) AAPICO HITECH PUBLIC COMPANY LIMITED Ref No: AH 02112023 November 13, 2023 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 3rd Quarter of Fiscal Year 2023 Ended as of

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

11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

, as the result of the Company's operation in compliance to TFRS16. However, it provides no significant effects to Debt to Equity ratio and liability ratio. The Company had total shareholders' equity of

) Profit before FX per share (Baht) 5.25 4.35 0.90 Leverage Ratio and Liquidity Ratio Quarter 2 Quarter 1 Change Increase/(Decrease) 2019 2019 Debt to equity ratio (Time) - Consolidated 1.03 1.11 (0.08

Liquidity Ratio Quarter 3 2020 Quarter 2 2020 Increase/(Decrease) Debt to equity ratio (Time) - Consolidated 1.13 1.19 (0.06) - Company 0.67 0.67 - Book value per share (Baht) - Consolidated 193.42 186.06

interest-bearing debt THB 69,738 million (excluded lease liabilities, TFRS No. 16 impact), and total shareholders' equity totaled THB 60,716 million. Net interest-bearing debt to equity ratio was at 0.8

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

No: AH 02112021 November 12, 2021 Subject: Management Discussion & Analysis (MD&A) for the financial statements of the 3rd quarter of fiscal year 2021 ended as of September 30, 2021 To: The President

No: AH 03052022 May 17, 2022 Subject: Management Discussion & Analysis (MD&A) for the Financial Statements of the 1st Quarter of Fiscal Year 2022 Ended as of March 31, 2022 To: The President The Stock