Bangchak Corp PCL

Bangchak operates its businesses in the aspect of sustainability through the Sustainability Policy Committee (SPC). the President and CEO is the chairman of the SPC, and executives of each business units and functions are the committee members (Disclosure 102-19, 102-20, 102-22). The SPC sets directions, policies and corporate strategies for sustainable business development for Bangchak and its subsidiaries in response to the SDGs goal, materiality, corporate sustainability assessments as well as needs and expectations of stakeholders. Policies and targets from the SPC are executed through business functions and committees associated with sustainability. The Sustainability Management Committee acts as the main coordinator to monitor, collect, evaluate, and report on progress and performance to the Sustainability Policy Committee. The Sustainability Policy Committee then reports on sustainability performance to the Risk Management Subcommittee, Corporate Risk Management Committee, and the Corporate Governance Committee, respectively. The Sustainability Management Committee consists of executives from Bangchak Group. Iin 2021, the committee focused on developing strategies on climate change which is an issue of global interest in which the company has joined the Global Campaign Race to Zero.

At the policy level, the SPC provides policy and strategy direction for the company's business in accordance with the mission corporate culture, with responsibility to stakeholders, including economic, social, and environmental aspects, especially climate change and climate-related risks and opportunities in accordance with the international sustainability direction, in order to ensure the organization's sustainability. [...] Sustainability and Corporate Governance Committee (SCGC) will monitor and review for guidelines for sustainability development UNSDG Goal 13 (climate action) which is one of the target of Carbon Neutrality by 2030 and Net Zero GHG emission by 2050. SPC monitor and progress the report to the President CEO. [...] Enterprise-wide Risk Management Committee (ERMC) will monitor key climate-related risk and opportunity. [...] At the management level, the SMC conducts climate change strategy, reviews TCFD, manages climate-related risks and opportunities assessment, and initiates GHG emission reductions innovation and tools in order to pursue climate-related target. [...] At the operation level, The Net Zero Development Division enhances Climate Change Strategy as well as manages climate-related risk and opportunities simultaneously. Driving Net Zero achievement by collaboration among Bangchak Group to define target along with roadmap, monitoring, evaluating together with exploring reduction solutions. Managing GHG emission data collection/system, verification.

###### Describe the board's oversight of climate-related risks and opportunities

Bangchak has board of director and executive management responsible for the oversight and management of climate- Sustainability and Corporate Governance Committee related issues in term of risks and opportunities. Board level Meeting Frequency: Twice per year at minimum committee supervise through Sustainability Committee while Board of Climate-related issues are made responsible by Management Directors Enterprise-wide Risk position. Our climate committees comprise of Executive level Management Committee sustainability-specific committee (SPC) and Management level President CEO Meeting Frequency: Quarterly sustainability-specific committee (SMC).

Sustainability Policy Committee Management Committee Risk Management Committee (SPC) (MANCOM)

Chairman: Group Chief Executive Officer and President (CEO) Bangchak has Corporate Planning, Corporate Compliance, Innovation Meeting Frequency: Minimum half year and Business Development Group Functional Task Force (CPG Task Force) to review the common practices guidelines of companies Sustainability Management within group for the strategic planning, new business initiatives, Committee (SMC) organizational governance, sustainable development, and Net Zero Chairman: Executive Vice President position GHG Emission. Finally, seeking approval from the Strategic Steering Meeting Frequency: Minimum half year Committee (SSS Steering Committee) for promoting collaboration

###### Describe the board's oversight of climate-related risks and opportunities
Sustainability and Corporate Governance Enterprise-wide Risk Management Committee (SCGC) Committee (ERMC)
o Propose corporate governance and sustainability development o Propose policy, strategy and goals for risk management practices, including climate change related issues to the Board of including climate-related risk. Directors. o Develop an organization-wide risk management system o Supervise the performance of the Board of Directors and the for continuous efficiency. management in accordance with good corporate governance and o Promote cooperation in risk management at all levels of sustainability development principles. the organization. o Review good corporate governance and sustainability o Supervise the company to have appropriate and effective development practices. By comparing with international standards risk management. and making recommendations to the Board of Directors for o The Chairman of the Enterprise-wide Risk Management continuous improvement and response to stakeholders' needs and Committee reports the results of the next meeting to the expectation. Board of Directors. o Assign good corporate governance and sustainability development o Perform duties as assigned by the Board of Directors. policy, including climate change guideline using TCFD for enhancement task Force on Climate-Related Financial impact. o Perform duties as assigned by the Board of Directors.

#### Governance

Nomination and Sustainability and Corporate **At board level, climate related risks and**
Remuneration committee Board of Governance Committee opportunities are overseen by the Board of

Directors Director and Enterprise wide Risk Management

Committee. Then, the Board is informed about

Enterprise wide Risk

the climate risk through Sustainability and

Audit Committee

Management Committee

Corporate Governance Committee (SCGC)
meeting to monitor and review guidelines for

Climate Change Risks

Sustainable Development. (Meeting

Internet Control President CEO - Business Transition

Frequency: every half year)

- Physical Risk

- Crisis Management Plan

Sustainability Policy Committee Management Committee

Risk Management Committee

(SPC) (MANCOM)

**At the policy level, the SPC sets the direction, policy**

**At the management level, the SMC conducts climate change policy and strategy, climate-related risks**

Sustainability Management

and strategies associated with climate change and

and opportunities assessment, and GHG emission reductions in order to pursue the target of Carbon

Committee (SMC)

climate-related risks & opportunities for sustainable

Neutrality by 2030 and Net Zero GHG emission by 2050. (Meeting Frequency: minimum half year)

business development for Bangchak Corporation in
response to SDGs, guidelines of corporate sustainability Corporate Sustainability
assessment as well as needs and expectations of the Development and Strategic
stakeholders (Meeting Frequency: minimum half year) Synergy (CSBU)
**The Net Zero Division conducts Climate Change Strategy and manages**
climate-related risk and opportunities. Driving Net Zero target

Corporate Strategy and

achievement through collaborating with Bangchak Corporation to set up

Sustainability (CSS)

target and roadmap, monitoring and evaluation and explore reduction
solutions. Responsible for GHG emission data collection/system,

Corporate Sustainability verification, climate-related report and disclosure.

--NEW-PAGE--

#### Governance

###### SUSTAINABILITY AND CORPORATE GOVERNANCE COMMITTEE (SCGC) CLIMATE RELATED ROLES Climate Change
The Sustainability and Corporate Governance Committee (SCGC) is a subcommittee of Governance the board of directors. At Meeting 1/65 of the SCGC, the SCGC proposed "The Path to Net Zero" of Bangchak Corporation.

###### Climate Change
Governance

###### ENTERPRISE WIDE RISK MANAGEMENT COMMITTEE (ERMC) CLIMATE RELATED ROLES 1. To propose policy, strategy and goals for risk management (including Climate Change related risk) 2. Develop an organization-wide risk management system for continuous efficiency 3. Promote cooperation in risk management at all levels of the organization 4. Supervise the company to have appropriate and effective risk management 5. The Chairman of the Enterprise wide Risk Management Committee reports the results of the next meeting to the Board of Directors.

###### The main roles of SCGC are: 1. To propose corporate governance practices and sustainability development including climate change to the Board of Directors. 2. Supervise the operations of the Board of Directors and the management in order to comply with good corporate governance and sustainability principles 3. Review good corporate governance practices. By comparing with international standards and making recommendations to the Board of Directors for continuous improvement and meet the need of stakeholders. 4. Deliver good corporate governance and sustainability development policy (including climate change) to the company's corporate governance working group. 5. Perform duties as assigned by the Board of Directors

--NEW-PAGE--

#### Governance

###### SUSTAINABILITY POLICY COMMITTEE (SPC) CLIMATE RELATED ROLES

1. To provide policy and strategy direction for the company's business in accordance with the mission corporate culture, with responsibility to stakeholders, including economic, social, and environmental aspects (including climate change) in accordance with the international sustainability direction, in order to ensure the organization's sustainability. 2. To progress the report to the Sustainability and Corporate Governance Committee (SCGC)

BANGCHAK CORPORATION PERFORMANCE INDICATORS

Bangchak Corporation's sustainability performance has been tracked by Environmental, Social, and Governance (ESG) indicators. It drives implementation of Bangchak Corporation strategy, including the path to 2050 Net Zero roadmap and response to the UN Sustainable Development Goal (UN SDGs).

###### SUSTAINABILITY MANGEMENT COMMITTEE (SMC) CLIMATE RELATED ROLES

1. To conduct the work plans and manage work according to the responsibilities towards various groups of stakeholders according to the direction and framework specified by the Corporate Sustainability Policy Committee to bring innovation and GHG management tools to use within the Bangchak Corporation in order to achieve Carbon Neutrality in 2030 and Net Zero in 2050 2. To prepare climate strategy and manage opportunities and risks arising from climate change. 3. To encourage work processes and development plans or events to increase awareness, knowledge, and understanding of sustainability (including climate change). Participating in operations with Bangchak Corporation stakeholders by submitting a report to the working committee or reviewing in order to promote collaboration among affiliated companies in Strategic Corporate Governance Planning (CPG Task Force) 4. To progress the report to the Sustainability and Corporate Governance Committee (SCGC)

EXECUTIVE CLIMATE RELATED KPI To ensure focused implementation of Bangchak Corporation climate change strategy, GHGs reduction target-related Key Performance Indicator (KPI) are set as corporate KPI in 2022 for the all executive levels and relevant business unit including Group Chief Executive Officer, Presidents etc.

#### Whether public policy engagements and lobbying are aligned with the Paris Agreement

###### Bangchak use Environmental Scan Process as the management system to assess and review internal and external factors that could potentially impact its Bangchak has also defined strategies and assessed risks and opportunities for climate change (short-term and long-term) in line with the guidelines of the Task Force on Climate-Related Financial Disclosures (TCFD) to assess related financial The climate change positions used to inform our review of eligible trade associations such as Paris Agreement, Climate science, Energy efficiency and Reducing emissions and Carbon pricing. https://investor.bangchak.co.th/en/document/viewer/stream/66811/form-56-1-one-report-2022 (PDF Page 93) Next process, We use Key Risk Indicator (KRI) to monitor the results of risk management to determine if they align with the objectives or not, in order to drive improvements for greater efficiency going forward. In misalignment case; the event of a rising trend in risk direction, it acts as a warning sign to prompt timely adjustments and corrective actions in response to the situation. tcfd-report-2023.pdf (bangchak.co.th) (PDF page 24)