our key products and strong margins, even carrying forward into the second quarter, driven at first by recovery in China. Global inventory levels are tight and combined with supply chain shocks are

a lower core EBITDA of US$201M, due to a significant decline in industry margins and spreads across the business. The decline in margins reflects the sharp contraction in industry- wide spreads across

growth driven by lifestyle fibers growth in India (IRSL). IVL reported US$281M of core EBITDA registering a more pronounced decline yoy as spreads came off from a strong 3Q18. IVL reported US$405M of OCF

meet market demand in 3Q17. Therefore, the tailwinds in volume and margins are expected to handsomely beat earnings estimates on a fully diluted basis following the exercise of W1 warrants. 3 In last

Bangchak Corporation Plc. I 9 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2018 Q4/2018 Q1/2019 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB 13.69 4.92 9.64 -0.91 3.77 -72% -23% IK/DB 16.05 15.74

Bangchak Corporation Plc. I 9 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M 6M YoY AVG AVG MAX MIN AVG % % 2017 2018 % UNL95/DB 14.17 13.69 15.50 7.69 12.15 -14

quarter driven by resilient sales and margins in Integrated PET, USA PX and PIA businesses. Core net profit grew to THB 1.6B • Core EBITDA grew in all segments and in all regions as our products primarily

every finished product and crude oil price crack spreads, with supporting factors ranging from the maintenance of various refineries in North Asia, as well as concerns over supplies tightening after the

affected by the decline in most of the finished product and crude oil crack spreads, as a result of the oversupply situation in finished oil products, and the anxieties over the trade war between the US and

and its subsidiaries’ performance by Business unit 10 | Management Discussion and Analysis of Business Operation for the 3rd quarter of 2017 Bangchak Corporation Plc. Crack Spreads Situation (Unit : USD