= (EBIT / Net Income) * 100 14) Net Profit Margin = (Net Profit / Total Sales) * 100 15) Return on Equity or ROE = (Net Profit / Average Equity) * 100 16) Return on Assets or ROA = (Net Profit / Average

margin (%) 22% 28% 26% (2%) 4% 26% 28% 2% Net profit margin (%) 8% 5% 6% 1% (2%) 14% 6% (8%) Adjusted Net Income margin (%) 8% 7% 8% 1% 0% 14% 8% (6%) Executive Summary PAGE 2 MANAGEMENT DISCUSSION

1,081 15% 3% 1,973 2,023 3% Adjusted Net Income 1,053 942 1,441 53% 37% 1,973 2,383 21% Gross profit margin (%) 28% 27% 30% 3% 2% 28% 29% 1% Net profit margin (%) 16% 10% 5% (5%) (11%) 16% 7% (9

1,577 1,542 (2%) 61% 3,014 4,172 38% Gross profit margin (%) 24% 30% 28% (2%) 4% 27% 29% 2% Net profit margin (%) 13% 5% 5% 0% (8%) 15% 6% (9%) Adjusted Net Income margin (%) 13% 7% 7% 0% (6%) 15% 8% (7

% 30% 3,648 7,149 96% Gross profit margin (%) 28% 31% 32% 4% 1% 29% 31% 2% Net profit margin (%) 5% 10% 16% 11% 5% 6% 13% 7% Adjusted Net Income margin (%) 7% 12% 18% 11% 5% 8% 13% 6% Notes: 1. Since Q1

% Adjusted Net Income 942 1,529 1,948 27% 107% Gross profit margin (%) 27% 25% 29% 4% 2% Net profit margin (%) 10% 6% 9% 3% (1%) Adjusted Net Income Margin (%) 10% 8% 11% 3% 0% Executive Summary PAGE 2

operating cost to operating income ratio Net interest margin (NIM) Gross NPLs total loans Tier 1 capital ratio CAR ratio Net debt to EBITDA Interest coverage ratio Debt service coverage ratio Debt to equity

, compared to the first quarter of 2020 because of the drought situation in Thailand. Gross profit margin from utilities income during the second quarter and the first half of 2020 were at 34.2% and 35.6

result, the Group's day of inventories was better than last year. 6.2 Profitability ratio The gross profit margin in 2017 decreased from the previous year. Because the income as increase from low margin

. Operating Profit margin stood at 37.4%, mainly attributed to the increase in management income of CPNRF and further operating cost efficiencies and effective cost management. On a quarterly basis (excluding