% 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

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

the refinery business which recorded much higher production rate, and benefited from the narrower average DTD/DB spread, resulting in 8. 05 $/BBL of total GRM. Also from the higher average crude oil

$/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

recorded at THB 13,543 million, increased by 14% YoY, mainly attributed to the refinery business. In 2017, Total GRM was 7.23 $/BBL an increase of 0.70 $/BBL when compared to 2016. The refinery business

Dubai crude in Q1/2020 was at 50.41 $/BBL, a decline of 11.63 $/BBL, or a decline approaching almost 20% from the previous quarter. Moreover, the COVID-19 outbreak in Thailand caused demand for fuel

recorded at THB 2,181 million, decreased by 34% YoY, mainly attributed to the refinery business’s Total GRM of 3.49 $/BBL, compared to Q1/2018’s 6.37 $/BBL. The decline was brought about by most of the

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

increased to an average level of 70.95 $/BBL in April, and proceeds to decline during the middle of May to early June. Thus, price of Dubai crude oil at the end of June was 61.76 $/BBL leading the refinery

’ performance by Business unit 1.) Refinery and Trading Business Group Crude Oil Price Situation (Unit : USD/BBL) Crude oil price Q3/2019 Q2/2019 QoQ Q3/2018 YoY 9M 9M YoY Max Min AVG AVG +/- AVG +/- 2019 2018