from in the 3rd quarter of 2018 by 114.43%. Due to the price of crude palm oil was continuously decrease within the 3rd quarter of 2019 (20.50-15.00 Baht/Kilogram) in the range of -5.50 Baht/Kilogram

Company’s working capital is indirectly subsidized via trade creditor in form of loan and via business partners in form of raw material supported for production (under Collateral Management Agreement – CMA

merchandise exports which continued expand with a growth 13.1% consistent with global demand growth and continual increase in crude oil prices. Domestic demand robustly expanded by private consumption which

Company expects to receive new fresh funds as CAPEX and Working Capital. With the support from the new Shareholder, we are positive to be more competitive in term of cost resulting the positive bottom line

). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading

| 2 Executive Summary In 3Q/2019, overall palm oil production and crude palm oil (CPO) inventory remained high in both domestic and international market, thus crude palm oil (CPO) and crude palm kernel

of 0.96 THB. The company and its subsidiaries recorded total EBITDA of THB 3,580 million (+28% YoY, +42% QoQ), performance improved, especially for the Refinery Business, of which average crude run

market, where the oil business is in on a downward trajectory following slowing global economy due to the trade war between the US and China. The Dubai crude price in 2019 averaged at 63.51 $/BBL, a

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

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