end of the first quarter this year stood at 0.98x, an increase from 0.48x in 31 December 2019 1Q 2020 SIGNIFICANT EVENTS New financial reporting standards that became effective in the current period 1

December 2019, including THB 21,689m current assets and THB 47,117m non-current assets. Total liabilities stood at THB 42,242m or THB 2,157m increased from 31 December 2019, which mainly derived from

Directors The company’s board has a resolution to increase the capital at the ratio of 5 current shares to 2 new shares, to be used for the water sales project and pay the current loan from the financial

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

utilized the remaining capacities in some units, in order to reduce the fixed cost to improve cost per unit. However, the Company is considering to provide the tolling service to be suitable for the current

Shareholders’ equity Total revenues Total expenses Net profit Net debt to EBITDA ratio Interest coverage ratio (ICR) 2 Debt service coverage ratio (DSCR)2 Debt to equity ratio Current ratio B/E size to interest

Equipment Other Current Assets Other Non- current Assets Equity Current Liabilities Non-current Liabilities 50% 21% 14% 15% 18% 15% 20% 71% 14% 15% 47% 14% 12% 74% 31 Dec 21 30 June 2231 Dec 21 30 June 22

2017 Bangchak Corporation Plc. Table of Contents 7 9 09 8 Refinery Business 13 Marketing Business 14 Green Power Business 16 Bio-Based Products Business 18 Exploration & Production Business 22 26 24

& Trading Business Group 11 Marketing Business Group 13 Power Plant Business Group 14 Bio-Based Products Business Group 16 Natural Resources Business Group 18 Statement of Financial Position 20 Cash Flows

), dated 29 October 2004 (including the amendments thereof) (“Notifications on Acquisition or Disposal of Assets”). The highest transaction size is 27.23 percent according to calculation basis based on total