first quarter. As a result, the Group financial performance for the first quarter of 2020 has been largely unaffected by the outbreak situation. For the three- month period ended 31 March 2020, there were

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

situation of Corona Virus (COVID-19) according to the Emergency Decree and its related announcement resulted that the Chinese tourists who are main customers of this business segment unable to access the

equity ratio was 1.38 times while the interest bearing debt to equity ratio was 0.86 times. Forward Looking For the 2nd quarter of 2020, it is well known that due to the impact of the Covid-19 situation

of the Company and its subsidiaries’ performance by Business unit 1.) Refinery and Oil Trading Business Group Crude Oil Price Situation (Unit : USD/BBL) Crude oil price Q4/2019 Q3/2019 QoQ Q4/2018 YoY

be a proper way for IFEC to deal with the current situation so that shareholders who are the real owners of the company will have an opportunity to select candidates they deem suitable to become new

in the amount of THB 226 million. 8 | Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1) Refinery Business Crude Oil Price Situation (Unit

Group Crude Oil Price Situation (Unit : USD/BBL) Crude Oil Price Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M 6M YoY AVG AVG MAX MIN AVG % % 2017 2018 % Dubai (DB) 49.68 63.96 77.29 64.69 72.07 45% 13% 51.38 68.01

Situation (Unit : USD/BBL) Crude Oil Price Q3/2017 Q2/2018 Q3/2018 YoY QoQ 9M 9M YoY AVG AVG MAX MIN AVG % % 2017 2018 % Dubai (DB) 50.43 72.07 80.45 69.61 74.22 47% 3% 51.06 70.10 37% Dated Brent (DTD) 52.08

system for receiving and delivery the client ’s assets between the intermediary and such third party, and for monitoring the consequence thereof. In this regard, while awaited delivery of the asset or