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...

Tackling Fracking: Collaboration with Company Experts Brings New Understanding to Risks .................... 29 Escalation Strategies: The Council of Institutional Investors’ Ignored Majority Votes

simply be ignored but rather need to be managed such that actions now do not damage the long-term interests of those who will only begin to drawdown benefits from the collective vehicle many years later