Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural

Management’s Discussion and Analysis For the operating results of FY2018 Global Green Chemicals Public Company Limited Global Green Chemicals Public Company Limited Management’s Discussion and

Bangchak Corporation Plc. Table of Contents 5 10 0 10 Refinery Business 14 Marketing Business 16 Green Power Business 18 Bio-Based Products Business 21 Exploration & Production Business 26 31 30 Statement

Global Green Chemicals Public Company Limited Management Discussion and Analysis | 1 Management Discussion and Analysis For the operating results of 1Q2019 Global Green Chemicals Public Company

expected due to declining global trade volumes and the slower economic growth of major trading partners, which were affected by trade tensions between the US and China. Export growth has been negatively

Limited) and Global Cargo (Thailand) Limited (amendment) To President The Stock Exchange of Thailand As the Board of Directors’ meeting of Namyong Terminal Public Company Limited (the “Company”) No. 2/2018

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

family models aligning with the recovery of agricultural incomes that strengthened the household purchasing power. Besides, the export sales expanded in accordance with the economic situations of trading