% 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

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

newly issued preferred shares, with a par value of Baht 1 per share, at an offering price of Baht 0.031 per share, totaling Baht 2,172 million, and (2) Bangkok Bank Public Company Limited (“BBL”) in the

’ 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

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

units of the U-W3 Warrants to Bangkok Bank Public Company Limited (“BBL”) and UE provided that they have subscribed for and have been allocated the newly issued preferred 6 shares via private placement at

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