) Orderly transition – temperature increases kept below 2C, meeting the Paris Agreement 2) Disorderly transition – temperature increases kept below 2C but with delayed and sudden policies 3) Failure to meet

areas. • A “disorderly” and rapid transition. • Some international and national climate policy (no change). • Slower changes to the energy mix and infrastructure. • Price of raw materials increases. The

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...