business growth, while decreasing -0.5% QoQ from higher SG&A. EBITDA margin improved to 54% from continual focus in profitable revenue, cost management, and improved device margin. AIS reported a net profit

with Diamond Brand”, as well as effective cost management having maintained good gross profit margin and increased net profit in 2020. (2) Analysis of Operating Results and Profitability (2.1) Revenues

For 2018, the Company will still focus on achieving improved Profit Margin; namely: management of room rates for the Hotels Business, while negotiations and signing of purchase agreements for key raw

hand, crude price during Q1/2018 retracted, which led to lower product cost, resulting in higher marketing margin. Management Discussion and Analysis of Business Operation for Q1/2019 Bangchak

-24% -31% 1,525 1,244 -18% Note: marketing margin of Bangchak only Management Discussion and Analysis of Business Operation for 2Q/2018 Bangchak Corporation Plc. I 13 Performance comparison between Q2

%, outpaced to the overall retail market which grew only 3%. Management Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 12 2. Net Marketing Margin was consistent with the

increase of interest expenses from interbank and money market items. Interest expenses on deposits decreased due to continued cost management. In 2018, the net interest margin rose by 0.08 percent from last

molasses domestic selling price during 2018/2019, to better reflect the actual raw material cost for the year 2019, which allowed the gross margin to improve. Management Discussion and Analysis of Business

บริษัท สำนักกฎหมายธรรมนิติ จำกัด Page 1 of 1 No. NDR010/2017 August 11, 2017 Subject Management Discussion and Analysis Report for Q2/2017 Attention: Directors and Manager, The Stock Exchange of

* Note Please find further information in the consolidated financial statements. 1 9th May, 2018 Subject: Management Discussion & Analysis (MD&A) for the 1st quarter of 2018 Attention: The President