ลการเสนอขายตราสารหนี้ plain/common ภายใตการเสนอขายแบบ PP-II/HNW 5 1.4 ตัวกลางในการขาย ปจจุบันสํานักงานมีขอกําหนด sales conduct สําหรับการขายหลักทรัพยแตละประเภท แลว แตหากหลักเกณฑไมไดกําหนดใหการ

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

Unit: million Baht 2 nd Quarter 2017 2 nd Quarter 2016 Group Revenues 3,276 3,278 Group Sales Volume (k tons) 188 188 Group EBITDA 64 613 P er fo rm an ce Group Net Profit (Loss) (233) 183 HRC Sales (k

revenue 792 852 978 14.9% 23.5% Cost of sales 326 356 387 8.8% 19.0% Gross profit 466 496 591 19.2% 26.7% EBITDA 320 352 444 26.0% 38.8% Adjusted EBITDA1 324 361 451 25.1% 39.2% EBIT 236 251 333 32.5% 41.3

2016 Pe rfo rm an ce Group Revenues 3,292 2,897 Group Sales Volume (k tons) 182 187 Group EBITDA 213 109 Group Net Profit (Loss) 65 (30) HR C HRC Sales (k tons) 182 187 HRC Production Volume (k tons) 190

(mn) 2016 2017 YoY (%) Operating revenue 735 932 26.9% Cost of sales 330 390 18.1% Gross profit 405 542 34.1% Selling, general & administrative expenses 281 292 3.8% EBITDA 173 348 101.4% Net profit

sales and increased in number of registered vehicles for investment purposes. Exports during the first quarter of 2019 contracted 1.6% from the same period last year as a result of declining global demand

in sale quantity and production cost. Performance Revenue from sale and cost of sale The Company and subsidiary recorded a sales volume of 1,449,290 tons for the year 2018, increased by 66,524 tons

2017 Pe rfo rm an ce Revenues 8,117 3,526 Sales Volume (k tons) 388 189 EBITDA 548 317 Net Profit (Loss) 366 967 HR C HRC Sales (k tons) 388 189 HRC Production Volume (k tons) 382 183 HRC Average Selling

SNAPSHOT & ANALYSIS CONSOLIDATED P&L SNAPSHOT THB (mn) 1Q 2017/18 4Q 2017/18 1Q 2018/19 QoQ (%) YoY (%) Operating revenue 852 1,128 1,077 -4.6% 26.5% Cost of sales 356 406 392 -3.5% 10.1% Gross profit 496