, especially 12 | Management Discussion and Analysis of Business Operation for the year 2017 Bangchak Corporation Plc. in Russia and Asia increased utilization of cracking unit, effectively lowering Fuel Oil

0.5% in domestic business. However, the domestic operation still showed a recovery quarter- on-quarter, with a growth of 4.7% from the 2Q/2019. Overseas sales were THB 1,780 million, increased by THB

continued to grow well by c.20%.  Net profit in Q2/2017 was Baht 61 million, a decrease of 57% YoY due to 1) higher cost per unit resulted from lower capacity utilization; 2) higher depreciation resulted

million, decreasing from Q2/2018 that recognized net loss Baht 15 million, due to 1) sales shrinkage in CMG and domestic branded sales; 2) higher cost per unit as a result of lower utilization rate; 3

the old production line to the new one in Q1/2018; plus higher expenses incurred from normal operation including 5) sales decrease; 6) higher cost per unit as a result of lower utilization rate; 7

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 2nd quarter ended June 30th, 2018 Management Discussion and Analysis of Business Operation

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for

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

market of THB 1,276 million, China of THB 188 million, sales in the UK under the operation of Intercarabao Limited (“ICUK”) of THB 12 million, and the rest to many other countries totaling of THB 272