Director Ratio Analysis :Consolidated Financial Statements 2018 2017 Unit : THB million Returns (%) Return on Assets * 13.5% 12.6% Return on Equity * 19.4% 14.3% Working Capital Management (Days) Trade

:Consolidated Financial Statements 9mth 9mth Unit : THB million 2018 2017 Returns (%) Return on Assets * 13.5% 12.9% Return on Equity * 19.9% 14.6% Working Capital Management (Days) Trade Receivable Period 24 25

on Assets * 13% 11% Return on Equity * 20% 13% Working Capital Management (Days) Trade Receivable Period 35 39 Inventory Period ** 20 18 Trade Payable Period 20 22 Leverage Ratios (x) Interest Coverage

.) Managing Director Ratio Analysis : Consolidated Financial Statements 2Q 2Q Unit : THB million 2019 2018 Returns (%) Return on Assets * 10.9% 9.5% Return on Equity * 13.7% 14.0% Working Capital Management

Company’s financial statements, the Company had net income of 1.04 million baht, representing a return on equity at 0.29% lower than the year 2018 having the return on equity at 4.90%. Asset Management As of

return on equity at 7.80% lower than the year 2016 having the return on equity at 13.73%. Asset Management As of 31st December 2017, the Company’s financial position was analyzed from changes in the assets

) Non Current Liabilities Total Equity Management Discussion and Analysis of Business Operation for the 3rd quarter of 2017 Bangchak Corporation Plc. 20 | shares of 70% of Bangchak Biofuel Co., Ltd. and

management Shareholder’s equity increases by 35% equivalent to THB 42mm from the net profit of 9-month performance +28%

Management Discussion and Analysis (MD&A) for 2019 Page 1/5 - Translation - J63/002 25 February 2020 Re: Management Discussion and Analysis (MD&A) for 2019 To: President The Stock Exchange of

33.2% 4,762 4,167 4,167 0 49.1% Non-Current liabilities 31.9% 2.2% 2.7% 64.1% 65.9% Equity (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE