baht, an increase of 1.0% q- q. However, the Company still maintained effective operating cost control with cost to income ratio at 36.4% of total revenues, reduced from 37.7% of previous year

because the Company can control effective operating and administrative expenses well in accordance to the Digitalization plan, which reducing some operating and administrative expenses. The operating and

to mid-single digit decline. EBITDA (pre- TFRS16) stood at Bt76,619mn, decreased –2. 7% YoY with focusing on cost control and in- line with low single digit decline EBITDA guidance. Net profit ( pre

overseas assets • Net debt to equity ratio at the end of 2Q 2020 stood at 0.98x, an increase from 0.48x on 31 December 2019 2Q 2020 SIGNIFICANT EVENTS Impacts of Coronavirus Disease 2019 (COVID–19) COVID-19

% 18.5% Adjusted net profit margin 20.3% 23.2% 24.5% Note: The Company restated its 3Q 2016/17 financial performance after the consolidation of Rabbit Group under the common control basis. 1Adjusted for

over wholesale sales to cautiously control the overall sales credit in this channel. As a result, sales for the current period decreased slightly by 5.4%. Despite the gradual economic growth and the

announcement of permanent shutdown of a synthetic fatty alcohols plant in Europe and temporary shutdown in some Chinese fatty alcohols plants due to more strictly safety control and more stringent environmental

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

person, as well as the nature of such control. To the extent known to the issuer, indicate whether the issuer is directly or indirectly owned or controlled by another corporation, by any foreign government

view that the acquisition of ordinary shares of COMASS is reasonable and be the utmost benefit of the Company where the Company will have absolute control over the operation of COMASS resulting in the