GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2018 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

capacity to the full capacity level in 2019. 2. Business Outlook on Q3/2018 Management’s Discussion and Analysis (MD&A) For Q2/2018 3 Executive Summary The steel industry in Thailand shrunk in the second

generation capacity of approximately 40 tons per hour. 1.2 The Signing of Project Development for Xe Kong 4A and 4B Hydroelectronic Power Project in the Lao People’s Democratic Republic On May 29, 2018, the

GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2018 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

ที่ กตพ Ref. DBP. 156 / 2018 November 12, 2018 Subject : Clarification on Operating Results for the 3rd quarter and 9-month Period ending September 30, 2018 To : President The Stock Exchange of

) Net cash from (used in) financing activities (934) Net increase (decrease) in cash and cash equivalents (249) Cash and cash equivalents at 1 January 2018 578 Effect of exchange rate changes on balances

financing activities 3,573.11 Effect of exchange rate changes on balances held in foreign currencies 313.65 Net cash increase during the period 6,108.96 5.1 Net cash from operating activities increased cash

13.1% 14.6% -1.5% 12.3% 14.3% -2.0% In September 2018, the Company completed divestment of Interactive Communications – a subsidiary of the group - and booked gain on sales of investment of THB 12.3

machinery, subsidiaries, and joint ventures both in Thailand and overseas. Capitalization period for capitalized interest on investment in buildings, plants, and machinery ceases when the asset is ready for

ดูแลเนื่องจากถือว่าทั้งผู้ออกและผู้ซื้อรู้จักกันเป็นอย่างดี กระบวนการออกตั๋วเงินจึงทำได้ง่าย สะดวก และต้นทุนต่ำ ในขณะที่การออกหุ้นกู้มีวัตถุประสงค์ในการระดมทุนในระยะยาวที่มีลักษณะเป็น financing