Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

achieve the target especially in second half of the year due to the decline of Chinese tourists and economic slowdown in several countries especially in Europe which negatively affect spending power of

focusing on house brand products to emphasize FN brand awareness and increase FN brand equity in a long run. The Company was able to maintain house brand product proportionate in 3Q18 compared with 3Q17 and

2019-04-09_Notification for Resolution of BOD No. 3-2019 regarding the Acquisition and Disposition_Edit1 -Translation- Seven Utilities and Power PublicCo.,Ltd. 73 Mahachol Building, SoiSukhumvit 62

purchasing power of mid-to-low labor segment. Furthermore, the drought season also decreases incomes of agriculture workforces, and as a result, FSMART (or the “Company”)'s total usage amount decreased

revenue from the core business in 2Q2020 was Bt666.61mn, decreasing 17.1% YoY, mainly from a decrease of the middle-to-low income population’s purchasing power due to drought and Covid-19 pandemic, as well

consumption remains reliant on the purchasing power of certain groups such as high income earners , the majority of consumers are still hindered by high household deb while agricultural household incomes still

Refinery & Trading Business Group 15 Marketing Business Group 17 Power Plant Business Group 19 Bio-Based Products Business Group 21 Natural Resources Business Group 23 Statement of Financial Position 26 Cash

of DCBU and CDBU. The other sales contributions are also from MPBG (Merchant Power Solutions), sales of which rose 27.7% from those of the same period last year. This was attributable to the continuous

30 June 2017 4. Vanachai Energy Industries Co., Ltd. invests the power plant project. 14 Nov. 2017 600,000,000 3.99% VS total assets value of the consolidated financial statements as at 30 Sep. 2017