Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 20 22 24 26 Executive Statement Summary of Income Business Performance 08 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Envi...

negative. Moreover, in Q1/2018, Marketing Business incurred in a higher selling, general and administrative expenses when compared to the same period of the previous year, from accrued expense related to

expansion of their Non-oil businesses, however the cost of selling, general and administrative expense remains high, leaving the Bangchak Retail Co., Ltd.’s EBITDA still in the negative, therefore effectively

in the Non-oil business by 36% YoY, however it still incurs in high selling, general & administrative expenses, thus causing Bangchak Retail Co., Ltd. to still record a negative EBITDA. Q3/2018

changes of interest rate and situations of financial market, in order to reduce possible negative impacts. (5) Risk from animal asset Nature of business of the Company is the recreation and relaxing

investment of KB in the Subsidiary, the Subsidiary will require to conduct and consummate a capital reduction by reducing number of shares, in order to eliminate all impact arising from negative retained

statement. If there is no such change, provide an appropriate negative statement. 16 XIV. ADDITIONAL INFORMATION A. Memorandum and Articles of Association Indicate where the information about the issuer’s

interim financial statements, if any, included in the registration statement. If there is no such change, provide an appropriate negative statement. XIII. ADDITIONAL INFORMATION A. Memorandum and Articles

guard against any heightened liquidity risk stemming from volatility in the global economy. Closely monitored factors that could affect our liquidity and interest rate risks include:  Global and Thai

negative. Q4/2018 performance compared to Q3/2018, the Marketing Business Group recorded a decline in EBITDA of THB 3 million with factors affecting operations as follow: 1. Marketing Business’s total sales