. Total GRM increased by 5% YoY and 17% QoQ from the improved Market GRM that rose due to significant increase of production after the turnaround maintenance (TAM) , combined with crude cost that benefited

investment in short-term Government bonds has been reduced due to the proceed of investment in the Northern Multi-Products Fuel Pipeline project (NFPT). 1.2 Expenses 1.2.1 Cost of services In Q3/2018, Cost of

49.34 17.69% Finance cost 49.11 68.10 18.99 38.67% Income tax expenses 48.04 57.52 9.48 19.73% Net profit 181.71 202.58 20.87 11.49% Net profit ratio (ROS) 17.16% 15.74% Earnings per share (Baht) 0.34

540.30 341.86 198.44 58.05 - Fabrication and Other service 281.46 137.77 143.69 104.30 Cost of construction contracts (1,851.87) (1,241.09) 610.78 49.21 Gross profit 182.59 145.99 36.59 25.06 Other income

Baht % 2020 2019 Thousand Baht % Total revenues 446,873 420,156 26,717 6.4 438,752 407,391 31,361 7.7 Sales and service income 443,248 417,617 25,631 6.1 434,077 404,533 29,544 7.3 Cost of sales and

212.73 (3.48) (1.64) Cost of construction contracts (521.09) (492.00) 29.09 5.91 (1,082.60) (860.25) 222.35 25.85 Gross profit 42.58 48.31 (5.73) (11.86) 92.89 94.41 (1.52) (1.61) Other income 0.73 0.15

operations THB mm 34 279 (88%) Cost from hotel operations THB mm 79 193 (59%) Gross profit from hotel operations THB mm (46) 86 (153%) Gross profit margin from hotel operations % (136%) 30% (166%) For the

Analysis of the Company’s Performance for the year ended December 31, 2019 Baht Million 2018 2019 +/(-) +/(-) % Total revenues 1,422.61 1,710.75 288.14 20.25% EBIT 354.24 412.93 58.69 16.57% Finance cost

, 2020 Cost Approach THB 62,150,000 2.The Valuation & Consultants Company Limited January 29, 2020 Cost Approach THB 63,826,896 Panjawattana Plastic PLC. 28 Moo 2, Tumbol Chaimongkol, Amphur Muang

) (13.54%) Finance Cost 7.34 9.28 (1.94) (20.91%) 24.27 29.23 (4.96) (16.96%) EBT 64.28 3.20 61.08 1,907.28% 166.91 104.68 62.23 59.45% Tax 1.56 (0.62) 2.18 (351.08%) (4.78) (20.90) 16.12 77.14% Net Profit