the old production line to the new one in Q1/2018; plus higher expenses incurred from normal operation including 5) sales decrease; 6) higher cost per unit as a result of lower utilization rate; 7

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 2nd quarter ended June 30th, 2018 Management Discussion and Analysis of Business Operation

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for

market of THB 1,276 million, China of THB 188 million, sales in the UK under the operation of Intercarabao Limited (“ICUK”) of THB 12 million, and the rest to many other countries totaling of THB 272

will commence operation in the third quarter of this year. With the additional capacity utilization from Phase 3, management believes the Company’s performance for the full-year 2017 will remain strong

restructure corporate group’s business. Such transaction does not have any effect to the operation of the company. Name of shareholder Shareholding ratio Tora 1010 Co., Ltd. Pattaya Kabinburi Co., Ltd. Thai

the fiscal year 2017, mainly from the aforementioned in above include one-time from deferred tax asset utilization. Financial Status Assets Total assets as at the end of September 2018 was Baht 9,680

the consolidated financial statements included the accounts of the Company and its subsidiaries which the operation of subsidiaries have not yet significant, the Management Discussion and Analysis have