membership of Dow Jones Sustainability Indices (DJSI). CPN is the only property developer company and be one of twelve company in Thailand that has been selected to be a membership of DJSI World for two

assets referred to above are in the form of property, provide information on report of valuation of interest of the issuer and each of its guarantors in each property. Such report shall be made by an

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019 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 20 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environm...

tax asset 4,120 1.2% 4,236 1.2% Debt Repayment Schedule License payment schedule Others 5,312 1.5% 5,363 1.5% Bt mn Debenture Loan 900MHz 2600MHz 700MHz Total Assets 350,171 100% 356,222 100% 2022

Return on Equity 34% 31% 31% Figures from P&L are annualized YTD. * Exclude Lease liability Debt Repayment Schedule License payment schedule Bt mn Debenture Loan 900MHz 2600MH 700MHz 2023 7,820 12,689

Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 2Q19, the average occupancy rate of CPN’s domestic shopping malls stood at 92% , same as the

. In addition the Company will be responsible for land transfer registration fee, land tax and any expenses to be paid to government agencies for ownership transferrable of property approximate Baht

relating to bad debts and doubtful accounts provision,may also affect the supply of NPLs and the strategies and policies of commercial banks relating to their loan and NPL portfolio management. The new Land

value of Hero Experience which evaluated by the SIMS Property Consultants Co., Ltd. appointed by the Company, the independent valuer which is approved by the Securities and Exchange Commission that it

Bangchak Corporation Plc. I 16 previous quarter. Moreover, interest expense was reduced after the company’s associated company had negotiated with financial institutions to lower its loan interest to the