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

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

Hemaraj Leasehold Real Estate Investment Trust (HREIT) and increase in normalized share of profit from investments in power associates. Such impact from FX losses was only accounting implication and did not

Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 22 25 27 29 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products

major negative impact to temporarily interrupted in economy from power purchasing retardation in domestic and foreign and lacking of imported materials such as automotive production, electronic devices

normalized share of profit from investments in power associates. • Share of profit from investments in power associates decreased by 3.3%. However, if excluding the FX impact, normalized share of profit from

investment properties resulting from the asset monetization to Hemaraj Leasehold Real Estate Investment Trust (HREIT) and increase in normalized share of profit from investments in power associates. Such

power of those consumers relying on agricultural income have been affected by the drought and low commodity prices. However, the impact on private consumption is expected to be eased to some extent by

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

monetization to HREIT and WHART last year, thereby reducing the leasable area. Gross profit from rental and service of warehouses, distribution centers and factories in the second quarter of 2017 was THB 166.0