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

ethanol sales volume to increase by 171% YoY. Gross profit margin of molasses based ethanol business increased from lower raw material cost, while the gross profit margin for cassava based ethanol declined

% 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

) -45% 10% Profit attributable to owners of parent 1,168 (1,546) 214 -82% 114% Basic earnings per share (Baht) 0.85 (1.12) 0.16 Note: 1/ EBITDA from Refinery Business of the Company, BCP Trading Pte. Ltd

1,494 8% EBITDA Bio-Based Product Business4/ 113 179 59 -48% -67% 259 238 -8% EBITDA Resource Business5/ 59 133 93 58% -30% 81 226 181% EBITDA Others 6/ (25) (25) (12) 54% 53% (25) (37) -48% Profit

margin was declined from the higher raw material price. The Denatured Ethanol Business saw performance improved from last year following the amalgamation, however gross profit was affected by the declining

Group 5/ 44 36 (81) -284% -321% 270 24 -91% Others 6/ (76) (72) (61) (113) (190) Profit attributable to owners of the Company 1,060 1,007 1,856 75% 84% 4,137 4,009 -3% Basic earnings per share (Baht) 0.77

(%) Q1/2017 Q4/2017 Q1/2018 Gross Profit Margin 9.15% 7.76% 7.53% EBITDA Margin 9.26% 7.54% 6.77% Net Profit Margin 5.00% 3.38% 3.02% Return on Equity (ROE) 17.02% 13.57% 11.17% Return on Assets (ROA

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

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