Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

affected by the COVID-19 pandemic, resulted in the sluggish fatty alcohols market’ s purchasing power. Despite, COVID-19 situation has partially recovered, it could not totally return to normal situation in

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

disruption to the economy. Businesses and employment were affected by the lockdown measures while consumer purchasing power continued to decline due to the high level of household debt. However, the government

power of those consumers relying on agricultural income have been affected by the drought and low commodity prices. However, the impact on private consumption is expected to be eased to some extent by

Bangchak Corporation Plc. Table of Contents 5 10 0 10 Refinery Business 14 Marketing Business 16 Green Power Business 18 Bio-Based Products Business 21 Exploration & Production Business 26 31 30 Statement

No. BGRIM 2/2019 January 15, 2019 Subject: Additional Investment in Nam Che Hydro Power Co., Ltd. Attn: President The Stock Exchange of Thailand On January 14, 2019, the Board of Directors’ Meeting

revenue due to the decrease in consumers’ purchasing power as a result of the impact from the new wave of COVID-19 outbreak, as well as the temporary closure of some branches according to government

power plant at Baht 142.91 million, or 41.66 %. The increase of revenue from power plant comes from the 5 MW Prachinburi Power Plant at Baht 38.12 million and the 9.99 MW Kyotamba power plant in Japan at

major negative impact to temporarily interrupted in economy from power purchasing retardation in domestic and foreign and lacking of imported materials such as automotive production, electronic devices