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

TRANSLATION As of 9 April 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Office of the

effective revenue generation through new shopping malls, enhancement of existing malls, new mixed-use development projects, such as residential development, as well as efficient cost management. CPN currently

-ร่าง- UNOFFICIAL Translation Codified up to No. 4 As of 15 February 2013 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

-ร่าง- UNOFFICIAL TRANSLATION Codified up to No. 4 As of 15 February 2013 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

Translation (Translation) -5- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake

Translation (Translation) -1- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake

(Translation) -1- Readers should be aware that only the original Thai text has legal

2 (UNOFFICIAL TRANSLATION) Codified up to No.4 As of 14 December 2012 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

(UNOFFICIAL TRANSLATION) Codified up to No.4 As of 14 December 2012 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for