Private Funds ______________________ By virtue of Clause 6, Clause 8, and Clause 9 of the Notification of the Capital Market Supervisory Board No. Tor Nor. 89/2558 Re: Rules for Management of Retail Funds

Market Supervisory Board, or the Office of the Securities and Exchange Commission has recommended any investment in the securities nor shall they assure the value or returns on the securities being offered

. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited

5.8 percent while North Asia and European market dropped by 2.5 percent, and 1.4 percent respectively. Chinese tourist arrivals, accounting for 27.0 percent of all international arrivals, had indicated

lower electricity cost. The average selling price in this quarter was at THB 18,133 per ton, increased 6.5% from the previous quarter, partly due to the increase in market price worldwide, especially in

that the trend hot rolled steel import decreased and to have confidence in domestic market which will have a direction to improve in the future. In addition, the government stimulus measures may affect

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

low price offerings remained in the market to address weak spending power. Enterprise non- mobile business grew 6% YoY. Demand for enterprise data service (EDS) started to recover after having been

and the Notification of the Capital Market Supervisory Board concerning qualifications and other prohibited characteristics of the securities company’s executives;6 (5) being able to show that person

| 2 Executive Summary In 2019, overall palm oil production and crude palm oil ( CPO) inventory remained high in both domestic and international market, although the inventory plunged to a minimum record