Management Discussion and Analysis Q1/2020 Page 1/4 JAS Asset Public Company Limited - Translation - IR63/009 15 May 2020 Subject: Management Discussion and Analysis, 1st Quarter Ending 31 March 2020

during Q2/2020. While inventory showed Baht 460 million as of 30 June 2020, an increase of Baht 51 million from Baht 409 million of ending 2019 or 12.62% increased resulting from the lower purchasing

decrease of Baht 13 million from Baht 409 million of ending 2019 or 3.24% decreased resulting from the lower purchasing volume during year-end 2019. Liabilities : As of 30 September 2020, GC recorded total

trade accounts receivable by Bath 70 million from Baht 578 million in year-end 2018 to be Baht 648 million of ending Q3/2019, or 12.24% increased resulting from the higher collection period. While

8 บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 2 Ending 30 June 2018 G Steel Public Company Limited Page 1/14 Management Discussion and

8 บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2018 G Steel Public Company Limited Page 1/14 Management Discussion and

consideration and feasibility study of branch development SET shall be further informed if the conclusion was done. 4 In case decide for earliest branch development: Franchise period is 2018-2029 In case decide

informed if the conclusion was done. 4  Franchise period when HHC decided to operate the branches In case decide to earliest operate: Franchise period is 2018-2029 In case decide to latest operate

company's group. 6. Opinions of the Audit Committee and Directors of the Company who had different views from the Board of Directors. The Audit Committee had the opinion in correspondence with the conclusion

revenue had not been adequately supported with proper evidences. Consequently, the management has adjusted and restated the relevant financial statements as described above. Conclusion : The Group reported