, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue

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

V2 30/08/61 14:31 น. 0 V2 30/08/61 14:31 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2018 The Thai economy in the second

Growth Freehold and Leasehold Real Estate Investment Trust (WHART) and HREIT in the late 2017 and the beginning of 2018 respectively, thereby reducing the leasable area.  Gross profit from rental and

management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and collaborative research and development in technology and innovation of business management

projects and other businesses, such as hotel and office building development and service and management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and

- ร่าง - 1 Nov 7, 2017 Subject Management Discussion and Analysis for the period of three months and the period of 1st half ended 30th September 2017 To President of the Stock Exchange of Thailand

- ร่าง - 1 Feb 13, 2018 Subject Management Discussion and Analysis for the period of three months and the period of nine months ended 31st December 2017 To President of the Stock Exchange of Thailand

- ร่าง - 1 Nov 9, 2018 Subject Management Discussion and Analysis for the period of three months and the period of 1st half ended 30th September 2018 To President of the Stock Exchange of Thailand

Court. In this regard, the Company’s management believes that such events will not adversely have any significant impact on the Company because the management is confident that the Company and the Parent