Service Coverage Ratio (times) 4.6 3.1 3.7 Return on Equity 32% 31% 33% Figures from P&L are annualized YTD. *Exclude Lease liability Debt Repayment Schedule License payment schedule Bt mn Debenture Loan

payable to EBITDA 2.2 1.9 1.9 Current Ratio (times) 0.4 0.4 0.5 Interest Coverage (times) 15.7 15.8 14.7 Debt Service Coverage Ratio (times) 3.2 3.7 4.3 Return on Equity 32% 33% 33% Figures from P&L are

) 0.3 0.5 0.4 Interest Coverage (times) 14.8 14.7 14.1 Debt Service Coverage Ratio (times) 2.1 4.3 2.5 Return on Equity (YTD) 31% 33% 35% Figures from P&L are annualized from quarter number. *Exclude

0.77 0.70 0.78 Return on Asset 15.2% 15.7% 16.8% Return on Equity 44.5% 45.2% 48.0% Financial Ratio 5 บริษัท ฟอรท สมารท เซอรวิส จำกัด (มหาชน) คำอธิบายและการวิเคราะหฐานะการเงินและผลการดำเนนิงาน ประจำ

Advisor) to study the feasibility of the project as of July 2017 by using the Free Cash Flow to Equity Method to calculate the Net Present Value for Equity, Equity Internal Rate of Return, and Payback

3.43 % 3.06 % 3.65 % 5.46 % Other Income 3.19 % 3.19 % 3.54 % 2.76 % Cash against Operating Profit 263.54 % 219.44 % 76.06 % 195.86 % Net Earnings 4.60 % 4.99 % 5.69 % 6.54 % Return on Equity 8.53 % 8.59

13.8% 21.6% Net profit margin -0.8% 8.2% Efficiency ratio 30-Jun-19 30-Jun-18 Return on equity* 0.8% 9.9% Return on asset* 2.5% 7.5% Liquidity ratio 30-Jun-19 31-Dec-18 Current ratio (time) 0.70 1.35

13.8% 21.6% Net profit margin -0.8% 8.2% Efficiency ratio 30-Jun-19 30-Jun-18 Return on equity* 0.8% 9.9% Return on asset* 2.6% 7.5% Liquidity ratio 30-Jun-19 31-Dec-18 Current ratio (time) 0.70 1.35

(%) Q1/2017 Q4/2017 Q1/2018 Gross Profit Margin 9.15% 7.76% 7.53% EBITDA Margin 9.26% 7.54% 6.77% Net Profit Margin 5.00% 3.38% 3.02% Return on Equity (ROE) 17.02% 13.57% 11.17% Return on Assets (ROA

receiving income tax return from 2009 and 2010 in the amount of THB 671 million. 9 | Management Discussion and Analysis of Business Operation for the 3rd quarter of 2017 Bangchak Corporation Plc. 1) Refinery