feasible 9) Conditions for transaction None 10) The Board of Directors’ opinion After BBW was no longer being a subsidiary company, the company still holds 5% of BBW, and participates in management, due to

company amalgamation in Q4/2017). Management Discussion and Analysis of Business Operation for FY2018 Bangchak Corporation Plc. I 9 2. Gross Profit was recorded at THB 11,431 million, decreased by 16% YoY

, the company group had an organization restructure of the Bio-based Product Business Group, through the amalgamation between BPP Holding Co., Ltd., a subsidiary of the company, and KSL GI Co., Ltd., a

inform the significant resolutions as follows: 1. On 17 September 2018, the amalgamation between Sapphire RoRo (Thailand) Limited (the subsidiary of Namyong Terminal Public Company Limited) and Global

of the assets underlying a structured finance product change materially. Where feasible and appropriate for the size and scope of its credit rating business, this function should be independent of the

, and reported the Amalgamation between BBP Holding Co., Ltd. (a subsidiary of the company) and KSLGI Co., Ltd. (a subsidiary of Khon Kaen Sugar Industry Plc.) in July 2017. Exploration and Production

gross profit. As for the Ethanol Business, performance improved YoY from the amalgamation, when compared QoQ ethanol sales volume rose, as Bangchak Bioethanol ( chachoengsao) Co. , Ltd. resumed its

amalgamation or merger with, or any sale or purchase transaction relating to any material asset with CSL. (The conditions precedent in items (1) to (7) above are collectively referred to as the “Conditions”.) 2

during 3-6 months, the project is under contract amendment and the collection should be feasible after the amendment is completed. Information and Communication Networks Public Company Limited D.K.J

Farm project. The solar farm project is commercially attractive and feasible upon obtaining (Condition Precedents) 1. BOI privileges 2. Credit facility from a financial institution 3. All other permits