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

- Translation - Page 1 of 6 CBG 052/2017 14 November 2017 Subject Management discussions and analysis for the 3-month and 9-month periods ending 30 September 2017 To President The Stock Exchange of

”) 4 PRACHIN Solar Company Limited (“PS”) 5 EPCO Green Power Plus Company Limited (“EPCOG”) 6 EPCO Energy Company Limited (“EPCOE”) 7 Aquatist Energy Company Limited (“AQT”) 8 Solar Power Management

13_MDA Q1_2563 EN -Translated Version- No. ECF2 018/2020 May 15, 2020 Subject: Management Discussion and Analysis of the 1st quarter ended 31 March, 2020 To President The Stock Exchange of Thailand

effective management. Excluding the non-recurring items, total revenue and net profit decreased by 0.5% and 8.7% respectively compared to the same period in the previous year (YoY) mainly caused by the impact

Notifications on Connected Transactions. 4. Acknowledgment of the acquisition of assets in Green Net 1282 Co., Ltd. (“GNET”) of the NBC by purchasing entire ordinary shares in GNET in the total number of 189,997

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Year 2019 Ended December 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to

revenue growth of 8 percent -10 percent per year and expected total revenues of THB 1,500 – 2,000 million in three years. Green Ocean Water (Thailand) Company Limited which is the company’s subsidiary and

management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and collaborative research and development in technology and innovation of business management

projects and other businesses, such as hotel and office building development and service and management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and