% Adjusted Net Income 942 1,529 1,948 27% 107% Gross profit margin (%) 27% 25% 29% 4% 2% Net profit margin (%) 10% 6% 9% 3% (1%) Adjusted Net Income Margin (%) 10% 8% 11% 3% 0% Executive Summary PAGE 2

margin (%) 22% 28% 26% (2%) 4% 26% 28% 2% Net profit margin (%) 8% 5% 6% 1% (2%) 14% 6% (8%) Adjusted Net Income margin (%) 8% 7% 8% 1% 0% 14% 8% (6%) Executive Summary PAGE 2 MANAGEMENT DISCUSSION

million, increased by 19.3% when compared to the fourth quarter of 2020. In the first quarter of 2021, basic earnings per share, stood at Baht 0.027 per share, increased by 170.0% when compared to the

ownership in Dusit Thani Public Company Limited, or “DTC”, or approximately 5% of the total issued and paid-up shares of DTC, at the price of 12 THB per share. As a result, CPN reported a decrease in

2018 (%) Net profit * 8,002 9,438 8,101 (15.2)% (1.2)% 35,816 35,330 1.4% Earnings per share (Baht) 4.19 4.94 4.24 (15.2)% (1.2)% 18.76 18.51 1.4% Net interest margin 2.22% 2.35% 2.46% (0.13)% (0.24

THB to 377,500,000THB per share, for the allotment of newly i of entire business transfer of FKRMM, and the amendment to Clause with the increase of the Company’s registered capital. T “Clause 4

integration of acquired businesses, the start of earning recovery in our high-volume Necessities business and our stable but higher-margin HVA business. We delivered record earnings and cash flows and expect

financing cost by 42.6% YoY, in line with the lower amount of interest-bearing debt whilst cost of debt remains at a low level. Meanwhile, share of profit from investments declined 1.7% YoY due to the

172 (65%) Core EBITDA Margin(%) 10% 12% 14% (4%) 11% 14% (3%) Integrated PET 10% 13% 13% (3%) 10% 11% (1%) Fibers 6% 8% 7% (1%) 8% 8% 0% Packaging 22% 20% 18% 4% 20% 20% (1%) Integrated Oxides and

)% Integrated Oxides and Derivatives 50 31 3 64% 1,893% Fibers 61 43 69 43% (12)% Core EBITDA Margin (%) 10% 8% 10% 32% 3% Combined PET 10% 7% 10% 39% 2% Integrated PET 9% 7% 9% 34% 0% Packaging 23% 24% 19% (5