investors. The Company and VAVA is no relationship to each other. Therefore, the offering of newly issued ordinary shares of the Company to VAVA is not regarded as the connected transaction pursuant to the

(Enclosure 4) 1 (-Translation-) Information Memorandum on the Connected Transaction and Asset Acquisition of Master Ad Public Company Limited pursuant to Schedule 2 of the Notification of the Board

staff and that of each core business. In case of material change in the number of staff or a substantial labor dispute during the past three years, clarify the causes and policies on such matter. In

and ATR72-500s, together with liabilities arisen from entering into derivative transaction. Non-current liabilities Total non-current liabilities of the Company is 21,240.6 million baht, rose by 268.1

%0) 1E++)+rEE # (risk parameters) 2 " $ (price) ).$# !. . "' 3 RR (volatility) )# !. J0 %0(. ++) (price change) = + 8% #%.(' SET 50 3."'+3 S(' large market capitalization / # !. +,$R&.( ' SET 50 3

the connected persons. “related party transaction” means the execution of the transaction between a company or its subsidiary and the related person of the company. “related person” means a related

Inventory gains/(losses) 4Core Net Profit is Reported Net Profit less Inventory gains/(losses) one-time extraordinary items 5Operating Cash Flow is after change in net working capital and cash tax, before

EBITDA less Inventory gains/(losses) 4Core Net Profit is Reported Net Profit less Inventory gains/(losses) one-time extraordinary items 5Operating Cash Flow is after change in net working capital and cash

-ups in Egypt and Portugal and significantly higher crude oil environment. Indorama Ventures 3rd Quarter 2018 MD&A 4 Strategic Progress Structural Change in Industry and IVL initiatives 2018-2019

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 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 21 24 26 28 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environ...