COMPANY PERFORMANCE YE2020FEBRUARY 24, 2021

2. YE2020Financial Performance

3. Business Outlookfor 2021

1. Our Business

▪Cargo General Sales Agent (GSA): exclusive sales agent of • All AirAsia Airlines under Teleport Thailand

• Sri Lankan, Lan Cargo, Bhutan, Jeju Airlines, US Bangla Airlines and Viet Jet Air for all routes from Thailand

▪Wholesale Freight Forwarder : providing domestic and international air freight services for co-loaders

▪Air Cargo Terminal : international and domestic cargo terminal at Don Muang Airport

▪Shipping Line Agencies : • Thailand Joint Venture : CK Line

▪Wholesale Freight Forwarder : Thailand Joint Venture with ECU Worldwide, global leader in Less-than Container Load (LCL) services with network in over 160 countries

▪ Inland Container Trucking Services: transport containers to and from seaport / container depot

▪ Integrated Freight Forwarder : International freight forwarding services for both sea & air transport and customs clearance for retail customers

▪Warehousing : storage, inventory management, and real-time reporting

▪Distribution Management : modern trade, shops, home delivery

▪Fulfillment Service : focus on E-Commerce and end to end supply chain services

▪ Integrated Freight Forwarder : International freight forwarding services for both sea & air transport and customs clearance for chemical & dangerous goods

▪Dedicated Chemical Warehouse : storage, inventory management, and real-time reporting

▪ Inland and Distribution Management : for industrial and B2B market

▪DG Packaging : sale of packing materials, DG declaration and repacking services

▪ ISO Tank Business : as agent for Nippon Concept Co., Ltd, a Japanese based ISO tank operator for liquid chemical

3. Business Outlookfor 2021

1. Our Business

2. YE2020Financial Performance

648.8517.5

335.6517.5

Q4/19 Q4/20 Q3/20 Q4/20

2,712.5

1,607.4

YE19 YE20

Performance YE2020 – Revenue Quarterly – Q4/19 Vs. Q3/20 Vs. Q4/20

Revenue YE19 YE20 YoY Q4/19 Q4/20 YoY Q3/20 Q4/20 QoQAirfreight 2,215.6 912.31/ (59%) 534.2 322.51/ (40%) 164.71/ 322.51/ 96%Sea freight 84.9 48.82/ (43%) 20.8 13.52/ (35%) 12.5 13.52/ 9%Logistics 181.8 176.3 (3%) 42.5 55.6 31% 42.0 55.6 32%Chemical 526.9 523.0 (1%) 127.5 143.2 12% 129.3 143.2 11%Total Revenue 3,009.2 1,660.3 (45%) 725.0 534.9 (26%) 348.5 534.9 53%Revenue Consol 3/ 2,712.5 1,607.4 (41%) 648.8 517.5 (20%) 335.6 517.5 54%

YTD – YE19 Vs. YE20Unit : Million Baht

Remark: 1/ Airfreight revenue did not include GSA revenues from servicing AirAsia in the approximate amount of THB 100 million, THB 250 million, THB 4 million and THB 220 million in Q1/20, Q2/20, Q3/2020 and Q4/2020 respectively, since TLP-TH was categorized as Joint Venture

2/ Sea freight revenue significantly decreased since Rizhao ceased its business since January 20203/ After eliminating inter-company transactions.

55%

3%11%

31%

74%

3%

6%

17%

Revenue Composition YE2020Revenue

Revenue (Million Baht) Airfreight Sea freight Logistics Chemical TotalYE19 2,215.6 84.9 181.8 526.9 3,009.2YE20 912.3 48.8 176.3 523.0 1,660.3

% Proportion

Chemical

Airfreight

Chemical

Sea freight

Airfreight

Sea freight

YE20YE19

Remark : *These figures shown are gross numbers before eliminating Inter-company transactions.

94.3101.5

75.7101.514.5%

19.6%22.6%

19.6%

5.0%

10.0%

15.0%

20.0%

25.0%

Q4/19 Q4/20 Q3/20 Q4/20 -

100.0

200.0

438.1

334.116.1%

20.8%

-2.0%

3.0%

8.0%

13.0%

18.0%

23.0%

YE19 YE20 -

100.0

200.0

300.0

400.0

Performance YE2020 – Gross ProfitQuarterly – Q4/19 Vs. Q3/20 Vs. Q4/20YTD – YE19 Vs. YE20

Unit : Million Baht

Gross Profit YE19 YE20 YoY Q4/19 Q4/20 YoY Q3/20 Q4/20 QoQAirfreight 205.7 118.1 (43%) 38.2 42.1 10% 20.6 42.1 104%Sea freight 60.1 23.1 (62%) 14.7 5.3 (64%) 6.1 5.3 (12%)Logistics 51.6 59.3 15% 12.1 19.7 63% 14.0 19.7 41%Chemical 126.8 137.9 9% 30.9 35.2 14% 36.2 35.2 (3%)Total Gross Profit 444.2 338.3 (24%) 95.8 102.4 7% 76.9 102.4 33%Gross Profit Consol 1/ 438.1 334.1 (24%) 94.3 101.5 8% 75.7 101.5 34%GPM 16.1% 20.8% 14.5% 19.6% 22.6% 19.6%

Remark: 1/ After eliminating inter-company transactions.

35%

7%17%

41%46%

13%

12%

29%

Gross Profit Composition YE2020Gross Profit

Revenue (Million Baht) Airfreight Sea freight Logistics Chemical TotalYE19 205.7 60.1 51.6 126.8 444.2YE20 118.1 23.1 59.3 137.9 338.3

% Proportion

YE20YE19

Remark : *These figures shown are gross numbers before eliminating Inter-company transactions.

Chemical

Logis

tics

AirfreightChemical

Airfreight

164.5 162.5

6.1%

10.1%

-1.0%1.0%3.0%5.0%7.0%9.0%11.0%

YE19 YE20 -

50.0

100.0

150.0

200.0

28.4

48.3 57.0 48.3

4.4%

9.3%

17.0%

9.3%

-

20.0

40.0

60.0

Q4/19 Q4/20 Q3/20 Q4/200.0%

5.0%

10.0%

15.0%

Performance YE2020 – Net ProfitQuarterly – Q4/19 Vs. Q3/20 Vs. Q4/20YTD – YE19 Vs. YE20

Unit : Million Baht

Net Profit YE19 YE20 YoY Q4/19 Q4/20 YoY Q3/20 Q4/20 QoQNet Profit Consol 164.5 162.5 (1%) 28.4 48.3 70% 57.0 48.3 (15%)NPM 6.1% 10.1% 4.4% 9.3% 17.0% 9.3%

Analysis

Overall Performance YE2020

Unit : Million Baht YE19 YE20 Change%

Change+ / (-)

Revenues from sales and services 2,712.5 1,607.4 (1,105.2) (40.7%)Costs of sales and services 2,274.5 1,273.3 (1,001.2) (44.0%)Gross profit 438.1 334.1 (104.0) (23.7%)Gross profit margin (%) 16.1% 20.8% 4.6%Other income 11.8 57.0 45.1 381.7%Selling expenses 80.9 67.1 (13.8) (17.0%)Administrative expenses 280.0 266.1 (14.0) (5.0%)Gain (loss) on exchange rate - net 8.0 (0.8) (8.7) (109.6%)Financial Cost 14.9 31.4 16.5 110.5%Share of profits from investment in Asso&JV 96.2 135.4 39.3 40.8%Net profit 164.5 162.5 (2.0) (1.2%)Net profit margin (%) 6.1% 10.1% 4.0%

▪ Gain (loss) on exchange rates decreased as theCompany completely paid all accrued expenses foracquisitions of DGP & Around in Q1/20

▪ Financial Costs from borrowing and the right of use dueto adoption of new accounting standard in the amount ofTHB 27 million and THB 4 million, respectively.

▪ Decrease in SG&A resulting from cost managementmeasures that reduced expenses to counter thedecrease in revenue due to the Covid-19 impact,together with the business restructuring of TLP-TH.

▪ Provision for extraordinary expense during the 2nd and 3rd

quarter 2020 in the total amount of THB 29 million.

▪ Profits from Asso&JV increased as Around Groupshowed extraordinary performance and DGPS achievedits performance target. The Company take loss fromAOTGA in the amount of THB 34 million in 2020

Gain on disposals of SAL’s investment and re-evaluation ofits fair value in the total amount of THB 44 million.

Financial Status as of 31 December 2020 Financial Ratio

Liability

EquityAsset

Ratio YE18 YE19 YE20

Company PerformanceROE (%) 1/ 13.0% 13.3% 12.6%Collection Period (days) 42.1 45.9 78.9 Payment Period (days) 61.1 67.8 102.9 Debt PerformanceCurrent Ratio (times) 2.1x 1.2x 0.9xD/E Ratio (times) 0.6x 0.7x 0.9xIBD/E Ratio (times) 0.0x 0.3x 0.6xDSCR (times) 14.5x 3.0x 1.6xProfitability PerformanceGross Profit Margin (%) 17.5% 16.1% 20.8%EBITDA Margin (%) 7.9% 8.9% 17.6%Net Profit Margin (%) 5.4% 6.1% 10.1%EPS (Baht per share) 0.25 0.27 0.27Trailing 12M EPS (Baht per share) 2/ 0.25 0.27 0.27

Remark : 1/ Trailing 12M Net Profit2/ Adjusted EPS based on existing shares at that time

Core Asset Million BahtCash 110AR 433PPE 203Investment (JV&Asso) 1/ 1,238

Core Liability Million BahtAP 314IBD2/ 733

Unit : Million Baht

Remark : 1/ DGP THB 266 million, Around THB 513 million and GV THB 65 million2/ Short-term loan THB 130 million / Long-term loan THB 390 million and Leasing THB 213 million

Financial Health YE2020

2,406

1,115

1,291

Asset Liability and Equity

1. Our Business

2. YE2020Financial Performance

3. Business Outlookfor 2021

Business Plan 2021

o Full-range services: the Company will continue to emphasize on offering a full range of services, includinginternational freight, local warehouse and distribution services, focusing on key customers in two sectors: food,medicines, health and beauty sector and e-commerce sector

o Increase Fulfillment station utilization rate: in respect of warehouse and logistics service, the Company plans toincrease utilization of fulfilment station, increase service capabilities and efficiency offering 24/7 service, enhanceefficiency through connectivity with information technology and API development in all channels. The Company willalso develop cold storage and increase fulfilment lines to accommodate for growth in e-commerce orders.

o CK Line’s route expansion: CK Lines, the Company’s associate company, expects to expand its service duringthe end of Q1/2021 in North Asia for routes traveling through Hong Kong, Busan and China and onward to Japanand North China to accommodate demands for sea freight due to the shortage of containers and freight occurredduring the end of Q4/2020.

o Cargo Flight: the Company has offered charter flight service in Q2/2020, and subsequently changed to cargo flightservice with a more certain flight schedules in potential routes in Q4/2020 which received a positive feedback. Forthis year, the Company will continue to focus on expanding its network of services through allies including TLPand AROUND to extend its coverage to key routes in the region.

o New Demand: The Company will have an opportunity for expansion of air freight business from new demand thatwill arise from distribution of vaccines.

o Logistics service for Pharma and Vaccine: the Company will develop logistics service to accommodate fortransport of medicines and vaccines – temperature-controlled transport.

Business Strategies for Business DevelopmentThe Company puts emphasis on its Business Development Unit, which is an important source of revenues and promotes the Company’sstrategic plan in business acquisition and investment in logistics companies and other potential related businesses in order to secure newsources of revenues locally and regionally. The Company is also developing new forms of business and logistics service to increasediversification and respond to consumers’ new normal behavior in using logistics services arising after the outbreak.

• Develop interesting business models from its existing businesses with business partners such as SameDay Delivery for local air freight service, priority express local freight service (Thailand 24),temperature-controlled transport, transport of food and fresh vegetables and fruits and expansion ofdelivery business among C2C customers.

Local Logistics Services for E-Commerce

1

E-Commerce Enabler

2 • Provide E-Commerce Enabler service which is a fulfillment service that will introduce channels ofproduct distribution via digital platform and social platform to customers who only distribute theirproducts via offline channels and will also improve efficiency for customers who already sell theirproducts via online channels.

Rail Logistics

3 • Develop domestic rail logistics service which has a gap in developing this mode of transportation asefficient product transport system that will be an alternative option to customers and can be furtherdeveloped as cross-border railway transport.

Temperature-controlled Transportation

4• The Company recently incorporated Cool Chain Logistics Pte., Ltd. in Singapore with foreign partners

to specifically serves for medicines and medical equipment transportation to support the demand forvaccines, test kits and medicines which require special temperature-controlled transport to maintainproduct quality.