-1- AIT (VP-SEC) 016E/2021 August 10, 2021 Subject: Management's Discussion and Analysis of Operating Results for Q2-2021 To: The President of the Stock Exchange of Thailand Summary of Operations Q2

business through BCP Trading Co., Ltd., the company’s performance has improved from a higher transaction volume in terms of product line, and new trade partners. Marketing Business Group has exhibited

4.2 percent in 2018. Against the backdrop of a global trade slowdown and US-China trade uncertainty, merchandise exports and imports for the year contracted by 2.7 and 4.7 percent from 2018

. 5. General Characteristics of the Transaction Transaction Type: Acquisition or Disposal of Assets of Category 2 as classified following the Notification of the Stock Exchange of Thailand Consideration

of loss on exchange rate of THB 26.27 million due to the fact that the Thai Baht value appreciated against US Dollar and the Company had the foreign trade receivables about USD 21.31 million. Financial

funding for its own production. This is to maintain market share and to meet demand for HRC local customers. However, the domestic steel industry has been affected by a trade war between China and the

portion of trade debts into equity and gain form exchange rate which those non-cash revenues were high at Baht 1,045 million while this year the company has such non-cash gain only Baht 225 million. From

becomes bankrupt. However, the case has currently been considered by the Central Bankruptcy Court and the progress will be announced and informed through the Stock Exchange of Thailand on due course. In

Stock Exchange of Thailand on due course. In terms of the production in 2018, the Company still continues its operation and produces Hot Rolled Coils. Further, the Company is in the process of obtaining

- Translation - Page 1 of 7 CBG 019/2018 11 May 2018 Subject Management discussions and analysis for the 3-month period ending 31 March 2018 To President The Stock Exchange of Thailand We, Carabao