-31% EBITDA 88 137 -36% 141 -38% 229 348 -34% EBITDA Margin (%) 2.7% 3.2% -0.5% 5.1% -2.4% 3.8% 3.9% -0.1% Stock Gain/(Loss) & NRV -58 -149 -61% -74 -22% -132 -382 -65% Adjusted EBITDA(1) 146 286 -49

management have handled the situation prudently and carefully. We have been focusing mainly on the financial health of the company including managing fixed and variable cost as well as liquidity management

such as the closure of some businesses, temporary reduce or change the working hours and the implementation of social distancing. These situation and measures have widely impacted the world economy many

remains high, and gross refinery margin improved from the increase of crack spread for all products, along with a record of inventory gain from rising average crude oil price during the quarter. Marketing

Logistics Public Co., Ltd. (“NCL” or ("the Company") slightly gained less revenue than the previous year around 1.49% due to poor overall economic situation at the beginning of the year. NCL tried to follow

249.10 (32) Less Loss on derivatives 92.95 - n.a. Loss on change in status of investments 5.72 - n.a. Share of profit (loss) from investment in (0.14) 5.30 103 joint ventures Gain (loss) on recognition of

400.34 % due to the financial situation that The appreciation during the 1st quarter of this year resulted in the company having more foreign exchange gain this year. Selling expenses of the company for

9.33 85.51 9.05 9.12 10.67 Total Revenue from Sales and Services 1,011.54 99.70 940.57 99.57 70.97 7.55 Gain on Sales of Fixed Assets 0.05 - - - 0.05 - Gain on Foreign Exchange Rate – Net 0.85 0.08 1.41

. 1Q2017 vs. 4Q2017 UNIT: million baht 1Q2018 1Q2017 % yoy 4Q2017 % qoq Sales Revenue 4,631 4,246 9% 5,219 -11% EBITDA 211 312 -32% 387 -45% EBITDA Margin (%) 4.6% 7.3% -2.7% 7.4% -2.8% Stock Gain/(Loss

, the information provided in this MD&A may vary if any factors or situation are changed in the future; the investors are, therefore, required to have their own discretion regarding the usage of this