2.3 percent compared to the total assets as of December 31, 2017. (1.1) Current Assets As at September 30, 2018 currents assets amounted 885.7 million baht, increased 295.7 million baht or 50.1 percent

834 million. 3. Other Income of THB 1,260 million, the majority attributed to BCPG Plc. receiving profit before tax from the sales of power plant assets to the Infrastructure Fund, Japan of THB 793

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 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 22 25 27 29 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environm...

2019 31 December 2018 Increased (Decreased) Percentage Assets Current assets Cash and cash equivalents 76.25 212.68 (136.43) (64.15%) Short-term investments - 59.90 (59.90) (100.00%) tel:02-455-2888

% versus the assets of 1,737.41 million baht as of December 31, 2018 because of the following reasons: (1) The current assets amounted to 202.50 million baht, increasing by 9.15 million baht, consisting of

Subsidiaries) (1) Total Assets Company’s total assets as of June 30, 2019 was 1,582.7 million baht, decreased 68.3 million baht or 4.1 percent compared to the total assets as of December 31, 2018. (1.1) Current

The SEC’s monitoring of digital asset developments and advertisements of digital asset business operators have shown that the current criteria for the formats and the practices of presenting risk

30 December 2017 31 December 2016 Increased (Decreased) Percentage Assets Current assets Cash and cash equivalents 347.12 286.51 60.61 21.15% Temporary investments 40.65 69.97 (29.32) (41.90%) Trade

KHANJANAPISEK RD., BANGKAE, BANGKAE, BANGKOK, THAILAND. 10160 Tel: 02-455-2888 Fax: 02-455-2763 31 March 2019 31 December 2018 Increased (Decreased) Percentage Assets Current assets Cash and cash equivalents

utilities. Including, directly attributable expense of the initial public offering. Statement of Financial Position (Unit: Million Baht) Details 31 Mar 2019 31 Dec 2018 Increased (Decreased) % Assets Current