through the industrial market. This is in respect to the fairly high degree of competition in the industrial market, and the 4th quarter was a High Season for fuel consumption. As well as, late in the

. Meanwhile, competition for deposits is expected to be mild, as although the economy is likely to improve, the recovery remains concentrated in certain business sectors. There is considerable excess liquidity

constrained by high household debt. Fierce competition continued and each bank attempted to develop products and services to serve customers through digital channels. New business models, together with insights

export raw frozen chicken parts to China for the first time in more than 10 years was another positive factor to boost export performance more than expected. Japan is the most important export market of

most important export market of Thai chicken meat products. In 2019, Thailand exported chicken meat products to Japan about 437,819 tons, slightly decreased by 0.58% from previous year primarily from the

the most important market of Thai chicken meat products. In 2017, export of chicken meat products to Japan is approximately 422,000 tons, an increase of approximately 12.49% from 2016. However, export

FY2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Important Events 08 Statement of Income 10 Business Performance 10

FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based

to mid-single digit, while maintaining EBITDA outlook with low-single digit decline and CAPEX of around Bt35bn. Market and Competitive Environment In 3Q20, mobile competition remained stable as all

economy and price competition Mobile revenue was Bt28,847mn, decreasing -1.7% YoY and -2.5% QoQ impacted by low spending amidst Omicron’s spread and relatively high base of 1Q21 from government stimulus