TASCO: TIPCO ASPHALT PUBLIC COMPANY LIMITED TC: TROPICAL CANNING (THAILAND) PUBLIC COMPANY LIMITED TCAP: THANACHART CAPITAL PUBLIC COMPANY LIMITED TCC: THAI CAPITAL CORPORATION PUBLIC COMPANY LIMITED TCCC

TAPAC: TAPACO PUBLIC COMPANY LIMITED TASCO: TIPCO ASPHALT PUBLIC COMPANY LIMITED TATG: THAI AUTO TOOLS AND DIE PUBLIC COMPANY LIMITED TBN: TBN Corporation Public Company Limited TC: TROPICAL CANNING

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...