Technical Working Committee Page 4 of 20 2 Leveraging climate bonds to develop low carbon transport infrastructure 2.1 The scale of the challenge Transport is the second largest contributor to global GHG

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for FY2018 Bangchak Corporation Plc. I 2 Table of Content Management Discussion & Analysis of Business Operation 03 Executive Summary 05 Important Events 08 Statement of Income 10 Business Performance 10 Refinery & Trading Business Group 15 Marketing Business Group 17 Power Plant Business Group 19 Bio-Ba...

. Overall, the Thai economy for 2018 may record continual growth of 4.0 percent, with public and private investment as a major driver. Along with this, exports and tourism will remain a key contributor to

consolidated total revenues of Bt.1,123mn, of which residential and commercial property businesses were the key contributors, contributing 44% and 34%. A YoY comparison showed a decrease of 7% YoY, due to a drop

2017 3.2. Assets, Liabilities & Shareholders’ Equity The main contributors to the increase in total assets are from an increase in inventory mainly fuel and also the impact of an increase in property

growth contributors are also anticipated to perform better especially private investment which will be backed by vigorous export expansion and investment by public sector. Increase in money injection from

key revenue contributors, contributing 41% and 36% of total revenues in the FY2017. Residential Business As the Company’s high-rise projects – namely ‘The ESSE Asoke’ (76% sales progress, tentative

costs and lower EBIT as depreciation also increased by 3.7mTHB. 3.2. Assets, Liabilities & Shareholders’ Equity The main contributors to the increase in total assets are from an increase in property

, Liabilities & Shareholders’ Equity Similar to comments made in Q2 the main contributors to the increase in total assets are from an increase in property, plant and equipment due to Hua Pha Way Kiln 7 being

context, references to the frequency and availability of post- issuance verification should be included in the relevant SLB offering document (e.g. Terms and Conditions of the note). Contributors These