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

1 Translation CEN 015-2019 November 14, 2019 Subject : Management Discussion and Analysis for business operation in Quarter 3-2019 To : The Manager and President The Stock Exchange of Thailand

, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business

over the next few months as we progress into more advanced stages of our projects. We continue to see good pipeline in domestic demand in Thailand for both HR and ERP projects. Other Income Other income

startup firms for enhancement of our business capabilities to achieve sustainable growth while maintaining our market leadership over the long term. Guided by our core strategies of “Customer Centricity

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

stimulus measures. Against this backdrop, KBank has established its business direction primarily by considering the balance of three dimensions – economy, society and environment – under good corporate

Limited (“The Company”) and its Subsidiary (“The Group”) would like to submit the operating results for the year ened 31 December 2017 with the following details as below : Overall Business The Group’s

Company Limited (“The Company”) and its Subsidiary (“The Group”) would like to submit the operating results for the year ened 31 December 2017 with the following details as below : Overall Business The

. Report of Information Memorandum on the related party transaction of Safari World Public Company Limited; Compensation for business design and the hiring of Cherdchaiwon Company Limited for production and