B.E. 2547, dated October 29, 2004 (as amended) ( collectively, the “Acquisition and Disposal Rule”). The transaction size when calculated under the value of consideration criteria (based on the

% Management service 1.1% Other income 1.2% Hotel Property development Food and beverage Management service Revenue from property development operations through sales of residential projects in both low rise and

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

asset. The calculation is based on the financial statement of the Company for the three months ended 31 March 2015 which was the most recent financial statement prior to the date of the transaction, is

calculation is based on the financial statement of the Company for the three months ended 31 March 2015 which was the most recent financial statement prior to the date of the transaction, is higher than 100

attributable to Owners of the Parent6 394.2 465.5 -15.3% 1 Operating Revenue consists of Raw Water Sales, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of

2017 Bangchak Corporation Plc. Table of Contents 6 8 08 8 Refinery Business 12 Marketing Business 13 Green Power Business 15 Bio-Based Products Business 18 Exploration & Production Business 21 25 23

, water, and fuel energy. 8 Social The Company conducts business in accordance to human rights principles, based on its philosophy which places importance to peace, human beings and society, which aims to

) 2019 2020 MB % Revenues from sales and rendering services 689.65 789.00 99.35 14.41% Revenues from hotel operations 27.70 18.69 -9.02 -32.55% Total Revenue 717.36 807.69 90.33 12.59% Cost of goods sold

Disposal of Assets B.E. 2547, dated October 29, 2004 (as amended) (collectively, the “Acquisition and Disposal Rule” ) . The transaction size when calculated under the value of consideration criteria (based