. In case of absent of the branch office manager under the first paragraph, the securities company shall arrange to have a new manager within one month unless obtain a waiver from the Office. In the mean

for the full-service branch office to share the securities operation unit with the head office or other full-service branch offices. In case of absent of the branch office manager under the first

. In case of absent of the branch office manager under the first paragraph, the derivatives brokers shall arrange to have a new manager within one month unless obtain a waiver from the Office. In the

operation unit with the head office or other full-service branch offices. In case of absent of the branch office manager under the first paragraph, the derivatives brokers shall arrange to have a new manager

% YoY and 7% QoQ, mainly attributed to the refinery business in Q1/2018, where Total GRM decreased to 6.37 $/BBL (Q1/2017: 7.96 $/BBL, Q4/2017: 8.75 $/BBL), as there was an Inventory Loss of THB 70

Bankers Association (ABA), Taipei, Taiwan • Vice Chairman, BBL Asset Management Co., Ltd • Chairman, Basel Club, Thai Bankers Association • Chairman, IFRS Club, Thai Bankers Association • Chairman, Thai

crude run to a high level, although the Hydrogen Production Unit and Hydrocracking Unit underwent temporarily shut down between May and June. For this quarter, the gross refinery margin was 6.38 USD/BBL

63% YoY and 16% QoQ, mainly attributed to the refinery business in Q2/2018 where Total GRM increased to 12.82 $/BBL (Q2/2017: 4.18 $/BBL, Q1/2018: 6.37 $/BBL) Management Discussion and Analysis of

$/BBL, a decline of 19.69 $/BBL, or a decline approaching of almost 40% from the previous quarter. This has affected the performance of the refinery business. Moreover, the Thai economy, especially

. Gross refinery margin was 6.66 USD/BBL (+1.04 USD/BBL YoY, +0.28 USD/BBL QoQ), GRM was higher from the increase in crack spread of most finished oil products, while Dated Brent and Dubai crude spread (DTD