future from the increase of advertising media which will be able to reach target more precisely and covering various areas, and the economy of scale, which enabling the decrease of expense in the business

various areas, and the economy of scale, which enabling the decrease of expense in the business operation of the Company. 7. Basis Used to Determine the Value of Consideration The basis used to determine

the decrease of expense in the business operation of the Company. 8 Enclosure 1 7. Basis Used to Determine the Value of Consideration The basis used to determine the value of consideration for the

between 2018 and 2017 of the refinery and trading business recorded a decrease in EBITDA of THB 3,667 million, with factors affecting operation as follow: 1. The Bangchak refinery averaged production at

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019

business. However, compared to Q1/2017, revenue decreased by 3% QoQ, mainly from the decline of finished product’s average price. 2. Gross Profit was recorded at THB 2,363 million a decrease of 45% YoY and

of refinery business recorded a decrease in EBITDA of THB 762 million, with factors affecting operation as follow: 1. The Bangchak refinery averaged its production in Q1/2019 at 110. 12 KBD or 92

million, declined from the wind power plant business being affected by seasonal factors, while the geothermal power plant recorded a decrease in profit from one-time financial expense for debt refinancing

reason of these decreases is the decline in business development cost. Consequently, decrease in selling and administrative expenses in the 1H/2017 for Baht 6 million or 2% when comparing with 1H/2016

. Performance comparison between Q4/2017 and Q3/2017, the Power Plant business recorded a revenue of THB 781 million, a decrease of THB 73 million, and recorded EBITDA of THB 812 million, an increase of THB 31