13_MDA Q1_2563 EN -Translated Version- No. ECF2 018/2020 May 15, 2020 Subject: Management Discussion and Analysis of the 1st quarter ended 31 March, 2020 To President The Stock Exchange of Thailand

1 Ref. No. IVL 006/11/2017 9 Nov 2017 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Reviewed Financial Statements and the Management Discussion and Analysis of

/Ton) 1,927 3,185 Unit : million Baht 31-Mar-18 31-Dec-17 Total Assets 32,599 32,172 Total Liabilities 19,645 19,781 Total Equity 12,954 12,391 Gr ou p HR C Gr ou p บริษัท จี สตีล จ ำกัด (มหำชน) G Steel

, even with the divestment of assets in the Nikaho and Nagi projects in Japan in September 2018. From the said divestments, the company recorded profit from selling of the assets at THB 795 million

Material Transactions Deemed as Acquisition or Disposal of Assets and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed

pool of assets that is required to be registered as a mutual fund with the Thai SEC. (name of the Operator of the NRI CIS) (name of the NRI CIS) Page 3 of 8 Form 35 – NRI CIS 6) Is the NRI CIS authorised

% YoY due to consolidation of right-of- use assets from TTTBB’s acquisition, and increasing 2.1% QoQ due to ongoing 5G investments. • Network OPEX & NT partnership cost was at Bt5,453mn, increasing 1.1

ETERNAL 6 SPECIAL PURPOSE VEHICLE COMP... ETERNAL CREDIT CARD SPECIAL PURPOSE VE... ETERNAL ENERGY PUBLIC COMPANY LIMITED ETERNAL SPECIAL PURPOSE VEHICLE COMPAN... ETERNITY GRAND LOGISTICS PUBLIC COMPAN

the ratification of the acquisition of assets of the ordinary shares of Phuketfuture Development Company Limited in the proportion of 80 %, approved by the Board of Directors' Meeting No. 4/2015 held on

22) |- Protection of Customer Assets (Section 33) |- Internal operation of Securities Companies | - |- Outsourcing Services | - |- Appoint service provider OR marketing representatives (Section 18