Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

stations with B20 diesel is expanding nationwide. The Company still maintains its retail sales volume market share at the second place (according to information released by Department of Energy Business

term. In addition to achieving revenue growth, the company-wide cost optimization is ongoing and translated into EBITDA expansion of +9% YoY and +2.4% QoQ to stand at Bt18,905mn, a reported margin of

from lower interest-bearing debt which decreased slightly to Bt102,800mn. The company has a spectrum liability of Bt14,267mn to be paid to the NBTC in 2H18. Total equity was Bt56,069mn increasing 11

the Revenue Department’ s challenge for the company to pay the withholding tax on revenue sharing ( see Note 20 on Contingent Liabilities). Net FX gain was Bt12mn, compared to Bt41mn in 3Q17 and Bt106mn

economic activity may become more apparent during the latter half of this year, especially if the new government is in place within the middle of this year and the US-China trade dispute eases. Regarding the

investment decision, investors should exercise their own judgment when considering detailed information relating to the issuing company of the securities and the conditions of securities, including the

- Translation - Tender Offer for Securities (Form 247-4) Of Glow Energy Public Company Limited By Global Power Synergy Public Company Limited (The Tender Offeror) The Siam Commercial Bank Public

Indorama Ventures Public Company Limited for the first quarter ended March 31, 2021 We are pleased to submit: 1. Consolidated and Company only Quarterly Review of Financial Statements for the first quarter

. We place importance in maintaining strong financial health and flexibility to pursue future growth. The dividend policy is thus revised to a minimum 70% payout of net profit from 2017 onwards. By