behalf of client and seeking benefits from the client during the performance of duties were in violation of the Notifications of Capital Market Supervisory Board concerning personnel in the capital market

business to record a lower market gross refinery margin (GRM) compared to Q2/2018. However, market GRM (Restate) 7/ Management Discussion and Analysis of Business Operation for Q2/2019 Bangchak Corporation

increase of total sales volume, especially from thruput volume through service stations, which has the second largest market share and is constantly on the rise. However, intensifying market competition has

system to meet the demand of the customers. Q1/2018 Market environment and Directions in 2018 In terms of the situation in the power industry for the year 2018, the Energy Regulatory Commission (ERC

developed companies as well as initiatives related to utilities and energy sector. Significant events in Q2/2018 5 Q3/2018 Market environment and Directions In Q2/2018, Thailand’s economic was forecasted that

in Q4/2017” Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q3/2018 • Progress Report on Acquisition of GLOW Energy Public Company Limited (GLOW) On June 20th, 2018, the

stimulus policies worth Baht 464 billion to support domestic spending, the property market and grassroots economy. Meanwhile, tourist arrivals rose by 4.2 percent, softening from 7.3 percent in 2018. A

greater market share. KASIKORN ASSET MANAGEMENT CO., LTD. remained at the top of the mutual fund business. KASIKORN LEASING CO., LTD. saw satisfactory lending business volume in line with the overall

Singha Complex, 39-storey condominium with 319 units and value at THB 4,347m, began ownership transfer in September 2019. Amid sluggish in property market, by far, both sales and transfer activity have

optimizing costs has shown good progress. This will continue as the impact from the integration of Saraburi Quicklime has an effect. On the variable cost side fuel costs were higher than in the same period