). Total Gross Refinery Margin (Total GRM) rose 67% YoY and 26% QoQ, while Market GRM lowered from the decreasing production volume. Moreover, the average crude price adjusted upward in the quarter, leading

% 2,383 4,212 77% Gross profit margin (%) 30% 29% 31% 1% 2% 29% 30% 1% Net profit margin (%) 5% 9% 10% 5% 2% 7% 11% 4% Adjusted Net Income margin (%) 7% 11% 12% 5% 2% 8% 12% 3% Notes: 1. Since Q1/2020

213 million, a decrease of 14% YoY, representing gross profit margin of 17.7%, reduced from 20.7% in Q3/2018, mainly due to financial statement adjustment in accordance with new Thai accounting

Margin 37.3% 34.4% Net Profit Margin1 55.0% 57.5% Return on Equity 15.5% 16.9% Debt/Equity Ratio 0.95x 0.69x Net Interest-bearing Debt/Equity Ratio 0.81x 0.58x 1 Net profit margin is calculated by dividing

gross profit margin of 4.11 percent in spite of increase in selling and administrative expenses of 1.01 percent. The Corporate Group’s net earnings per share was Baht 0.43 per share, an increase from the

2019 31 December 2018 Gross Profit Margin 40.4% 34.4% Net Profit Margin1 67.1% 57.5% Return on Equity 2 18.6% 16.9% Debt/Equity Ratio 0.76x 0.69x Net Interest-bearing Debt/Equity Ratio 0.66x 0.58x 1 Net

Q2/2019 Gross Profit The Company and its subsidiaries recorded gross profit of Baht 171 million, a decrease of 48% YoY, representing gross profit margin of 13.8%, reduced from 24.8% in Q2/2018, mainly

percent, due to the increase in gross profit margin of 3.23 percent despite the increase in selling and administrative expenses of 3.59 percent. The Corporate Group’s net earnings per share was Baht 0.15

institutions of Baht 300.0 million. 3. KEY FINANCIAL RATIOS 2Q’18 YTD 2018 31 December 2017 Gross Profit Margin 34.0% 34.7% 33.1% Net Profit Margin1 40.2% 55.2% 53.5% Return on Equity2 9.3% 15.9% 19.8% Debt

/2019 Gross Profit The Company and its subsidiaries recorded gross profit of Baht 208 million, a decrease of 22% YoY, representing gross profit margin of 17.7%, reduced from 18.3% in Q4/2018, mainly due