YoY (%) (Restated) Operating revenue 624 852 36.5% Cost of sales 256 356 39.1% Gross profit 368 496 34.8% EBITDA 443 352 -20.7% Interest expenses 5 23 401.9% NPAT from operation (excl. NCI) 187 192 2.8

Operating Performance of the Company and subsidiaries For Q1/2020 ended March 31, 2020 2019 (Restated) Changes % Revenues from sales and services 343.58 302.98 40.60 14.64 - Publishing business 152.57 156.85

54.0% THB (mn) 3Q 2018 (Restated) 2Q 2019 3Q 2019 QoQ (%) YoY (%) Operating revenue 486 690 748 8.4% 54.0% Cost of sales 281 429 482 12.5% 71.8% Gross profit 205 261 265 1.6% 29.5% Selling, general

restated due to adjustments in fair value of capital invested in geothermal power plant project in Indonesia Performance of the first 6 months of 2019, Bangchak Corporation Plc. (“the Company”) and its

(revised) Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the First Quarter ended 31 March 2019 1. Q1/2019 Highlights Figure 1: Quarterly results  Thai

31 December Year 2016 (Audited/restated) Year 2017 1 (Audited) Change Increase (Decrease) THB million % THB million % THB million % Total assets 311.69 100.00 302.49 100.00 (9.20) (2.95) Total

Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand : Adjusting

of the Company For the Year ended December 31, 2018 2017 (Restated) Changes % Revenues : Revenues from sales and services 987.27 930.88 56.39 6.06 Gain on purchase price lower than fair value 130.98

: Million Baht Operating results of the Company For the Year ended December 31, 2018 2017 (Restated) Changes % Revenues : Revenues from sales and services 987.27 930.88 56.39 6.06 Gain on purchase price lower

/ (Decrease) (573.93) (785.71) Total Assets - Restated 93,794.41 96,093.94 Liabilities Total Liabilities - As Previously Reported 30,943.65 33,938.32 Derivative Liabilities Increase / (Decrease) 3,838.44