increase in volumes due to the additional seventh kiln will positively impact revenue however higher fuel prices will negatively impact on the cost side. Golden Lime Public Company Limited 3 MANAGEMENT

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 021/2019/EN 11 November 2019 Subject: Management Discussion and Analysis of the Company and subsidiary for the period ended 30 September 2019 To: The President

amount was mostly due to higher average market fuel price 15 ASIA’S BOUTIQUE AIRLINE As at 31 March 2018, the Company has entered into a forward purchase contracts (fuel hedging) and has an obligation from

average market fuel price 15 ASIA’S BOUTIQUE AIRLINE As at 31 March 2018, the Company has entered into a forward purchase contracts (fuel hedging) and has an obligation from fuel price hedging until

Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

or 97.0 percent of which profit attributable to the equity holder of the Company was 14.8 million baht. The weaker net profit was mainly due to substantial increase in fuel costs and excise tax on fuel

percent of fuel consumption for domestic flights. As of 31December 2017, the Company has entered into a forward purchase contract (fuel hedging) at the average of 62.0 percent of fuel consumption. Cost of

247.43million, increased from the year2017 the company’s income from energy business was Baht 88.65 million. As the company started to generate revenue from commercial biomass fuel sales in Q2/2018. 1.3 The

AVIATION FUEL SERVICES PCL. BAM: BANGKOK COMMERCIAL ASSET MANAGEMENT PUBLIC COMPANY LIMITED BANPU: บริษัท บ้านปู จำกัด (มหาชน) BAY: BANK OF AYUDHYA PUBLIC COMPANY LIMITED BBGI: BBGI PUBLIC COMPANY LIMITED

Group, consequently impacting investments in new service stations. Additionally, there is the implicit value that SDA, an oil trader license holder under Section 7 of the Fuel Trade Act of 2000, has the