(loss) attributable to equity holders 411 321 90 28.10% Net profit (loss) attributable to equity holders Margin (%) 7.16% 6.16% 1.00% EBITDA 773 707 66 9.34% http://www.aapico.com/ http://www.aapico.com

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the first quarter ended March 31st, 2018 Management Discussion and Analysis of Business

business to alleviate the revenues loss such as open new business in F&B and the development a condominium for sale under brand “Newera” which yield a good margin. The detail of performance can be described

(35.9) (39.3) 9.6% (54.2) (82.5) 52.2% Net Profit attribute to Equity Holder of the Company 124.8 119.9 -3.9% 198.0 236.0 19.2% Total Revenues The Company’s total income for the second quarter of 2018

2323 1085..96 Fax. 66 2323 9283 Management Discussion and Analysis (MD&A) Business operating results and financial position for the year 2018, in which the equity method is applied, of the Company could

-187.69% Net profit (loss) attributable to equity holders 128 146 -18 -12.29% Net profit (loss) attributable to equity holders Margin (%) 2.20% 2.51% -0.31% http://www.aapico.com/ http://www.aapico.com/ 99

, THAILAND. 10160 Tel: 02-455-2888 Fax: 02-455-2763 Shareholders’ equity Issued and paid-up 400.00 400.00 - 0.00% Premium on paid-up capital 305.53 305.53 - 0.00% Share surplus from business combination under

-up capital 305.53 305.53 - 0.00% Share surplus from business combination under common control 20.64 20.64 - 0.02% Retained earnings 61.70 78.02 (16.32) (22.49%) Total parent’s equity 787.40 804.19

%. This is because the Company can recognize revenues from The Jas Urban Srinakarin Community Mall Project whole year in 2017. Moreover, the Company received revenues from start new business in 2017, Food

from The Jas Urban Srinakarin Community Mall Project whole year in 2017. Moreover, the Company received revenues from start new business in 2017, Food and Beverage and Café shop under brand Casa Lapin