Management’s Discussion and Analysis (MD&A) For Q1/2018 1 1. Highlights G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2018 Unit: million Baht 1st Quarter 2018 1st Quarter

Management’s Discussion and Analysis (MD&A) For Q2/2018 1 1. Highlights G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q2/2018 Unit: million Baht 2nd Quarter 2018 2nd Quarter

MD&A Q2Y2018 (E) -14.8.61(6.25PM) Ratchabur i Electr icity Generating Holding PCL Management Discussion and Analysis For the Three-month and Six-month Per iods Ended 30 June, 2018 Management

business restructuring decreased of Baht 204.45 million due to in 2016 the Group has restructured of the publishing and distribution of publications due to the shift of consumer trends. The Group has set up

Plc. (NINE) - - 99,998 99.99% Ms. Wilai Somduangjate 99,998 99.99% - - Other 2 persons 2 0.01% 2 0.01% Total 10,000 100.00% 10,000 100.00% Objectives Investment for advertising revenue from distribution

quarter of 2016, the Group has restructured of the publishing and distribution of publications due to the shift of consumer behaviors. The Group has set up a provision for inventory obsolescence and written

14.61 million or increased THB 56.88 million or 134.57% because film production and distribution films’ right generated more revenue. Moreover, cost and expense of the Company was managed more effectively

quarter of 2016, the Group has restructured of the publishing and distribution of publications due to the shift of consumer behaviors. The Group has set up a provision for inventory obsolescence and written

pocket books selling increase 12.61%.  Revenues from rendering of services decreased 78.86% due to the company had ceased to be distribution agent for foreign publications from September 1, 2018 onwards

and rendering of services decreased 35% in line with the decrease in revenue from sales of goods and rendering of services.  Distribution costs and administrative expenses decreased 30% due to in the