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

Change of Details Concerning the Entire Business Transfer of Unicorn Enterprise Company Limited, Capital Increase, Issuance and Allocation of U-W3 and U-W4 Warrants, and Issuance and Offering of Newly

www.ucity.co.th Ref. No. U.SET 019/2017 October 30, 2017 Subject: Entire business transfer of Unicorn Enterprise Company Limited, capital increase, issuance of the U-W3 Warrants and U-W4 Warrants, issuance and

sufficient funds to operate its business and had to cease the production of hot rolled coil, which further resulted in the Company’s liquidity problem and inability to repay a large amount of debt. Through the

future expansion of the Company’s business. 2.3 Opportunity to Generate Revenue for the Company, Expected Effects in the Case of Project Failure, and Risks from the Project Implementation 2.3.1 Opportunity

operating reserves, as well as for future expansion of the Company’s business. Enclosure 4 15 2.3 Opportunity to Generate Revenue for the Company, Expected Effects in the Case of Project Failure, and Risks

an intense competition. As for Ethanol Production and Distribution Business, its production sales volume improved, from capacity expansion of its molasses based ethanol production plant at the Bo Ploy

executives is responsible for the important work of the company which is an important factor for the growth and expansion of the business of the company. If there is any loss of one key executive and cannot

expand the business in various fields. Currently, HECH hold 692,439 shares of GS equivalent to 34.62 percent of total paid-up capital of GS after thetransaction completed. Moreover, the transaction has

THB 1,785 million, an increase of 21% YoY, and 8% QoQ. The increase was mainly from 1.) Personnel expenses for the company’s group 2.) Expansion of Non- Oil business of Bangchak Retail Co, Ltd. 3