% Electricity Sales to EGAT  Electricity sales to EGAT increased 10.4% y-on-y and 13.2% q-on-q (Baht 10,729 million in 6M’2018 / Baht 5,697 million in Q2’2018).  The volume of electricity sold to EGAT increased

12.4% 8,805 9,691 10.1% Electricity Sales to EGAT • Electricity sales to EGAT increased 16.2% y-on-y and 10.3% q-on-q (Baht 17,012 million in 9M’2018 / Baht 6,283 million in Q3’2018). • The volume of

the 3rd Quarter 2018. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale and raw material importation by hedging forward contract from several

Power (IRPC-CP Phase 1 and Phase 2) in November 2017, in which GPSC holds 51% equity, allowed the company to expand the electricity generating capacity resulting in an increase in volume of electricity

Limited Page 1/14 Management Discussion and Analysis for year 2019 1. Highlights Unit: million Baht Year 2019 Year 2018 P er fo rm a n ce Revenues 12,923 29,910 Sales Volume (k tons) 710 1,447 EBITDA (271

1 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 Unit: million Baht Year 2018 Year 2017 Pe rfo rm an ce Revenues 29,910 15,178 Sales Volume (k tons) 1,447 812

G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 (Revised) Unit: million Baht Year 2018 Year 2017 Pe rf or m an ce Revenues 29,910 15,178 Sales Volume (k tons) 1,447

2016 Gr ou p Group Revenues 25,705 21,684 Group EBITDA 2,306 1,555 Group Net Profit (Loss) (435) (1,048) HR C HRC Sales (k tons) 1,381 1,326 HRC Production Volume (k tons) 1,429 1,336 HRC Average Selling

) Unit: million Baht 2017 2016 Gr ou p Group Revenues 25,705 21,684 Group EBITDA 2,306 1,555 Group Net Profit (Loss) 365 (1,048) HR C HRC Sales (k tons) 1,381 1,326 HRC Production Volume (k tons) 1,429

Q1’19 Q4’19 Q1’20 change change Btmn Btmn Btmn y-on-y q-on-q Other revenues 48 136 92 91.7% (32.4%) Share of profit (loss) of associates 30 24 27 (10.0%) 12.5% Gain (Loss) on exchange rate 11 (15) (213) n