Refinery & Trading Business Group 15 Marketing Business Group 17 Power Plant Business Group 19 Bio-Based Products Business Group 21 Natural Resources Business Group 23 Statement of Financial Position 26 Cash

[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

subsidiaries (“the Group”) as follow: * Extraordinary items from non-operating, consists of unrealized gain (loss) on exchange rate of receivable under finance lease and gain (loss) on forward contracts

 paid during the quarter from the profits of 2016. In Q216 THB 805m final dividend of THB 1.00 per share was paid during the quarter from the profits of 2015. Financial Status The group currently has no

 applicable to each offshore subsidiary's base currency.  Payout Analysis No dividends were paid out during the quarter. Financial Status The group currently has no interest bearing debt.  Cash reserves and

follow: 5.2.1 The transaction in property leasing for not more than 3 years Transaction Release Date Value (Baht) Transaction Size% VS NTA financial statements for the period 1. Woodtek International Co

. Financial Status The group currently has no interest bearing debt. Cash reserves and financial investments at the 31st March 2019 were THB 8.5 billion down from 31st March 2018 were THB 9.8 billion. Asset

Company Limited (related company). Transaction details are follow as: 1. The date on which the transaction occurred: 1 June 2019 2. The parties involved: Name Relationship with the company Lessee : Vanachai

) with Doctorwood Company Limited (related company). Transaction details are follow as: 1. The date on which the transaction occurred: 1 June 2019 2. The parties involved: Name Relationship with the

 the quarter from the profits of 2017. Financial Status Cash reserves and financial investments at the 30th June 2019 were THB 8.2 billion down THB 1.2 billion from 30th June 2018 at THB 9.4 billion