has announced the various measurements to stimulate domestic palm oil consumption; for example, lifting up the minimum blending of B7 from 6.5% to 6.8% since 5th November 2018, promoting the use of B20

| 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

in crack spread between various finished products and crude oil, detailed as follow: UNL95/Dubai increased from decreased Chinese Mogas export, Kerosene/Dubai increased from emergency shutdowns of

refinery margin increased by THB 22 Million (+1%) when compared to the same period of the previous year, as a result of an upward adjustment of crack spread between various finished products and crude oil

Subsidiary will purchase the ERU Project from Thai Oil. The ERU Project is a unit for the production of electricity and steam, using petroleum pitch, which is a by-product from the production process of the

spread between finished product and crude oil in every product category, and from the higher average crude oil price; resulting in an Inventory Gain of THB 834 million, exceeding 2016’s. Moreover, there

swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil products Performance for Q4/2019, the refinery business recorded EBITDA THB 1,073 million, an

included (Reversal of) losses on inventories devaluation (NRV) 2/ Sales volume does not include oil swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil

still affected by the oil price volatility in the global market. Despite the crude oil price recovery, the average crack spread between finished product and referenced crude oil price continues to decline

recorded an increased revenue coinciding with global crude oil price, leading to increased gross profit, but saw production and sales volume decrease according to the Natural Decline Curve. There was also