by the Company and the interviews with management were valid and true. The opinion obtained was credible and close to the current situation. ▪ No past events or imminent events or impending events

Thai debt market. To cope with domestic and international economic and political uncertainty, as well as rapid changes in fund flows as above, KBank is closely monitoring the situation and assessing

in the amount of THB 226 million. 8 | Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1) Refinery Business Crude Oil Price Situation (Unit

Group Crude Oil Price Situation (Unit : USD/BBL) Crude Oil Price Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M 6M YoY AVG AVG MAX MIN AVG % % 2017 2018 % Dubai (DB) 49.68 63.96 77.29 64.69 72.07 45% 13% 51.38 68.01

Situation (Unit : USD/BBL) Crude Oil Price Q3/2017 Q2/2018 Q3/2018 YoY QoQ 9M 9M YoY AVG AVG MAX MIN AVG % % 2017 2018 % Dubai (DB) 50.43 72.07 80.45 69.61 74.22 47% 3% 51.06 70.10 37% Dated Brent (DTD) 52.08

such as tour package. Further, in March and April 2020, which is in the Covid-19 situation, more people stay at home and the watching of TV increases accordingly. The change of consumer behavior directly

, though actual implementation will likely be started from 2019 onwards. Nevertheless, there remain downside risks from an inclination towards protectionism, as exemplified by the US-China situation, and

adjusted of Ft charge relatives to gas cost) however, this was the temporary situation as gas price starting to lower in Q2’2019 Furthermore, there was a relatively more scheduled maintenance in Q1’2019

until now, the situation of which the Company always has been aware of. Therefore, the Company has adjusted its strategy to diversify product portfolio beyond traditional 100% fruit juice. The Company

more franchise store this year. Although the COVID-19 pandemic situation since the first half of the year 2020 caused the delay for the franchise store expansion, the Company still plans to open more