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

(attributable to owners of the Company) of THB 5,963.28 million, increasing by THB 375.68 million. The increase is owing to the commencement of commercial operation of Mount Emerald Wind Farm Project and

First Quarter of 2018 WHAUP finished our 1Q2018 with a Net Income of Baht 716.2 million, 162.8% increase from 1Q2017. 1. RESULTS OF OPERATION FOR 1Q2018 Consolidated Financial Statements 1Q2017 1Q2018

considered peak season for Phi Phi Island and Samui Island. Page 3 of 5 Hotel Business: Operation Statistics Operation statistics 1Q17 4Q17 1Q18 Santiburi Beach No. of rooms Occupancy rate RevPar (YoY growth

controlling the business operation of the applicant i.e. a capital funds maintenance calculating form for a commercial bank registered in Thailand (ThorPhor. 10) as of the latest month . 2.3 Measure on

controlling the business operation of the applicant i.e. a capital funds maintenance calculating form for a commercial bank registered in Thailand (ThorPhor. 10) as of the latest month. 2.3 Measure on

equivalent position called otherwise, and such person shall be responsible for a line of work relating to securities services, securities operation, supervision of securities operation, or research on

operation, supervision of derivatives operation, or research on derivatives, or other similar lines of work regardless of the fact that such function provides services for other persons or for the benefit of

deductions by the ordinary business operation and tax N/A 3. Total Value of Consideration 2.17% 4. Value of Securities issued by the Company as consideration for the assets to be acquired N/A 4.3) Calculation

net profit from the normal operation had been considered without such reserve for product warranty being taken into account, the Company’s net profit from its normal operation would have been THB 35. 07