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 Operation for 3Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Statement of Income 07 Business Performance 07 Refinery & Trading Business Group 12 Marketing Business Group 13 Power Plant Business Group 16 Bio-Based Product...

2,221.11 27.78 Discount on share capital (4.11) (0.08) (4.11) (0.07) (4.11) (0.06) (4.11) (0.05) Surplus on share-based payment transactions 65.42 1.31 65.42 1.10 65.42 0.92 65.42 0.82 Retained earning

predetermined plan set out in the trust instrument; (b) the trust has a surplus liquidity after a disposal of an infrastructure asset, amortization of the lease (if any) and distribution payment provided that the

Capital I”) (collectively referred to as the “SSG Group”). In this respect, under the MOU, the SSG Group has the following plans for the debt restructuring of the Company: 1. ACO I purchased the debt from 7

from the Board of Directors’ meeting No. 5/2020 of NBC held on 25 May 2020 and shall repay the consideration of the purchased shares in GNET after the condition precedents specified in the Share Purchase

the purchased assets The assets to be acquired by the Company are Shares of Hero Experience equivalent to 32.5 percent of the registered capital of Hero Experience, which do not confer the control power

the date of transfer of ownership over assets to be purchased and sold under Land and Building Sale Purchase Agreement and the date of lease registration under the lease Agreement. Non-Competition

the date of transfer of ownership over assets to be purchased and sold under Land and Building Sale Purchase Agreement and the date of lease registration under the lease Agreement. Non-Competition

- Vietnam • Cost of electricity purchased from subsidiaries of EVN remained unchanged year-on-year at Baht 793 million for 9M’2017 in line with change in electricity sales to industrial users in Vietnam. O&M

. Such consideration is conditional upon the satisfactory completion of the legal due diligence, which are expected to be done within December 2017. 7. Value of the purchased assets The assets to be