Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the first quarter ended March 31st, 2018 Management Discussion and Analysis of Business

Limited (“the Company”)’s priority in this uncertain time is the health and safety of all stakeholders – customers, employees, business partners and communities. In order to strictly following the

Page | 1 Management Discussion and Analysis Q2/2020 JMART Management Discussion and Analysis Q2/2020 Synergy Digital Transformation eX Growth Business Model Page | 2 Management Discussion and

No. TorChor. 72/2558”), calculated from the weighted average market price per share of the Company’s ordinary shares traded in the SET for retroactively 7 business days but not more than 15 consecutive

to accept the right under the Strategic Partnership Agreement between the Company and Hemaraj Land and Development Public Company Limited (“Hemaraj”) to conduct the business of distribution and retail

Company be able to utilize the LED screens and billboards of COMASS in its full efficiency as well as to maximize the synergy between business of COMASS and the Company. 11. Opinion of the Audit Committee

reckoned when compared to the revenue of Q1/2019. The reason behind this revenue direction may be from the expanding of COVID-19 outbreak, causing some businesses’ alarmed condition, delayed investment, or

honesty and integrity based on their career records, as well as having skills and experiences which are beneficial to the business operation; (4) being able to show the readiness of its work system and

Commercial Operation Date Installed Capacity 69 MW Type of Electricity Sale Take-or-Pay Condition On 4 January 2020, Nam San 3A has entered into the power purchase agreement with Vietnam Electricity (“EVN”) to

operating results and financial condition of UWC will improve as a 12 result of the reduction in accumulated losses in connection with the power generation business, coupled with the decrease in the debt to