expenses increased slightly by only 0.15% from Baht 389.26 million in Q1 2020 to Baht 389.86 million in Q1 2021. Core operating profit (defined as Earnings before Interests and Taxes exclude interest income

-1- AIT (VP-SEC) 017E/2022 May 12, 2022 Subject: Management's Discussion and Analysis of Operating Results for Q1-2022 To: The President of the Stock Exchange of Thailand Summary of Operations Q1

utilization of the project; (3) a summary of important details of a draft agreement on utilization of assets of the infrastructure business; (4) the financial status and operating results at least over the past

. Procuring of loan policy 12. Return distribution policy and restrictions 13. Financial status and operating results of REIT 14. Future investment policy 15. Other relevant information Part 3: Information on

Market Supervisory Board and the Notification of the Office of the Securities and Exchange Commission concerning the Rules on Operating a Derivatives Exchange; (3) having directors and executives with

matters including inability to obtain certification from the company’s management regarding responsibility for the financial statement preparation, inability to audit operating system manual in petroleum

will be able to monitor the companies’ operating results and financial statements and use such material information for investment decision making. _________________________

Discussion & Analysis Q2/2022 Operating Highlights in Q4/2021 Q2/21 Q2/22 Change +/(-) 1H/21 1H/22 Change +/(-) (THB million) %YoY %YoY Operating Revenue 137 230 68% 317 428 35% Gross Profit 77 147 91% 183 267

Discussion & Analysis Q4/2022 Operating Highlights in Q4/2022 Q4/21 Q4/22 Change +/(-) 2021 2022 Change +/(-) (THB million) %YoY %YoY Operating Revenue 188 264 40% 620 938 51% Gross Profit 112 166 48% 355 592

Summary Significant Events Operating Highlights in Q1/2023 Q1/22 Q1/23 Change +/(-) (THB million) %YoY Operating Revenue 198 264 33% Gross Profit 120 168 40% EBITDA 58 80 38% Net Profit (Loss) for the