stands at 20,037 keys, a net increase of 2,915 keys from 2018. The pipeline growth stems from the increase of the new managed hotels 4,733 keys (18 hotels) and hotels planned for construction provided an

keys, a net increase of 3,522 keys from 1Q 2019. The pipeline growth stems from the increase of newly managed hotels 4,413 keys (12 hotels) and hotels planned for construction contributed an additional

pipeline growth stems from the increase of new managed hotels 5,925 keys (20 hotels), partially offset by the discontinuance of the 4,269 keys (7 managed hotels). MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020 13

) and Dubai crack spread (IK/DB) retracted 0.76 $/BBL from the average of 12.95 $/BBL during the previous quarter. This stems from weakened demand due to the warming weather in summer. Also contributing

stems from the quantity of Shale Oil, which has a Gasoline yield of 52. 2% , rising by 1. 2 million barrels per day leading to supplies of Gasoline to remain in a state of market excess compare to 2018

stems from the price of finished product severely adjusting downwards following crude oil price in the global market, causing EBITDA to decrease. 3. Net marketing margin increased 12% QoQ from the

prices by managing market risk through a back-to-back policy. Our equity risk stems from equity underwriting and non-directional trading business, which we undertake only for serving customer needs. KBank

chosen not to retain any position when dealing with commodity prices by managing market risk through a back-to-back policy. Our equity risk stems from equity underwriting and non-directional trading

credit spreads. Moreover, KBank has chosen not to retain any position when dealing with commodity prices by managing market risk through a back-to-back policy. Our equity risk stems from equity