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. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019

foreign ETF to determine whether they are subject to provisions of such Notification, and in order to control investment allotment in accordance with the rules for control of transactions related to foreign

the future business expansion. Finance Expenses Financial expenses increased during the period from THB 17.4 Mn in 2016 to THB 24.5 Mn in 2017, an increase of THB 7.1 Mn or 40.8%. This was due to

Companies ; (2) “ securities ” means any securities which are not debt instruments or investment units; (3) “ securities company ” means a company licensed to undertake securities business in the category of

Companies; (2) “securities” means any securities which are not debt instruments or investment units; (3) “securities company” means a company licensed to undertake securities business in the category of

Companies; (2) “securities” means any securities which are not debt instruments or investment units; (3) “securities company” means a company licensed to undertake securities business in the category of

(the “Company”), would like to notify the Stock Exchange of Thailand regarding the business operation for the year 2018 ending 31 December 2018 as follows; On August 14, 2018, the resolution of the Board

of cost control measures and improving operational efficiency. The operating results of KT ZMICO for the second quarter of 2019 and 2018 as follows:- Unit : Million Baht 2019 2018 Net securities

investment - Cash flow from financing activities in Q1/2018 decreased 52 MB from the repayment of the financial institution in short-term loans Trend of Business and Company’s Strategy Plan for year 2017 We