Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for 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 Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...

. In addition, there was the planned maintenance shutdown from Glow Energy Power Plants. With regards to the operating result in Q4/2019 compared to Q4/2018, the Company’s EBITDA increased by Baht 3,225

registered with Thailand Greenhouse Gas Management Organization (Public Organization) or the reviewer the Company regards as having work widely accepted according to international standards. The Board of

regards as having work widely accepted according to international standards. The Board of Directors’ policy framework in this matter shall also be disclosed to reflect the Board’s determination to mitigate