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

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

. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited

). 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

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

. Environment Management Accounting : EMA Q1/2017 Q1/2018 ∆ Material Costs of Product Outputs : Consist of crude oil, ethanol, biodiesel, chemical, energy and utilities in production 24,638 24,910 273 Material

ever-growing tumultuous intra-political environment has led to declines in its crude exports. Meanwhile, the OPEC members and partners colluding to continue to lower production. In May 2019, OPEC member

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

Cash Flows Statement Accounting Business Performance Executive Summary Statement of Income 23 of Financial Position Environment Management 3 Financial Ratios 28 Executive management’s prospects to