performance of E for L Aim Public Company Limited (“EFORL” or “the Company”) and its subsidiaries (collectively as “the Companies”) for the year ended 31 December 2019 Financial performances Comparison is as

Discussion and Analysis 2018 Performance Summary Consolidated Statement of Comprehensive Income (Unit: THB Million) 2017 2018 % YoY Q4'17 Q3'18 Q4'18 % QoQ % YoY Revenues 5,858 7,539 29% 2,564 1,815 3,648 101

shortages. Hence, Portugal operation generated a significant loss in this quarter. 2) Higher SG&A 3) Higher tax expenses However, there are also several positive factors: 1) Strong performance of our

Cash Flows Statement Accounting Business Performance Executive Summary Statement of Income 23 of Financial Position Environment Management 3 Financial Ratios 28 Executive management’s prospects to

FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based

346 37% 63% FY2018 33% 67% FY2017 1,386 1,802 Adjusted EBITDA Breakdown Operating Performance Exhibit 1 : Consolidated Company’s Performance UNIT: M THB 4Q2018 4Q2017 % YoY 3Q2018 % QoQ FY2018 FY2017

เป็นหลักทรัพย์ประเภทหน่วยลงทุน ท่ีให้บริการเมื่อเทียบกับการจัดอันดับของกลุ่มนั้นและจ านวนอันดับท้ังหมดของกลุ่มนั้น (fund performance) พร้อมกับตัวชี้วัดการด าเนินงานของกองทุนรวมของหน่วยลงทุนดังกล่าว

FY2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Important Events 08 Statement of Income 10 Business Performance 10

Resources CONTENTS Executive Summary 03 Statement of Income 07 Business Performance 09 Statement of Financial Position 21 Statement of Cash Flows 23 Financial Ratios 24 Environment Management Accounting 26 3

details are as follows: 1. The payment of shares and execution of agreements under the conditions of the Investment Agreement: On 14 July 2017 (Vancouver, Canada Time), BCPI made a payment for the newly