6M2019 6M2019 YoY Total Revenue 45,558 45,535 48,326 6% 6% 89,783 93,861 5% Accounting EBITDA 3,335 1,959 2,189 -34% 12% 6,358 4,147 -35% Refinery and Trading Business Group 1/ 1,929 517 650 -66% 26% 3,208

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Second Quarter and Six-Month Period Ended 30 June 2018 1. Q2/2018 Highlights Figure 1: Quarterly

1,386 million, or earning per shares of THB 1.01. The company and its subsidiaries performance improved, especially the Refinery Business Group which still maintains its average crude run at a high level

cubic meter per day and initial order of 4,000 cubic meter per day  WHA NGD 4 (Natural Gas Distribution), a installed capacities of Million 2,000,000 BTU per year, representing Million 700,000 BTU equity

BIS ratio will increase to 17.95% while Tier-1 ratio will be 14.80%. 11 Business Segment Performance The Kiatnakin Phatra Financial Group (“the Group”) business is divided into two main areas: the

BIS ratio will increase to 17.94% while Tier-1 ratio will be 14.79%. 11 Business Segment Performance The Kiatnakin Phatra Financial Group (“the Group”) business is divided into two main areas: the

-15% Refinery and Trading Business Group 1/ 1,073 631 70% (1,421) 175% 2,871 3,928 -27% Marketing Business Group 2/ 359 680 -47% 465 -23% 2,279 2,177 5% Power Plant Business Group 3/ 795 710 12% 570 40

9M2019 9M2018 YoY Total Revenue 46,481 48,326 -4% 53,461 -13% 140,343 143,244 -2% Accounting EBITDA 2,141 2,189 -2% 4,160 -49% 6,289 10,518 -40% Refinery and Trading Business Group 1/ 631 650 -3% 2,142 -71

expertise engineering team that can support completed solution including all after sales service activities. The group of customers are both of government unit and private companies. Main projects agreed and

Malaysia with 4 distribution warehouses. Therefore, after NDR has consolidated financial statement with FKRMM, NDR’s profit will immediately increase. In addition, NDR has the potential to expand the