Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

operating after its scheduled maintenance. Gross profit increased from the higher amount of Ethanol sold, and the Bangchak Bioethanol (Chachoengsao) Co., Ltd. improved its management of raw material cost

(Chachoengsao) Co. ,Ltd. also increased its production capacity. In addition to the improvement of raw material cost management - leading to increase 5 Management Discussion and Analysis of Business Operation for

work unit related to REIT management. 3 Part 1 REIT Fact Sheet 1. Material Information of REIT Specify the following information: - material information of REIT, for instance, name of REIT, category

controlling power and the nature of business during the preceding year as well as the material changes in the shareholding structure, management or business operation or any other important events (e.g., merger

sustainability development 13 4. Management discussion and analysis (MD&A) 17 5. General information and other material facts 19 Part 2: Corporate Governance 6. Corporate governance policy 21 7. Corporate

shall contain at least the following matters: (1) characteristics of the REIT and the management mechanism containing material statements as follows: (a) …… (name of the REIT) …… is the REIT in accordance

Dusit Thani PLC Management Discussion and Analysis For 2Q20 and 6M20 P a g e | 1 Executive Summary The COVID-19 pandemic has severely hit Thai and global economy, especially the tourism and

during the preceding year as well as the material changes in the shareholding structure, management or business operation or any other important events (for example, merger and acquisition) during the past

. Gross profit declined from raw material cost increasing seasonally. Management Discussion and Analysis of Business Operation for 2Q/2018 Bangchak Corporation Plc. I 17 Denatured Ethanol Business Denatured