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

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

”). Preparation and filing thereof should also take into consideration the guidelines, the manual or the disclosure checklist available on the SEC website. Table of Contents Page Part 1: Business Operation and

Classification : ใชภ้ายใน (Internal) Table of Contents Page Part 1: Business Operation and Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

of Baht 0.28 million was shown profit from a sales of a vehicle. (5) Dividend income In 2017, the Company had no dividend income, which impacted the revenue to decrease. In 2016, the Company received

subsidiaries has total gross profit 211.91 million Baht, which is 11.82 million Baht increased from the Third Quarter Ended September 30, 2016. Due to the increased of sales revenue. (4) Dividend Income In the

1 Ref. FN. 011/2019 Management Discussion and Analysis For operation of the year 2018 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet business, featuring

business, featuring both house brand and other brand products. To date, the Company has 11 outlets (Phetchaburi, Kanchanaburi, Pattaya, Pak Chong, Sing Buri, Hua Hin, Sriracha, Phra Nakorn Sri Ayutthaya, Hat

stimulus measures as inflation gradually increases. Central Pattana Public Company Limited (“The Company” or “CPN”) carried out its business plan, while continued placing a great emphasis on effective