MANAGEMENT DISCUSSION AND ANALYSIS EXECUTIVE SUMMARY For 2021 performance, the Company had total sales revenue at Baht 465,128 million, increased by 43% from the previous year driven by products prices significantly increased mainly due to global economic recovery after the lockdown restriction of COVID-19 has been eased and global vaccination rate has gradually increased led to increase of demand for products. Additionally, tightening supply during some periods of the year also had a positive impact to products price. The Company had Net Operating Profit Recurring (excluding Stock Gain Net NRV, Foreign Exchange loss, and Loss from commodity hedging, and Extraordinary items) of Baht 31,347 million, increased more than 200% from the previous year. Although petrochemical and refinery Businesses continued to be recovered from the COVID-19, the Company continues to implement various efforts including cost saving program, production cost reduction, and enhancement of production efficiency which resulted to the Company’s Adjusted EBITDA of Baht 55,186 million, increased by 93% from the previous year. The Company had Stock Gain Net NRV of Baht 5,955 million, Loss from commodity hedging of Baht 1,440 million, and Foreign Exchange loss of Baht 4,765 million, extraordinary items from selling ordinary shares in Global Power Synergy Public Company Limited (GPSC) of Baht 11,834 million and the remaining investment will be reclassified as non-current assets, which recognized and measure the fair value on the reclassification date of Baht 10,565 million. In addition, the Company had impact from the restructuring of investments in Emery and the impairment of assets at net loss of Baht 1,633 million. The Company recognized loss from impairment of assets of Baht 1,886 million, and provisions by a subsidiary for legal obligations of Baht 444 million. As a result, for the year 2021, the Company had Net Profit of Baht 44,982 million (Baht 10.01/share), increased more than 200% from the previous year. In 2021, Olefins and Derivatives Business Unit’s performance was continuously increased due to the increase in average price of Polyethylene (PE) tracking with crude oil price direction. In addition, PE market was supported by the easing of the lockdown restriction for COVID-19, the progress on vaccination, and Polyethylene products themselves are usually necessary for daily usage especially for packaging industry including the demand on Hygiene products. These resulted to increase in sale volume comparing with the previous year, even there was planned maintenance shutdown during the year. As a result, Adjusted EBITDA Margin of Olefins and Derivatives was at 20%, increased from the previous year. For Refinery Business Unit, the performance was improved due to the economic recovery after the easing of the lockdown restriction which led to the fuel consumption recovering and tightening supply during the year, while the Company has continued to adjust production by reducing Jet Fuel production and producing more Diesel, resulted to the market GRM for the year at 3.80 USD per barrel. For Aromatics Business Unit, Market P2F per ton BTX increased to 153 USD per ton supported by global economic recovery after the easing of the lockdown restriction, the continue of healthy downstream demand, and the low inventory levels in this year. Furthermore, Performance Materials & Chemicals Business Unit’s performance was also improved, supported by tightening supply of Phenol and Bis-Phenol A along the year, while Propylene Oxide and Polyols prices have been increasing through the year. The Company had Share of profit of investment in JV and Associates of Baht 6,993 million, increased by 109%, mainly due to the recovery in petrochemical business, which overall products spread are significantly increased. 97 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX