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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

Bangchak Corporation Plc. I 9 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2018 Q4/2018 Q1/2019 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB 13.69 4.92 9.64 -0.91 3.77 -72% -23% IK/DB 16.05 15.74

Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. Crack Spreads Situation (Unit : USD/BBL) Crack Spreads Q2/2016 Q1/2017 Q2/2017 YoY QoQ 6M2016 6M2017 YoY AVG AVG MAX MIN AVG

Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q3/2017 Q2/2018 Q3/2018 YoY QoQ 9M 9M YoY AVG AVG MAX MIN AVG % % 2017 2018 % UNL95/DB 16.10 12.15 15.85 8.09 11.52 -28% -5% 15.00

Bangchak Corporation Plc. I 9 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M 6M YoY AVG AVG MAX MIN AVG % % 2017 2018 % UNL95/DB 14.17 13.69 15.50 7.69 12.15 -14

Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 8 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q1/2017 Q4/2017 Q1/2018 YoY QoQ AVG AVG MAX MIN AVG % % UNL95/DB

for the year 2017 Bangchak Corporation Plc. 1) Refinery Business Group Crude Oil Price Situation (Unit : USD/BBL) Crude Oil Price Q4/2016 Q3/2017 Q4/2017 YoY QoQ FY2016 AVG FY2017 AVG YoY AVG AVG MAX

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for