GFPT Public Company Limited Management Discussion and Analysis for the Year 2018 Page 1 of 14 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated of GFPT

, water, and fuel energy. 8 Social The Company conducts business in accordance to human rights principles, based on its philosophy which places importance to peace, human beings and society, which aims to

of paper and plastic; 2. Waste management; and 3. Management of electrical energy, water, and fuel energy. Social The Company conducts business in accordance to human rights principles, based on its

$250,000 General Information Class E (Institutional Accumulation) USD Inception Date August 19, 2020 ISIN Code IE00BKVDGT87 Bloomberg BRRUUEA Net Asset Value Per Share $23.23 Assets by Sector2 Assets by

budget. The projects already contributed Baht 183 million revenue in Q2’19 based on the 20-year PPA with Electricity of Vietnam (EVN) with tariff of USD 9.35 cent per kWh. DT1&2 solar projects and Phu Yen

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

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

Q4’2018) primarily due to a record of construction revenue which is recognized based on the percentage of completion of our hydro power projects in Lao PDR, namely XXHP and Nam Che. ABBREVIATION & OUR

registered capital of THB 217,155,228 to THB 180,970,466.50 by canceling the Company’s 144,739,046 authorized but unissued shares, with a par value of THB 0.25 per share. 2. Approved to propose to the

first five months of 2017 totaling 14.3 million, a 2.7% growth 3) Agricultural sector also improved from the increased in global agricultural prices and sufficient water level led to favorable farming