) unrated bonds and (2) non-retail mutual funds that invest in unrated or non-investment grade debt instruments without limit on the investment proportion. The resolutions aim to provide those seeking to

Management’s Discussion and Analysis (MD&A) For Q2/2017 GSteel 3 Executive Summary In the second quarter of 2017, the company has HRC sales of 127,385 tons which is the same level as previous quarter. The

rainfall in the Eastern part of Thailand will be lower than average level about 20% in May and higher than average level about 5% during June – July. The average water in the reservoirs in Chonburi and

EBITDA/t (US$/t)) 122 107 91 34% 105 86 22% Net Operating Debt to Equity 0.57 0.84 0.91 (37)% 0.57 0.91 (37)% Note: (1) Consolidated financials are based upon elimination of intra-company (or intra

revenue from sales because the sales volume decreases as steel domestic 's consumption was discouraged by economics and loss of sales opportunities related to a low level of stocks due to a limited

from foreign exchange gains. However, the Company can maintain the level of selling and administrative expenses to be in the same criteria. And the financial cost of which increased THB 2.2 MB. arising

/ Financing Cost) which edged up to 120x as of 31 December 2017. Debt to Equity Ratio decreased to extremely low level. Please be informed accordingly. Yours sincerely, (Mr. Wachira Wudhikulprapan) Managing

insufficient inventory space. The cost per unit therefore increased significantly. Which the company has already built a factory to solve the said problem. However, the company could maintain the level of

making a forward exchange contact. The Company can maintain the level of selling and administrative expenses. Including, financial costs in the same criteria. The Company therefore earned net profit in Q2

discouraged by economics. Lose sales opportunities in relation to a low level of stocks due to a limited warehouse space. Other income 2.8 6.1 117.9% A gain and profit in exchange rate comparing to the same