Management Discussion and Analysis For the Annual Operating Results 2017 Ended December 31, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 2nd quarter ended June 30th, 2018 Management Discussion and Analysis of Business Operation

Company gradually repaid its long-term loan in advance and set-off the total USD loan before maturity date by the end of 2018. As of December 31, 2018, Net Interest-bearing Debt to Equity improved from 0.31

(Translation) NEP-AC 001/2560 10 August 2017 Subject : Management Discussion and Analysis for 2nd Quarter ended 30 June 2017 To : The President The Stock Exchange of Thailand Operating Result NEP

marks an increase of 147.07% y-o-y. Net profit for 6 months ended June 30, 2017 of 100.24 million baht, an increase of 60.53 million baht marks an increase of 152.47% y-o-y. Financial Position Analysis of

percent To The President of the Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Results for the three-month and the six-month : Q2/2017 For the three-month ended 30

(Translation) NEP-AC 002/2560 9 November 2017 Subject : Management Discussion and Analysis for 3rd Quarter ended 30 September 2017 To : The President The Stock Exchange of Thailand Operating Result

and service r of 2016 at 9 and Analysis ailand Limited (the to certify 30 Septemb rized as foll quarter in 20 in 2016 tha period for by 134.5 pe ost of rental ompany’s pe come ncome for th 2016 at 44

and service r of 2016 at 9 and Analysis ailand Limited (the to certify 30 Septemb rized as foll quarter in 20 ter in 2016 period for by 134.5 pe ost of rental ompany’s pe come ncome for th 2016 at 44

หนังสือแสดงการรับทราบความผิด 13 November 2017 Subject : Management Discussion and Analysis of Second quarter ended 30 September 2017 Attn. : Director and Manager The Stock Exchange of Thailand Encls