things within a reasonable time; (2) the system as prescribed in sub clause (1) shall be able to prevent: (a) improper modification, disappearance and destruction; (b) using and accessing such stored

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 2/2020 09 - Refinery & Trading 14 - Marketing 16 - Power Plant 18 - Bio-based Products 20 - Natural Resources CONTENTS Executive Summary 03 Statement of Income 07 Business Performance 09 Statement of Financial Position 21 Statement of Cash Flows 23 Financial Ratios 24 Environment Management Accounting 26 3 Management Discussion and Analysis of Business Operation for Q2/2020 Bangchak Corporation Plc. | Ex...

277.8 (138.9) (33.3%) Gross Profit 281.9 166.0 (115.9) (41.1%) Gross Profit Margin 67.7% 59.8% GPM before adjustment with PPA 68.8% 60.6% Rental and service income from warehouses, distribution centers

recorded gain on fair value adjustment of investment due to reclassification in the amount of Baht 2,030 Million, net of corporate income tax. 4. On September 21, 2018, the Supreme Administrative Court

Profit excluding FX impact and Extra item /3 Deferred revenue from assets monetization to WHABT in 2015 which recognized in the first quarter of 2019 as a result of accounting standard adjustment (TFRS 15

& Saengchote © Fact #1: Most funds do not beat the market. Relative return = fund return – benchmark [e.g. SET TRI] Alpha = fund return – risk-adjustment [e.g. CAPM; multi-factor model] Equity Mutual Funds

items included depreciation as well as accounting adjustment (ie provision of staff benefit and SW income) Page 2 of 4 was contributed by sub- specialty care particularly neurology, general surgery and

and services 135.1 86.4% 53.7 32.5% -81.4 -60.3% Gross Profit 21.2 13.6% 111.5 67.5% 90.3 426.0% Loss from fair vale adjustment for investment properties - - -55.0 33.3% -55.0 100.0% Other Income 22.0

year, due to the annual adjustment of salary base, which caused the increase of salary expenses by 10.2%, compared to the previous year. 3. The Company had the share of profit (loss) from investments in

amounted to Baht 3,123 million, slightly rose from the same period last year but gross margin was down to 25.4%, from 27.2% in the same period last year. This was partly due to the adjustment of inventory