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

/2020 Bangchak Corporation Plc. | 2. Gross loss was recorded at THB 1,216 million mostly from the company group had Inventory Loss of THB 3,434 million (including losses on inventories devaluation (NRV

1,681.9 million baht, which is more than 775.3 million baht compared on the same period from last year, or 85.5%, according to the plan in which the group has expanded the proportion of housing projects Due

to Advanced Connection Corporation Public Company Limited (“the Company”) has received financial relief from the Company and subsidiaries for 3 months approval for the year ended 31 March 2020. It

million (approximately THB 11 million), which has been consolidated into the Company’s group performance. Management Discussion and Analysis of Business Operation for Q3/2019 Bangchak Corporation Plc. I 6

(Hereinafter called “The Group”) would like to submit Management’s discussion and analysis for Quarter 1’ 2020 with the summary as follows: - 1. Nature of operations of the Group The Group has principally

such outstanding long-term loans to Broadspectrum Pty Limited. As a result, the proportion of investment in RATCH-Australia Corporation Pty Limited of the Group changed from 80 percent to 100 percent

บมจ.0107537002109 บริษทั ดีมีเตอร ์คอรป์อเรชัน่ จ ำกดั (มหำชน) Demeter Corporation Public Company Limited เลขท่ี 191/43 อำคำรซีทีไอ ทำวเวอร ์ชัน้ 21 ถนนรชัดำภิเษก แขวงคลองเตย เขตคลองเตย กรงุเทพฯ

activities to educate the water quality to target’s group continuously. At the same time, the subsidiaries consist of Irving Corporation Limited has distributed products and equipment design and installation

Company Limited hold shares amounted to 50,000 shares or equivalent to 50 percent (2) Sansiri Public Company Limited hold shares amounted to 50,000 shares or equivalent to 50 percent Directors : Group A