147) | - |- Decrease in Registered Capital (Section 98(1)) | - |- Fees (Section 14, 19) |- Business Conduct | - |- Guideline on the commencement for operation of securities / derivatives business

Market Supervisory Board (the CMSB), who, by virtue of Section 143, Paragraph 1, of the Securities and Exchange Act B.E.2535 (1992) (SEA), passed a resolution for the company to rectify its operation

Project commercial operation, furthermore, EMC must make the payment up to 163 million baht to acquire the leasehold estate, land and building, from the Office of the Privy Purse, Bureau of the Royal

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

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

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

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

OPERATION (Unit : Million Baht) Consolidated Financial Statements 2019 2018 % Change Total Revenue 1,857.2 1,708.3 8.7% - Utilities Business 1,847.1 1,705.1 8.3% - Operating Revenue1 1,734.3 1,679.7 3.3

1H2019, Net Proft of Baht 1,281.8 million, a 26.6% increased from 1H2018 with Normalized Net Profit of Baht 1,024.9 million, a 28.0% increased from 1H2018. 1. RESULTS OF OPERATION (Unit : Million Baht