Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

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

Including the profit margins in the associated companies based on the equity method. 3 Describe the nature and proportion of other incomes. In this regard, each significant income shall be displayed in a

structure during the past 1-2 years is required, as the case may be. 2 Including the profit margins in the associated companies based on the equity method. 3 Describe the nature and proportion of other

significant items and financial ratios in the following table based on information shown in consolidated financial statements. In case the Company operates in an industry with specific ratio such as average

Financial Statements) For the outlook of commercial banks in 2018, loans – a core business – are likely to see higher growth than in 2017, bolstered by an expected broad-based economic rebound, which will be

purchase of shares of the Business is made based on the Tender Offeror’s intention to expand its power business both in Thailand and overseas. 5 Type(s) and Series of the Offered Securities As at the date of

as calculated based on the total value of consideration criterion, which gives the highest transaction value (according to the latest reviewed financial statements of the Company for the period ended

of not more than Baht 15,000 million2 will result in the total transaction value of not more than Baht 29,500 million, equivalent to the transaction size of 71.81 percent as calculated based on the