E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter

shares in other companies (Holding Company) which engage in the property business whereas the Company has agreed to accept the transfer of all assets and liabilities of UE as of the entire business

to: • Decrease in financial cost of THB 17 Million consequent to debt reduction programme. • Net gain from exchange rate of THB 71 Million resulting from the strengthen in Thai Baht, whilst last year

acquisition. Change Consolidated financial statements Financial Performance of the Group 2 Significant events for the period ended 30 September 2020 On 21 August 2020, Asia Clean Energy Co. Ltd., a subsidiary

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

”) held on April 5, 2019, approved the acquisition of ordinary shares of Universal Waste Management Company Limited (“UWM” or the “Target”), formerly named Asia Recycle Holding Company Limited, by Ferrum

average selling price decreased considerably due to slowdown in Thai economy, strengthening of Thai Baht, and surge in imports of Alloy Steel and Galvanised HRC post expiry of safeguard duties. While total

market price worldwide and a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. Management’s Discussion and Analysis (MD&A) For Q2/2017 GSteel 2 - HRC cash

due to the unfavorable economic and industry conditions i.e. Thai energy drink market, according to Nielsen data, reduced by 2.8% in 2017 and shrank by another 3.6% in the 1Q/2018 as compared to the

and according to target. In 2019, Thai economy has decelerated with GDP reported at 2.4% decreased from 4.1% in 2018 as a result of declining in export growth and Baht appreciation. The world-trade