professional in accounting, finance, business administration, economics or law; Clause 2. The person with power of management of the derivatives business operator must obtain approval from the SEC Office. Clause

– Energy: The performance of the Energy business declined 25.37% YoY, mostely due to the lack of Associated Gas from PPP to produce C1 gas, resulting in Sao Thian power plant receiving less C1 gas to produce

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

14.5% 115.67 14.5% 108.54 13.5% -6.2% -11.9% Other income 63.52 7.5% 66.33 8.3% 67.76 8.4% 2.2% 6.7% Sales profit 0.88 0.1% 0.02 0.0% 0.02 0.0% 0.0% -97.7% Profit before finance cost and income tax

expenses (9.16) (9.48) (0.32) 3.55% (20.45) (17.26) 3.19 -15.59% Share of gain of investments in associate 0.04 2.86 2.82 7803.29% 0.07 2.89 2.82 4130.50% Finance costs (0.08) (0.07) 0.01 -11.94% (0.16

associate 0.03 (0.04) (0.08) -223.42% 0.10 2.85 2.75 2679.11% Finance costs (0.09) (0.04) 0.04 -51.31% (0.25) (0.18) 0.07 -29.06% Profit before income tax expense 26.74 10.95 (15.79) -59.07% 85.08 51.63

(34.09) -89.88% Share of gain on investments in associate 2.86 (1.44) (4.30) -150.28% 2.89 (1.61) (4.50) -155.77% Finance costs (0.07) (0.07) (0.00) 2.63% (0.13) (0.14) (0.00) 2.07% Profit before income

and paid-up ordinary shares of TBSP. Consequently, the Company has rights or interests in the returns of TBSP and able to use power to direct the activities that has significant effect to the amount of

affected to limited buying power. For the 2H17, although the government has announced policy to urge economic, the majority of policy related with investment in government and infrastructure which take a

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