PHILLIP ASSET MANAGEMENT COMPANY LIMITED|Feeder Fund | Offering Date : 16/04/2021 - 26/04/2021

registered as social enterprises under the Social Enterprise Promotion Act B.E. 2562 (2018) must have the main objective to resolve issues in or to develop communities, societies, or the environment. They

19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Management Discussion and Analysis of Business Operation for Q1/2019

Statement Cash Flows Statement Accounting Financial Ratios Business Performance Executive Summary Statement of Income 19 of Financial Position Environment Management 3 3 | Management Discussion and Analysis

Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Statement of income 11 Financial Position 32 Management’s Perspective towards 2020

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group

from narrower DTD/DB spread. Within this quarter there was an inventory gain of THB 241 million from the increase in crude price, but there was a loss from the crude and product oil price hedging

Statement 26 Financial Ratios 27 Environment Management Accounting 29 3 Management Discussion and Analysis of Business Operation for Q1/2020 Bangchak Corporation Plc. | Executive Summary Summary of the

reduced Market GRM, following the decline in refinery production volume due to the TAM, as well as a decrease in average Gasoline/Dubai crack spread and Fuel oil/Dubai crack spread, and the rise in crude

20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Management Discussion and Analysis of Business Operation for Q2/2019