) Percentage Remark Sales and Services Income 551.41 407.35 144.06 35.37% - LPG Trading 187.25 193.80 (6.55) (3.38%) 1 - Transportation 3.58 2.65 0.93 35.09% 2 - Conversion Kit Installation 1.21 1.59 (0.38

17 Paper and Printing Materials 18 Fashion 19 Transportation and Logistics 5,400.00 3 https://dividend.sec.or.th/stat-report/OFFER_DEBENT_EN.xlsx OFFER_DEBT_SHORT_EN.xlsx Materials and Machinery 15

Property Development 16,153.90 10 17 Paper and Printing Materials 18 Fashion 19 Transportation and Logistics 5,400.00 3 https://dividend.sec.or.th/stat-report/OFFER_DEBENT_EN.xlsx OFFER_DEBT_SHORT_EN.xlsx

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

consideration criteria (based on the Company’s Audited Financial Statements ended December 31, 2017 as audited by the Company’s auditor) equals to 81.5 percent, considered as Type 1 transaction (50 % or more but

, property and water investments. It will also facilitate the issuance of bonds from issuers who would otherwise find it difficult to gain recognition for their low carbon investments. Investment-grade

9.67% when compared to the same period of 2018. The mainly increasing reason was transportation cost as the quantity of sales increasing. 3. Administrative expenses increased Baht 5.94 Million or 6.34

same period of 2017. The mainly increasing reasons were the quantity of sales and transportation expenses. 4. Administrative expenses was Baht 93.76 million which decrease Baht 4.28 Million or 4.37% when

10.78% when compared to the same period of 2018. The mainly increasing reasons was the quantity of sales and transportation expenses. 4. Administrative expenses was Baht 28.12 million which increase Baht

increased Baht 6.17 Million or increased 21.86% when compared to the same period of 2017. The mainly increasing reasons were the quantity of sales and transportation expenses. 4. Administrative expenses was