Management Discussion and Analysis ( - translation - ) For operating result of 3Q19, ended 30 September 2019 Raimon Land Plc. | 14 November 2019 1 / 7 Major Events in 3Q19 July  Issued unsubordinated

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

. Assets 5. Legal disputes 6. General information and other material facts Part 2: Management and Corporate Governance 7. Securities and shareholders 8. Organizational structure 9. Corporate governance 10

Utilities Business consists of Excessive Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities Business. 4 Other

of Contents Page 1. Audit Firm profile 1 2. Network firms of the Audit Firm 4 3. Internal management of the Audit Firm 5 4. Inspection results on quality control system by other agencies (if any) 5 5

. (UNOFFICIAL TRANSLATION) (Revision 2015) Table of Contents Page 1. Audit Firm profile 1 2. Network firms of the Audit Firm 4 3. Internal management of the Audit Firm 5 4. Inspection results on quality control

generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 33 shopping malls with the net leasable area (NLA) of approximately 1.7 mn sqm

(“Synergy”), a business and management advisory service provider whose clients include international steel manufacturers, having a team of experts with experience in the steel industry at the international

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2020 Page 1 of 14 Management Discussion and Analysis This interim MD&A report has been prepared based on the

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 24 February 2020 No. ZEN 2563-003 Subject Management Discussion and Analysis for