industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. The

Page 1 of 11 - Translation - Ref. WINNER 0029/2019 November 14, 2019 Re Management Discussion and Analysis (MD & A) for Q3/2019 period and for the nine-month ended September 30, 2019 To The President

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the year ended 31 December 2019 1. Year 2019 Highlights Figure 1: Quarterly results  In Q4/2019, the

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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

subsidiary will not change its Board of Directors. The group companies continue to be operated by current Board of Directors and Management. Consequently, the Company is obliged to disclose the information

change its Board of Directors. The group companies continue to be operated by current Board of Directors and Management. Consequently, the Company is obliged to disclose the information memorandum in

1 Ref. No. IVL 007/08/2017 9 Aug 2017 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Reviewed Financial Statements and the Management Discussion and Analysis of

or should have been known, but not exceeding two years from the effective date of registration statement.” แบบ 69-FD 2 CONTENTS Page I. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Certified Public Accountants (AICPA), Financial Executives International (FEI), the American Accounting Association (AAA), The Institute of Internal Auditors (IIA), and the Institute of Management Accountants