likely that the existing shareholders may not exercise their rights in full, which will result in the Company being unable to obtain enough funding as expected. The objectives of the issuance of the newly

increase is considerably high and it is likely that the existing shareholders may not exercise their rights in full, which will result in the Company being unable to obtain enough funding as expected. The

be raised in the present capital increase is considerably high and it is likely that the existing shareholders may not exercise their rights in full, which will result in the Company being unable to

likely damage the intermediary or the capital market or have an impact on the national security, and that they are required to report violations or any significant abnormality to the person responsible for

commercial banks during the remainder of 2019, loans – a core business – are likely to maintain their growth. However, overall loan growth will depend mainly on economic recovery, which may become more

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for FY2019 Bangchak Corporation Plc. | 03 Table of Contents 06 09 29 25 27 31 Executive Important Events Summary Business Performance 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural Resources Statement of Cash Flows Statement Financial Ratios Environment Manag...

. However, by 2020, the electricity consumption forecast is likely to decrease due to the pandemic of COVID-19. Most of our customers are petrochemical companies in the Map Ta Phut area, indicating that they

significance. The occurrence of the outbreak has affected the global economy, including the Thai economy which is poised likely to experience a recession within this year. Due to the COVID-19 outbreak affecting

whole or in part; The aforesaid risk factors include only those likely to affect the Company, the group of companies or the securities holders directly, not general risks on business undertaking or

policy relevant to their job function; (2) communicate to the employees and contractors that they should exercise precaution and refrain from using the organization’s information systems that may likely