Analysis (MD&A) 3 Q2/2020 Operating Results Overall operating results of the Company and its subsidiaries (unit: THB million) Q2/19 Q1/20 Q2/20 change +/(-) 6M/19 6M/20 Change +/(-) YoYYoY QoQ Operating

up 56%  Driven by positive internal and external outcomes  LTM 2Q18 Core EPS THB 3.86 – up 61% YoY post 9.8% dilution from warrants exercise  Net Operating D/E 0.45x, Core ROCE 15.8% on LTM 2Q18

Section 114 Securities and Exchange Act B.E. 2535 Section 114. In operating the business of securities dealing, a securities company shall comply with the rules, conditions and procedures as

Section 114 Securities and Exchange Act B.E. 2535 Section 114. In operating the business of securities dealing, a securities company shall comply with the rules, conditions and procedures as

Notification of the Securities and Exchange Commission KorThor 17/2560 Rules, Conditions and Procedures for Applying for Licenses and Granting Licenses for Operating Securities Clearing House

3.15 26% Core EBITDA/t (US$/t)) 111 122 90 23% 110 89 24% Net Operating Debt to Equity 0.54 0.57 0.88 (39)% 0.54 0.88 (39)% Note: (1) Consolidated financials are based upon elimination of intra-company

3.15 26% Core EBITDA/t (US$/t)) 111 122 90 23% 110 89 24% Net Operating Debt to Equity 0.54 0.57 0.88 (39)% 0.54 0.88 (39)% Note: (1) Consolidated financials are based upon elimination of intra-company

warrants exercise  LTM 3Q18 Operating Cash Flow of $1,037 million  Net Operating D/E ratio 0.53x; Rating Upgrade to AA- with “Stable Outlook”  2019 Guidance reaffirmed; attractive and accretive production

4.22% up from 2Q2016. The Consolidated SG&A expenses increased since higher freight cost from higher export volume and increasing of transportation cost comparing to 2Q2016. The consolidated SG&A

since lower freight cost due to lower export volume comparing to 2Q2019. The consolidated SG&A expenses in 2Q2020 were 9. 89% of revenue from sales, increased from 7.62% in 2Q2019. The consolidated SG&A