Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 22 25 27 29 Executive Statement Summary of Income Business Performance 8 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products

Company entered into a Sponsor Support Agreement with NBM and EBM to provide financial support in the form of shareholders’ loans or the provision of shareholders guarantee in proportion of investment 10

support the Company’s financial liquidity, capital structure, potential for generating income in the future and the better financial status as the Company does not create an additional liability from loan

the memorandum (Negative Pledge) that 3 seller has made to the Kasikornbank PCL., on January 27, 2014 related to provide financial support to NBC next vision Co., Ltd. (2) To cancel the memorandum

for 2Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 06 Statement of Income 08 Business Performance 08 Refinery

to achieve 2.2mn subscribers by tapping mobile subscriber base. Non-mobile enterprise focuses on support needs to enable digital transformation with telecom infrastructure and services in cloud, data

negotiation and agreement between the Company and the Sellers and is mainly determined by evaluation of capacity to generate income and profits to the Company in the future (Discounted Cash Flow) by referring

of asset : • The Purchaser and the Seller agree to pay half the registration fees related to the transfer of land ownership. • The Seller agrees to be solely responsible for corporate income tax

newly issued shares which offering to the specific investor on a private placement basis and has a strong financial status. Therefore, this capital increase will help to support the Company’s financial

infrastructure business; (2) the concession right to operate an infrastructure business; (3) the right to receive the future income or the right under the income sharing agreement that will be generated by an