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...

value in accordance with the accounting standards; (2) value determined by the financial advisor as reasonable price for transfer of assets that has taken into account credit enhancement for

into account credit enhancement for securitization, providing that such financial advisor shall not be the financial advisor of the project. Section 21. The provisions of Section 15, Section 16, Section

equal-weight & low-volt indexing. RSP S&P500 S&P500 SPLV Equal-Weight Indexing  Return Enhancement Low-Volt Indexing  Volatility Reduction Fact Sheet • Fund Sponsor: Invesco Powershares • Manager: Peter

. In the case where it is appropriate or necessary, the SEC Office upon approval of the SEC may revise or modify the operating plan; in such regard, the provision in the first paragraph shall be

of the SEC may revise or modify the operating plan; in such regard, the provision in the first paragraph shall be applicable, mutatis mutandis. The operating plan of the SEC Office under the first

management and drought warning • Planting / removing vegetation explicitly to modify water temperatures, evaporation rates, runoff patterns Water Infrastructure Criteria under the Climate Bonds Standard

modify or change the conditions already specified. Division 2 Supervision of Business Operation ________________ SECTION 57 In managing a trust, a trustee shall have appropriate operating systems to: (1

circumstance as provided in the first paragraph, the SEC may modify or change the conditions already specified. Division 2 Supervision of Business Operation ________________ SECTION 57 In managing a trust, a

receiving a transfer of securities between each other. SECTION 244/7 No person shall place, modify or cancel a securities trading order through the securities trading system of the Stock Exchange or the over