digital asset businesses to enhance investor protection The SEC’s policy is to strengthen the oversight of digital asset business operators with a focus on quality and reliability enhancement of such

improvement. Compared to the prior quarter, the figures edged higher in line with increased brokerage fees from securities business, bancassurance fees and management fees. NPLs to total loans edged up slightly

continued improvement in plant efficiency. • EBITDA margin increased y-on-y to 28.6% in Q2’2020 and 28.9% in 6M’2020 from 1) ABP5 and BPWHA1 improving heat rate after gas turbine upgrade in July 2019 and

December 2017. CPN continues to emphasize on effective revenue generation through new shopping malls, enhancement of existing malls, as well as efficient cost management. CPN currently manages 32 shopping

“BBB” to “BBB+” (in August 2004) affirmed the improvement in the strength of the Thai economy, and boosted foreign investors’ confidence in the Thai capital market. In addition, overwhelming

firms demonstrated an improvement vis-à-vis the results from the previous inspection cycle. Such improvement was undoubtedly enabled by the formulation of audit firms’ root cause analysis process and

significantly by 139.5% YoY to THB 1,791mn, predominantly due to the full quarter consolidation of the acquired hotel business in Europe (Vienna House), the consolidation of assets from the Entire Business

Capital Market 2010 2 4 7 8 10 12 13 19 25 30 33 Key Achievements Regulatory Improvement and Enforcement Market Efficiency Development Financial Literacy Promotion Corporate Capability and Effectiveness

warrants exercise  LTM 3Q18 Operating Cash Flow of $1,037 million  Net Operating D/E ratio 0.53x; Rating Upgrade to AA- with “Stable Outlook”  2019 Guidance reaffirmed; attractive and accretive production

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 Bangchak Corporation Plc. I 2 03 Table of Contents 06 08 20 22 24 26 Executive Statement Summary of Income Business Performance 08 - Refinery & Trading 13 - Marketing 15 - Power Plant 17 - Bio-based Products 19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Envi...