economies of scale and efficient control of production cost. 3. Selling expenses In Q3/2018, the Company incurred selling expenses of Baht 5.99 million, rising year-on-year by Baht 2.04 million or 51.65

of 2019 and the 1st quarter 2020 by 4.8%. • Gross profit margin increases from the same period of last year from 47.6% to 49.6%. According to the Company has managed costs of production and products

-2021 Q2-2021 6M-2020 6M-2021 Change THB Mn THB Mn THB Mn %QoQ %YoY THB Mn THB Mn %YoY Sales of electricity - FiT, base tariff and Ft 635.3 727.0 770.9 6.0% 21.3% 1,258.4 1,497.9 19.0% FiT Premium 37.4

THB Mn THB Mn THB Mn % Sales of electricity - FiT, Base tariff and Ft 727.0 623.1 103.9 16.7 FiT Premium 33.2 43.7 (10.5) (24.0) Sales of electricity to Industrial Users (IU) 6.9 4.7 2.2 46.8 Sales from

2017 Bangchak Corporation Plc. Table of Contents 7 9 09 8 Refinery Business 13 Marketing Business 14 Green Power Business 16 Bio-Based Products Business 18 Exploration & Production Business 22 26 24

) Revenue structure + (-)2018 3 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major

AND ANALYSIS 2019 Revenue from steel tower manufacturing decreased by 37.21% as a result of rescheduling of production and delivery plan by major customer from 2019 to mid of 2020 due to eminent domain

of cost of goods sold so cause gross loss. Total revenue decreased due to the decrease of sale volume and selling price. Sale volume decrease cause by production volume decrease. Both company and

consumption, production and export sectors in Thailand. There are various industries that have an impact on the production and supply chain from upstream to their downstream, such as electricity, electronics

and Trading Business Group recorded an average production rate of 109.35 KBD, a level adjacent to plan, Market GRM improved from the previous quarter, while Total GRM declined, primarily due to the