analysis should be read in conjunction with our financial statements and accompanying notes, as well as our selected operating data, included elsewhere in this Offering Circular. Our financial statements

2.03 27% Core EBITDA/t (US$/t)) 107 100 94 14% 97 86 13% Net Operating Debt to Equity 0.84 0.80 0.99 0.84 0.99 Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

first quarter of the year 2018, the Company and its subsidiaries generated cash flows from operating activities amounting to Baht 1,572 Million. Cash used in investing activities amounting to Baht 2,383

2019 and Annual Report of the Board of Directors in relation to the Company operating result in respect of the year 2019, which is subject to the approval of the Annual General Meeting of Shareholders No

year 2017. Cash Flows For the six months of the year 2018, the Company and its subsidiaries generated cash flows from operating activities amounting to Baht 4,265 Million. Cash used in investing

of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. Summary of the Company and its subsidiaries’ operating result for the 2nd quarter ended 30th June 2017 EBITDA Structure of

Bangchak Corporation Plc. I 3 Executive Summary Summary of the Company and its subsidiaries’ operating results for the 2nd quarter ended 30th June 2019 Unit: THB Million Q2/2018 Q1/2019 Q2/2019 YoY QoQ

., BANGKAE, BANGKAE, BANGKOK, THAILAND. 10160 Tel: 02-455-2888 Fax: 02-455-2763 (“TRANSLATION”) TG 021/2563 February 27, 2020 Subject: Clarification of the Operating Result for the significant change Attention

expenses amounted to Baht 1,364 Million representing an increase by Baht 220 Million or 19.2 percent mainly from the pre-operating expense of the new project which cannot be recorded as cost of construction

Limited (“the Company”) and its Subsidiary (“the Group”) would like to clarify the change in operating result for the second quarter ended 30 June 2019, which changed in revenue and net profit compared with