the Tender Offer for the Securities of Glow Energy Public Company Limited (the “Business”) (Form 247-4) to the Office of The Securities and Exchange Commission, the Stock Exchange of Thailand, the

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the quarter ended September 30th, 2019 Management Discussion and Analysis of Business Operation for Q3/2019

”) at a total purchase price of THB 360,000,000 (the “VGM Share Sale Transaction”). In this regard, VGM is a subsidiary of the Company engaging in the media business in Malaysia whereas MACO is a

the transaction, NU will ceases to be a subsidiary of the Company. Nation U Co., Ltd. (NU) Owner and operator of Nation University, which running the Education Business Unit, offers Bachelor’s Level and

market conditions facilitated increase transaction volume. Performance in Q3/2018 compared to Q2/2018, the Refinery and Trading Business Group record an increased EBITDA by THB 213 Million, with the

million. 3.) Oil trading business had a less transaction volume by THB 945 million.  Inventory increased by THB 1,755 million, mainly from the higher oil product reserves to prepare for the turnaround

prescribed in Clause 31. The term “business relationship” under Paragraph 1 shall include [i] any normal business transaction, [ii] rental or lease of immovable property, [iii] transaction relating to assets

shareholders’ meeting of the Company shall have approved the entering into the Transaction; and (2) No change has occurred, which causes a material adverse effect on assets, liabilities, business opportunity

Markets Business Division Private Banking Group World Business Group Strategy and Analytics Division Transaction Banking Division Credit Products Division Customer and Enterprise Service Fulfillment

connected person of the NMG 3. Characteristics of the Transaction NMG Structure before and after transaction 4 5 Revenue structure from each business group Revenue structure of the Company and subsidiaries