impaired assets by Thai Asset Management Corporation (TAMC). Operating Expenses Million Baht Item Quarter Change (%) H1 Change 2/2018 1/2018 2/2017 1/2018 2/2017 2018 2017 (%) Personnel expenses 6,463 6,670

million, due mainly to the recognition of profit sharing from the management of impaired assets by Thai Asset Management Corporation (TAMC). V2 13/11/61 17:55 น. 7 Operating Expenses Million Baht Item

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the quarter ended September 30th, 2019 Management Discussion and Analysis of Business Operation for Q3/2019

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100.00 100.00 8 Ordinary shares of Mak8 Co., Ltd. Land owner and property development 151.00 1,510,000 100.00 100.00 9 Ordinary shares of Tanayong Property Management Co., Ltd. Property management 1.00

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or should have been known, but not exceeding two years from the effective date of registration statement.” แบบ 69-FD 2 CONTENTS Page I. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for