MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 30 JUNE 2018 Commenting Mr Geza Perlaki, Golden Lime Managing Director said: “We continued the strong performance from the start of the year into Q2

launch in Q3 last year now exported to Argentina and South Africa in addition to production for Thai market at the start, continued order from overseas customer and management’s effort to diversify into

4.2 percent in 2018. Against the backdrop of a global trade slowdown and US-China trade uncertainty, merchandise exports and imports for the year contracted by 2.7 and 4.7 percent from 2018

business through BCP Trading Co., Ltd., the company’s performance has improved from a higher transaction volume in terms of product line, and new trade partners. Marketing Business Group has exhibited

: ประกาศ COI และประกาศเกี่ยวกับการลงทุน เพื่อเป็นทรัพย์สินของผู้ประกอบธุรกิจ: ประกาศ Prop Trade ) ซึ่งได้มีการพิจารณาปรับปรุงแก้ไข ร่างประกาศในประเด็นอื่น ๆ เพิ่มเติมเพื่อให้มีความเหมาะสมยิ่งขึ้นด้วย

Highlights on Financial Position Unit : Million Baht 30 Jun 18 31 Dec 17 %Change Cash and Cash equivalents 15,607 17,320 (9.9) Trade and other receivables 11,310 10,468 8.0 Inventories 8,480 7,684 10.4

and 1.11 in last quarter. Highlights on Financial Position Unit : Million Baht 30 Sep 18 31 Dec 17 %Change Cash and Cash equivalents 16,403 17,320 (5.3) Trade and other receivables 11,268 10,468 7.6

Financial Position Unit: Baht million June 30, 20 Mar 31, 20 % Change Cash and cash equivalents 1,359 965 40.8% Current investments 2,420 2,330 3.9% Trade accounts receivable and other receivables 954 1,351

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

deposits, financial institutions accounts payable, and trade accounts receivable. In addition, the auditor of SCT Vietnam Gas Co., Ltd., a PICNI’s subsidiary, was also encountered limitation on scope of