Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the quarter ended September 30th, 2019 Management Discussion and Analysis of Business Operation for Q3/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 21 24 26 28 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environ...

for investment in Original Equipment Manufacturer of cosmetics (new business – Item B.) - - 148.00 14.99% Within 2019 Total 987.24 987.24 987.24 100% Remark * The Company proceeded with the initial

statement for offer for sale of securities and draft prospectus Amount percent and draft prospectus - Item A.) 6. Lending to the Subsidiary for investment in Original Equipment Manufacturer of cosmetics (new

polypropylene-based fibers portfolio and allocates meaningful capital toward the packaging segment, opportunities to invest in ‘fit-for-purpose’ olefin capacities will enable IVL to capture additional margins and

prioritizes the use of renewable energy sources, as well as domestic use of gas. In overall, the additional electricity generating capacity is mainly from coal, gas, geothermal and hydropower, which are the

consistently retain its second place in the market. The Power Plant Business realized additional share of profit from its investment in geothermal power plant in Indonesia. As for the Biofuel Business

per unit. Moreover, BCP Trading’ s sales volume rose, and there was an additional revenue realization from the Ethanol business after the business amalgamation in Q4/2017. Management Discussion and

offer for sale, the SEC Office shall have the authority to: (1) order the approved foreign entity, its directors or executives to clarify or disclose additional information within a specified period and

business undertaking of the Company or the subsidiaries during the previous year, disclose related facts and clarify the causes, impacts, solutions, future inspection and preventive approaches. Additional

growth. Even though business loans are expected to receive an additional boost from public investment, retail loans will remain challenged mainly by fragile consumer confidence and household debt servicing