swap amount between petroleum traders in accordance with section 7 and the sales volume of crude Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation

amount of THB 70 million. 3 In Q2/2018, BCP Trading Co., Ltd. recorded revenue increment of 202% from Q1/2018, due to increasing petroleum product trading transactions, in addition to rising crude and

experiencing sharp decline of global crude price between November to December 2018. 3. BCP T r a d i n g Pte., Ltd. increased its revenue by 37% from Q4/2018 from increased trading transaction of petroleum

swap amount between petroleum traders in accordance with section 7 and the sales volume of crude Management Discussion and Analysis of Business Operation for the 3rd quarter of 2017 Bangchak Corporation

/ EBITDA from BBGI Plc., its subsidiaries, and share of profit from associated companies 5/ EBITDA from Natural Resources business of Nido Petroleum Limited, BCP Energy International Pte. Ltd. and BCP

Nido Petroleum Limited, BCP Energy International Pte. Ltd. and BCP Innovation Pte. Ltd., and share of profit from associated companies 6/ Others items and elimination For 2018 performance, Bangchak

subsidiaries 4/ EBITDA from BBGI Co., Ltd., its subsidiaries, and share of profit from associated companies 5/ EBITDA from Natural Resources business of Nido Petroleum Limited, BCP Energy International Pte. Ltd

swaps between major oil companies (petroleum traders in accordance with section 7) and sales of crude oil products Performance for Q4/2019, the refinery business recorded EBITDA THB 1,073 million, an

swap amount between petroleum traders in accordance with section 7 and the sales volume of crude Management Discussion and Analysis of Business Operation for the year 2017 Bangchak Corporation Plc. 14

subsidiaries, and share of profit from associated companies 4/ EBITDA from BBGI Plc., its subsidiaries, and share of profit from associated companies 5/ EBITDA from Natural Resources business of Nido Petroleum