Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural Resources CONTENTS Executive Summary 03 Statement of Income 07 Business Performance 09 Statement of Financial Position 21 Statement of Cash Flows 23 Financial Ratios 24 Environment Management Accounting 26 3 Management Discussion and Analysis of Business Operation for Q2/2020 Bangchak Corporation Plc. | Ex...

GLOBAL HOLDINGS LLC SHR HOTELS USA INC. SKY CARGO SERVICES COMPANY LIMITED STARPRINT VIETNAM JOINT STOCK COMPANY SUPERIOR GSA PTE.LTD. SURGE ENERGY CORPORATION LIMITED TCG SOLUTIONS PTE.LTD. TIN THANH

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...

increased ,while the Social security revenue of subsidiaries decreased. Payment system of Social security office is uncertain therefore in Q1/2019 subsidiaries did not receive revenue of chromic disease. 2

could not be verified. As a result, it is uncertain that the 154 million baht fund quoted in the tender offer would be adequate. The tender offeror and the financial advisor must demonstrate with

later date.** Suspension of dealing means the suspension of subscriptions and redemptions of mutual fund units by an asset management company in the event of unforeseeable circumstances pursuant to Clause

addition, BROOK Audit Committee (AC) agreed with IFA that the average purchase price for MAC shares is materially higher than the adjusted book value and it is uncertain for BROOK to receive distribution

premium at no more than 90 million baht is not appropriate since 150-200 MW power plant project and the associated consignments remain uncertain while additional investment of 7,850 million baht is needed

million baht is 25.61 million baht too expensive. Instead, an appropriate price should be 141.89 million baht. Besides, it is uncertain whether the property development project will be a definite success

and the PPA remain unclear and uncertain while additional investment of 7,850 million baht is needed, causing IFA unable to appraise the project value; (3) various risks associated with the transaction