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

government’s investment projects. Nonetheless, small business and retail loans may see only limited growth amid a feeble recovery in purchasing power. Close attention should be paid to competition in the market

Public Company Limited developed an innovative electronic payment system, the Bangchak Digital Payment. The service was piloted at the Sukhumvit 62 and Srinakarin 1 service stations since April. With this

Smart Energy Storage System: ESS. Currently, GPSC has developed and implemented various projects e.g. Cooperation project with PTT Global Chemical Public Company Limited (GC), co-developed a 1.5 MWh ESS

instruments or entering into contracts, in whatever form, whose real objective or substance has the characteristics of a loan. Clause 15 Encumbrances incurred by a REIT shall be limited only to necessary cases

to certain groups of customers and limited growth in some types of loans amid an uneven economic recovery. In addition, net fees and service income of the banking system continued to enjoy steady

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

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business

-based. If a long-term leasing contract is made, provide a fact sheet of such contract (only regarding the remaining leasing period and the obligations of the Company under such contract (if any). Any

deliberating shareholding proportion, the calculation shall be based on the total number of voting shares of the juristic person being held; (2) the term “any other company” shall also include any limited