AND PURSUANT TO PRESCRIBED STANDARDS 4HE #OMPANY SHALL STRICTLY COMPLY WITH CONDITIONS AND AGREEMENTS MADE WITH CUSTOMERS 4HE #OMPANY SHALL DEVELOP ITSELF TO INCREASE STANDARDS OF PRODUCTS AND SERVICES CONTINUALLY AND SHALL MAINTAIN GOOD AND SUSTAINABLE RELATIONSHIPS WITH THE CUSTOMERS AS WELL AS SHALL NOT EXPLOIT THE CUSTOMERS} INFORMATION FOR ITS BENEFITS OR RELATED PERSONS 4O EMBRACE EQUALITY FAIRNESS AND INTEGRITY WITHOUT ANY EXPLOITATION WHILE CONDUCTING BUSINESS 4O HAVE "USINESS BUSINESS ETHICS AND MAINTAIN MUTUAL BENEFITS WITH BUSINESS PARTNERS AND CREDITORS BY OBSERVING LAWS AND PARTNERS AND RULES JOINTLY SPECIFIED STRICTLY $O NOT REQUEST FOR RECEIVE OR PAY ANY FRAUDULENT BENEFITS WHILE DEALING CREDITORS BUSINESS WITH BUSINESS PARTNERS 4O STRICTLY COMPLY WITH CONDITIONS AND TREAT CREDITORS FAIRLY AS WELL MAKE REPAYMENT IN TIMELY MANNER MAINTAIN WARRANTY SECURITIES AND OTHER CONDITIONS UNDER THE AGREEMENT FULLY AND CORRECTLY AND PURSUANT TO GOOD CORPORATE GOVERNANCE #REDITORS AND BUSINESS PARTNERS SHALL BE REPORTED IN ADVANCE IF OBLIGATIONS IN THE CONTRACTS CANNOT BE MET AND CORRECTIVE MEASURES SHALL BE JOINTLY DISCUSSED #OMPETITORS 4O TREAT BUSINESS COMPETITORS PURSUANT TO INTERNATIONAL PRACTICES UNDER THE LAWS ON TRADE COMPETITION PRINCIPLES AND SHALL ADHERE TO GOOD AND EQUALLY COMPETITION RULES $O NOT OBSTRUCT ANY BUSINESS COMPETITORS DO NOT DAMAGE REPUTATIONS OF BUSINESS COMPETITORS BY ACCUSING MUDSLINGING AND ATTACKING UNGROUNDED OR PERFORM ANY ACTIONS WHICH ARE UNFAIR TO THE COMPETITION 0UBLIC SECTORS 4O EMPHASIZE TRANSPARENCY AND INTEGRITY WHILE PERFORMING ANY TRANSACTIONS WITH OFFICIALS OR GOVERNMENT AGENCIES IN ORDER TO AVOID ANY IMPROPER ACTIONS AND AGAINST BEST MANAGEMENT PRACTICES AS WELL TO OPPOSE BRIBES TO GOVERNMENT OFFICIALS TO FACILITATE OR FOR BENEFITS OF THE #OMPANY #OMMUNITIES 4O EMPLOY BUSINESS OPERATION POLICIES WITH RESPONSIBILITY TO COMMUNITIES SOCIETIES AND ENVIRONMENTS WITH REGARDS TO SAFETY QUALITY OF LIFE AND NATURAL CONSERVATION TO PROMOTE EFFECTIVE USE OF ENERGY TO RECOGNIZE SOCIETIES AND QUALITY OF LIFE OF THE COMMUNITIES AND SOCIETIES AS WELL AS TO CONSIDER ANY BUSINESS OPERATION WHICH MAY ENVIRONMENT HAVE IMPACT TO ENVIRONMENTS TO ENSURE THAT ALL PRODUCTS AND BUSINESS UNDERTAKINGS ARE CORRECTLY AND IN LINE WITH THE REGULATIONS AND STANDARDS TO ENCOURAGE EMPLOYEE CONSCIOUSNESS AND PARTICIPATION ON COMMUNITY SOCIAL AND ENVIRONMENTAL AND TO COORDINATE WITH ACTIVITIES WITH COMMUNITIES THAT THE #OMPANY HAVE BUSINESS WITH AS APPROPRIATED 3HAREHOLDERS

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3ECTION $ISCLOSURE AND 4RANSPARENCY 4HE "OARD OF $IRECTORS PUTS EMPHASIS ON DISCLOSURE OF ACCURATE TIMELY AND TRANSPARENT INFORMATION FINANCIAL REPORT AND GENERAL INFORMATION PURSUANT TO CRITERIA OF THE 3ECURITIES AND %XCHANGE #OMMISSION AND THE 3TOCK %XCHANGE OF 4HAILAND AS WELL AS OTHER MATERIAL INFORMATION WHICH SHALL IMPACT PRICES OF THE #OMPANY}S SHARES DECISION MAKING PROCEDURES OF INVESTORS AND STAKEHOLDERS OF THE #OMPANY 4HE #OMPANY SHALL DISCLOSE ITS INFORMATION TECHNOLOGY TO SHAREHOLDERS INVESTORS AND PUBLIC THROUGH CHANNELS AND PUBLIC MEDIA OF THE 3TOCK %XCHANGE OF 4HAILAND AND ON THE #OMPANY}S WEBSITE 4HE #OMPANY HAS NOT YET ORGANIZED THE INVESTMENT RELATIONS CENTER BECAUSE THERE ARE ONLY SMALL NUMBERS OF SUCH ACTIVITIES HOWEVER THE -ANAGING $IRECTOR WAS ALREADY ASSIGNED TO CONTACT COMMUNICATE WITH THE RELEVANT INSTITUTIONAL INVESTORS SHAREHOLDERS AS WELL AS ANALYSTS AND GOVERNMENT SECTORS 4HE "OARD OF $IRECTORS SHALL BE RESPONSIBLE FOR THE #OMPANY}S FINANCIAL STATEMENT AND FINANCIAL INFORMATION SYSTEM AS PRESENTED IN THE ANNUAL REPORT 3UCH FINANCIAL REPORT SHALL BE PREPARED PURSUANT TO THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES OF 4HAILAND BY SELECTING AND CONSTANTLY ADHERING TO PROPER ACCOUNTING POLICIES 4HE INFORMATION HAS BEEN ADEQUATELY AND ACCURATELY DISCLOSED IN THE FINANCIAL STATEMENT 4HE !UDIT #OMMITTEE SHALL AUDIT QUALITY OF FINANCIAL STATEMENT AND INTERNAL CONTROL SYSTEMS INCLUDING ADEQUATE DISCLOSURE OF ESSENTIAL INFORMATION IN NOTES TO FINANCIAL STATEMENTS THEN REPORT TO THE "OARD OF $IRECTORS FOR ACKNOWLEDGEMENT 3ECTION 2ESPONSIBILITIES OF THE "OARD OF $IRECTORS 3TRUCTURE OF THE "OARD OF $IRECTORS 4HE "OARD OF $IRECTORS CONSISTS OF KNOWLEDGEABLE MEMBERS IN DIVERSE FIELDS USEFUL FOR #OMPANY}S BUSINESS 4HE "OARD HAS IMPORTANT ROLE IN SETTING UP POLICIES AND OVERALL IMAGE OF THE ORGANIZATION INCLUDING SUPERVISING AUDITING AND EVALUATING PERFORMANCE OF THE #OMPANY AGAINST THE GIVEN PLANS TO ENSURE THAT THEY ARE IN LINE WITH THE LAWS REGULATIONS AND RESOLUTIONS OF THE SHAREHOLDERS} MEETING WITH HONESTY ETHICS AND UNDER CODE OF CONDUCT )T SHALL SUPERVISE MANAGEMENT TASKS OF THE EXECUTIVES TO ENSURE THAT THEY ARE AS PER SPECIFIED TARGETS AND GUIDELINES FOR THE MAXIMUM BENEFITS TO THE #OMPANY AND SHAREHOLDERS 4HE #OMPANY SPECIFIES THAT THE !UDIT #OMMITTEE SHALL BE AT LEAST ONE THIRDS OF THE "OARD OF $IRECTORS AND AT LEAST MUST BE THE )NDEPENDENT $IRECTORS FOR BALANCE ON CASTING VOTE WHILE CONSIDERING MATTERS !T PRESENT THE "OARD OF $IRECTORS CONSISTS OF MEMBERS OF THEM ARE NON EXECUTIVE DIRECTORS WHO ARE QUALIFIED TO BE )NDEPENDENT $IRECTORS OUT OF ARE MEMBERS OF THE !UDIT #OMMITTEE AND EXECUTIVE DIRECTORS I E -ANAGING $IRECTOR AND DEPUTY MANAGING DIRECTORS 4HE #OMPANY}S ARTICLES OF ASSOCIATION SPECIFIED THAT DURING EVERY ANNUAL GENERAL MEETING ONE THIRD OF DIRECTORS SHALL RETIRE )F THE NUMBER OF DIRECTORS IS NOT A MULTIPLE OF THREE THEN THE NUMBER OF DIRECTORS CLOSEST TO ONE THIRD SHALL RETIRE 4HE DIRECTORS WHO SHALL RETIRE IN THE FIRST YEAR AND THE SECOND YEAR AFTER THE REGISTRATION OF THE #OMPANY SHALL BE SELECTED BY DRAWING LOT AND FOR SUBSEQUENTLY YEARS THE DIRECTORS WHOSE TERM OF OFFICE ARE THE LONGEST SHALL RETIRE ! RETIRED DIRECTOR MAY BE RE APPOINTED 4HE "OARD OF $IRECTORS HAS APPOINTED THE 3UB COMMITTEES NAMELY THE %XECUTIVE #OMMITTEE THE !UDIT #OMMITTEE THE .OMINATION AND 2EMUNERATION AND THE 2ISK -ANAGEMENT #OMMITTEE TO CONDUCT SPECIFIC MATTERS AND PROPOSE MATTERS TO THE "OARD OF $IRECTORS FOR CONSIDERATION OR ACKNOWLEDGEMENT 3UCH SUB COMMITTEES SHALL HAVE RIGHTS AND DUTIES AS PER SPECIFIED IN THEIR SCOPE OF DUTY AND RESPONSIBILITIES

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4HE "OARD OF $IRECTORS HAS A POLICY THAT THE #HAIRMAN OF THE "OARD AND THE -ANAGING $IRECTOR SHALL NOT BE THE SAME PERSON 2OLES AND RESPONSIBILITIES OF THE "OARD AND THAT OF THE EXECUTIVES ARE CLEARLY DEFINED AND SEGREGATED WITH BALANCE OF POWER 7HEREAS THE "OARD OF $IRECTORS HAS DUTIES TO ESTABLISH POLICIES AND OVERSEE OPERATIONS OF THE EXECUTIVES AT THE POLICY LEVEL WHILE THE EXECUTIVES HAVE DUTIES TO MANAGE BUSINESSES PURSUANT TO THE SPECIFIED POLICIES 4HE "OARD OF $IRECTORS HAS APPOINTED THE #ORPORATE 3ECRETARY WHO SHALL HAVE DUTIES AND RESPONSIBILITIES AS PER SPECIFIED BY THE 3ECURITIES AND %XCHANGE !CT 2OLES $UTIES AND 2ESPONSIBILITIES OF THE "OARD OF $IRECTORS 4HE "OARD OF $IRECTORS HAS DUTIES TO CONSIDER AND PROVIDE OPINIONS ON IMPORTANT MATTERS CONCERNING BUSINESS OPERATIONS OF THE #OMPANY SUCH AS VISION AND MISSION STRATEGIES RISKS PLAN OF ACTIONS AND BUDGET AS WELL AS TO MONITOR THE PERFORMANCE OF THE EXECUTIVES TO ENSURE THEIR EFFICIENCY AND EFFECTIVENESS ON COMPLIANCE WITH THE SPECIFIED POLICIES AND PLANS OF ACTION 3EGREGATION OF DUTIES BETWEEN POLICIES SETTING AND ROUTINE MANAGEMENT 4HE "OARD OF $IRECTORS HAS SEGREGATED POWER DUTIES AND RESPONSIBILITIES ON ESTABLISHING SUPERVISORY POLICIES AND ROUTINE MANAGEMENT CLEARLY 4HE #HAIRMAN OF THE "OARD OF $IRECTORS AND THE -ANAGING $IRECTOR ARE APPOINTED BY THE "OARD OF $IRECTORS AND THE #HAIRMAN AND THE -ANAGING $IRECTOR ARE TWO SEPARATE INDIVIDUALS 4HE #HAIRMAN SHALL TAKE THE LEAD AND HAVE KEY ROLES IN MAKING DECISION CONCERNING #OMPANY}S POLICIES AS A RESULT OF THE MEETINGS OF THE "OARD OF $IRECTORS UNDER BUSINESS OBJECTIVES JOINTLY CONSIDERED AND ESTABLISHED BY THE "OARD AND THE EXECUTIVES AND ENSURE THAT THE "OARD MEETINGS ARE SUCCESSFULLY CONDUCTED $URING EACH MEETING ALL DIRECTORS ARE ENCOURAGED TO ACTIVELY PARTICIPATE AS WELL AS EXPRESS THEIR OPINIONS INDEPENDENTLY 4HE #HAIRMAN SHALL ALSO ACT AS A CHAIRMAN OF THE SHAREHOLDERS} MEETING OF THE #OMPANY (OWEVER THE #HAIRMAN SHALL NOT PARTICIPATE IN ROUTINE TASKS BUT SHALL SUPPORT AND GIVE ADVICE ON BUSINESS OPERATIONS TO THE EXECUTIVES THROUGH THE -ANAGING $IRECTOR CONSTANTLY 4HE -ANAGING $IRECTOR SHALL BE RESPONSIBLE FOR BUSINESS MANAGEMENT UNDER THE POWER AUTHORIZED BY THE "OARD OF $IRECTORS 0OLICY ON #ORPORATE 'OVERNANCE 4HE -EETING OF THE "OARD OF $IRECTORS .O ON -AY HAS APPROVED A WRITTEN CORPORATE GOVERNANCE POLICY AND THE "OARD SHALL REVIEW THE POLICY AND ITS COMPLIANCE REGULARLY 4HE #OMPANY HAS COMMUNICATED WITH EVERYONE IN THE ORGANIZATION ABOUT CORRECT AND MUTUAL UNDERSTANDINGS ABOUT ETHICAL STANDARDS FOR BUSINESS DEALINGS AND ENCOURAGED EVERYONE TO COMPLY WITH SUCH SPECIFIED POLICY #ODE OF #ONDUCT 4HE "OARD OF $IRECTORS ADHERES TO EQUITABLE AND FAIR BUSINESS OPERATIONS AND SPECIFIES A WRITTEN CODE OF CONDUCT TO PUT INTO PRACTICE AND DISSEMINATE TO THE EMPLOYEES AS PRACTICAL GUIDELINES /BJECTIVES ARE TO EXPRESS ITS INTENTION TO CONDUCT BUSINESS WITH TRANSPARENTLY ETHICALLY AND RESPONSIBILITY TO THE STAKEHOLDERS BY TAKING INTO CONSIDERATION SOCIETIES AND ENVIRONMENT THROUGH TRAININGS AND VARIOUS COMMUNICATIONS WITHIN THE ORGANIZATION 3UCH CODE OF CONDUCTS SHALL REFLECT GOODWILL AND PRACTICAL GUIDELINES TO BE OBSERVED BY ALL EMPLOYEES %THICAL FRAMEWORK INCLUDE RESPECT AND COMPLY WITH LAWS INTERESTS AND CONFLICTS OF INTERESTS USE OF INSIDE INFORMATION AND MAINTENANCE OF CONFIDENTIAL INFORMATION INTERNAL CONTROL SYSTEM AND INTERNAL AUDIT RECEIPT AND GIVING OF GIFTS ASSETS OR OTHER BENEFITS INTELLECTUAL PROPERTIES INFORMATION TECHNOLOGY AND COMMUNICATION POLITICAL RIGHTS AND IMPARTIALITY EMPLOYEES TREATMENT AND RESPONSIBILITY TO STAKEHOLDERS 4HE #OMPANY HAS ANNOUNCED AND INFORMED ALL EMPLOYEES FOR THEIR ACKNOWLEDGEMENT AND STRICTLY COMPLIANCE

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#ONFLICT OF INTEREST 4HE #OMPANY}S POLICY CONCERNING CONFLICT OF INTEREST IS BASED ON PRINCIPLE THAT ANY DECISION MAKING ON BUSINESS OPERATIONS SHALL BE BASED ON MAXIMUM PROFITS OF THE #OMPANY AND SHALL AVOID ANY ACTS WHICH CAN CAUSE CONFLICT OF INTEREST 4HE DIRECTORS EXECUTIVES AND EMPLOYEES SHALL REVIEW AND DISCLOSE TRANSACTIONS WITH CONFLICT OF INTEREST FOR THE #OMPANY}S ACKNOWLEDGEMENT AS WELL AS TO INFORM THEIR RELATIONSHIP OR CONNECTION WITH SUCH TRANSACTION $URING ANY CONSIDERATION PERSON WHO IS RELATED TO OR CONNECTED WITH SUCH TRANSACTION SHALL NOT PARTICIPATE IN CONSIDERATION AND SHALL NOT HAVE POWER TO AUTHORIZE FOR SUCH TRANSACTION !NY UNDERTAKING TO BE CONDUCTED SHALL BEAR IN MIND ABOUT ITS SUITABILITY PRICES AND CONDITIONS LIKE CONDUCTING TRANSACTIONS WITH THE THIRD PARTY 4HE !UDIT #OMMITTEE SHALL PROPOSED THE RELATED TRANSACTIONS AND TRANSACTIONS WITH CONFLICT WITH INTEREST TO THE "OARD OF $IRECTORS AND THEY SHALL BE CAREFULLY CONSIDERED TO ENSURE COMPLIANCE WITH CRITERIA OF THE 3TOCK %XCHANGE OF 4HAILAND AND THEY SHALL BE DISCLOSED IN THE ANNUAL REPORT AND &ORM 4HE MEMBERS OF THE "OARD OF $IRECTORS AND THE EXECUTIVE OF THE #OMPANY SHALL INCLUDE THEIR SPOUSES AND CHILDREN UNDER LEGAL AGE 7HEN THERE IS A CHANGE IN SECURITIES HOLDING OF THE #OMPANY THEY SHALL NOTIFY THE #OMPANY AND SUBMIT A REPORT ON A CHANGE OF SECURITIES HOLDING TO THE /FFICE OF THE 3ECURITIES AND %XCHANGE #OMMISSION UNDER #LAUSE OF THE 3ECURITIES AND %XCHANGE !CT " % WITHIN WORKING DAYS AFTER THE DATE SUCH SHARES HAVE BEEN PURCHASED SOLD TRANSFERRED OR ACCEPTED TRANSFER )N ADDITION THE DIRECTORS EXECUTIVES OR WORKING UNITS THAT CAN ACCESS TO INSIDE INFORMATION ARE PROHIBITED TO DISCLOSE SUCH INFORMATION TO THE THIRD PARTY OR OTHER PEOPLE WHO DO NOT HAVE RELATED RESPONSIBILITIES 4HEY ARE ALSO PROHIBITED TO PURCHASE AND SALE OF SECURITIES OF THE #OMPANY WITHIN MONTH BEFORE DISCLOSURE OF FINANCIAL STATEMENT TO THE PUBLIC AND AT LEAST DAYS AFTER DISCLOSURE OF SUCH INFORMATION TO PREVENT ANY WRONGFULLY USE OF INSIDE INFORMATION )NTERNAL #ONTROL 3YSTEM 4HE "OARD OF $IRECTORS PLACES IMPORTANCE ON GOOD CORPORATE GOVERNANCE AND INTERNAL CONTROL SYSTEMS BOTH AT MANAGEMENT AND OPERATION LEVEL )NTERNAL CONTROL SYSTEM IS A KEY MECHANISM TO PROVIDE CONFIDENCE TO THE EXECUTIVES TO REDUCE BUSINESS RISKS SUPPORT EFFECTIVE BUSINESS OPERATIONS BY ALLOCATING PROPERLY RESOURCES TO ACHIEVE THE TARGETED OBJECTIVES )T CAN PREVENT ASSETS FROM LEAKAGE LOST OR WRONGFULLY EXPLOITED )T CAN ALSO MAKE ANNUAL REPORT ACCURATELY AND CREDIBILITY INCLUDING CAN HELP THE PERSONNEL TO COMPLY WITH RELATED LAWS AND REGULATIONS AS WELL AS TO PROTECT THE SHAREHOLDERS} INVESTMENTS !S A RESULT THE #OMPANY HAS DEFINED A CLEARLY WRITTEN POLICY ON DUTIES OPERATIONAL POWERS OF THE EXECUTIVES AND EMPLOYEES ON CONTROL USAGE OF THE #OMPANY}S ASSETS INCLUDING TO APPROPRIATED SEGREGATE THE OPERATING PERSON THE SUPERVISING PERSON AND THE EVALUATING PERSON FOR PURPOSE OF BALANCE OF POWER AND CROSS CHECKING 4HE "OARD ASSIGNS THE !UDIT #OMMITTEE TO AUDIT SUITABILITY AND EFFICIENCY OF INTERNAL CONTROL SYSTEMS ESTABLISHED BY THE EXECUTIVES RELATING TO OPERATION FINANCIAL REPORTING COMPLIANCE WITH RULES REGULATIONS POLICIES AND CORPORATE GOVERNANCE INCLUDING RISK MANAGEMENT 4HE "OARD ALSO EMPHASIZES ON ADVANCE WARNING SIGNS AND IRREGULAR TRANSACTIONS 4HE #OMPANY HAS ENGAGED 0ITISEVI /FFICE TO BE THE #OMPANY}S INTERNAL AUDITOR TO AUDIT AND ENSURE THAT THE #OMPANY HAS ADEQUATE AND PROPER INTERNAL CONTROL SYSTEMS &OR FULL INDEPENDENCY AND BALANCE OF POWER SUCH INTERNAL AUDITOR SHALL DIRECTLY REPORT TO THE !UDIT #OMMITTEE 4HE #OMPANY SHALL CONSTANTLY FOLLOW UP AND EVALUATE ADEQUACY OF THE INTERNAL CONTROL SYSTEMS AT LEAST ONCE A YEAR TO ENSURE EFFECTIVENESS OF THE SYSTEM

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2ISK -ANAGEMENT 4HE "OARD IS AWARE OF THE IMPORTANCE OF RISK MANAGEMENT AND IS RESPONSIBLE FOR DEFINING OVERALL RISK MANAGEMENT POLICY OF THE ORGANIZATION ASSESSING RISK AND MANAGING THEM TO BE IN ACCEPTABLE LEVEL 4HE "OARD HAS APPOINTED 2ISK -ANAGEMENT #OMMITTEE WHICH COMPRISED -R #HANCHAI *IVACATE -R +ITTI *IVACATE -ISS .ILRAT *ARUMANOPAS !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG AND -ISS *EERAPAN *INDA TO OVERSEE AND MAKE SURE THAT RISK MANAGEMENT IS EFFECTIVE AND IS COMPLIANCE WITH THE SPECIFIED POLICIES /VERALL PRINCIPLES ARE THAT THERE SHALL BE MEASURES TO TACKLE ANY RISKS THAT MIGHT PREVENT ACHIEVEMENT OF THE PLANNED BUSINESS OPERATIONS 4HE #OMPANY ALSO ENCOURAGES AND STIMULATES EVERYBODY TO BUILD UP WORKING CULTURE THAT REALIZES IMPORTANCE OF RISKS AND UNDERSTANDS THEIR CAUSE THEN CORRECTS THEM FOR INSTANCE IMPROVING WORKING PROCEDURES USING RESOURCE PROPERLY AS WELL AS USING TOOLS TO PREVENT OR MITIGATE ANY POSSIBLE RISKS 4HE ABOVEMENTIONED SYSTEMATIC OPERATIONS CAN PROVIDE NEW BUSINESS OPPORTUNITIES WHICH CAN ADD VALUE TO THE ORGANIZATION 2EPORT OF THE "OARD OF $IRECTORS OF THE #OMPANY 4HE "OARD IS RESPONSIBLE FOR THE FINANCIAL STATEMENT OF THE #OMPANY AND ASSIGNS THE !UDIT #OMMITTEE TO AUDIT AND PREPARE THE FINANCIAL REPORT IN ACCORDANCE WITH THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES 4HE #OMPANY}S IMPORTANT INFORMATION MUST BE ADEQUATELY AND TRANSPARENTLY DISCLOSED !CCOUNTING $EPARTMENT AND OR THE AUDITOR SHALL HAVE JOINT METING AND PRESENT FINANCIAL REPORT TO THE "OARD OF $IRECTOR EVERY QUARTER 4HE "OARD OF $IRECTORS IS RESPONSIBLE FOR THE #OMPANY}S FINANCIAL INFORMATION INCLUDING FINANCIAL INFORMATION SYSTEM 2EPORT ON 2ESPONSIBILITIES OF THE "OARD OF $IRECTORS TO THE &INANCIAL 2EPORT AS PRESENTED IN THE ANNUAL REPORT 3UCH FINANCIAL STATEMENT HAS BEEN PREPARED PURSUANT TO GENERALLY ACCEPTED ACCOUNTING STANDARDS AND HAS BEEN AUDITED BY $ ) ! )NTERNATIONAL !UDITING #O ,TD THE #OMPANY}S AUDITOR $ISCLOSURE OF IMPORTANT INFORMATION SYSTEM INCLUDING FINANCIAL AND NON FINANCIAL INFORMATION SHALL BE BASED ON COMPLETE FACTS AND ON REGULARLY BASIS 4HE -EETING OF THE "OARD OF $IRECTORS 'ENERALLY THE "OARD SHALL HAVE A MEETING EVERY MONTHS AND AN EXTRAORDINARY MEETING MAY BE ARRANGED IN CASE OF NECESSITY &OR EACH MEETING A CLEAR AGENDUM IS SPECIFIED WITH CORRECT COMPLETE AND ADEQUATE SUPPORTING DOCUMENTS SUBMITTED TO EACH DIRECTOR IN ADVANCE PRIOR TO THE MEETING SO THAT THE DIRECTOR CAN HAVE TIME TO STUDY INFORMATION BEFORE ATTENDING THE MEETING EXCEPT IN CASE OF EMERGENCY -INUTES OF MEETING OF THE PREVIOUS MEETINGS WHICH HAVE BEEN APPROVED FROM THE "OARD OF $IRECTORS} MEETING SHALL BE KEPT AND AVAILABLE FOR INSPECTION ANY TIME &URTHERMORE THE #OMPANY MUST PREPARE AND SUBMIT A MONTHLY PERFORMANCE REPORT TO THE "OARD OF $IRECTORS FOR ACKNOWLEDGEMENT SO THAT THE "OARD CAN BE INFORMED OF THE #OMPANY}S BUSINESS AND CAN SUPERVISE OPERATIONS OF THE EXECUTIVES CONTINUALLY AND IN DUE TIME $URING THE MEETING THE #HAIRMAN OF THE "OARD OF $IRECTORS AND THE -ANAGING $IRECTOR SHALL JOINTLY SET AGENDA FOR EACH "OARD MEETING AND EACH "OARD MEMBER IS ALLOWED TO SUGGEST AGENDA ITEMS 4HE #HAIRMAN SHALL LEAD THE MEETING AND ALL OTHER DIRECTORS ARE ENCOURAGED TO EXPRESS THEIR VIEWS INDEPENDENTLY 4OP EXECUTIVE MAY ATTEND THE MEETING DURING SOME AGENDA TO PROVIDE DETAILED INFORMATION THAT THEY ARE RESPONSIBLE FOR AND TO BE INFORMED OF THE POLICY DIRECTLY 2ESOLUTION OF THE "OARD OF $IRECTORS} MEETING SHALL BE MADE BY A MAJORITY OF VOTES WHERE EACH DIRECTOR SHALL HAVE ONE VOTE 4HE DIRECTOR WHO MIGHT HAVE ANY CONFLICT OF INTEREST SHALL NOT ATTEND THE MEETING AND OR SHALL NOT CAST THE VOTE )N THE EVENT OF A TIE THE CHAIRMAN OF THE MEETING SHALL HAVE AN ADDITIONAL CASTING VOTE !LL COMMITTEE MEMBERS ARE ENTITLED TO INSPECT MEETING DOCUMENT AND OTHER IMPORTANT DOCUMENT AND IF THE )NDEPENDENT $IRECTOR OR THE !UDIT #OMMITTEE HAS ANY INQUIRIES OTHER COMMITTEES AND THE EXECUTIVES OF THE #OMPANY SHALL ANSWER SUCH INQUIRIES ACCURATELY AND AS SOON AS POSSIBLE

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)N THE EVENT WHERE THE COMMITTEE DOES NOT AGREE WITH THE RESOLUTION OF THE MEETING SUCH COMMITTEE MAY ASK THE #OMPANY}S SECRETARY TO RECORD SUCH DISAGREEMENT IN MINUTE OF MEETING OR SUBMIT AN OBJECTION NOTICE TO THE #HAIRMAN OF THE "OARD 4HE #OMPANY}S SECRETARY SHALL ATTEND THE "OARD OF $IRECTORS} MEETING EVERY TIME TO RECORD A MINUTE AND SUBMIT IT TO THE #HAIRMAN OF THE "OARD TO SIGN AND CERTIFY 3UCH MINUTE SHALL BE PROPOSED TO THE MEETING IN ADVANCE PRIOR TO THE MEETING -OREOVER THE "OARD OF $IRECTORS HAS A POLICY THAT NON EXECUTIVE DIRECTORS SHALL HOLD MEETING AMONG THEMSELVES EXCLUSIVELY TO CONSIDER IMPORTANT PROBLEMS RELATING TO THE MANAGEMENT OF THE #OMPANY AND NOTIFY THE -ANAGING $IRECTOR OF THE RESULTS OF THE MEETING 4HE PARTICIPATION OF EACH COMMITTEE MEMBER CAN BE SUMMARIZED AS FOLLOWS

0ARTICIPATION 4OTAL -EETING 4IMES "OARD OF $IRECTOR TIMES

!UDIT #OMMITTEE TIMES

.OMINATION 2ISK %XECUTIVE -ANAGEMENT #OMMITTEE #OMMITTEE 2EMUNERATIO TIMES N #OMMITTEE TIME TIMES

-R #HANCHAI *IVACATE -R +ITTI *IVACATE -ISS .ILRAT *ARUMANOPAS -R #HATCHAPHOL 0RASOPCHOKE !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG -ISS *EERAPAN *INDA .OTE $IRECTORS .O WHO ARE -R #HANCHAI *IVACATE -R #HATCHAPHOL 0RASOPCHOKE !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG AND -ISS *EERAPAN *INDA HAVE BEEN APPOINTED AS DIRECTORS ON *ANUARY $URING THE MEETING OF THE "OARD OF $IRECTORS .O ON &EBRUARY THE MEETING HAS RESOLVED TO APPOINT THE !UDIT #OMMITTEE 2ISK -ANAGEMENT #OMMITTEE AND .OMINATION AND 2EMUNERATION #OMMITTEE 4HE MEETING OF THE "OARD OF $IRECTORS .O ON !PRIL HAS RESOLVED TO APPOINT THE %XECUTIVE #OMMITTEE 2EMUNERATION 4HE REMUNERATION POLICY OF THE #OMPANY FOR THE DIRECTORS AND THE EXECUTIVES IS APPROPRIATED AND IS BASED ON THE #OMPANY}S PERFORMANCE AND CONSISTENCY WITH THE SAME GROUP OF BUSINESS INDUSTRY INCLUDING APPROPRIATENESS TO DUTIES AND RESPONSIBILITIES OF EACH DIRECTOR AND EXECUTIVE 2EMUNERATIONS ARE PROVIDED IN COMMITTEES} REMUNERATION AND OR SALARY AND BONUS 2EMUNERATION TO THE #OMMITTEES AND THE 3UB COMMITTEES 4HE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS DATED !PRIL HAS APPROVED REMUNERATION TO THE #OMMITTEES AND THE 3UB COMMITTEES AS PER DETAILS IN #LAUSE OF 2EMUNERATION TO THE #OMMITTEES AND THE %XECUTIVES

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2EMUNERATION TO THE -ANAGING $IRECTOR AND THE EXECUTIVES 4HE #OMPANY CAREFULLY CONSIDERS ABOUT REMUNERATION TO THE #OMPANY}S EXECUTIVES TO ENSURE THAT IT IS APPROPRIATED AND IN COMPARABLE RATE WITH THE SAME GROUP OF BUSINESS IN ORDER TO ATTRACT AND RETAIN THE QUALIFIED EXECUTIVES 4HE EXECUTIVES WITH GREATER DUTY AND RESPONSIBILITIES ARE PAID MORE $EVELOPMENT OF THE "OARD OF $IRECTORS AND THE %XECUTIVES 4HE "OARD OF $IRECTORS HAS A POLICY TO ENCOURAGE AND FACILITATE ON PROVISION OF TRAININGS TO ALL RELEVANT DIRECTORS WHO HAVE ROLES ON SUPERVISING THE #OMPANY}S PERFORMANCE SUCH AS DIRECTORS MEMBERS OF THE !UDIT #OMMITTEE EXECUTIVES AND ETC TO ENABLE THEM TO CONTINUOUSLY IMPROVE THEIR PERFORMANCE %VERY TIME THERE IS A CHANGE IN DIRECTOR OR A NEW DIRECTOR THE #OMPANY SHALL PROVIDE A NEW DIRECTOR WITH MATERIAL AND USEFUL INFORMATION FOR FULFILLING HIS HER DUTY AS WELL AS AN INTRODUCTION TO THE #OMPANY}S VARIOUS BUSINESSES AND BUSINESS DIRECTION 4HE USE OF )NSIDE )NFORMATION &OR TRANSPARENCY AND PREVENTION OF PERSONAL GAINS FROM USE OF THE #OMPANY}S INSIDE INFORMATION WHICH HAS NOT BEEN DISCLOSED TO THE PUBLIC AS WELL AS FOR AVOIDANCE OF ANY CRITICISM CONCERNING AN APPROPRIATENESS ON PURCHASE AND SALES SHARES BY THE INTERNAL PEOPLE THE #OMPANY THEREFORE HAS ESTABLISHED THE OPERATING GUIDELINES TO BE OBSERVED BY THE #OMPANY}S DIRECTORS EXECUTIVES AND EMPLOYEES AS FOLLOWS 4HE #OMPANY}S DIRECTORS EXECUTIVES AND EMPLOYEES SHALL MAINTAIN CONFIDENTIALITY AND OR INSIDE INFORMATION OF THE #OMPANY BY NOT DISCLOSING IT OR USING IT FOR HIS HER OWN BENEFITS OR FOR BENEFITS OF THE THIRD PARTY DIRECTLY AND INDIRECTLY 4HEY SHALL NOT PURCHASE SELL TRANSFER OR ACCEPT TRANSFER THE #OMPANY}S SHARE BY USING CONFIDENTIALITY AND OR INSIDE INFORMATION OF THE #OMPANY AND OR UNDERTAKE ANY LEGAL ACTION BY USING CONFIDENTIALITY AND OR INSIDE INFORMATION OF THE #OMPANY WHICH MIGHT POSE DAMAGES TO THE #OMPANY DIRECTLY OR INDIRECTLY 4HE DIRECTORS EXECUTIVES EMPLOYEES IN THE WORKING UNIT WHO CAN OBTAIN INSIDE INFORMATION SHALL NOT USE SUCH INFORMATION BEFORE IT IS DISCLOSED TO THE PUBLIC AND SHALL NOT PURCHASE SELL TRANSFER OR ACCEPT TRANSFER SHARES OF THE #OMPANY DURING THE MONTH PERIOD PRIOR TO THE QUARTERLY OR YEARLY FINANCIAL STATEMENT HAS BEEN DISCLOSED TO THE PUBLIC AND AT LEAST DAYS AFTER THE DISCLOSURE OF SUCH INFORMATION )N ADDITION SUCH REQUIREMENT SHALL ALSO APPLY TO SPOUSE AND CHILDREN UNDER LEGAL AGE OF THE #OMPANY}S DIRECTORS EXECUTIVES AND EMPLOYEES 4HOSE WHO VIOLATE SHALL BE SUBJECT TO DISCIPLINARY OR LEGALLY PENALTY AS THE CASE MAY BE 0ERSONNEL !S AT $ECEMBER THE #OMPANY HAS TOTAL EMPLOYEES EXCLUDING THE EXECUTIVES AND ALL OF THEM ARE PERMANENT EMPLOYEES WHICH CAN BE DIVIDED INTO EACH LINE OF BUSINESS AS FOLLOWS $EPARTMENT .UMBER OF %MPLOYEE 3ALES 7AREHOUSE AND 4RANSPORTATION !CCOUNTING AND &INANCE 'ENERAL !DMINISTRATION 4OTAL p %MPLOYEES} REMUNERATION )N TOTAL REMUNERATION PAID BY THE #OMPANY WAS "AHT MILLION COMPRISING OF SALARIES COST OF LIVING COMMISSION FOR SALES OF GOODS VEHICLE COST PROVIDENT FUND SOCIAL SECURITY FUND BONUS AND OTHER BENEFITS EXCLUDING THE EXECUTIVES Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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p 0ROVIDENT &UND 4HE #OMPANY HAS ESTABLISHED A PROVIDENT FUND SINCE &EBRUARY WITH 3#" !SSET -ANAGEMENT #O ,TD ,ATER ON *ULY THE PROVIDENT FUND MANAGER HAS BEEN TRANSFERRED TO +ASIKORN !SSET -ANAGEMENT #O ,TD WITH OBJECTIVE TO STRENGTHEN MORALE SUPPORT TO THE EMPLOYEES AND TO MOTIVATE THEM TO WORK WITH THE #OMPANY FOR A LONG RUN p /THER REMUNERATIONS . ! p 0ERSONNEL $EVELOPMENT 0OLICY 4HE #OMPANY HAS A POLICY FOR PERSONNEL DEVELOPMENT CONSTANTLY BEGINNING FROM RECRUITMENT PROCESS 4HE #OMPANY PROVIDES TRAINING BOTH WITHIN THE COUNTRY AND ABROAD TO ENHANCE THEIR CAPABILITY AND SKILLS PURSUANT TO THEIR RESPONSIBILITIES AT EACH LEVEL SO THAT THEY CAN WORK EFFECTIVELY AND EFFICIENTLY WHICH SHALL STRENGTHEN THE ORGANIZATIONAL PERFORMANCE

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Details of the Board of Directors and Management 7ORK EXPERIENCE IN THE LAST FIVE YEARS .AME 0OSITION

!GE

-R #HANCHAI *IVACATE )NDEPENDENT $IRECTOR #HAIRMAN 2ISK -ANAGEMENT #OMMITTEE -EMBER

-R +ITTI *IVACATE $IRECTOR #HAIRMAN OF THE %XECUTIVE #OMMITTEE #HAIRMAN OF THE 2ISK -ANAGEMENT #OMMITTEE

-ISS .ILRAT *ARUMANOPAS $IRECTOR $EPUTY -ANAGING $IRECTOR &INANCE !CCOUNTING 2ISK -ANAGEMENT #OMMITTEE -EMBER -R #HATCHAPHOL 0RASOPCHOKE $IRECTOR $EPUTY -ANAGING $IRECTOR 3ALES -ARKETING /PERATION

%DUCATION

3HARE HELD

0ERIOD

0OSITION

/RGANIZATION

- %NG #HEMICAL 0RESENT )NDEPENDENT $IRECTOR 5NIVERSAL !DSORBENTS #HEMICAL 0LC %NGINEER ,AMAR 5NIVERSITY #HAIRMAN "EAUMONT 4EXAS " %NG -ECHANICAL 0RESENT !DVISOR "ANPU 0OWER #O ,TD %NGINEER #HULALONGKORN 5NIVERSITY 0RESENT $IRECTOR "ANPU #OAL 0OWER #O ,TD 2OLE OF #HAIRMAN 0ROGRAM 2#0 )/$ 0RESENT $IRECTOR 'ROUP OF -ITR 0HOL "IO %NERGY $IRECTORS #ERTIFICATION 0ROGRAM $#0 0RESENT -ANAGING $IRECTOR ",#0 0OWER #O ,TD )/$ - " ! 3ASIN 'RADUATE 0RESENT $IRECTOR -ANAGING 5NIVERSAL !DSORBENTS #HEMICAL 0LC )NSTITUTE OF "USINESS $IRECTOR !DMINISTRATION OF #HULALONGKORN 5NIVERSITY 0RESENT $IRECTOR "ANGCHAK "IOFUEL #O ,TD " %NG #HIMICAL %NGINEERING #HULALONGKORN 3EP $IRECTOR 'LOBAL 4ECHNOLOGY )NNOVATION 5NIVERSITY #O ,TD $IRECTORS !CCREDITATION 0ROGRAM $!0 0RESENT $IRECTOR 3UTHOSAMITR #O ,TD )/$ $IRECTORS #ERTIFICATION *AN $IRECTOR 5NIVERSAL %NERGY AND 4ECHNOLOGY 0ROGRAM $#0 #O ,TD )/$ !PR $IRECTOR !PPLANCE 4ECHNOLOGY 3UPPLY 0RESENT $IRECTOR 3 'ROUP (OLDING #O ,TD - " ! 5NIVERSITY OF THE 0RESENT $IRECTOR 5NIVERSAL !DSORBENTS #HEMICAL 0LC 4HAI #HAMBER OF #OMMERCE -AY 0RESENT $EPUTY -ANAGING 5NIVERSAL !DSORBENTS #HEMICAL 0LC " " ! #HIENGMAI $IRECTOR &INANCIAL 5NIVERSITY !CCOUNTING " " ! !CCOUNTING $HURAKIT 0ANDIT 5NIVERSITY *UN $IRECTOR +HONRAKNAM #O ,TD $IRECTORS !CCREDITATION 0ROGRAM $!0 !PR $IRECTOR 4HAI #YBER )NFO #O ,TD )/$ $IRECTORS #ERTIFICATION *AN $IRECTOR 5NIVERSAL %NERGY AND 4ECHNOLOGY 0ROGRAM $#0 )/$ - " ! 4HAMASAT &EB 0RESENT $IRECTOR 5NIVERSAL !DSORBENTS #HEMICAL 0LC 5NIVERSITY " %NG %LECTRICAL -AY 0RESENT $EPUTY -ANAGING 5NIVERSAL !DSORBENTS #HEMICAL 0LC %NGINEER +ING -ONGKUT}S $IRECTOR 3ALES )NSTITUTE OF 4ECHNOLOGY -ARKETING /PERATION ,ADKRABANG $IRECTORS !CCREDITATION *UN $IRECTOR +HONRAKNAM #O ,TD 0ROGRAM $!0 )/$ $IRECTORS #ERTIFICATION 0ROGRAM $#0 )/$

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7ORK EXPERIENCE IN THE LAST FIVE YEARS .AME 0OSITION

!GE

%DUCATION

3HARE HELD

0ERIOD

!SSOC 0ROF $R !EKKACHAI 0H $R &INANCE 5NIVERSITY 0RESENT OF -ISSISSIPPI 5 3 ! .ITTAYAKASETWAT )NDEPENDENT $IRECTOR - " ! &INANCE .ATIONAL #HAIRMAN OF THE !UDIT )NSTITUTE OF $EVELOPMENT #OMMITTEE !DMINISTRATION 0RESENT .OMINATION " 3C #HEMICAL %NGINEER 2EMUNERATION #OMMITTEE #HULALONGKORN 5NIVERSITY -EMBER $IRECTOR !CCREDITATION 0RESENT 2ISK -ANAGEMENT 0ROGRAM $!0 #OMMITTEE -EMBER )/$ 2OLE OF THE #OMPENSATION #OMMITTEE 2## )/$ (ONORARY $OCTORATE 0RESENT !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG .AGAOKA 5NIVERSITY OF )NDEPENDENT $IRECTOR 4ECHNOLOGY !UDIT #OMMITTEE -EMBER $ %NGLISH )% -ETALLURGY .OMINATION 4HE 5NIVERSITY OF 4OKYO 0RESENT 2EMUNERATION #OMMITTEE - " ! 4HAMASAT -EMBER 5NIVERSITY 2ISK -ANAGEMENT - %NG )% #HULALONGKORN #OMMITTEE -EMBER 5NIVERSITY " %NG )% #HULARONGKORN 5NIVERSITY $IRECTOR !CCREDITATION 0ROGRAM $!0 )/$ $IRECTOR #ERTIFICATION 0ROGRAM $#0 )/$ -ISS *EERAPAN *INDA - " ! &INANCE 4HE 0RESENT )NDEPENDENT $IRECTOR .ATIONAL )NSTITUTE OF !UDIT #OMMITTEE $EVELOPMENT -EMBER !DMINISTRATION #HAIRMAN OF .OMINATION " 3C #HEMICAL %NGINEER 0RESENT 2EMUNERATION #HULALONGKORN 5NIVERSITY #OMMITTEE $IRECTOR !CCREDITATION 2ISK -ANAGEMENT 0ROGRAM $!0 #OMMITTEE -EMBER )/$ 2OLE OF THE #OMPENSATION #OMMITTEE 2## )/$ $IRECTOR #ERTIFICATION 0ROGRAM $#0 )/$

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0OSITION

/RGANIZATION

)NDEPENDENT $IRECTOR #HAIRMAN OF !UDIT #OMMITTEE $IRECTOR )NDEPENDENT $IRECTOR !UDIT #OMMITTEE $EAN OF "USINESS !DMINISTRATION

5NIVERSAL !DSORBENTS #HEMICAL 0LC 3ECURITIES !NALYST !SSOCIATION OF 4HAILAND 42# #ONSTRUCTION 0LC .ATIONAL )NSTITUTE OF $EVELOPMENT !DMINISTRATION

)NDEPENDENT $IRECTOR !UDIT #OMMITTEE -EMBER $IRECTOR !DVISOR TO THE 0RESIDENT $IRECTOR

5NIVERSAL !DSORBENTS #HEMICAL 0LC 4ECHNOLOGY 0ROMOTION !SSOCIATION 4HAILAND *APAN .ATIONAL 3CIENCE AND 4ECHNOLOGY $EVELOPMENT !GENCY .ATIONAL -ETAL AND -ATERIALS 4ECHNOLOGY #ENTER

)NDEPENDENT $IRECTOR 5NIVERSAL !DSORBENTS !UDIT #OMMITTEE #HEMICAL 0LC -EMBER -ANAGING $IRECTOR 7ISEN #ONSULTANTS #O ,TD

7ORK EXPERIENCE IN THE LAST FIVE YEARS .AME 0OSITION

!GE

%DUCATION

-RS *ARUNEE "OONMANGMEE " " ! !CCOUNTING &INANCE -ANAGER 2AMKAMHAENG 5NIVERSITY -RS !REE 0LEEKHUN !CCOUNTING -ANAGER

-ISS 0REEYAPORN 4HANARATSET -ARKETING "USINESS $EVELOPMENT -ANAGER 4EAM

" " ! &INANCE "ANKING 2AMKAMHAENG 5NIVERSITY " " ! !CCOUNTING 2AMKAMHAENG 5NIVERSITY - " ! "ANGKOK 5NIVERSITY " 3C #HEMICAL %NGINEER #HULALONGKORN 5NIVERSITY

3HARE HELD

0ERIOD

0RESENT 0RESENT

0OSITION &INANCE -ANAGER &INANCE -ANAGER !CCOUNTING -ANAGER

/RGANIZATION 5NIVERSAL !DSORBENTS #HEMICAL 0LC 4EXMAC #O ,TD 5NIVERSAL !DSORBENTS #HEMICAL 0LC

0RESENT

-ARKETING "USINESS 5NIVERSAL !DSORBENTS $EVELOPMENT -ANAGER #HEMICAL 0LC 4EAM "USINESS $EVELOPMENT !VERY $ENNISON 4HAILAND 0LC -ANAGER -RS /RATAI 4AWEECHAIKARN 3TUDYING IN - 3C *AN PRESENT 'ENERAL !DMINISTRATION 5NIVERSAL !DSORBENTS 'ENERAL !DMINISTRATION -ANAGMENT -ANAGER 0UBLIC #HEMICAL 0LC -ANAGER 0UBLIC 2ELATION !SSUMPTION 5NIVERSITY 2ELATION (OLD 0OSITION ON *AN 0OLITICAL 3CIENCE 2AMKAMHEANG 5NIVERSITY 'OVERNMENT 2ELATION (ONGSA 0OWER #O ,TD 3ECTION -ANAGER 6IENTIANE ,AOS 3ECRETARY TO 'ROUP "ANPU 0LC 3ENIOR 6ICE 0RESIDENT "USINESS $EVELOPMENT -ISS +INGDAO 3OMASRI " " ! &INANCE "ANGKOK 0RESENT #ORPORATE 3ECRETARY 5NIVERSAL !DSORBENTS #ORPORATE 3ECRETARY 5NIVERSITY )NVESTOR 2ELATION #HEMICAL 0LC )NVESTOR 2ELATION &UNDAMENTALS 0RACTICE FOR #ORPORATE 3ECRETARY &0#3 #ORPORATE !FFAIRS 0ICO 4HAILAND 0LC 4,#! %XECUTIVE %FFECTIVE -INUTE 4AKING %-4 )/$ "OARD 2EPORTING 0ROGRAM "20 )/$

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Shareholdings of the Board of Directors and Management .AME 3URNAME

!S OF $ECEMBER /RDINARY SHARE SHARES

-R #HANCHAI *IVACATE

-R +ITTI *IVACATE

-S .ILRAT *ARUMANOPAS

-R #HATCHAPHOL 0RASOPCHOKE

!SSOC 0ROF $R !EKKACHAI .ITTAYAKASETWAT

!SSOC 0ROF $R -R 0ARITUD "HANDHUBANYONG

-S *EERAPAN *INDA

-S 0REEYAPORN 4HANARATSET

-S *ARUNEE "OONMANGMEE

-S !REE 0LEEKHUN

-S /RATAI 4AWEECHAIKARN

-S +INGDAO 3OMASRI

.OTE &ROM REPORT OF SECURITIES HELD BY THE #OMPANY}S DIRECTORS AS OF $ECEMBER

152

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

Directors and Executives Remuneration -ONETARY REMUNERATION p #OMMITTEES )N THE #OMPANY HAS PAID REMUNERATION TO THE COMMITTEES AS FOLLOWS ,IST 4OTAL #OMMITTEES 2EMUNERATION "AHT -R #HANCHAI *IVACATE -R +ITTI *IVACATE -ISS .ILRAT *ARUMANOPAS -R #HATCHAPHOL 0RASOPCHOKE !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG -ISS *EERAPAN *INDA 4OTAL .OTE 4HESE REMUNERATION HAVE BEEN OBTAINED FROM HOLDING POSITION OF THE %XECUTIVE #OMMITTEE SOLELY 4HE %XECUTIVE #OMMITTEES SHALL RECEIVE REMUNERATION AT "AHT PER MONTH AND ARE NOT ENTITLED TO ANY REMUNERATION FOR BEING THE #OMPANY}S COMMITTEE $URING THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS ON !PRIL THE MEETING HAS RESOLVED TO FIX MONETARY REMUNERATION AND PAY TO THE "OARD OF $IRECTORS AS WELL AS MEMBERS OF THE 3UB COMMITTEES ON MONTHLY BASIS 0AYMENT FOR SUCH COMMITTEE REMUNERATION HAS BEEN COMMENCED ON &EBRUARY AS FOLLOWS 0OSITION 2EMUNERATION "AHT 0ERSON -ONTH #HAIRMAN OF THE "OARD OF $IRECTORS $IRECTOR %XECUTIVE #OMMITTEE #HAIRMAN OF THE !UDIT #OMMITTEE !UDIT #OMMITTEE 0AYMENT CONDITIONS 4HE #OMMITTEES WHO ARE ENTITLED TO REMUNERATION ARE THE "OARD OF $IRECTORS THE %XECUTIVE $IRECTORS AND THE !UDIT #OMMITTEE ONLY %ACH COMMITTEE MEMBER CAN HOLD COMMITTEE POSITION IN OTHER SPECIFIC COMMITTEES AND IS ENTITLED TO REMUNERATION FOR COMMITTEE IN ACCORDANCE WITH THE POSITION HE SHE HOLDS 4HE #OMPANY}S DIRECTOR SHALL RECEIVE MONETARY REMUNERATION AT "AHT PER MONTH AND THE %XECUTIVE #OMMITTEE SHALL RECEIVE MONETARY REMUNERATION AT "AHT PER MONTH (OWEVER IN CASE THE MEMBER OF THE %XECUTIVE #OMMITTEE IS ALSO A MEMBER OF THE "OARD OF $IRECTORS AND OR A MEMBER OF ANY OTHER SPECIFIC COMMITTEE SUCH COMMITTEE SHALL NOT BE ENTITLED TO REMUNERATION AS THE COMMITTEE MEMBER OF THE "OARD OF $IRECTORS AND OR AS THE MEMBER OF ANY SPECIFIC COMMITTEE (E SHE SHALL BE ENTITLED TO REMUNERATION IN THE PART OF THE %XECUTIVE #OMMITTEE ONLY

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4HE "OARD OF $IRECTORS AND THE SPECIFIC COMMITTEE SHALL BE ENTITLED TO COMMITTEE REMUNERATION FROM THE #OMPANY AS GRATUITY MEETING ALLOWANCE PENSION BONUS OR ANY BENEFITS PURSUANT TO THE REGULATIONS OR AS PER CONSIDERED BY THE SHAREHOLDERS} MEETING 3UCH REMUNERATION MAY BE AS PER AN EXACT AMOUNT OR AS PER DEFINED CRITERIA AND SHALL BE SPECIFIED OCCASIONALLY OR IT SHALL BE IN EFFECT UNTIL FURTHER CHANGE -OREOVER THEY SHALL ALSO EARN ALLOWANCES AND FRINGE BENEFITS PURSUANT TO THE #OMPANY}S REGULATIONS WITHOUT HAVING ANY IMPACT TO RIGHTS OF THE OFFICERS AND EMPLOYEES OF THE #OMPANY WHO HAVE BEEN ELECTED AS THE COMMITTEE WITH REGARDS TO REMUNERATION AS THE COMMITTEE AND BENEFITS AS THE OFFICER OR EMPLOYEE OF THE #OMPANY "ESIDES SUCH REMUNERATION PAYMENT SHALL NOT AGAINST OR CONTRADICT TO QUALIFICATIONS OF THE )NDEPENDENT $IRECTOR WHICH HAS BEEN SPECIFIED IN THE LAWS GOVERNING SECURITIES AND EXCHANGE !LL )NDEPENDENT $IRECTORS OF THE #OMPANY ARE ENTITLED TO BONUS )N CASE THE #OMPANY DEEMS APPROPRIATE THE #OMPANY MAY CONSIDER ON PAYMENT OF BONUS TO ALL )NDEPENDENT $IRECTORS AT TOTAL AMOUNT NOT EXCEEDING "AHT ONE MILLION "AHT PER YEAR 4HE "OARD OF $IRECTORS SHALL DECIDE WHEN THE BONUS SHALL BE MADE AS WELL AS DETAILS ON BONUS PAYMENT FOR INSTANCE PAYING BONUS TO ALL )NDEPENDENT $IRECTORS WHO STILL HOLD THE POSITION )N CASE TERM OF OFFICE OF ANY )NDEPENDENT $IRECTOR IS LESS THAN ONE YEAR BONUS PAYMENT MAY BE MADE PROPORTIONATELY TO TERM OF OFFICE OF SUCH )NDEPENDENT $IRECTOR

$URING THE "OARD OF $IRECTORS} MEETING .O ON $ECEMBER THE MEETING RESOLVED ON CALCULATION PERIOD FOR ANNUAL BONUS PAYMENT OF TO THE )NDEPENDENT $IRECTOR AT THE AMOUNT NOT MORE THAN "AHT PER YEAR BASED ON PERIOD OF POSITION HOLDING BEGINNING FROM *ANUARY WHICH WAS THE DATE OF THE EXTRAORDINARY MEETING OF SHAREHOLDERS .O 4HEREFORE PERIOD USED FOR CALCULATION OF BONUS OF WAS FROM *ANUARY TO $ECEMBER WHICH WAS TOTALLY DAYS #ONSEQUENTLY BONUS IN ALLOCATED TO THE )NDEPENDENT $IRECTOR SHALL BE NOT MORE THAN "AHT PURSUANT TO RESOLUTION OF THE "OARD OF $IRECTORS MEETING .O ON -ARCH p %XECUTIVES )N THE #OMPANY PAID REMUNERATION TO THE EXECUTIVES AS FOLLOWS 2EMUNERATION 2EMUNERATION .UMBER OF 0ERSON "AHT 3ALARY BONUS AND OTHER BENEFITS I E COMMISSION FOR SALES OF GOODS VEHICLE COST SOCIAL SECURITY FUND 0ROVIDENT FUND 4OTAL B /THER REMUNERATION . !

154

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Major Shareholders .AME OF THE &IRST -AJOR 3HAREHOLDERS -R +ITTI *IVACATE -ISS .ILRAT *ARUMANOPAS -RS 7ARANEE 3EREEWIWATTANA -ISS .IRANUCH *ARUMANOPAS -RS 3ALAYA *ARUJINDA -RS 3URATTANA -ANAMANEEKUL -R !DISAK 0OOTIKACHAKORN 4HAI .6$2 #OMPANY ,IMITED -RS +ALAYA ,UMPRASERT -ISS 0AILIN +OSEEYARAKWONG 4OTAL MAJOR SHAREHOLDERS -INOR SHAREHOLDERS 4OTAL

.O OF 3HARES (ELD

0ERCENT !S AT $ECEMBER

2ESTRICTIONS ON FOREIGN SHAREHOLDING 4HE NUMBER OF FOREIGN SHAREHOLDERS AND PERCENTAGE OF FOREIGN SHAREHOLDING SHALL NOT BE MORE THAN PERCENT OF TOTAL ISSUED SHARES OF THE #OMPANY !S AT $ECEMBER APPROXIMATELY PERCENT OF THE #OMPANY}S TOTAL ISSUED SHARES HAVE BEEN HELD BY FOREIGNERS !S AT $ECEMBER 4HAI .6$2 #OMPANY ,IMITED l4HAI .6$2m A SUBSIDIARY COMPANY OF THE 3TOCK %XCHANGE OF 4HAILAND HAS ISSUED .ON 6OTING $EPOSITORY 2ECEIPT .6$2 TO THE #OMPANY}S SHAREHOLDERS AS UNDERLYING ASSETS AT SHARES OR PERCENT OF THE ISSUED SHARES 4HE HOLDERS OF .6$2 ARE ENTITLED TO BENEFITS FROM THE #OMPANY}S SHARES BUT THEY CANNOT EXERCISE THEIR VOTING RIGHT AT THE SHAREHOLDERS} MEETING BECAUSE THEY ARE NOT DIRECT SHAREHOLDERS OF THE #OMPANY (OWEVER IN PRACTICE 4HAI .6$2 CAN ATTEND THE SHAREHOLDERS} MEETING AND CAST ITS VOTES PURSUANT TO ITS INDEPENDENT JUDGMENT NOT BY ORDER OF THE HOLDERS OF .6$2 )N ADDITION THE NUMBER OF THE #OMPANY}S SHARES INVESTED BY THE INVESTORS IN .$62 MAY BE VARIED WHICH CANNOT BE DEFINED BY THE #OMPANY (OWEVER THE INVESTOR CAN EXAMINE NUMBER OF .6$2 SHARES AT WEBSITE OF THE 3TOCK %XCHANGE OF 4HAILAND AT WWW SET OR TH NVDR 4HE POLICY OF DIVIDEND PAYMENT 4HE DIVIDEND PAYMENT POLICY HAS FIXED AT THE MINIMUM OF NET PROFIT OF SEPARATE FINANCIAL STATEMENT AFTER TAX AND STATUTORY RESERVES REQUIRED BY LAW (OWEVER SUCH DIVIDEND PAYMENT SHALL ALSO DEPEND UPON CASH FLOW INVESTMENT PLAN TERMS AND CONDITIONS IN AGREEMENTS BOUND BY THE #OMPANY INCLUDING LEGAL RESTRICTIONS NECESSITIES AND APPROPRIATENESS IN THE FUTURE 2ESOLUTION OF THE "OARD OF $IRECTORS ON APPROVAL FOR DIVIDEND PAYMENT SHALL BE PROPOSED AT THE SHAREHOLDERS} MEETING FOR APPROVAL EXCEPT IN CASE OF INTERIM DIVIDEND WHERE THE "OARD OF $IRECTORS HAS POWER TO APPROVE AND THEN REPORT TO THE SHAREHOLDERS} MEETING IN THE NEXT MEETING 4HE POLICY ON DIVIDEND PAYMENT OF THE ASSOCIATED COMPANY "ANGCHAK "IOFUEL #OMPANY ,IMITED 4HE DIVIDEND PAYMENT POLICY IS SUBJECT TO APPROVAL BY THE ANNUAL MEETING AND IT SHALL BE DONE AFTER THE COMPANY HAS ALLOCATED NOT LESS THAN PERCENT OF ITS ANNUAL NET PROFIT TO A RESERVE FUND UNTIL THIS FUND ATTAINS AN AMOUNT OF NOT LESS THAN PERCENT OF THE REGISTERED CAPITAL 4HE "OARD OF $IRECTORS MAY CONSIDER ON INTERIM DIVIDEND PAYMENT TO THE SHAREHOLDERS HOWEVER IF THE COMPANY HAS ACCUMULATED LOSS NO DIVIDEND SHALL BE MADE Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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Connected Persons and Transactions 2ELATIONSHIP BETWEEN THE #OMPANY AND THE PERSON OR JURISTIC PERSON WHO MIGHT HAVE CONFLICT OF INTEREST CAN BE SUMMARIZED AS FOLLOWS 0ERSON WITH 0OSSIBLE #ONFLICT OF )NTEREST -R +ITTI *IVACATE

-ISS .ILRAT *ARUMANOPAS 0 0 /RDINARY 0ARTNERSHIP "ANGCHAK "IOFUEL #O ,TD l"ANGCHAK "IOFUELm + . #OMMERCIAL #O ,TD l+ .m !PPLIANCE 4ECHNOLOGY 3UPPLY #O ,TD l!43m 0HUKIEO "IO %NERGY #O ,TD

2ELATIONSHIP (OLDS POSITION $IRECTOR %XECUTIVE $IRECTOR AND -ANAGING $IRECTOR OF THE #OMPANY AND IS THE AUTHORIZED DIRECTOR TO SIGN AND BIND THE #OMPANY (OLDS MAJOR SHARES IN THE #OMPANY AT PERCENT OF TOTAL ISSUED SHARES (OLDS POSITION $IRECTOR %XECUTIVE $IRECTOR AND $EPUTY -ANAGING $IRECTOR OF &INANCE !CCOUNTING AND IS THE AUTHORIZED DIRECTOR TO SIGN AND BIND THE #OMPANY (OLDS SHARES IN THE #OMPANY AT PERCENT OF TOTAL ISSUED SHARES 0ARTNERS OF 0 0 /RDINARY 0ARTNERSHIP ARE -ISS #HAVISA *IVACATE AND -ISS #HALISA *IVACATE DAUGHTERS OF -R +ITTI *IVACATE !N ASSOCIATED COMPANY 4HE #OMPANY HOLDS PERCENT OF TOTAL ISSUED SHARES OF "ANGCHAK "IOFUEL AND -R +ITTI *IVACATE IS A DIRECTOR OF "ANGCHAK "IOFUEL ! CONNECTED COMPANY -RS .IRAMOL *IVACATE -R +ITTI *IVACATE}S WIFE IS THE AUTHORIZED DIRECTOR OF + . -RS .IRAMOL *IVACATE HOLDS PERCENT OF SHARES IN + . -ISS .ILRAT *ARUMANOPAS -RS .IRAMOL *IVACATE}S SISTER IS A DIRECTOR EXECUTIVE AND SHAREHOLDER OF + . PERCENT ! CONNECTED COMPANY -R +ITTI *IVACATE IS A DIRECTOR AND SHAREHOLDER OF !43 -R +ITTI *IVACATE HOLDS PERCENT OF SHARES IN + . /N !PRIL -R +ITTI *IVACATE SOLD ALL SHARES IN !43 TO -ISS +ALAYA ,UMPRASERT THE #OMPANY}S SHAREHOLDER WHO HOLD PERCENT OF TOTAL ISSUED SHARES OF THE #OMPANY ,UMPRASERT 'ROUP HOLDS TOTAL ACCUMULATED SHARES IN THE #OMPANY AT PERCENT OF TOTAL ISSUED SHARES -R +ITTI *IVACATE HAS RESIGNED FROM DIRECTOR POSITION IN !43 SINCE !PRIL ! CONNECTED COMPANY -R #HANCHAI *IVACATE IS A DIRECTOR

.OTE 3HAREHOLDING}S STRUCTURE OF THE #OMPANY AS AT $ECEMBER

2ELATED 0ERSON -R +ITTI *IVACATE

156

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2ELATED 0ERSON -ISS .ILRAT *ARUMANOPAS

0 0 /RDINARY 0ARTNERSHIP -RS .IRAMOL *IVACATE

"ANGCHAK "IOFUEL #O ,TD l"ANGCHAK "IOFUELm WHICH ENGAGES BUSINESS IN PRODUCTION DISTRIBUTION AND SALE OF BIODIESEL

6ALUE OF 2ELATED .ECESSITY AND 2EASONABLENESS OF 2ELATED $ETAILS OF 4RANSACTION 4RANSACTION 4RANSACTION "AHT -ILL ,OAN GUARANTEE FOR THE #OMPANY 'UARANTEE 3UCH LOAN GUARANTEE WAS CONDUCTED PURSUANT TO CONDITIONS 4HE #OMPANY HAS SHORT TERM LOAN AMOUNT SPECIFIED BY THE FINANCIAL INSTITUTE AND THE #OMPANY NEEDED TO USE SUCH LOAN AS WORKING CAPITAL FOR BUSINESS WITH )#"# 4HAI "ANK TO BE USED OPERATION )NTEREST RATE FOR LOAN WHICH WAS SECURED BY AS WORKING CAPITAL FOR BUSINESS BANK DEPOSIT WAS LOWER THAN NORMAL RATE 4HEREFORE THE OPERATIONS 3UCH GUARANTEE WAS #OMPANY HAS LOWER FINANCIAL COST AS THE #OMPANY WAS NOT SECURED BY BANK DEPOSIT OF -ISS LIABLE TO PAY FOR SUCH GUARANTEE FEE 4HE !UDIT #OMMITTEE .ILRAT *ARUMANOPAS 4HEREFORE THE OPINIONED THAT SUCH TRANSACTION WAS REASONABLE AND #OMPANY HAS LOW FINANCIAL COST AS BENEFICIAL TO THE #OMPANY IT WAS NOT LIABLE FOR GUARANTEE FEE 4HIS WAREHOUSE RENTAL CONTRACT HAS TO BE EXECUTED 7AREHOUSE RENTAL FEE 4HIS BECAUSE THE AREA OF THE EXISTING WAREHOUSE WAS TOO SMALL WAREHOUSE IS FOR STORE CHEMICALS AND THIS NEW WAREHOUSE IS LOCATED NEAR THE EXISTING ONE AND EQUIPMENT PENDING FOR SALES AND 4HE RENTAL FEE WAS CHARGED AT MARKET PRICE WHILE OTHER DELIVERY TO THE CUSTOMERS WITH RENTAL WAREHOUSES WHICH ARE LOCATED NEARBY CHARGED RENTAL FEE AT AREAS OF SQUARE METERS 2ENTAL APPROXIMATELY "AHT SQUARE METER 4HE !UDIT PERIOD IS YEARS FROM 3EPTEMBER #OMMITTEE OPINIONED THAT SUCH TRANSACTION WAS REASONABLE 3EPTEMBER AND CAN SUPPORT NORMAL COURSE OF BUSINESS OF THE 2ENTAL RATE IS "AHT SQUARE METER #OMPANY WHICH WAS REQUIRED TO HAVE A WAREHOUSE TO MONTH OR "AHT MONTH 4HE STOCK PRODUCT #OMPANY STARTED PAYMENT RENTAL FEE ON .OVEMBER 0REVIOUSLY THE #OMPANY HAS ENTERED INTO THIS WAREHOUSE RENTAL CONTRACT WITH -RS .IRAMOL *IVACARE (OWEVER SINCE *ANUARY THE COUNTERPARTY HAS CHANGED FROM -RS .IRAMOL *IVACATE TO 0 0 /RDINARY 0ARTNERSHIP BUT ALL TERMS AND CONDITIONS REMAINED UNCHANGED )NCOME FROM SALE 4HE #OMPANY 3UCH SALE WAS IN ACCORDANCE WITH THE NORMAL COURSE OF BUSINESS OPERATIONS JUST LIKE SALE TO OTHER UNRELATED SOLD -ETHANOL A SOLVENT AND 3ODIUM BUSINESS BECAUSE THE #OMPANY HAS PRODUCTS REQUIRED BY -ETHYLATE A CATALYST USED IN BIODIESEL "ANGCHAK "IOFUEL 0RICE FIXING WAS COMPARABLE TO THE PRODUCTION PROCESS TO "ANGCHAK MARKET PRICE WITH THE SAME TERMS AND CONDITIONS PROVIDED "IOFUEL 0RICING POLICY APPLIED IS COST TO OTHER CUSTOMERS 4HE !UDIT #OMMITTEE OPINIONED THAT PLUS PRICING WHICH IS THE SAME AS SUCH TRANSACTION WAS REASONABLE AND WAS A NORMAL COURSE OTHER CUSTOMERS OF BUSINESS OF THE #OMPANY /UTSTANDING BALANCE !CCOUNT RECEIVABLE 0URCHASE OF GOODS 4HE #OMPANY 3UCH PURCHASE WAS IN THE NORMAL COURSE OF THE #OMPANY}S BUSINESS AND AT MARKET PRICE WHICH WAS MADE PURCHASES 'LYCERIN WHICH IS BY THROUGH GENERAL BIDDING PROCESS 4HE #OMPANY GAINED PRODUCT FROM BIODIESEL PRODUCTION BENEFITS FROM SUCH PURCHASE BECAUSE IT HAD ADDED MORE PROCESS OF "ANGCHAK "IOFUEL TO SELL PRODUCTS TO BE SUPPLIED WHICH CAN MAKE THE #OMPANY AND EXPORT TO FOREIGN COUNTRIES HAS MORE INCOME AND PROFITS 4HE !UDIT #OMMITTEE 0URCHASING METHOD USED IS BIDDING OPINIONED THAT SUCH TRANSACTION WAS REASONABLE AND WAS A PROCESS PURSUANT TO CONDITIONS NORMAL COURSE OF BUSINESS OF THE #OMPANY SPECIFIED BY "ANGCHAK "IOFUEL /UTSTANDING BALANCE !CCOUNT RECEIVABLE

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2ELATED 0ERSON + . #OMMERCIAL #O ,TD l+ .m WHICH ENGAGES IN BUSINESS OF SELLING OF RETAIL CLOTH AND MAKING UNIFORM

!PPLIANCE 4ECHNOLOGY 3UPPLY #O ,TD l!43m WHICH ENGAGES IN BUSINESS OF MACHINERY AND STEEL STRUCTURE INSTALLATION

0HUKIEO "IO %NERGY #O ,TD

158

6ALUE OF 2ELATED .ECESSITY AND 2EASONABLENESS OF 2ELATED $ETAILS OF 4RANSACTION 4RANSACTION 4RANSACTION "AHT -ILL 3UCH SALE HAS BEEN INCURRED BECAUSE THE #OMPANY CAN )NCOME FROM SALE 4HE #OMPANY CONTACT AND PROCURE PRODUCT FOR + . FROM THE #OMPANY}S SOLD SPECIALIZED REFLECT TAPE AND SUPPLIER AND SALE PRICE WAS AT MARKET PRICE 4HE !UDIT 9++ ZIPPER TO + . 3UCH PRODUCTS #OMMITTEE OPINIONED THAT SUCH TRANSACTION WAS ARE NOT RELEVANT TO THE #OMPANY}S REASONABLE BUSINESS OPERATION BUT SINCE ONE OF THE #OMPANY}S SUPPLIER HAS SUPPLIED THE PRODUCTS REQUIRED BY + . SO THE #OMPANY HAS TO PROCURE AND SUPPLY SUCH PRODUCT TO + . 0RICE QUOTED WAS COST PLUS PRICING METHOD AND SALE PRICE WAS GENERAL MARKET PRICE 4HE ORDER SHALL BE MADE ONLY WHEN + . CANNOT FIND SUCH PRODUCTS FROM THE GENERAL MARKET /UTSTANDING BALANCE INC 6!4 !CCOUNT RECEIVABLE 3UCH MANUFACTURING OF 3EMI 4ANK HAS BEEN EMPLOYED 0AYMENT FOR WORK EMPLOYED BECAUSE SOME CUSTOMERS SPECIFIED THAT PRODUCTS MUST BE 4HE #OMPANY HIRED !43 TO TRANSPORTED IN 3EMI "ULK AND !43 ENGAGED IN SUCH MANUFACTURE 3EMI "ULK FOR PRODUCTION PROCESS AND PRICE WAS FAIR PRICE 4HE #OMPANY CHEMICAL STORAGE BEFORE SUPPLYING WAS REQUIRED TO PURCHASE AIR COMPRESSOR TO SUPPLY AND TO CUSTOMERS 4HE INSTALLATION FEE INSTALL AT THE CUSTOMERS} SITE 4HE !UDIT #OMMITTEE WAS AS PER THE CONTRACT WHICH WAS OPINIONED THAT SUCH TRANSACTION WAS REASONABLE REFERENCED TO MARKET PRICE 0URCHASE OF GOODS 4HE #OMPANY PURCHASED AIR COMPRESSOR TO BE INSTALLED AT THE CUSTOMERS} SITES AT MARKET PRICE /UTSTANDING BALANCE !CCRUAL EXPENSE 3UCH SALE WAS IN THE NORMAL COURSE OF THE #OMPANY}S )NCOME FROM SALE 4HE #OMPANY BUSINESS AND AT MARKET PRICE 4HE !UDIT #OMMITTEE SOLD ACCELERATION SENSOR AT MARKET OPINIONED THAT SUCH TRANSACTION WAS REASONABLE SELLING PRICE JUST LIKE SALE TO OTHER UNRELATED CUSTOMERS /UTSTANDING BALANCE INC 6!4 !CCOUNT RECEIVABLE

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

4HE NECESSITY AND REASONABLENESS OF THE TRANSACTIONS 2ELATED TRANSACTIONS FOR THE #OMPANY IN WERE NECESSARY AND REASONABLE ,OAN GUARANTEE OF THE #OMPANY WHICH IS SECURED BY THE #OMPANY}S DIRECTOR WAS EXECUTED UNDER CONDITIONS SPECIFIED BY THE FINANCIAL INSTITUTE )NTEREST RATE FOR LOAN WHICH WAS SECURED BY BANK DEPOSIT WAS LOWER THAN NORMAL RATE AND THE #OMPANY WAS NOT LIABLE TO PAY FOR SUCH GUARANTEE FEE -OREOVER TRANSACTIONS WITH OTHER RELATED PERSONS FOR INSTANCE PURCHASE AND SALE OF GOODS WERE IN THE NORMAL COURSE OF THE #OMPANY}S BUSINESS AND WAREHOUSE RENTAL WAS A TRANSACTION TO SUPPORT THE #OMPANY}S ORDINARY BUSINESS !DDITIONALLY SUCH RENTAL FEES OR PURCHASE PRICES WERE FAIR AND AT NORMAL PRICES WITH NORMAL TRADING CONDITIONS WHICH CAN BE COMPARABLE TO ANY TRANSACTIONS MADE WITH OTHER UNRELATED PERSONS AND THEY DID NOT MAKE THE #OMPANY LOSE ANY BENEFITS 4HE !UDIT #OMMITTEE HAS CONSIDERED THAT THE ABOVEMENTIONED RELATED TRANSACTIONS WERE NECESSARY AND REASONABLE AS WELL AS WERE BENEFICIAL TO THE #OMPANY 0ROCEDURE OR APPROVAL PROCESS OF RELATED TRANSACTIONS 2ELATED TRANSACTIONS TO BE INCURRED IN THE FUTURE WITH THE PERSONS WHO MIGHT HAVE CONFLICT OF INTEREST OR INTERESTS OR IS LIKELY TO HAVE A CONFLICT OF INTEREST ARE REQUIRED TO BE AUDITED AND RECOMMENDED BY THE !UDIT #OMMITTEE AND OR THE "OARD OF THE $IRECTORS WITH REGARDS TO ITS NECESSITY AND REASONABLENESS BY TAKING INTO CONSIDERATION THE BEST INTEREST OF THE #OMPANY )N CASE THE !UDIT #OMMITTEE AND OR THE "OARD OF $IRECTOR DO NOT HAVE EXPERTISE IN EXAMINING ANY OF THE RELATED TRANSACTIONS THE #OMPANY WILL ENGAGE THE INDEPENDENT EXPERT OR THE #OMPANY}S AUDITOR TO OPINE ON IT 3UCH OPINION SHALL BE TAKEN INTO ACCOUNT BY THE !UDIT #OMMITTEE AND OR THE "OARD OF $IRECTORS AND OR THE SHAREHOLDERS AS THE CASE MAY BE WHEN MAKING DECISION 4HE PERSON WHO MIGHT HAVE CONFLICT OF INTEREST IN ANY TRANSACTION SHALL NOT BE ENTITLED TO VOTE OR APPROVE SUCH RELEVANT TRANSACTION 4HE #OMPANY HAS DISCLOSED RELATED TRANSACTIONS IN NOTES TO THE FINANCIAL STATEMENT WHICH HAS BEEN AUDITED BY THE #OMPANY}S AUDITOR AN ANNUAL REPORT AND FORM 0OLICY OR TREND OF RELATED TRANSACTION 4HE #OMPANY ANTICIPATES THAT LOAN GUARANTEE FOR THE #OMPANY BY THE DIRECTOR SHALL NOT BE INCURRED AGAIN BUT THERE SHALL BE RELATED TRANSACTIONS CONCERNING WITH GOODS PURCHASE AND SALE AND PROPERTY RENTAL WITH PERSONS WHO MIGHT HAVE CONFLICT OF INTEREST WITH THE #OMPANY WHICH ARE NORMAL COURSE AND CAN SUPPORT THE #OMPANY}S BUSINESS IN THE FUTURE 3UCH RELATED TRANSACTIONS SHALL BE EXECUTED AS NECESSARY AND FOR THE EFFICIENT BUSINESS OPERATION BY HAVING CLEAR POLICY ON PRICE FIXING PURSUANT TO FAIR AND APPROPRIATED PRICING AND MARKETING CONDITIONS AND TO ENSURE THAT THE RELATED TRANSACTIONS ARE NOT UNDERTAKEN FOR A PURPOSE OF TRANSFERRING INTEREST BETWEEN THE #OMPANY AND THE PERSON WHO MAY HAVE CONFLICT OF INTEREST AS WELL AS TO TAKE INTO CONSIDERATION THE MAXIMUM BENEFIT OF THE #OMPANY &OR THE RELATED TRANSACTIONS WHICH MAY HAVE CONFLICT OF INTEREST IN THE FUTURE THE "OARD OF $IRECTORS SHALL COMPLY WITH THE LAWS CONCERNING SECURITIES AND STOCK EXCHANGE AND THE REGULATIONS ANNOUNCEMENTS ORDERS OR REQUIREMENTS OF THE 3TOCK %XCHANGE OF 4HAILAND AS WELL AS WITH THE REQUIREMENTS CONCERNING THE DISCLOSURE OF THE RELATED TRANSACTIONS AND THE ACQUISITION AND DISPOSAL OF THE MATERIAL ASSETS OF THE #OMPANY AND SUBSIDIARY INCLUDING COMPLIANCE WITH THE ACCOUNTING STANDARDS SPECIFIED BY THE !CCOUNTANTS AND THE #ERTIFIED 0UBLIC !UDITORS !SSOCIATION OF 4HAILAND AND &EDERATION OF !CCOUNTING 0ROFESSIONALS

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Report on Responsibilities of the Board of Directors to the Financial Statements &INANCIAL STATEMENTS OF 5NIVERSAL !DSORBENTS #HEMICALS 0UBLIC #OMPANY ,IMITED lTHE #OMPANYm HAS BEEN PREPARED PURSUANT TO 4HAI ACCOUNTING STANDARDS UNDER THE !CCOUNTING !CT " % AS WELL AS THE INTERPRETATIONS AND ACCOUNTING GUIDELINES ANNOUNCED BY THE &EDERATION OF !CCOUNTING 0ROFESSIONS AS WELL AS REGULATIONS OF THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION ON PREPARATION AND PRESENTATION OF FINANCIAL REPORT UNDER THE 3ECURITIES AND %XCHANGE !CT " % 4HE "OARD OF $IRECTORS PUTS EMPHASIS ON ITS DUTY AND RESPONSIBILITIES IN SUPERVISING TO ENSURE THAT THE #OMPANY}S OPERATIONS ARE COMPLIANCE WITH CORPORATE GOVERNANCE POLICIES THE FINANCIAL STATEMENTS AND FINANCIAL INFORMATION TECHNOLOGY PRESENTED IN THE !NNUAL 2EPORT IS ACCURATE COMPLETE AND PROVIDES ADEQUATE DISCLOSURES 4HE "OARD OF $IRECTORS PROVIDES AND MAINTAINS EFFECTIVE INTERNAL CONTROL SYSTEM TO ASSURE CONFIDENCE AND CREDIBILITY OF THE FINANCIAL STATEMENTS INCLUDING COMPLIES WITH THE LAWS AND RELEVANT REGULATIONS 4HE !UDIT #OMMITTEE HAS REPORTED ITS AUDITING RESULTS TO THE "OARD OF $IRECTORS AND THOSE OPINIONS WERE PRESENTED IN THE !NNUAL 2EPORT 4HE "OARD OF $IRECTORS IS OF THE OPINION THAT THE #OMPANY}S OVERALL INTERNAL CONTROL SYSTEMS ARE SATISFACTORY AND CAN ASSURE REASONABLE ACCOUNTABILITY OF THE FINANCIAL STATEMENTS AS OF $ECEMBER WHICH HAS BEEN AUDITED BY THE #OMPANY}S AUDITOR IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING STANDARDS 4HE "OARD OF $IRECTORS ALSO HAS OPINION THAT THE FINANCIAL STATEMENTS INDICATES ITS FINANCIAL STATUS AND OPERATING RESULTS CORRECTLY AND AS APPROPRIATE WITH REGARD TO SIGNIFICANT INFORMATION IN ACCORDANCE WITH GENERALLY CERTIFIED ACCOUNTING PRINCIPLES -R #HANCHAI *IVACATE -R +ITTI *IVACATE #HAIRMAN OF THE "OARD OF $IRECTORS -ANAGING $IRECTOR

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The Audit Committeeâ&#x20AC;&#x2122;s Report to the Shareholders 4O 3HAREHOLDERS OF 5NIVERSAL !DSORBENT AND #HEMICALS 0UBLIC #OMPANY ,IMITED 4HE !UDIT #OMMITTEE COMPRISES MEMBERS NAMELY !SSOC 0ROF !EKKACHAI .ITTAYAGASETWAT #HAIRMAN OF THE !UDIT #OMMITTEE !SSOC 0ROF $R 0ARITUD "HANDHUBANYONG AND -ISS *EERAPAN *INDA !UDIT #OMMITTEE -EMBERS 4HE !UDIT #OMMITTEE WAS APPOINTED BY THE "OARD OF $IRECTORS ON &EBRUARY AND PERFORMED ITS DUTIES PURSUANT TO SCOPE OF RESPONSIBILITIES ASSIGNED BY THE "OARD OF $IRECTORS 4HE #OMMITTEE MEMBERS ARE FULLY QUALIFIED UNDER REQUIREMENTS AND GOOD PRACTICE GUIDELINES OF THE 3TOCK %XCHANGE OF 4HAILAND AND THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION )N THE !UDIT #OMMITTEE HELD MEETINGS JOINTLY WITH THE EXECUTIVES AUDITOR AND INTERNAL AUDITOR TO DISCUSS THE RELEVANT AND APPROPRIATED AGENDA AND ALL MEMBERS HAVE ATTENDED THOSE MEETINGS 2ESULTS OF OPERATIONS OF THE !UDIT #OMMITTEE CAN BE SUMMARIZED AS FOLLOWS !UDIT THE QUARTERLY FINANCIAL AND ANNUAL FINANCIAL STATEMENTS FOR 4HE !UDIT #OMMITTEE HAS JOINTLY AUDITED WITH THE EXECUTIVES AND AUDITOR AND HAS THE OPINION THAT THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH THE GENERALLY ACCEPTED ACCOUNTING STANDARDS WITH SUFFICIENT COMPLETE TIMELY AND CREDIBLE DISCLOSURES OF INFORMATION !UDIT DETAILS OF OPERATIONS AND INTERNAL AUDIT SYSTEM 4HE !UDIT #OMMITTEE HAS ESTIMATED ADEQUACY SUITABILITY AND EFFICIENCY OF THE INTERNAL AUDIT SYSTEM WHICH WILL ENHANCE OPERATIONS FOR ACCOMPLISHMENT OF GOAL BASED ON INTERNAL AUDIT REPORT FOR OF 0ITISEVI #OMPANY THE INTERNAL AUDITOR IN WHICH NO SIGNIFICANT WEAKNESS OR DEFECT WAS FOUND 0ROPERTIES WERE MAINTAINED PROPERLY )NFORMATION DISCLOSURE WAS ACCURATE COMPLETE AND ACCOUNTABLE 4HE INTERNAL AUDITOR HAS ALSO ASSESSED INTERNAL CONTROL SYSTEM PURSUANT TO CRITERIA PRESCRIBED BY THE /FFICE OF 3ECURITIES AND %XCHANGE #OMMISSION AND HAS OPINION THAT THE CURRENT INTERNAL AUDIT SYSTEM WAS ADEQUATELY 4HE !UDIT #OMMITTEE HAS THE SAME OPINION AS THE INTERNAL AUDITOR 3UPERVISION OF INTERNAL AUDIT OPERATIONS 4HE !UDIT #OMMITTEE HAS REVIEWED THE AUDITING REPORT OF TO ENSURE THE EFFECTIVE AND EFFICIENT OPERATIONS WITH GOOD INTERNAL AUDIT SYSTEM AS WELL AS TO FOLLOW UP CORRECTIVE ACTIONS ON MATERIAL ISSUES SUGGESTED IN THE INTERNAL AUDITING REPORT )N ADDITION THE !UDIT #OMMITTEE HAS EXAMINED ANNUAL AUDITING PLAN OF WHICH HAS BEEN EXECUTED BASED ON INTERNAL CONTROL ASSESSMENT AND RISKS OF THE #OMPANY AND HAS ALSO SPECIFIED A POLICY TO ENCOURAGE COOPERATION FROM THE #OMPANY}S EXECUTIVES AND EMPLOYEES FOR AUDITING OPERATIONS #OMPLIANCE WITH LAWS GOVERNING SECURITIES AND STOCK EXCHANGE 4HE #OMPANY HAS A SUPERVISORY UNIT TO OVERSEE COMPLIANCE WITH LAWS GOVERNING SECURITIES AND STOCK EXCHANGE REQUIREMENTS OF THE 3TOCK %XCHANGE OF 4HAILAND AND LAWS APPLICABLE TO THE #OMPANY}S BUSINESS

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#ONSIDERATION ON AUDITOR AND REMUNERATION 4HE !UDIT #OMMITTEE HAS CONSIDERED AND PROPOSED THE APPOINTMENT OF THE AUDITOR AND REMUNERATION FOR TO THE #OMPANY}S "OARD OF $IRECTORS TO REQUEST FOR AN APPROVAL FROM THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS 4HE !UDIT #OMMITTEE HAS REVIEWED PERFORMANCE INDEPENDENCE AND SUITABILITY OF THE AUDITOR AND REMUNERATION THEREFORE HAS CONSIDERED ON PROPOSAL FOR THE APPOINTMENT OF -RS 3UVIMOL +RITTAYAKIERN A CERTIFIED PUBLIC ACCOUNTANT REGISTRATION NO OF $ ) ! )NTERNATIONAL !UDIT #OMPANY ,IMITED TO BE THE #OMPANY}S AUDITOR FOR 4HE COMMENTS ON PROPOSAL OF SUCH AUDITOR ARE AS FOLLOWS p )N THE PAST FISCAL YEAR THE AUDITOR PERFORMED THE WORKS WITH SKILL AND PROFESSIONAL EXPERTISE AND GAVE RECOMMENDATIONS ON INTERNAL AUDIT SYSTEM RISKS AND INDEPENDENCY OF PERFORMANCE p 4HIS PROPOSED AUDITOR FOR SHALL BE THE #OMPANY}S AUDITOR FOR CONSECUTIVE YEARS WHICH IS STILL IN COMPLIANCE WITH REQUIREMENTS OF THE /FFICE OF THE 3ECURITIES AND %XCHANGE #OMMISSION WHICH PRESCRIBED THAT LISTED COMPANY IS REQUIRED TO ROTATE AN AUDITOR WHO SIGNS APPROVING THE FINANCIAL STATEMENT EVERY YEARS p 4HE AUDITOR DOES NOT HAVE ANY RELATIONSHIP WITH THE #OMPANY !UDIT AND COMMENT ON THE RELATED TRANSACTION OR TRANSACTION WHICH MAY LEAD TO CONFLICT OF INTERESTS 4HE AUDITOR IS OF OPINION THAT MATERIAL TRANSACTIONS WITH THE RELATED COMPANIES WERE ALREADY DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENT AND NOTES TO THE FINANCIAL STATEMENT 4HE !UDIT #OMMITTEE HAS THE OPINION CONSISTENT WITH THE AUDITOR THAT THAT THE AFOREMENTIONED TRANSACTIONS WERE REASONABLE AND MOST BENEFICIAL TO THE #OMPANY}S BUSINESS OPERATION AND THEIR INFORMATION WAS DISCLOSED ACCURATELY AND COMPLETELY 4HE !UDIT #OMMITTEE HAS FULLY PERFORMED ITS DUTIES PURSUANT TO RESPONSIBILITIES ASSIGNED BY THE "OARD OF $IRECTORS AND IS OF VIEW THAT THE #OMPANY HAS MADE ACCURATE REPORTS ON FINANCIAL POSITION AND OPERATION EMPLOYS APPROPRIATE AND EFFICIENT INTERNAL CONTROLS INTERNAL AUDIT AND RISK MANAGEMENT COMPLIES WITH LAWS REQUIREMENTS AND COMMITMENTS DISCLOSES RELATED TRANSACTIONS IN AN ACCURATE MANNER AND HAS PERFORMANCE CORRESPONDING TO THE PROPER SUFFICIENT TRANSPARENT AND RELIABLE BUSINESS SUPERVISION SYSTEM /N BEHALF OF THE !UDIT #OMMITTEE !SSOC 0ROF $R !EKKACHAI .ITTAYAGASETWAT #HAIRMAN OF THE !UDIT #OMMITTEE

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Managementâ&#x20AC;&#x2122;s Discussion and Analysis of the Financial Statements /VERVIEW OF /PERATIONS 4HE #OMPANY HAS ENGAGED IN BUSINESS OF IMPORT AND DISTRIBUTION OF CHEMICALS AND EQUIPMENT USED IN VARIOUS INDUSTRIES I E OFF SHORE NATURAL GAS EXPLORATION AND PRODUCTION OIL REFINERY PETROCHEMICALS PLANTS BASE OIL PLANT POLYMER AND PLASTICS PLANT CHEMICALS PLANT POWER PLANT AND UTILITIES SYSTEM )N REVENUES AT APPROXIMATELY PERCENT OF TOTAL REVENUE CAME FROM SALES OF PRODUCTS IN REFINERY GROUP OFFSHORE REFINERY AND UPSTREAM PETROCHEMICALS FOLLOWED BY PRODUCTS IN BASE OIL AND ADDITIVES CHEMICALS AND SOLVENTS AND PRODUCTS IN REFINERY OF WHICH THEIR SALES RATIO WAS CLOSELY TO EACH OTHER AT PERCENT OF TOTAL REVENUE 0RODUCTS IN POWER PLANT AND UTILITIES SYSTEM GROUP HAS SALES RATIO OF PERCENT OF TOTAL REVENUE )N THE #OMPANY}S NET PROFIT WAS "AHT MILLION DECREASED BY PERCENT FROM 2EVENUES FROM SALES WERE "AHT MILLION INCREASED BY PERCENT FROM 'ROSS PROFIT MARGIN WAS PERCENT A DECREASE FROM WHICH WAS AT PERCENT 3ELLING AND ADMINISTRATIVE EXPENSES WERE "AHT MILLION WHICH WAS PERCENT INCREASED FROM &INANCIAL EXPENSE WAS "AHT MILLION INCREASED BY PERCENT FROM LAST YEAR /PERATING 'ROSS 0ROFIT 4HE #OMPANY}S REVENUE FROM SALES IN WAS "AHT MILLION INCREASED BY "AHT MILLION FROM DUE TO AN INCREASE OF SALES IN CHEMICAL AND SOLVENT PRODUCTS WHICH WAS "AHT MILLION OR AN INCREASE FROM AT PERCENT WHERE MOST OF SUCH AMOUNT WAS ADDITIONAL SALES OF THE EXISTING PRODUCTS SUCH AS METHANOL AND SOLVENTS 0RODUCTS IN BASE OIL AND ADDITIVES HAVE INCREASED BY "AHT MILLION REFINERY WAS INCREASED BY "AHT MILLION (OWEVER SALES IN REFINERY GROUP WAS REDUCED WHICH WAS AT "AHT MILLION AS WELL AS IN POWER AND UTILITIES GROUP WHICH POSTED AT "AHT MILLION #OST OF SALES IN WAS "AHT MILLION AND "AHT MILLION OR PERCENT AND PERCENT OF REVENUE FROM SALES RESPECTIVELY 3UCH INCREASED COST OF SALE WAS IN LINE WITH EXPANSION OF SALES DURING SUCH PERIOD 2ATIO OF COST OF SALES WAS INCREASED FROM WHICH WAS AT PERCENT 4OTAL GROSS PROFIT MARGIN IN AMOUNTED TO PERCENT DECREASED FROM WHICH WAS PERCENT DUE TO REDUCTION OF GROSS PROFIT OF PRODUCTS IN REFINERY GROUP 2ATIO OF SALES IN DECREASED BY PERCENT COMPARED WITH THE PREVIOUS YEAR )N ADDITION RATIO OF SALES OF APPROXIMATELY PERCENT OF TOTAL REVENUE CAME FROM CHEMICALS AND SOLVENT PRODUCTS AND BASE OIL AND ADDITIVES PRODUCTS WHICH HAD RATHER LOW GROSS PROFIT MARGIN AS THEY ARE PRODUCTS WITH HIGH COMPETITIVENESS 3ELLING AND !DMINISTRATIVE %XPENSES 3ELLING AND ADMINISTRATIVE EXPENSES OF THE #OMPANY IN AMOUNTING TO "AHT MILLION AND "AHT MILLION WHICH WAS DECREASED WHEN COMPARED WITH RATIO OF TOTAL REVENUE WHICH WAS AT PERCENT AND PERCENT RESPECTIVELY )N SELLING EXPENSE OF THE #OMPANY WAS "AHT MILLION AND "AHT MILLION OR PERCENT AND PERCENT OF TOTAL REVENUES RESPECTIVELY 3UCH DECREASE WAS MAINLY RESULTED FROM REDUCTION OF COMMISSION PAID TO OUTSOURCING SERVICE FOR SALES OPERATIONS 4HE #OMPANY HAS CHANGED OUTSOURCING POLICY BY REDUCING USAGE OF OUTSOURCING SERVICES SINCE AND IN THE RD QUARTER OF ALL OUTSOURCING SERVICES WERE COMPLETELY TERMINATED !DMINISTRATIVE EXPENSES IN WAS "AHT MILLION AND "AHT MILLION WHICH WAS ACCOUNTING FOR PERCENT AND PERCENT RESPECTIVELY AND IT WAS INCREASED BY PERCENT -OST OF ADMINISTRATIVE EXPENSES COMPRISED OF WAREHOUSE LEASE FEE AT "AHT MILLION MANAGEMENT REMUNERATION AT "AHT MILLION EMPLOYEE EXPENSES AT "AHT MILLION AND DIRECTORS REMUNERATION AT "AHT MILLION 0ROFIT BEFORE &INANCE %XPENSES AND )NCOME 4AX 0ROFIT BEFORE FINANCE EXPENSES AND INCOME TAX OF THE #OMPANY IN WAS "AHT AND "AHT MILLION DECREASED BY "AHT MILLION OR PERCENT 2EASONS WERE DUE TO AN INCREASE OF ADMINISTRATIVE EXPENSES AND REDUCTION OF GROSS PROFIT FROM THE PREVIOUS YEAR DESPITE AN INCREASE OF REVENUE FROM SALES AT PERCENT SINCE RATIO OF COST OF GOODS SOLD PER SALES WAS HIGHER Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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3HARE OF 0ROFIT ,OSS FROM )NVESTMENTS BY USING %QUITY -ETHOD )N THE #OMPANY HAS SHARE OF PROFIT LOSS FROM INVESTMENTS IN "ANGCHAK "IOFUEL #OMPANY ,IMITED AND THE #OMPANY REALIZED PROFIT LOSS ACCORDING TO SHAREHOLDING RATIO AT PERCENT AMOUNTING TO "AHT MILLION AND "AHT MILLION RESPECTIVELY .ET 0ROFIT 4HE #OMPANY}S NET PROFIT IN SEPARATE FINANCIAL STATEMENT WAS "AHT MILLION AND "AHT MILLION OR PERCENT AND PERCENT RESPECTIVELY WHICH WAS REDUCED BY "AHT MILLION WHEN COMPARED WITH NET PROFIT OF LAST YEAR DUE TO DECREASE IN GROSS PROFIT AND INCREASE OF ADMINISTRATIVE EXPENSES AS MENTIONED ABOVE (OWEVER WHEN CONSIDERATION FROM FINANCIAL STATEMENT UNDER EQUITY METHOD IN THE #OMPANY}S NET PROFIT AMOUNTING TO "AHT MILLION AND "AHT MILLION WHICH WAS ACCOUNTING FOR RATIO OF NET PROFIT OF PERCENT AND PERCENT RESPECTIVELY )N THE #OMPANY}S NET PROFIT IN EQUITY METHOD WAS HIGHER THAN NET PROFIT UNDER THE SEPARATE FINANCIAL STATEMENT AT "AHT MILLION &INANCIAL 0OSITION !S AT $ECEMBER THE #OMPANY HAS TOTAL ASSET UNDER SEPARATE FINANCIAL STATEMENT OF "AHT MILLION INCREASED BY "AHT MILLION OR PERCENT FROM $ECEMBER p #URRENT ASSET WAS INCREASED BY "AHT MILLION OR PERCENT MAINLY DUE TO AN INCREASE OF CASH AND DEPOSIT IN FINANCIAL INSTITUTE OF "AHT MILLION )NVENTORY WAS INCREASED BY "AHT MILLION OTHER CURRENT ASSETS WAS INCREASED BY "AHT MILLION AND TRADE ACCOUNTS RECEIVABLE WAS DECREASED BY "AHT MILLION 4RADE ACCOUNTS RECEIVABLE !S AT $EC !S AT $EC !CCOUNT RECEIVABLES Â¼ NOT YET DUE !CCOUNT RECEIVABLES Â¼ PAST DUE ,ESS THAN MONTHS MONTHS Â¼ MONTHS MONTHS TO MONTHS /VER MONTHS 4OTAL ,ESS ALLOWANCE FOR DOUBTFUL ACCOUNTS .ET !S AT $ECEMBER APPROXIMATELY PERCENT OF TRADE ACCOUNT RECEIVABLES WERE NOT YET DUE 4RADE ACCOUNT RECEIVABLES WHICH WERE OVERDUE MORE THAN MONTHS WERE DECREASED FROM BECAUSE THEY HAD PAID DEBT IN AND THE #OMPANY HAS RECORDED ALLOWANCE FOR DOUBTFUL ACCOUNTS BASED ON COLLECTION EXPERIENCE IN THE PAST AND ANALYSIS OF PRESENT FINANCIAL POSITION OF THE DEBTORS )NVENTORIES !T THE YEAR ENDED THE INVENTORIES WAS "AHT MILLION WHICH WAS INCREASED BY "AHT MILLION OR PERCENT FROM THE YEAR ENDED 3UCH INVENTORIES WERE ORDERS PENDING DELIVERY TO THE CUSTOMERS AND ADVANCE SALES ESTIMATION SO THAT GOODS CAN BE DELIVERED TO THE CUSTOMERS ADEQUATELY AND CORRESPONDINGLY TO THEIR NEEDS

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4HE #OMPANY}S POLICY ON ALLOWANCE FOR OBSOLETE FINISHED GOODS FOR PROLONGED NON TURNOVER GOODS OR GOODS WHICH WERE NOT MEET SPECIFIED CRITERIA STANDARDS WAS AS FOLLOWS !S AT $EC !S AT $EC "AHT "AHT -ILLION 0ERCENT -ILLION 0ERCENT &INISHED GOODS 'OODS IN TRANSIT 4OTAL ,ESS PROVISION FOR DECLINE IN FINISHED GOODS )NVENTORIES .ET p .ON CURRENT ASSETS WERE INCREASED BY "AHT MILLION OR PERCENT PRIMARILY DUE TO AN INCREASED OF DEPOSIT IN BANK PLEDGED AS COLLATERAL TO SECURE CREDIT FACILITIES AT "AHT MILLION 4OTAL LIABILITIES AS AT $ECEMBER WAS REDUCED BY "AHT MILLION OR PERCENT FROM $ECEMBER DUE TO A DECREASE OF TRADE ACCOUNT RECEIVABLES !S AT $ECEMBER THE SHAREHOLDERS} EQUITY OF THE #OMPANY WERE "AHT MILLION WHICH WAS INCREASED BY "AHT MILLION OR PERCENT FROM $ECEMBER DUE TO AN INCREASE OF REGISTERED CAPITAL OF "AHT MILLION AND ORDINARY SHARE PREMIUM OF "AHT MILLION 2EALIZATION OF PROFIT IN WAS "AHT MILLION )N THE #OMPANY PAID INTERIM DIVIDEND FROM ITS PERFORMANCE AT "AHT MILLION ,IQUIDITY 5NIT "AHT -ILLION $ESCRIPTION .ET CASH FROM USED IN OPERATING ACTIVITIES .ET CASH FROM USED IN INVESTMENT ACTIVITIES .ET CASH FROM USED IN FINANCING ACTIVITIES #ASH AND CASH EQUIVALENTS INCREASED DECREASED #ASH AND CASH EQUIVALENTS AS AT ST *ANUARY #ASH AND CASH EQUIVALENTS AS AT ST $ECEMBER )N THE OPERATING CASH FLOW OF THE #OMPANY WAS "AHT MILLION #ASH OUTFLOW IN INVESTMENT ACTIVITIES WAS "AHT MILLION MOST OF THEM WERE DEPOSIT PLEDGE AS COLLATERAL AMOUNTING TO "AHT MILLION AND ADDITIONAL INVESTMENT IN FIXED ASSETS AT "AHT MILLION #ASH INFLOW FROM FINANCING ACTIVITIES WAS "AHT MILLION WHICH COMPRISED OF CASH INFLOW FROM CAPITAL INCREASE AMOUNTING TO "AHT MILLION "ANK OVERDRAFT AND SHORT TERM LOAN FROM THE FINANCIAL INSTITUTES AMOUNTING TO "AHT MILLION DIVIDEND PAYMENT WAS AT "AHT MILLION AND CASH PAID FOR FINANCIAL LEASE DEBT AT "AHT MILLION 4HE OUTSTANDING CASH AS AT ENDING PERIOD WAS "AHT MILLION Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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,IQUIDITY 2ATIO )N THE #OMPANY HAS BETTER LIQUIDITY WITH LIQUIDITY RATIO OF TIMES AND TIMES WHICH WAS DUE TO AN INCREASE OF CURRENT ASSETS CASH AND DEPOSIT AT BANK AND AT THE SAME TIME CURRENT LIABILITIES WERE REDUCED DUE TO REDUCTION OF TRADE ACCOUNT RECEIVABLES )N CASH CYCLE WAS DAYS AND DAYS RESPECTIVELY WHICH WAS SLIGHTLY INCREASED FROM END OF DUE TO AVERAGE COLLECTION PERIOD OF THE #OMPANY IN WAS DAYS WHICH WAS DECREASED FROM DAYS IN !VERAGE SELLING PERIOD IN WAS DAYS WHICH WAS REDUCED FROM DAYS IN 7HILE AT THE SAME TIME AVERAGE PAYMENT PERIOD IN WAS DAYS WHICH WAS DECREASED FROM DAY IN &INANCIAL 0OLICY 2ATIO &OR THE YEAR ENDED DEBT TO EQUITY RATIO WAS TIMES AND TIME WHICH RESULTED FROM AN INCREASE OF SHAREHOLDERS} EQUITY OF THE #OMPANY AN INCREASE OF RETAINED EARNING REGISTERED CAPITAL AND ORDINARY SHARE PREMIUM AT "AHT MILLION AND LIABILITIES WAS DECREASED BY "AHT MILLION !UDITOR 2EMUNERATION )N THE #OMPANY PAID REMUNERATION TO THE AUDITOR AT "AHT AND RESPECTIVELY WITHOUT ANY ADDITIONAL BENEFITS

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Auditorâ&#x20AC;&#x2122;s Report 4O 4HE 3HAREHOLDERS OF 5NIVERSAL !DSORBENTS #HEMICALS 0UBLIC #OMPANY ,IMITED &ORMERLY .AMED l5NIVERSAL !DSORBENTS #HEMICALS #OMPANY ,IMITEDm ) HAVE AUDITED THE BALANCE SHEETS IN WHICH THE EQUITY METHOD IS APPLIED AND SEPARATE BALANCE SHEETS OF 5.)6%23!, !$3/2"%.43 #(%-)#!,3 05",)# #/-0!.9 ,)-)4%$ AS AT $ECEMBER AND THE RELATED STATEMENTS OF INCOME IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE STATEMENTS OF INCOME STATEMENTS OF CHANGES IN SHAREHOLDERS} EQUITY IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE STATEMENTS OF CHANGES IN SHAREHOLDERS} EQUITY AND STATEMENTS OF CASH FLOWS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE STATEMENTS OF CASH FLOWS FOR THE YEARS THEN ENDED 4HESE FINANCIAL STATEMENTS ARE THE RESPONSIBILITY OF THE #OMPANY}S MANAGEMENT AS TO THEIR CORRECTNESS AND COMPLETENESS OF THE PRESENTATION -Y RESPONSIBILITY IS TO EXPRESS AN OPINION ON THESE FINANCIAL STATEMENTS BASED ON MY AUDITS ) DID NOT AUDIT THE FINANCIAL STATEMENTS FOR THE YEARS ENDED $ECEMBER AND OF AN ASSOCIATED COMPANY WHICH INCLUDED IN THESE FINANCIAL STATEMENTS )NVESTMENT IN ASSOCIATED COMPANY BY USING EQUITY METHOD REFLECTED AT PER CENT AND PER CENT OF TOTAL ASSETS AS AT $ECEMBER AND AND SHARE OF PROFIT LOSS FROM INVESTMENT IN ASSOCIATED COMPANY FOR THE YEARS ENDED $ECEMBER AND AT PER CENT AND PER CENT OF TOTAL REVENUES RESPECTIVELY 4HOSE FINANCIAL STATEMENTS WERE AUDITED BY THE OTHER AUDITOR WHOSE REPORT HAS BEEN FURNISHED TO ME AND MY OPINION INSOFAR AS IT RELATES TO THE AMOUNTS INCLUDED FOR ASSOCIATED COMPANY IS BASED SOLELY ON THE REPORT OF THE OTHER AUDITOR ) CONDUCTED MY AUDITS IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS 4HOSE STANDARDS REQUIRE THAT ) PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE ABOUT WHETHER THE FINANCIAL STATEMENTS ARE FREE OF MATERIAL MISSTATEMENT !N AUDIT INCLUDES EXAMINING ON A TEST BASIS EVIDENCE SUPPORTING THE AMOUNTS AND DISCLOSURES IN THE FINANCIAL STATEMENTS !N AUDIT ALSO INCLUDES ASSESSING THE ACCOUNTING PRINCIPLES USED AND SIGNIFICANT ESTIMATES MADE BY MANAGEMENT AS WELL AS EVALUATING THE OVERALL FINANCIAL STATEMENTS PRESENTATION ) BELIEVE THAT MY AUDITS PROVIDE A REASONABLE BASIS FOR MY OPINION )N MY OPINION THE FINANCIAL STATEMENTS REFERRED TO ABOVE PRESENT FAIRLY IN ALL MATERIAL RESPECTS THE FINANCIAL POSITION OF 5.)6%23!, !$3/2"%.43 #(%-)#!,3 05",)# #/-0!.9 ,)-)4%$ AS AT $ECEMBER AND THE RESULTS OF OPERATION AND CASH FLOWS FOR THE YEARS THEN ENDED IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES /FFICE OF $ ) ! )NTERNATIONAL !UDITING -RS 3UVIMOL +RITTAYAKIERN # 0 ! 4HAILAND 2EGISTRATION .O &EBRUARY

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Balance Sheets Universal Adsorbents & Chemicals Public Company Limited (Formerly Named â&#x20AC;&#x153;Universal Adsorbents & Chemicals Company Limitedâ&#x20AC;?) !S !T $ECEMBER !ND

"AHT

!SSETS #URRENT ASSETS #ASH AND CASH EQUIVALENTS 4RADE ACCOUNTS RECEIVABLE NET )NVENTORIES NET /THER CURRENT ASSETS 0REPAYMENT FOR PURCHASING GOODS /THERS 4OTAL CURRENT ASSETS .ON CURRENT ASSETS 0LEDGED BANK DEPOSIT )NVESTMENT IN ASSOCIATED COMPANY %QUIPMENT NET /THER NON CURRENT ASSETS NET 4OTAL NON CURRENT ASSETS 4OTAL ASSETS

&INANCIAL STATEMENTS IN WHICH EQUITY METHOD .OTE IS APPLIED

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

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Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

3EPARATE FINANCIAL STATEMENTS

Balance Sheets (Continued) Universal Adsorbents & Chemicals Public Company Limited (Formerly Named â&#x20AC;&#x153;Universal Adsorbents & Chemicals Company Limitedâ&#x20AC;?) !S !T $ECEMBER !ND

,IABILITIES AND SHAREHOLDERS} EQUITY #URRENT LIABILITIES /VERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS 4RADE ACCOUNTS PAYABLE #URRENT PORTION OF LONG TERM DEBTS /THER CURRENT LIABILITIES !DVANCE RECEIVED FOR SALES GOODS !CCRUED CORPORATE INCOME TAX !CCRUED EXPENSES /THERS 4OTAL CURRENT LIABILITIES .ON CURRENT LIABILITIES ,IABILITIES UNDER FINANCIAL LEASE AGREEMENT NET 4OTAL NON CURRENT LIABILITIES 4OTAL LIABILITIES

&INANCIAL STATEMENTS IN WHICH EQUITY METHOD .OTE IS APPLIED

"AHT 3EPARATE FINANCIAL STATEMENTS

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

169

Balance Sheets (Continued) Universal Adsorbents & Chemicals Public Company Limited (Formerly Named â&#x20AC;&#x153;Universal Adsorbents & Chemicals Company Limitedâ&#x20AC;?) !S !T $ECEMBER !ND

.OTE

,IABILITIES AND SHAREHOLDERS} EQUITY 3HAREHOLDERS} EQUITY 3HARE CAPITAL !UTHORIZED SHARE CAPITAL ORDINARY SHARES OF "AHT EACH ORDINARY SHARES OF "AHT EACH )SSUED AND PAID UP SHARE CAPITAL ORDINARY SHARES OF "AHT EACH ORDINARY SHARES OF "AHT EACH 0REMIUM ON SHARE CAPITAL 2ETAINED EARNINGS !PPROPRIATED ,EGAL RESERVE 5NAPPROPRIATED 4OTAL SHAREHOLDERS} EQUITY 4OTAL LIABILITIES AND SHAREHOLDERS} EQUITY

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

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Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

&INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED

"AHT 3EPARATE FINANCIAL STATEMENTS

Statements Of Income Universal Adsorbents & Chemicals Public Company Limited (Formerly Named â&#x20AC;&#x153;Universal Adsorbents & Chemicals Company Limitedâ&#x20AC;?) &OR 4HE 9EARS %NDED $ECEMBER !ND

"AHT &INANCIAL STATEMENTS IN 3EPARATE FINANCIAL WHICH EQUITY METHOD STATEMENTS .OTE IS APPLIED 3ALES #OST OF SALES 'ROSS PROFIT /THER INCOME 0ROFIT BEFORE EXPENSES 3ELLING EXPENSES !DMINISTRATIVE EXPENSES $IRECTORS} REMUNERATION -ANAGEMENT BENEFIT EXPENSES 4OTAL EXPENSES 0ROFIT BEFORE FINANCE COSTS AND INCOME TAX &INANCE COSTS 3HARE OF PROFIT LOSS FROM INVESMENT IN ASSOCIATED COMPANY 0ROFIT BEFORE INCOME TAX )NCOME TAX .ET PROFIT %ARNINGS PER SHARE "ASIC EARNINGS PER SHARE 7EIGHTED AVERAGE NUMBER OF ORDINARY SHARES

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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172

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

"ALANCE AS AT $ECEMBER )NCREASE SHARE CAPITAL $IVIDEND PAID .ET PROFIT FOR THE YEAR ,EGAL RESERVE "ALANCE AS AT $ECEMBER )NCREASE SHARE CAPITAL $IVIDEND PAID .ET PROFIT FOR THE YEAR ,EGAL RESERVE "ALANCE AS AT $ECEMBER

.OTE )SSUED AND PAID UP SHARE CAPITAL

Universal Adsorbents & Chemicals Public Company Limited (Formerly Named â&#x20AC;&#x153;Universal Adsorbents & Chemicals Company Limitedâ&#x20AC;?) &OR 4HE 9EARS %NDED $ECEMBER !ND

&INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED 2ETAINED EARNINGS 0REMIUM ON SHARE CAPITAL !PPROPRIATED !PPROPRIATED

Statements Of Changes In Shareholdersâ&#x20AC;&#x2122; Equity

4OTAL

"AHT

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

173

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

.OTE )SSUED AND PAID UP SHARE CAPITAL

Universal Adsorbents & Chemicals Public Company Limited (Formerly Named â&#x20AC;&#x153;Universal Adsorbents & Chemicals Company Limitedâ&#x20AC;?) &OR 4HE 9EARS %NDED $ECEMBER !ND

&INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED 2ETAINED EARNINGS 0REMIUM ON SHARE CAPITAL !PPROPRIATED !PPROPRIATED

Statements Of Changes In Shareholdersâ&#x20AC;&#x2122; Equity (Continued)

4OTAL

"AHT

Statements Of Cash Flows Universal Adsorbents & Chemicals Public Company Limited (Formerly Named “Universal Adsorbents & Chemicals Company Limited”) &OR 4HE 9EARS %NDED $ECEMBER !ND

#ASH FLOWS FROM OPERATING ACTIVITIES 0ROFIT BEFORE CORPORATE INCOME TAX !DJUSTMENT $EPRECIATION 5NREALIZED LOSS ON EXCHANGE RATE ,OSS ON DEVALUATION OF INVENTORIES 'AIN ON SALES OF INVESTMENT IN ASSOCIATED COMPANY 3HARE OF PROFIT LOSS FROM INVESMENT IN ASSOCIATED COMPANY 'AIN ON DISPOSAL OF FIXED ASSETS !MORTIZATION OF PREPAID INCOME TAX )NTEREST EXPENSES )NCREASE $ECREASE IN OPERATING ASSETS 4RADE ACCOUNTS RECEIVABLE )NVENTORIES 0REPAYMENT FOR PURCHASING GOODS /THER CURRENT ASSETS /THER NON CURRENT ASSETS )NCREASE $ECREASE IN OPERATING LIABILITIES 4RADE ACCOUNTS PAYABLE !CCRUED EXPENSES !DVANCE RECEIVED FOR SALES OF GOODS /THER CURRENT LIABILITIES #ASH GENERATED PAID FOR FROM OPERATIONS )NTEREST PAID #ORPORATE INCOME TAX PAID .ET CASH PROVIDED BY USED IN OPERATING ACTIVITIES

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

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Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

"AHT &INANCIAL STATEMENTS IN 3EPARATE FINANCIAL WHICH EQUITY METHOD STATEMENTS IS APPLIED

Statements Of Cash Flows (Continued) Universal Adsorbents & Chemicals Public Company Limited (Formerly Named “Universal Adsorbents & Chemicals Company Limited”) &OR 4HE 9EARS %NDED $ECEMBER !ND

&INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED #ASH FLOWS FROM INVESTING ACTIVITIES )NCREASE IN PLEDGED BANK DEPOSIT )NCREASE DECREASE IN INVESTMENT IN ASSOCIATED COMPANY 0ROCEEDS FROM SALES OF FIXED ASSETS 0AYMENTS FOR PURCHASE OF FIXED ASSETS .ET CASH PROVIDED BY USED IN INVESTING ACTIVITIES #ASH FLOWS FROM FINANCING ACTIVITIES )NCREASE IN OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS $ECREASE IN SHORT TERM LOANS FROM RELATED PERSONS AND PARTIES 0AYMENTS FOR PAYABLE UNDER FINANCIAL LEASE AGREEMENTS #ASH GENERATED FROM INCREASE SHARE CAPITAL $IVIDEND PAID .ET CASH PROVIDED BY USED IN FINANCING ACTIVITIES )NCREASE DECREASE IN CASH AND CASH EQUIVALENTS #ASH AND CASH EQUIVALENTS AS AT *ANUARY #ASH AND CASH EQUIVALENTS AS AT $ECEMBER

"AHT 3EPARATE FINANCIAL STATEMENTS

.OTES TO FINANCIAL STATEMENTS ARE PARTS OF THESE FINANCIAL STATEMENTS

Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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Notes to Financial Statements บริษัท ยูนิเวอรแซล แอดซอรบเบนท แอนด เคมิคัลส จำกัด (มหาชน) (เดิมชื่อ “บริษัท ยูนิเวอรแซล แอดซอรบเบนท แอนด เคมิคัลส จำกัด”) ¦° ´Ç ° ¦± À¤¯

'%.%2!, ).&/2-!4)/. 4HE #OMPANY WAS REGISTERED AS A COMPANY LIMITED ON !PRIL AND ON !PRIL THE #OMPANY HAS REGISTERED TO CHANGE ITS STATUS TO PUBLIC COMPANY LIMITED AND IS LISTED COMPANY IN THE -ARKET FOR !LTERNATIVE )NVESTMENT -!) ON /CTOBER 4HE #OMPANY}S REGISTERED ADDRESS IS .O 40 4 4OWER &LOOR TH 3OI 6IBHAVADIRANGSIT 6IBHAVADIRANGSIT 2OAD #HATUCHAK 3UB $ISTRICT #HATUCHAK $ISTRICT "ANGKOK AND THE BRANCH OFFICE}S ADDRESSES AS FOLLOWS "RANCH 7AREHOUSE IS LOCATED AT -OO 3OI 4ESABAN "ANGPOO 3ERMMITRA 3UKHUMVIT 2OAD -UANG 3AMUTPHAKAN 3AMUTPRAKAN "RANCH 3ALE OFFICE IS LOCATED AT 3UKHUMVIT 2OAD -APTAPUT -UANG 2AYONG 2AYONG 4HE #OMPANY HAS ENGAGED IN BUSINESS OF IMPORT AND DISTRIBUTION OF 0ETROCHEMICALS #HEMICALS 0OWER PLANT AND 5TILITIES &).!.#)!, 34!4%-%.43 02%0!2!4)/. "!3)3 4HE FINANCIAL STATEMENTS HAVE BEEN PREPARED IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ENUNCIATED UNDER THE !CCOUNTING 0ROFESSIONS !CT " % AND PRESENTED IN ACCORDANCE WITH THE NOTIFICATION OF $EPARTMENT OF "USINESS $EVELOPMENT BY -INISTRY OF #OMMERCE DATED *ANUARY REGARDING THE CONDENSED FORM SHOULD BE INCLUDED IN THE FINANCIAL STATEMENTS " % AND IN ACCORDANCE WITH THE REGULATIONS OF THE 3ECURITIES AND %XCHANGE #OMMISSION REGARDING THE PREPARATION AND PRESENTATION OF FINANCIAL REPORTING UNDER THE 3ECURITIES AND %XCHANGE !CT " % 4HE FINANCIAL STATEMENTS HAVE BEEN PREPARED UNDER THE HISTORICAL COST CONVENTION EXCEPT THE TRANSACTION TO BE DISCLOSED IN THE RELATED ACCOUNTING POLICY .%7 !##/5.4).' 34!.$!2$3 )335!.#% 4HE &EDERATION OF !CCOUNTING 0ROFESSIONS ISSUED .OTIFICATION THROUGH AS PERTINENT TO !CCOUNTING 3TANDARDS 2EVISED &INANCIAL 2EPORTING 3TANDARDS 2EVISED AND )NTERPRETATION OF &INANCIAL 2EPORTING 3TANDARDS ANNOUNCED THROUGH THE 2OYAL 'AZETTES ON -AY AND $ECEMBER RESPECTIVELY IMPLEMENTING ACCOUNTING STANDARDS FINANCIAL REPORTING STANDARDS AND INTERPRETATION OF FINANCIAL REPORTING STANDARDS 4HESE COMPRISE STANDARDS REPLACING THE PREVIOUS VERSIONS WITH IDENTIFICATION NUMBERS REARRANGED TO BE IDENTICAL TO INTERNATIONAL ACCOUNTING STANDARDS OF WHICH CERTAIN STANDARDS WERE UNCHANGED IN PRINCIPLE CERTAIN OTHERS WERE WITH PARTIAL CHANGE IN PRINCIPLE AND STANDARDS WERE NEWLY IMPLEMENTED DETAILED AS FOLLOWS !CCOUNTING AND FINANCIAL REPORTING STANDARDS REPLACED THE PREVIOUS VERSIONS !CCOUNTING STANDARDS &INANCIAL REPORTING STANDARDS %FFECTIVE DATE &RAMEWORK FOR THE 0REPARATION AND 0RESENTATION OF &INANCIAL 3TATEMENTS 2EVISED -AY 4!3 2EVISED 0RESENTATION OF &INANCIAL 3TATEMENTS *ANUARY 4!3 2EVISED )NVENTORIES *ANUARY 4!3 2EVISED 3TATEMENTS OF #ASH &LOWS *ANUARY 4!3 2EVISED !CCOUNTING 0OLICIES #HANGES IN !CCOUNTING *ANUARY %STIMATES AND %RRORS 4!3 2EVISED %VENTS !FTER THE 2EPORTING 0ERIOD *ANUARY 4!3 2EVISED #ONSTRUCTION #ONTRACTS *ANUARY

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!CCOUNTING STANDARDS &INANCIAL REPORTING STANDARDS %FFECTIVE DATE 4!3 2EVISED 0ROPERTY 0LANT AND %QUIPMENT *ANUARY 4!3 2EVISED ,EASES *ANUARY 4!3 2EVISED 2EVENUE *ANUARY 4!3 2EVISED !CCOUNTING FOR 'OVERNMENT 'RANTS *ANUARY AND $ISCLOSURE OF 'OVERNMENT !SSISTANCE 4!3 2EVISED 4HE %FFECTS OF #HANGES IN &OREIGN *ANUARY %XCHANGE 2ATE 4!3 2EVISED "ORROWING #OSTS *ANUARY 4!3 2EVISED 2ELATED 0ARTY $ISCLOSURES *ANUARY 4!3 2EVISED #ONSOLIDATED AND 3EPARATE *ANUARY &INANCIAL 3TATEMENTS 4!3 2EVISED )NVESTMENTS IN !SSOCIATES *ANUARY 4!3 2EVISED )NTERESTS IN *OINT 6ENTURE *ANUARY 4!3 2EVISED %ARNINGS PER 3HARE *ANUARY 4!3 2EVISED )NTERIM &INANCIAL 2EPORTING *ANUARY 4!3 2EVISED )MPAIRMENT OF !SSETS *ANUARY 4!3 2EVISED 0ROVISIONS #ONTINGENT ,IABILITIES *ANUARY AND #ONTINGENT !SSETS 4!3 2EVISED )NTANGIBLE !SSETS *ANUARY 4!3 2EVISED )NVESTMENT 0ROPERTY *ANUARY 4&23 2EVISED "USINESS #OMBINATION *ANUARY 4&23 2EVISED .ON CURRENT !SSETS (ELD *ANUARY FOR 3ALE AND $ISCONTINUED /PERATIONS 4HE #OMPANY}S MANAGEMENT HAS ASSESSED THE EFFECT OF THESE STANDARDS AND BELIEVES THAT 4!3 2EVISED 4!3 2EVISED 4!3 2EVISED 4!3 2EVISED 4!3 2EVISED 4&23 2EVISED AND 4&23 2EVISED ARE NOT RELEVANT TO THE #OMPANY}S BUSINESS !S FOR RELEVANT ACCOUNTING STANDARDS AND FINANCIAL REPORTING STANDARDS THE MANAGEMENT HAS ASSESSED THE EFFECT AND FOUND TO HAVE NO MATERIAL IMPACT ON FINANCIAL STATEMENTS 4HE #OMPANY SHALL ADOPT THESE RELEVANT STANDARDS BEGINNING ON THE EFFECTIVE DATES .EW ACCOUNTING STANDARDS AND FINANCIAL REPORTING STANDARD IN ISSUE FOR ADOPTION !CCOUNTING STANDARDS &INANCIAL REPORTING STANDARDS %FFECTIVE DATE 4!3 )NCOME 4AXES *ANUARY 4!3 %MPLOYEE "ENEFITS *ANUARY 4!3 !CCOUNTING AND 2EPORTING *ANUARY BY 2ETIREMENT "ENEFIT 0LANS 4!3 &INANCIAL 2EPORTING IN *ANUARY (YPERINFLATIONARY %CONOMIES 4&23 3HARE "ASED 0AYMENT *ANUARY 4&23 %XPLORATION FOR AND %VALUATION *ANUARY OF -INERAL 2ESOURCES 4)&23 #ONSTRUCTION #ONTRACT *ANUARY

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4!3 4!3 4&23 4&23 AND 4)&23 ARE NOT RELEVANT TO THE #OMPANY}S BUSINESS 4HE #OMPANY WILL APPLY 4!3 AND 4!3 ON THE EFFECTIVE DATE WHICH THE MANAGEMENT OF THE #OMPANY IS BEING EVALUATED THE EFFECT OF THOSE STANDARDS 35--!29 /& 3)'.)&)#!.4 !##/5.4).' 0/,)#)%3 )NCOME AND %XPENSES 2ECOGNITION 2EVENUES AND EXPENSES ARE RECOGNIZED ON AN ACCRUAL BASIS 2EVENUES FROM SALES ARE RECOGNIZED WHEN THE GOODS ARE DELIVERED THE SIGNIGICANT RISK AND REWARDS HAVE BEEN TRANSFERRED TO THE CUSTOMERS #ASH AND #ASH %QUIVALENTS #ASH AND CASH EQUIVALENTS INCLUDED CASH ON HAND AND AT BANK OF WHICH ARE DUE WITHIN THREE MONTHS FROM THE DEPOSIT DATE AND WITHOUT RESTRICTION ON WITHDRAWAL !LLOWANCE FOR $OUBTFUL !CCOUNTS 4HE #OMPANY PROVIDES THE ALLOWANCE FOR DOUBTFUL ACCOUNTS FOR THE POSSIBLE LOSS INCURRED FROM RECEIVABLE 4HE ESTIMATED LOSS ARE BASED ON HISTORICAL COLLECTION EXPERIENCE AND A REVIEW OF THE CURRENT STATUS OF EXISTING RECEIVABLE )NVENTORY 3UPPLIES ARE VALUED AT THE LOWER OF COST ON A FIRST IN FIRST OUT &)&/ BASIS OR NET REALIZABLE VALUE )NVESTMENT )NVESTMENT IN SEPARATE FINANCIAL STATEMENTS IS STATED AT COST LESS PROVISION FOR IMPAIRMENT OF INVESTMENT IF ANY %QUIPMENT %QUIPMENT ARE DEPRECIATION ON A STRAIGHT LINE BASIS OVER THE ESTIMATED USEFUL LIVES OF THE ASSETS AS FOLLOWS .UMBER OF YEARS "UILDING IMPROVEMENT /FFICE EQUIPMENT /FFICE FURNITURE AND FIXTURE 6EHICLES )MPAIRMENT OF !SSETS 4HE #OMPANY HAS CONSIDERED THE IMPAIRMENT OF ASSETS WHENEVER EVENTS OR CHANGES INDICATED THAT THE CARRYING AMOUNT OF AN ASSETS EXCEEDS ITS RECOVERABLE VALUE NET SELLING PRICE OF THE ASSETS UNDER CURRENT OPERATION OR ITS UTILIZATION VALUE WHICHEVER IS HIGHER 4HE #OMPANY WILL CONSIDER THE IMPAIRMENT FOR EACH ASSET ITEM OR EACH ASSETS UNIT GENERATING CASH FLOWS WHICHEVER IS PRACTICAL )N CASE OF THE CARRYING AMOUNT OF AN ASSET EXCEEDS ITS RECOVERABLE VALUE THE #OMPANY WILL RECOGNIZE AN IMPAIRMENT IN THE STATEMENTS OF INCOME FOR THE PERIOD 4HE #OMPANY WILL REVERSE THE IMPAIRMENT LOSS WHENEVER THERE IS AN INDICATION THAT THERE IS NO LONGER IMPAIRMENT OR REDUCTION IN IMPAIRMENT

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4RANSACTIONS IN &OREIGN #URRENCIES 4HE #OMPANY RECORDS ITS TRANSACTIONS IN FOREIGN CURRENCIES CONVERTING INTO 4HAI "AHT BY USING THE EXCHANGE RATES RULING ON THE TRANSACTION DATES 4HE OUTSTANDING BALANCES OF ACCOUNTS IN FOREIGN CURRENCIES AS AT THE BALANCE SHEETS DATE ARE CONVERTED INTO 4HAI "AHT BY USING THE EXCHANGE RATES RULING ON THE SAME DATE 'AINS OR ,OSS ON EXCHANGE RATE ARE TAKEN INTO INCOME OR EXPENSE IN THE RESULTS OF OPERATION &INANCIAL )NSTRUMENTS &INANCIAL INSTRUMENTS ARE PRESENTED IN BALANCE SHEETS CONSIST OF CASH AND CASH EQUIVALENTS TRADE ACCOUNTS RECEIVABLE RESTRICTED FIXED DEPOSIT OTHER RECEIVABLES OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTION TRADE ACCOUNTS PAYABLE AND LIABILITIES UNDER LEASE AGREEMENT 4HE BASIS OF RECOGNITION AND MEASUREMENT OF EACH ITEM IS SEPARATELY DISCLOSED IN THE RELATED TRANSACTIONS ,ONG 4ERM ,EASE !GREEMENT 4HE #OMPANY RECORDS VEHICLES UNDER HIRE PURCHASE AGREEMENT LEASE AGREEMENT AS ASSETS AND LIABILITIES IN AN AMOUNT EQUAL TO THE FAIR VALUE OF THE LEASED ASSETS OR THE PRESENT VALUE OF THE MINIMUM PAYMENTS UNDER THE AGREEMENTS )NTEREST EXPENSES ARE RECORDED TO EACH PERIOD OVER THE TERM OF THE AGREEMENT %MPLOYEES "ENEFIT p 0ROVIDENT FUND 4HE #OMPANY HAS ESTABLISHED PROVIDENT FUND UNDER THE DEFINED CONTRIBUTION PLAN 4HE FUND}S ASSETS ARE SEPARATED ENTITIES WHICH ARE ADMINISTERED BY THE OUTSIDER FUND MANAGER 4HE #OMPANY AND EMPLOYEES MADE CONTRIBUTION INTO SUCH PROVIDENT FUND 4HE #OMPANY}S CONTRIBUTION PAYMENTS TO THE PROVIDENT FUND WERE RECORDED AS EXPENSES IN STATEMENTS OF INCOME IN THE PERIOD IN WHICH THEY ARE INCURRED p 2ETIREMENT BENEFIT 4HIS OBLIGATION IS TO PROVIDE RETIREMENT BENEFIT TO RETIRED EMPLOYEES UNDER THE DEFINED RETIREMENT PLAN DETERMINED BY THE LABOUR LAW 4HE #OMPANY WILL RECORD THE RETIREMENT COST IN THE PERIOD IN WHICH THE EMPLOYEES RETIRED )NCOME 4AX 4HE #OMPANY RECORDED INCOME TAX BY CALCULATING FROM TAXABLE NET PROFIT AS PRESCRIBED IN THE 2EVENUE #ODE !CCOUNTING %STIMATES 0REPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES REQUIRED THE MANAGEMENT TO MAKE SEVERAL ESTIMATION AND ASSUMPTION WHICH AFFECT THE REPORTED AMOUNTS IN THE FINANCIAL STATEMENTS AND NOTES RELATED THERETO #ONSEQUENT ACTUAL RESULTS MAY DIFFER FROM THOSE ESTIMATES 4HE #OMPANY MADE ESTIMATES AND ASSUMPTIONS CONCERNING THE FUTURE FACTORS 4HE RESULTS OF ACCOUNTING ESTIMATES MAY BE DEFFERED FROM THE RELATED ACTUAL RESULTS 4HE ESTIMATES AND ASSUMPTIONS THAT MAY HAVE A RISK OF CAUSING AN ADJUSTMENT TO THE ASSETS IN THE NEXT FINANCIAL YEAR RELATED TO ALLOWANCE FOR DOUBTFUL ACCOUNTS AT THE BALANCE SHEET DATE !LLOWANCE FOR DEVALUATION OF INVENTORIES OTHER ESTIMATES ARE DESCRIBED IN THE CORRESPONDING DISCLOSURES

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0ROVISIONS 4HE #OMPANY RECOGNIZES A PROVISION WHEN AN ENTITY HAS A PRESENT LEGAL OR CONSTRUCTIVE OBLIGATION AS A RESULT OF A PAST EVENT )T IS PROBABLE THAT AN OUTFLOW OF ECONOMIC BENEFITS RESOURCES WILL BE REQUIRED TO SETTLE THE OBLIGATION AND RELIABLE ESTIMATE CAN BE MADE OF THE AMOUNT OF THE OBLIGATION )F SOME OR ALL THE EXPENDITURE IS REQUIRED TO SETTLE A PROVISION IS EXPECTED TO BE REIMBURSED WHEN IT IS VIRTUALLY CERTAIN THAT REIMBURSEMENT WILL BE RECEIVED IF THE #OMPANY SETTLES THE OBLIGATION 4HE AMOUNT RECOGNIZED SHOULD NOT EXCEED THE AMOUNT OF THE PROVISION "ASIC %ARNINGS PER 3HARE %ARNINGS ,OSS PER SHARE AS PRESENTED IN THE STATEMENTS OF INCOME IS THE BASIC EARNINGS PER SHARE WHICH IS DETERMINED BY DIVIDING THE NET PROFIT LOSS FOR THE YEAR BY THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES ISSUED AND PAID UP DURING THE YEAR USING THE NUMBER OF SHARES FROM CHANGED THE PAR VALUE FROM "AHT EACH TO "AHT EACH AND WAS MADE RETROACTIVELY ADJUSTMENT THE EARNINGS PER SHARE OF YEAR AS BELOW &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED "EFORE CHANGE IN PAR VALUE !FTER CHANGE IN PAR VALUE %ARNINGS PER .UMBER OF %ARNINGS PER .UMBER OF SHARE SHARE SHARE SHARE &OR THE YEAR &OR THE YEAR 3EPARATE FINANCIAL STATEMENTS "EFORE CHANGE IN PAR VALUE !FTER CHANGE IN PAR VALUE %ARNINGS PER .UMBER OF %ARNINGS PER .UMBER OF SHARE SHARE SHARE SHARE &OR THE YEAR &OR THE YEAR !$$)4)/.!, $)3#,/352% /& #!3( &,/73 ).&/2-!4/. #ASH AND CASH EQUIVALENTS

"AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS

#ASH #URRENT ACCOUNTS 3AVINGS DEPOSIT "ILLS OF EXCHANGE 4OTAL .ON CASH TRANSACTION &OR THE YEAR ENDED $ECEMBER 4HE #OMPANY ENTERED INTO LEASING AGREEMENT FOR VEHICLES OF "AHT MILLION WHICH WAS PAID INITIAL AMOUNT OF "AHT MILLION 4HE REMAINING IS PRESENTED AS LIABILITIES UNDER FINANCIAL LEASE AGREEMENT

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42!$% !##/5.43 2%#%)6!",% .%4 4RADE ACCOUNTS RECEIVABLE ARE AGED AS FOLLOWS 4RADE ACCOUNTS RECEIVABLE UNDER #REDIT 4ERM 4RADE ACCOUNTS RECEIVABLE DUE FOR PAYMENT ,ESS THAN MONTHS /VER BUT LESS THAN MONTHS /VER BUT LESS THAN MONTHS /VER MONTHS 4OTAL ,ESS !LLOWANCE FOR DOUBTFUL ACCOUNTS 4RADE ACCOUNTS RECEIVABLE NET ).6%.4/2)%3 .%4 &INISHED GOODS 'OODS IN TRANSIT 4OTAL ,ESS !LLOWANCE FOR DEVALUATION OF INVENTORIES .ET 0,%$'%$ "!.+ $%0/3)4

"AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS

&IXED DEPOSITS "ILLS OF EXCHANGE 4OTAL !S AT $ECEMBER AND THE #OMPANY HAS FIXED DEPOSIT WITH THE SEVERAL BANKS AMOUNT OF "AHT MILLION AND "AHT MILLION RESPECTIVELY FOR USING AS GUARANTEE AGAINST OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS NOTE AND COMMITMENT AND CONTINGENT LIABILITIES NOTE

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181

182

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Â¢Â¦Â

%QUITY METHOD

#OST METHOD

)NVESTMENT "AHT

3HAREHOLDING PERCENTAGE

/N !PRIL THE #OMPANY HAS SOLD TOTAL INVESTMENT IN 4HAI #YBER )NFO #OMPANY ,IMITED AN ASSOCIATED COMPANY AT THE PRICE OF "AHT AND HAD GAIN AMOUNT OF "AHT 4HE FINANCIAL STATEMENTS FOR THE YEAR ENDED $ECEMBER AND OF THE ABOVE ASSOCIATED COMPANY WERE TAKEN TO PREPARE THE FINANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED WHICH WERE AUDITED BY THE OTHER AUDITOR

$IRECTOR AND SHAREHOLDERS

-ANUFACTURING AND DISTRIBUTION BIODIESEL

"ANGCHAK "IOFUEL #O ,TD

$IRECTOR AND SHAREHOLDERS )SSUED AND PAID UP

!DVISORY AND COMPUTER SERVICE

.ATURE OF BUSINESS

4HAI #YBER )NFO #O ,TD

.AME

!UTHORIZED 2ELATIONSHIP SHARE CAPITAL "AHT

).6%34-%.4 ). !33/#)!4%$ #/-0!.)%3

%15)0-%.4 .%4

"AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS "UILDING /FFICE /FFICE 4OTAL IMPROVEMENT EQUIPMENT FURNITURE 6EHICLES

!SSETS #OST !S AT $ECEMBER 0URCHASE $ISPOSAL !S AT $ECEMBER !CCUMULATED DEPRECIATION !S AT $ECEMBER $EPRECIATION FOR THE YEAR $EPRECIATION WRITE OFF !S AT $ECEMBER .ET BOOK VALUE !S AT $ECEMBER !S AT $ECEMBER !S AT $ECEMBER AND OFFICE EQUIPMENT AND VEHICLES AT COST OF "AHT MILLION AND "AHT MILLION RESPECTIVELY WERE FULLY DEPRECIATED BUT ARE STILL IN USE /6%2$2!&43 !.$ 3(/24 4%2- ,/!.3 &2/- &).!.#)!, ).34)454)/.3 "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS "ANK OVERDRAFTS 3HORT TERM LOANS 4RUST RECEIPT PAYABLE 4OTAL !S AT $ECEMBER THE #OMPANY HAS OVERDRAFTS LINE WITH BANKS AMOUNT OF "AHT MILLION DIVIDED INTO AMOUNT OF "AHT MILLION WITH THE ST BANK WAS CHARGED INTEREST AT THE RATE OF -/2 PER ANNUM AND AMOUNT OF "AHT MILLION WITH THE ND BANK CHARGED INTEREST OF BILLS OF EXCHANGE RATE PLUS PER ANNUM AND "AHT MILLION AT THE INTEREST OF -/2 PER ANNUM !S AT $ECEMBER THE #OMPANY HAS OVERDRAFTS LINE WITH BANKS AMOUNT OF "AHT MILLION DIVIDED INTO AMOUNT OF "AHT MILLION WITH THE ST BANK WAS CHARGED INTEREST AT THE RATE OF PERSONAL DEPOSIT FOR MONTHS PLUS PER ANNUM AND AMOUNT OF MILLION WITH THE ND BANK CHARGED INTEREST AT THE RATE OF PERSONAL DEPOSIT FOR MONTHS PLUS PER ANNUM

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!S AT $ECEMBER THE #OMPANY HAS SHORT TERM LOANS WITH BANKS AMOUNT OF "AHT MILLION BY ISSUING PROMISSORY NOTES AMOUNT OF "AHT MILLION IS DUE WITHIN *ANUARY AMOUNT OF "AHT MILLION CHARGED INTEREST AT THE RATE OF BILLS OF EXCHANGE MONTHS PLUS PER ANNUM AND "AHT MILLION AT THE INTEREST OF -,2 PER ANNUM AND AMOUNT OF "AHT MILLION IS DUE WITHIN &EBRUARY AT INTEREST RATE OF PER ANNUM !ND AS AT $ECEMBER THE #OMPANY HAS SHORT TERM LOANS WITH BANKS AMOUNT OF "AHT MILLION BY ISSUING PROMISSORY NOTES AMOUNT OF "AHT MILLION IS DUE WITHIN &EBRUARY AT INTEREST RATE OF PERSONAL SAVING DEPOSIT PLUS PER ANNUM AND !MOUNT OF "AHT MILLION IS DUE WITHIN *ANUARY AT INTEREST RATE OF -&2 PLUS PER ANNUM AND AMOUNT OF "AHT MILLION IS DUE WITHIN *UNE AT INTEREST RATE OF PER ANNUM !S AT $ECEMBER AND THE #OMPANY HAS CREDIT LINE FOR IMPORT GOODS FROM OVERSEAS WITH SEVERAL BANKS AMOUNT OF "AHT MILLION AND "AHT MILLION RESPECTIVELY AT THE AGREED INTEREST RATE ON THE LOAN AGREEMENT DATE 3UCH OVERDRAFTS AND LOANS ARE GUARANTEED BY BANK DEPOSIT AND BILLS OF EXCHANGE NOTE AND THE #OMPANY}S DIRECTOR ,)!"),)4)%3 5.$%2 &).!.#)!, ,%!3% !'2%%-%.4 .%4 ,IABILITIES UNDER FINANCIAL LEASE AGREEMENT EXCLUDED FUTURE INTEREST ARE AS FOLLOWS "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS 0AYABLE UNDER HIRE PURCHASE CONTRACTS 0AYABLE UNDER LEASE AGREEMENT 4OTAL ,ESS #URRENT PORTION OF LONG TERM DEBT .ET !S AT $ECEMBER AND VEHICLES AT COST OF "AHT MILLION AND "AHT MILLION RESPECTIVELY IS UNDER THE REPAYMENT TO SUCH PAYABLE UNDER THE AGREEMENT 4HE MINIMUM TO BE PAID UNDER FINANCIAL LEASE AGREEMENT AS FOLLOWS "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS 7ITHIN YEAR /VER YEAR NOT OVER YEARS /VER YEAR NOT OVER YEARS 4OTAL ,ESS &UTURE INTEREST OF FINANCIAL AGREEMENT 0RESENT VALUE OF LIABILITIES UNDER FINANCIAL LEASE AGREEMENT

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Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

3(!2% #!0)4!, &OR THE YEAR !CCORDING TO THE MINUTES OF GENERAL SHAREHOLDERS MEETING FOR THE YEAR HELD ON !PRIL THE #OMPANY HAS RESOLUTION AS FOLLOWS 4O CHANGE IT STATUS FROM COMPANY LIMITED TO PUBLIC COMPANY LIMITED AND CHANGED ITS NAME TO l5NIVERSAL !DSORBENTS #HEMICALS 0UBLIC #OMPANY ,IMITED 4O CHANGE PAR VALUE OF SHARE CAPITAL FROM "AHT PER SHARE TO "AHT PER SHARE AS A RESULT THE #OMPANY HAS MILLION ORDINARY SHARES OF "AHT EACH 4O INCREASE THE #OMPANY SHARE CAPITAL AMOUNT OF "AHT MILLION TO BE REGISTERED SHARE CAPITAL AMOUNT OF "AHT MILLION MILLION ORDINARY SHARES AT PAR OF "AHT EACH BY OFFERING TO THE PUBLIC

/N !PRIL THE #OMPANY HAS REGISTERED THE CHANGE OF .O AND .O WITH THE -INISTRY OF #OMMERCE /N /CTOBER THE #OMPANY HAS RECEIVED THE PAYMENT OF ORDINARY SHARES WHICH OFFERED TO THE PUBLIC AMOUNT OF "AHT MILLION MILLION SHARES AT OFFERING PRICE OF "AHT EACH OF .O 4HE #OMPANY HAS REGISTERED THE CHANGE OF PAID UP SHARE CAPITAL FROM SUCH INCREASE SHARE CAPITAL WITH THE -INISTRY OF #OMMERCE ON /CTOBER &OR THE YEAR !CCORDING TO THE MINUTES OF SHAREHOLDERS} EXTRAORDINARY MEETING NO HELD ON $ECEMBER PASSED THE RESOLUTION TO INCREASE THE #OMPANY}S SHARE CAPITAL FOR ANOTHER MILLION TOTALING "AHT MILLION SHARES AT PAR VALUE OF "AHT EACH 4HE #OMPANY HAS FULLY RECEIVED THE PAYMENT OF ORDINARY SHARES AND REGISTERED THE INCREASE SHARE WITH THE -INISTRY OF #OMMERCE ON $ECEMBER ,%'!, 2%3%26% !CCORDING TO THE 0UBLIC #OMPANY !CT THE #OMPANY HAS TO APPROPRIATE ITS RESERVE AS A LEGAL RESERVE NET LESS THAN OF THE ANNUAL NET PROFIT AFTER DEDUCTION WITH DEFICIT BROUGHT FORWARD IT ANY UNTIL THE RESERVE NOT LESS THAN OF THE AUTHORIZED SHARE CAPITAL 4HE RESERVE IS NOT AVAILABLE FOR DIVIDEND DISTRIBUTION 2%4!).%$ %!2.).'3 !002/02)!4)/. !CCORDING TO THE MINUTES OF "OARD OF DIRECTORS NO HELD ON .OVEMBER PASSED THE RESOLUTION TO PAY INTERIM DIVIDEND FROM THE BEGINNING RETAINED EARNINGS OF YEAR TO THE SHAREHOLDERS AT "AHT PER SHARE FOR MILLION SHARES TOTALING "AHT MILLION )NTERIM DIVIDEND WAS ALREADY PAID DURING THE YEAR $)2%#4/23 2%-5.%2!4)/. $IRECTORS} REMUNERATION IS THE BENEFITS BEING PAID TO THE #OMPANY}S DIRECTORS IN ACCORDANCE WITH 3ECTION OF THE 0UBLIC ,IMITED #OMPANIES !CT BUT EXCLUDING SALARIES AND RELATED BENEFITS BEING PAID TO THE DIRECTORS WHO ARE HOLDING THE MANAGEMENT POSITION IN THE #OMPANY -!.!'%-%.4 "%.%&)4 %80%.3%3 -ANAGEMENT BENEFIT IS EXPENSES RELATING TO SALARIES REMUNERATIONS AND OTHER BENEFITS TO BEING PAID THE DIRECTORS WHO ARE HOLDING MANAGEMENT POSITION IN ACCORDANCE WITH THE DEFINITIONS OF THE /FFICE OF THE 3ECURITIES AND %XCHANGE #OMMISSION 4HE -ANAGEMENT UNDER THIS DEFINITION INCLUDES A CHIEF EXECUTIVE OFFICER THE NEXT FOUR EXECUTIVE LEVELS IMMEDIATELY BELOW THAT CHIEF EXECUTIVE OFFICER AND ALL PERSONS IN POSITION EQUIVALENT TO THESE FOURTH EXECUTIVE LEVELS Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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42!.3!#4)/. 7)4( 2%,!4%$ 0%23/.3 !.$ 0!24)%3 4HE #OMPANY}S ASSETS LIABILITIES REVENUES AND EXPENSES AROSE FROM THE TRANSACTION WITH RELATED PERSONS AND PARTIES 4HOSE TRANSACTIONS ARE DETERMINED ON THE BASIS OF THE COMPANY CONCERNED AND IN THE NORMAL COURSE OF BUSINESS 'ENERAL INFORMATION 2ELATIONSHIP

.AME 2ELATED PERSONS AND PARTIES 2ELATED PERSONS -R +ITTI *IVACATE -RS .IRAMOL +IVACATE

$IRECTORS AND SHAREHOLDERS #LOSE RELATION WITH DIRECTOR

-ISS .ILRAT *ARUMANOPAS

$IRECTORS AND SHAREHOLDERS

2ELATED COMPANIES "ANGCHAK "IOFUEL #O ,TD + . #OMMERCIAL #O ,TD !PPLIANCE 4ECHNOLOGY 3UPPLY #O ,TD 0 0 /RDINARY 0ARTNERSHIP

!SSOCIATED COMPANY AND COMMON DIRECTOR )NTIMATE OF DIRECTOR IS A DIRECTOR OF SUCH COMPANY #OMMON DIRECTORS )NTIMATES OF DIRECTOR ARE PARTNERS OF THAT PARTY #OMMON DIRECTORS

0HUKIEO "IO %NERGY #O ,TD

$ESCRIPTION 'UARANTEE 7AREHOUSE RENTAL

0RICING POLICY

.ONE SERVICE FEE 2ENTAL FEE OF "AHT MILLION PER MONTH 'UARANTEE .ONE SERVICE FEE ,OAN )NTEREST RATE OF PER ANNUM 2EVENUE FROM SALES OF GOODS 3ELLING PRICE APPLICABLE 0URCHASE OF GOODS 3ELLING PRICE APPLICABLE 2EVENUE FROM SALES OF GOODS TO OTHER CUSTOMERS 0URCHASE OF GOODS -ARKET PRICE &IXED ASSETS CONSTRUCTION COST -ARKET PRICE 2ENTAL FEE OF "AHT 7AREHOUSE RENTAL MILLION PER MONTH 2EVENUE FROM SALES OF GOODS 3ELLING PRICE APPLICABLE TO OTHER CUSTOMERS

/N !PRIL 4HE #OMPANY}S DIRECTOR HAS RESIGNED FROM THE DIRECTOR OF !PPLIANCE 4ECHNOLOGY 3UPPLY #OMPANY ,IMITED !SSETS AND LIABILITIES TRANSACTION WITH RELATED PERSONS AND PARTIES CONSIST OF "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS 4RADE ACCOUNTS RECEIVABLE "ANGCHAK "IOFUEL #O ,TD 5NIVERSAL %NERGY AND 4ECHNOLOGY #O ,TD + . #OMMERCIAL #O ,TD 4OTAL 4RADE ACCOUNTS PAYABLE "ANGCHAK "IOFUEL #O ,TD !PPLIANCE 4ECHNOLOGY 3UPPLY #O ,TD 4OTAL !CCRUED EXPENSES -RS .IRAMOL *IVACATE

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2EVENUES AND EXPENSES TRANSACTION WITH RELATED PERSONS AND PARTIES "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS 3ALES "ANGCHAK "IOFUEL #O ,TD 5NIVERSAL %NERGY AND 4ECHNOLOGY #O ,TD + . #OMMERCIAL #O ,TD 0HUKIEO "IO %NERGY #O ,TD 4OTAL /THER INCOME GAIN ON SALES OF VEHICLES + . #OMMERCIAL #O ,TD "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS 0URCHASE "ANGCHAK "IOFUEL #O ,TD + . #OMMERCIAL #O ,TD !PPLIANCE 4ECHNOLOGY 3UPPLY #O ,TD 4OTAL !DMINISTRATIVE EXPENSES 2ENTAL FEE -RS .IRAMOL +IVACATE 0 0 /RDINARY 0ARTNERSHIP 4OTAL &INANCE COSTS INTEREST -ISS .ILRAT *ARUMANOPAS &IXED ASSETS TRANSACTION WITH RELATED PERSONS AND PARTIES "AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS %QUIPMENT !PPLIANCE 4ECHNOLOGY 3UPPLY #O ,TD

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%80%.3%3 !.!,9:%$ "9 .!452% !3 &/,,/73

"AHT &INANCIAL STATEMENTS IN WHICH EQUITY METHOD IS APPLIED AND SEPARATE FINANCIAL STATEMENTS

#HANGES IN INVENTORIES %MPLOYEES BENEFIT EXPENSES $EPRECIATION #OMMISSION FOR SALE OF GOODS $IRECTORS} REMUNERATION -ANAGEMENT BENEFIT EXPENSES 3%'-%.4 ).&/2-!4)/. 4HE #OMPANY}S OPERATION INVOLVE VIRTUALLY IN IMPORT AND DISTRIBUTION OF 0ETROCHAMICALS #HEMICALS 0OWER 0LANT AND 5ITILITIES BUSINESS IN BOTH DOMESTIC AND OVERSEAS GEOGRAPHICAL SEGMENT BUT THE OVERSEAS SEGMENT IS LESS THAN OF TOTAL REVENUES THEREFORE THE FINANCIAL INFORMATION BY GEOGRAPHICAL SEGMENT WAS NOT PRESENTED $)3#,/352% !.$ 02%3%.4!4)/. /& &).!.#)!, ).3425-%.43 !CCOUNTING POLICY 4HE SIGNIFICANT ACCOUNTING POLICIES AND METHOD ADOPTED INCLUDING THE BASIS OF RECOGNITION AND MEASUREMENT RELATING TO EACH CLASS OF FINANCIAL ASSETS AND LIABILITIES HAVE BEEN DISCLOSED IN NOTES TO FINANCIAL STATEMENTS NO #REDIT RISK #REDIT RISK DERIVES FROM FAILURE BY COUNTERPARTIES TO DISCHARGE THEIR OBLIGATIONS RESULTING IN FINANCIAL LOSS TO THE #OMPANY 4HE #OMPANY HAVE POLICY TO HEDGE THIS CREDIT RISK BY REVIEWING THE FINANCIAL STATUS OF CUSTOMERS &INANCIAL ASSETS SHOWN IN BALANCE SHEETS AT THE BOOK VALUE DEDUCTED BY ALLOWANCE FOR DOUBTFUL ACCOUNTS IS MAXIMUM VALUE OF CREDIT RISK )NTEREST RATE RISK )NTEREST RATE RISK FROM CHANGES IN MARKET INTEREST RATE WILL AFFECT THE RESULTS OF THE #OMPANY OPERATIONS AND CASH FLOWS 4HE #OMPANY EXPOSED THE INTEREST RATE RISK TO ITS CASH EQUIVALENTS RESTRICTED FIXED DEPOSIT OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTION AND LIABILITIES UNDER LEASE AGREEMENT 4HE #OMPANY DO NOT USE DERIVATIVE FINANCIAL INSTRUMENTS TO HEDGE SUCH RISK %XCHANGE RATE RISK 4HE #OMPANY AND SUBSIDIARY EXPOSED TO EXCHANGE RATE RISK DUE TO THEIR PURCHASING AND SELLING DENOMINATED IN FOREIGN CURRENCIES WHICH WERE ENTERED INTO FORWARD CONTRACT AGAINST EXCHANGE RATE RISK HEDGING 4HE CONTRACT PERIOD IS NOT EXCEEDED YEAR

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4HE #OMPANY HAS FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCY AS FOLLOWS

&INANCIAL ASSETS &OREIGN #URRENCY DEPOSIT !CCOUNT 53 $OLLAR &INANCIAL LIABILITIES 4RUST RECEIPT PAYABLE IN 53 $OLLAR 4RUST RECEIPT PAYABLE IN 9EN 4RADE ACCOUNTS PAYABLE IN 53 $OLLAR 4RADE ACCOUNTS PAYABLE IN %52/ 4RADE ACCOUNTS PAYABLE IN 9EN 4HE #OMPANY HAS REMAINING FORWARD CONTRACT AS FOLLOWS %XCHANGE RATE PER "AHT 53 $OLLAR %52/ 9EN #/--)4-%.4 !.$ #/.4).'%.4 ,)!"),)4)%3 4HE #OMPANY IS LIABLE ON PAYMENT UNDER OFFICE BUILDING LEASE AND SERVICES AGREEMENT WITH THE SEVERAL LESSORS BY MAKING MONTHLY RENTAL AND SERVICES FEE AMOUNT OF "AHT MILLION !S AT $ECEMBER AND THE #OMPANY HAS TO PAY THE RENTAL FEE UNTIL THE COMPLETION AMOUNT OF "AHT MILLION AND "AHT MILLION RESPECTIVELY 4HE #OMPANY IS LIABLE ON PAYMENT UNDER WAREHOUSE LEASE AGREEMENT WITH THE MONTHLY RENTAL AMOUNT OF "AHT MILLION FOR THE YEARS PERIOD COMMENCING ON 3EPTEMBER !S AT $ECEMBER AND THE #OMPANY HAS TO PAY THE RENTAL FEE UNTIL THE COMPLETION AMOUNT OF "AHT MILLION AND "AHT MILLION RESPECTIVELY 4HE #OMPANY ALSO IS LIABLE ON PAYMENT UNDER CHEMICAL STORAGE TANKS LEASE AGREEMENT WITH MONTHLY RENTAL AMOUNT OF "AHT MILLION FOR THE YEARS PERIOD COMMENCING ON /CTOBER /N $ECEMBER THE #OMPANY HAS ALREADY CANCELLED SUCH LEASE AGREEMENT WHICH EFFECTIVE ON -AY !S AT $ECEMBER AND THE #OMPANY HAS TO PAY THE RENTAL FEE UNTIL THE COMPLETION AMOUNT OF "AHT MILLION AND "AHT MILLION RESPECTIVELY 4HE #OMPANY IS LIABLE ON PAYMENT UNDER GOODS PURCHASING AGREEMENT WITH TWO SELLER AS AT $ECEMBER AMOUNTING TO 53 $OLLAR MILLION AND "AHT MILLION 4HE #OMPANY IS LIABLE ON PAYMENT UNDER LETTER OF CREDIT AGREEMENT WITH TWO BANKS RELATING TO GOODS PURCHASING AS FOLLOWS 53 $OLLAR %52/ 4HE #OMPANY HAS CONTINGENT LIABILITIES WITH SEVERAL BANKS FROM ISSUANCE OF LETTER OF GOODS QUALITY GUARANTEE TO SOME OF CUSTOMERS AND GUARANTEE DUTIES AND TAXES FOR IMPORT OF GOODS FROM AN OVERSEAS AS AT $ECEMBER AND TOTAL AMOUNT OF "AHT MILLION AND "AHT MILLION RESPECTIVELY 3UCH LETTER OF GUARANTEE IS SECURED BY BANK DEPOSIT NOTE AND THE #OMPANY}S DIRECTOR Annual Report 2010 Universal Adsorbents & Chemicals Public Company Limited

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02/6)$%.4 &5.$ 4HE #OMPANY HAS JOINED TO BE A MEMBER OF PROVIDENT FUND NAMED l5NITED !SSETS !LREADY 2EGISTERED 0ROVIDENT &UND l WHICH REGISTERED IN ACCORDANCE WITH THE 0ROVIDENT &UND !CT " % AND THE AMENDMENT BY APPOINTING THE FUND MANAGEMENT TO BE FUND MANAGER 4HE FUND IS CONTRIBUTED TO BOTH BY THE EMPLOYEES AND THE #OMPANY AT THE SAME RATE OF OF EMPLOYEES} SALARIES BASED ON LENGTH OF WORKS 4HE ACCUMULATION AND BENEFITS WILL BE PAID TO THE MEMBERS UPON THEIR RETIREMENT DEATH OR RESIGNATION )N !UGUST THE #OMPANY HAS TRANSFERRED THE FORMER PROVIDENT FUND AND CHANGED TO l +ASIKORN 3UBMUNKONG 2EGISTERED 0ROVIDENT &UND l AND l 4HE 7ELFARE $EVELOPMENT 2EGISTERED 0ROVIDENT &UND l WHICH IS STILL COMPLY WITH THE EXISTING REGULATION AND CONDITION )N *ULY THE #OMPANY HAS TRANSFERRED BOTH PROVIDENT FUND TO l + -ASTER 0OOLED &UND 2EGISTERED 0ROVIDENT &UND l WHICH IS STILL COMPLY WITH THE EXISTING REGULATION AND CONDITION #!0)4!, -!.!'%-%.4 4HE OBJECTIVE OF FINANCIAL MANAGEMENT OF THE #OMPANY IS TO MAINTAIN THE CONTINUITY OF OPERATION CAPABILITY AND CAPITAL STRUCTURE TO BE PROPERLY APPROPRIATED 2%#,!33)&)#!4)/. 4HE CERTAIN ACCOUNTS IN THE FINANCIAL STATEMENTS HAVE BEEN RECLASSIFIED FOR CONFORMITY WITH THE PRESENTATION IN THE FINANCIAL STATEMENTS &).!.#)!, 34!4%-%.43 !002/6!, 4HESE FINANCIAL STATEMENTS WERE APPROVED AND AUTHORIZED FOR ISSUE BY THE #OMPANY}S "OARD OF $IRECTORS ON &EBRUARY

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ชั้น 19 อาคารทีพีแอนดที เลขที่ 1 ซอยวิภาวดีรังสิต 19 ถนนวิภาวดีรังสิต แขวงจตุจักร เขตจตุจักร กรุงเทพฯ 10900 โทรศัพท 0-2936-1701 โทรสาร 0-2936-1700 No. 1, TP&T Tower, 19th Floor, Soi Vibhavadirangsit 19, Vibhavadirangsit Road, Chatuchak Sub-District, Chatuchak District, Bangkok 10900 Tel : 0-2936-1701 Fax : 0-2936-1700

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