Translation (Translation) PAGE (Translation) -9- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC

due to the unfavorable economic and industry conditions i.e. Thai energy drink market, according to Nielsen data, reduced by 2.8% in 2017 and shrank by another 3.6% in the 1Q/2018 as compared to the

rate in 2009 following the Hamburger crisis. The Committee assessed that the Thai economy would expand at a lower rate than previously assessed and lower than its potential due to a decline in exports

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter

Exchange Forward Contract in the amount of THB 255 million from the continuous appreciation of THB. Thus, EBITDA recorded was THB 781 million (+28% YoY, -1% QoQ). Refinery Business Marketing Business sales

signed a contract with the Infrastructure Fund, to perform operation & maintenance service for the assets. o The company debuted its new club card, “Bangchak Green Miles” which allows members to collect

and raw material importation by hedging forward contract from several financial institutions. Industry Overview In 2019, Thailand’s chicken meat export was about 954,010 tons, 6.93% up from 2018 and

the slowdown in fruit juice market in Thailand as well as price competition from competitors in the market. However, domestic branded sales improved 8% QoQ.  Domestic Contract Manufacturing (CMG) sales

contract since Q4/2018. • Small Power Producer (SPP): The gross profit increased by Baht 2,184 million as a result of recognizing gross profit from GLOW’s SPP plants of Baht 2,081 million. As for GPSC’s SPP

(LTSA) as a result of the expiration of contract since Q4/2018. • Small Power Producer (SPP): The gross profit increased by Baht 2,302 million as a result of fully recognizing gross profit from GLOW’s SPP