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

, Ratchadapisek Road, Klongtoey Subdistrict, Klongtoey District, Bangkok, 10110 Tel. 0 2204 2601 Fax. 0 2204 2616 Company’s Performance (unit: THB million) 2019 Percentage 2018 Percentage Management benefit

, Conditions and Procedures for Establishment and Management of Infrastructure Funds or the Notification of the Capital Market Supervisory Board concerning Rules, Conditions and Procedures for Establishment and

Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

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

condition or operating performance. X. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. Directors and Senior Management 1. Identify directors and senior management of the issuer who play critical roles in the

their shareholding or common management with the issuer who issues underlying shares, particularly the persons with any of the following characteristics: (1) holding, directly or indirectly, more than 25

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Resorts, which will become subsidiaries of the Company after the purchase of the equity of the Target Company, enter into Hotel Management Agreements with companies in the Seller Group concerning the

by 8,500,000 shares (“Seller Group”). The Seller Group has no relationship with management, directors, major shareholders, and controller of the Company and its subsidiaries. Ferrum Energy shall