% EBITDA 2,112 4,116 4,951 20% 134% Depreciation and amortization (690) (2,080) (2,074) (0%) 201% EBIT 1,422 2,036 2,877 41% 102% Finance costs (372) (1,197) (1,041) (13%) 180% Other non-operating income and

Code (Issuer) เป็น 00 ใหบ้นัทกึ Issuer Rating เป็น None รายงานเฉพาะ 1) หลักทรัพยน์อกตลาดในประเทศ โดยถา้เป็นตราสารหนี ้(รวมถงึ Structured Notes/Structured Finance) ในประเทศที ่listed ใน BEX/ThaiBMA ไมต่อ้

) 8% 32% EBIT 600 754 1,067 42% 78% Finance costs (96) (90) (119) 32% 24% Other non-operating income (and expenses) 196 36 64 78% (67%) Shares of profit of associates and joint ventures 111 152 152 0

Expenses (130.8) (152.9) -14.5% Finance Costs (366.6) (459.9) -20.3% Share of Profit from Investments in Associates and Joint Ventures 2,047.4 1,936.1 5.7% Income Tax (Expense) Income (49.1) (18.2) 170.4

Refueling Services 82% Fuel Pipeline Transportation Services 18% Services Income structure of 9M/2019 Page 5 of 8 In the nine months of 2019, the Group had operating profit before finance costs and taxes

THB 772mn, increasing by 63.4% or THB 300mn from THB 473mn as of 31 December 2016 mainly from 1) an increase in short-term loan from financial institutions of THB 235mn to finance COMASS’s acquisition

previous year. Expenses analysis Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Selling expense 26.5 161.2 134.7 508.1% Administrative expense 235.3 306.3 71.0 30.2% Finance costs 616.9 418.9

56.9% or THB 269mn from THB 473mn as of 31 December 2016 mainly from an increase in 1) short-term loan from financial institution of THB 455mn to finance COMASS’s acquisition and the investment of CBD

% (280,729) (295,202) -5% Loss on impairment of investment in subsidiary - - - - Finance costs (41,560) (48,651) -15% (125,997) (145,280) -13% Profit (loss) before income tax (96,533) (109,124) -12% (331,330

% EBIT 16.10 4.14 11.95 288% EBITDA 36.93 29.54 7.38 25% EBITDA margin 17% 16% Finance cost -1.22 -0.68 -0.55 80% Income tax expenses -2.74 0.33 -3.07 934% Net income for period 12.13 3.79 8.33 220