Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 2nd quarter ended June 30th, 2018 Management Discussion and Analysis of Business Operation for 2Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 06 Statement of Income 08 Business Performance 08 Refinery & Trading Business Group 12 Marketing Business Group 14 Power Plant Business Group 16 Bio-Based Products Bus...

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business Operation for 3Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Statement of Income 07 Business Performance 07 Refinery & Trading Business Group 12 Marketing Business Group 13 Power Plant Business Group 16 Bio-Based Product...

%.  Distribution costs for the 4th quarter 2018 represented 21.2% of revenue from sales, increased from the same period last year Baht 2.39 million or 2.7%. The change was due to increasing of rental expense. 1/2

, decreased 7.7 million baht or 5.3 percent, as a result of controlling distribution cost of newspaper and magazines to be consistent with sales and services income. Consolidated administrative expenses for the

to complete the aforementioned assessment within the expected date of 31 January 2018. Flexiglass operates pick-up truck parts and accessories distribution business in Australia where its currently has

Income 9 11 -2 -18% 19 16 3 19% Distribution costs -97 -93 4 4% -77 -84 -7 -8% Administrative expenses -139 -154 -15 -10% -113 -126 -13 -10% Finance cost - Interest expenses -11 -8 3 36% -8 -6 2 37

. Distribution Cost and Proceed to fund The Company incurred distribution cost and proceed to fund at THB 497 million compare to THB 374 million previous year. An increase mainly came from proceed to fund, since

200 29 15% 172 142 30 22% Other Income - - - - 10 13 -3 -23% Distribution costs -88 -66 22 34% -67 -55 12 22% Administrative expenses -182 -145 37 26% -144 -117 27 23% Finance cost - Interest expenses

and nearby countries Objectives of Investment 1. To increase production capability and shorten lead time for sales to customers in the US and nearby countries 2. To expand distribution network in the

Distribution Station, Provincial Waterworks Authority (Phanat Nikhom Branch): Project value 520,344,000 baht and (2) The Nong Ka Kha Project at Nong Ka kha Water Distribution Station, Provincial Waterworks