the sharp spikes in global crude oil price in Q3/2018, especially during September, which led to retail prices adjustment being more laggard than the increasing oil products cost, coupled with the

sharp rise in crude oil prices. The segment achieved Reported EBITDA of US$379M largely due to positive impact from adjustments in contracts and inventory. Global demand for PET has risen significantly

million, resulting from the sharp rise in average crude oil price during the quarter, while in Q2/2017 recorded an inventory loss in the amount of THB 1,010 million (included LCM of THB 7 million). Average

appreciated. Whereas in 2018 inventory loss was recorded at THB 1,489 million (including lower of cost or market (LCM) THB 689 million) due to the sharp decline of crude oil price in the global market between

whole entire year.  The refinery business had an inventory loss of THB 1,489 million (including lower of cost or market (LCM) THB 689 million) from the sharp decline of crude oil price in the global

quarter, which has led to retail prices at service stations aligning at an appropriate level to the cost of finished oil products. While marketing margin in Q2/2018 was highly affected by the sharp rise in

the previous year. As Q3/2018 experienced sharp spikes in global crude oil price, coupled with the government measures to appoint retail Diesel price ceiling at THB 30 per liter, resulting in a

widespread of Covid-19 from the beginning of this year along with the imposition of the regulations on the usage of Sulphur which resulting in the sharp increase in the oil price in the world market also the

satisfactory economic growth, many key nations such as Japan and China recorded a slowdown. The Eurozone was fragile while Russia faced economic problems and currency volatility from sharply declining crude oil

in world oil prices, resulting in a sharp drop in commodity prices this causes a lot of price competition. Yours Sincerely, Ms. Piyanan Suwannaphasri Assistant Managing Director Authorized to sign