attributed to the appreciation of the Thai Baht versus the US dollar. (Separate: Baht 169 million). บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 1

hire an appraiser approved by the Securities and Exchange Commission. 2 The change is the result of the Thai Accounting Standard No. 16 (revised 2017), regarding Property, Plant and Equipment has

(down 40% yoy) because FA EBITDA margin was decreased from lower Market P2F margin. However, the company recognized profit of THB 27 million from investments in the Thai Ethoxylate Company Limited (TEX

company recognized profit of THB 46 million from investments in the Thai Ethoxylate Company Limited (TEX) which produces Fatty Alcohol Ethoxylate (Derivative Product of FA). Lastly, the company had gotten

rate in 2009 following the Hamburger crisis. The Committee assessed that the Thai economy would expand at a lower rate than previously assessed and lower than its potential due to a decline in exports

the company and its subsidiaries was at Baht 16.85 million or -47.7 percent. The results of the current quarter have decreased by compared with the same period last year. The Thai economy in the latest

* According to the adoption of Thai Financial Reporting Standard No.9 Financial Instruments since January 1, 2020, the Company reclassified loan from financial institution for the MRT Purple Line Project (the

power and increased price competitiveness. For the business outlook for Q3/2020, the trend of the Thai economy is expected to contract compared to the same period of 2019 from the COVID-19 pandemic

(UNOFFICIAL TRANSLATION) Codified up to No. 5 As of 3 July 2018 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference

282 million. • Net cash flow from financing activities of Baht 500 million resulting from long-term loan agreements with the financial institution of IRPC-CP, in-line with the cash flow plan to support