Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 20 22 24 26 Executive Statement Summary of Income Business Performance 08 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Envi...

loans increased by THB 3,813 million, mainly from the company increased by THB 3,500 million, and from the company’s subsidiaries increased by THB 260 million.  Trade Accounts Payable increased by THB

Accounts Payable increased by THB 1,686 million, primarily from oil trading business of THB 2,570 million.  Excise Tax and Oil fund expense payable decreased by THB 2,940 million according to the lower oil

retention of BPU, CWF and KLU. Whereas, trade payable and trade payable to a related party of KEGCO, KLU and BPU rose by Baht 833 million.  Long-term loans and debenture decreased by Baht 5,799 million or 6

portion of long-term lease liabilities from related party 45.4 34.3 11.1 Income tax payable 95.9 13.1 82.8 Unearned revenue 2,141.5 2,531.0 (389.5) Other current liabilities 2,122.2 2,152.1 (29.9) Total

liabilities 679.6 691.3 (11.7) Current portion of long-term lease liabilities from related party 45.4 34.3 11.1 Income tax payable 95.9 13.1 82.8 Unearned revenue 2,141.5 2,531.0 (389.5) Other current

% 939,431 13% 1,222,789 26% Trade accounts payable 108,345 1% 133,706 2% 99,264 1% 109,366 2% Current portion of accrued fees for frequency wave and TV business license 473,800 6% 556,204 7% 584,069 8

Profits This is not applicable because PCCA sustains an operating loss after tax. n/a 3. Total Value of Consideration Total value of consideration payable * 100 Total assets of the Listed Company

1,353,257,000 Baht = 6.42% 2. Net Operating Profits This is not applicable because PCCA sustains an operating loss after tax. n/a 3. Total Value of Consideration Total value of consideration payable * 100 Total

promissory note Baht 18,700,000.00 Duration Within 1 year upon drawdown Interest rate 6.37% per annum Payment term Payable on demand for principal and interest Objectives To be used for working capital (4