-term Short-term Long-term Short-term Long-term Short-term Investment Grade Highest Credit Quality - exceptionally strong capacity for payment of financial commitments AAA A1+ A1 A2 A3 Aaa P1 P2 P3 AAA F1

6 ของแนวทางปฏิบติัฉบบัน้ี บลจ. MF/PVD หา้มท า short-term speculation ยกเวน้กรณี บลจ. MF/PVD มอบหมายให ้ บลจ. PF อ่ืน บริหารให ้ โดยไม่ช้ีน า/ สัง่การ (4) กรณีบริษทัจดัการกองทุนรวมหรือบริษทัจดัการกอง

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 20 22 24 26 Executive Statement Summary of Income Business Performance 08 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Envi...

to likely happen, which may jeopardize the execution of the Investment Disposal Transaction. (3) SUTG shall enter into a loan agreement with the Company in relation to short-term loan, accrued as at

of THB 413 million.  Cash paid for Short term loan repayment of THB 29 million, and long term loan repayment of THB 368 million. (Comprised of the company, BCPG Plc., Bangchak Biofuel Co., Ltd., and

Energy Regulatory Commission (ERC) with respect to the acquisition of the shares of GLOW. Regarding source of fund for this acquisition, GPSC will secure a short-term loan (tenor not more than 12 months

ประสิทธิภาพ ในการบริหารพอรต 20 ขาย (Short) 02 Partial Hedge 02 Same Underlying Hedge ทั้ง Port (Column (8) เลือก 03) ใหใส 03 เพิ่มผลตอบแทน 03 Portfolio (Macro) Hedge ชื่อกองทุน 04 อื่น ๆ (ระบุ) 04

2561 % YoY (เหรียญสหรัฐฯ ต่อตัน) ผลิตภณัฑ์แฟตตี แอลกอฮอล์ (1) - Short Chain 2,438 3,538 -31% 2,848 -14% 2,891 3,705 -22% - Mid Cut 1,157 1,231 -6% 1,033 12% 1,135 1,445 -21% - Long Chain 1,106 1,164 -5

overseas. • Total interest-bearing debts increased by 5.4% from the end of 2018 to Baht 61,305 million as of September 30, 2019, primarily due to the short-term borrowing for project acquisition. • Total

of 2018 to Baht 60,387 million as of December 31, 2019, primarily due to the short-term borrowing for project acquisition. • Total equities increased by 39.4% from the end of 2018 to Baht 38,677