store closure. Management Discussion and Analysis (MD&A) for the second quarter ended 30 June 2020 9 | P a g e 4. Selling and Distribution Expenses* Unit: THB million, % *Selling and distribution expenses

Holding Company investing in retail business such as mobile phone distribution and accessories, non-performing debt management, real estate development, hire purchase (associated company), personal loan

business can be divided into 2 categories including (1) television program production and distribution and (2) creative and marketing management communication services. In 2017, the Group generated revenues

the management to cost of distribution and administrative expenses decreased from the change of strategy of the distribution channels in order to decrease cost and expenses from the past that the

concerning the restriction on the right of unit holders who exceed holding limit or have vested interest shall be furnished with the following; to receive distribution, the management of dividend and the

be Baht 446.70 million or an increase of 33.26 percent, due to expansion of distribution channels and effective cost management having resulted in maintaining profit margin at a good level. (2

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

enhancing the environmental management effectiveness, and resource utilization. The Environmental Cost Accounting report covers refinery business unit, Bangchak and Bang Pa-in Oil distribution Centre

selling and distribution expenses to operating revenue decreased due to higher revenue and improved cost management. 4. Selling and Distribution Expenses* Unit: THB Million, % Selling and Distribution