to 1Q19 to the extent affecting YTD 2019). Total Revenue In 2019, Total Revenue was Baht 1,857.2 miilion, an 8.7% increase from Baht 1,708.3 million in 2018 due to increase of Other Utilities Revenue

Baht appreciating against the US Dollar affecting the value of the company’s inventory, resulted in this quarter’s Inventory Loss of THB 1,163 million, negatively affecting the refinery’s business

/2018, with factors affecting performance as follow: 1. Bangchak refinery’s average production in Q2/2019 was at 112.67 barrels per day or a utilization rate of 94%. The rate increased 69% YoY since the

economic growth slowdown affecting the demand for Diesel within India to decline tremendously, combined with a longer than usual Monsoon season. Gasoil and Dubai crack spread (GO/DB) in 2019 averaged at

/ 2020 and recorded Operating EBITDA of THB 869 million, with the following factors affecting performance as follow: 1. The Bangchak refinery averaged its production in Q2/2020 at 89.3 KBD or 74

- Translation - IR62/002 26 February 2019 Re: Management Discussion and Analysis (MD&A) for the year 2018 To: President The Stock Exchange of Thailand Overview and Factors Affecting Future Operating Results In

results of the Company. • The Company had no guarantee for outsiders or any obligation in project investment or other similar obligations that may effect to its operation. Factors Affecting Business

through big wholesaler stores in most provinces and supporting smaller retailers through sales materials. Besides the distribution disruption, negative factors affecting tourism in Thailand still emerged

same period in the previous year. Drop in revenues mainly came from closed non-performance branches together with high competitive situation focusing on the pricing competition directly affecting to

consequences; resulting customer orders decreased. World market prices of crude oil and cotton has been risen since the second quarter, and also the fluctuations of currency exchange rates affecting the Company