year 2020, social security (“SW”) revenue decreased by 7%. The decline was due mainly to the revocation of discharge type & complaint’s payment, the dwindling check-up items and the lower recorded rate

excess. In addition, the COVID-19 outbreak resulted in various refineries successively lowering production to coincide with dwindling demand. Dated Brent and Dubai spread (DTD/DB) average in Q1/2020

pandemic. This led to various refineries cutting down on production to compensate for the dwindling demand, while the same quarter of the previous year, supplies were in a tight state. 10 Management

due to the appreciating US Dollar, after the FED raised interest rate 4 times during 2018 to the level between 2.25 to 2.50%, essentially dwindling crude oil demand from importing countries. Average

for the first time in 20 years. Gasoline / Dubai crack spread (UNL95/DB) in Q4/2018 was 4.92 $/BBL. When compared to Q3/2018 decreased by 6.60 $/BBL as a result of consecutively dwindling demand during

recorded slower growth from the same period of last year. The weakness was mainly attributed to dwindling exports hampered by the US-China trade war, the Thai Baht’s appreciation and global economic slowdown

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2020 The Thai economy in the first quarter of 2020 sank into a recession due to the COVID-19 pandemic. Economic activity was crippled almost across the board in light of lockdown measures implemented in several countries to contain the viral transmission. Financial markets went into a tailspin, whereas turbulence was seen in manufacturing, service and tourism sectors,...