2017 Bangchak Corporation Plc. Table of Contents 6 8 08 8 Refinery Business 12 Marketing Business 13 Green Power Business 15 Bio-Based Products Business 18 Exploration & Production Business 21 25 23

Management’s Discussion and Analysis (MD&A) for year 2017 2 12.5% for sale volumes and increasing by 19.4% for production volumes. This mainly due to the Tolling agreement with G Steel for producing of HRC to

for producing of HRC to increase the normal capacity during off peak power usage in 4th Quarter of 2017. - Gain from debt restructuring was achieved of THB 734 million some portion resulting from debt

for producing of HRC to increase the normal capacity during off peak power usage commencing in 4th Quarter of 2017 till to present which can demonstrate as the following: Management’s Discussion and

engaged in import and export of equipment used for Electrical Power Systems including research and development to futher expand the investment in electrical engineering, electronic products and electrical

baht or 121.70% y-o-y. The reason for such changes was due to the slight economic growth continuously to the second quarter of this year. Rainfalls during the period were sufficient for cultivation

held a special promotion in order to boost sales during the preparation of soil cultivation period. 2. Cost of sales of goods and Expenses 2.1. Cost of sales of goods for the 3 month-period ended March

Bangchak Corporation Plc. Table of Contents 5 10 0 10 Refinery Business 14 Marketing Business 16 Green Power Business 18 Bio-Based Products Business 21 Exploration & Production Business 26 31 30 Statement

year due to the Company entered the Tolling agreement with G Steel for producing of HRC to increase the normal capacity during off peak power usage commencing in 4th Quarter of 2017 till to present which

than last year due to the Company entered the Tolling agreement with G Steel for producing of HRC to increase the normal capacity during off peak power usage commencing in 4th Quarter of 2017 till to