average market fuel price 15 ASIA’S BOUTIQUE AIRLINE As at 31 March 2018, the Company has entered into a forward purchase contracts (fuel hedging) and has an obligation from fuel price hedging until

2 and Stage 3, the standard requires ECL allowances based on lifetime expected losses. Moreover, ECL also incorporates forward-looking economic scenarios into loss allowances. For 1Q20, expected

requires ECL allowances based on lifetime expected losses. Moreover, ECL also incorporates forward-looking economic scenarios into loss allowances. For 1Q21, expected credit losses totaled Baht 1,234 million

% )##" # )#8, % ก Earning yield gap model T3 ##,: Bond yield #83-( 3% .) Earning yield gap 3% T3 :" Forward P/E # )# 8!K S&P500 16.6 .)"7)!$!K )# Y 2,540-2,580 % (ก6 , !#" # %)!$E . ก Bond yield 83-กก

and evaluation expense (11) (8) (15) 32% 75% (48) (45) -5% Gain (loss) from crude and product oil price hedging contract 46 (95) (138) N/A N/A 366 (442) N/A Gain (loss) from foreign currency forward

foreign currencies forward contact. 4 Management Discussion and Analysis of Business Operation for Q1/2020 Bangchak Corporation Plc. | The Refinery and Oil Trading Business recorded Gross Refinery Margin of

Management and Internal Control) หลักปฏิบัติ 7 รักษาความนา่เชื่อถือทางการเงินและการเปิดเผยข้อมูล (Ensure Disclosure and Financial Integrity) หลักปฏิบัติ 8 สนับสนุนการมีส่วนร่วมและการส่ือสารกับผู้ถือหุ้น

and Exchange Act will not send person or agents to be directors, management or controlling person. As a result, the management and internal control of the Company remain unchanged. The Company and VAVA

exceeding THB 4,999 million1 of the said purchase price by the Company and its subsidiary’ s internal cash flow. o The remaining investment value is expected to be funded by borrowings from financial

reasonable return from the investment at the equity internal rate of return (EIRR) of not less than 20 percent. This Share Acquisition Transaction is reasonable in which the Company will receive the expected