implementation of the Company’s plan. However, in order to increase the efficiency and capacity in business competition, the Investor may reconsider and amend the Company’s organizational structure, management

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the quarter ended September 30th, 2019 Management Discussion and Analysis of Business Operation for Q3/2019

with management power or advisor of financial institutions; 5. being under the period prescribed by an order of the Office to be suspended, revoked or prohibited from performing the duties of supervisor

subsidiary will not change its Board of Directors. The group companies continue to be operated by current Board of Directors and Management. Consequently, the Company is obliged to disclose the information

change its Board of Directors. The group companies continue to be operated by current Board of Directors and Management. Consequently, the Company is obliged to disclose the information memorandum in

the Civil Aviation Authority of Thailand. This certificate demonstrates that the Company’s operational management and control systems are in high standards 5and being recognized internationally. 3. The

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

. Nevertheless, in order to minimize the risk regarding the Company’s management and to reinforce the confidence that the management is carried out by professionals in order to achieve its goals, the Company must

Ref. No. IVL 003/02/2019 26 February 2019 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

used in business operation 6. Future projects 7. Legal disputes 8. Other important information 2.3 Management and corporate governance 9. Information on securities and shareholders 10. Management