) (9.1%) Sales of steam (IU) 2.5 1.4 (1.1) (44.0%) Sales from Natural Gas Power Plant 422.3 668.6 246.3 58.3% Sales of electricity - FiT, base tariff and Ft 70.1 68.1 (2.0) (2.9%) FiT Premium 6.0 6.0

Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Statement of income 11 Financial Position 32 Management’s Perspective towards 2020

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

(IU) 1.1 0.8 1.1 37.5% - 6.5 3.3 (49.2%) Sales from Natural Gas Power Plant 507.7 657.4 884.1 34.5% 74.1% 1,396.9 2,210.1 58.2% Sales of electricity - FiT, base tariff and Ft 59.5 73.5 76.7 4.4% 28.9

advertising to a natural person appointed as an agent who sells or accepts redemption of investment units. Nevertheless, delegation is permitted for the function of disseminating or distributing documents or

shall apply mutatis mutandis to the footnote of the advertisement. Clause 13. The securities company shall not delegate the function of advertising to a natural person appointed as an agent who sells or

Operation for 1Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Statement of Income 07 Business Performance 07 Refinery

for 2Q/2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 06 Statement of Income 08 Business Performance 08 Refinery

Natural gas (IPP) Natural gas (SPP+VSPP) Maintenance costs Others 59% 60% 63% 10% 9% 4% 18% 18% 18% 4% 4% 4% 9% 10% 10% 14,062 12,943 12,488 Q2/19 Q1/20 Q2/20 Coal GPSC - Q2/2020 Management Discussion and

% 680.5 1,124.4 65.2% Sales of electricity to Industrial Users (IU) 1.4 1.0 0.8 (20.0%) (42.9%) 2.5 1.8 (28.0%) Sales of steam (IU) 2.9 1.4 0.8 (42.9%) (72.4%) 5.4 2.2 (59.3%) Sales from Natural Gas Power