MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

recognized allowance for bad debt and doubtful account of credit balance receivables and derivatives business receivables increased of Baht 100.84 million in large clients with EARTH shares that was a

45.00 137.32 -92.32 -67.23% Operating results for each business segment are shown below: 1. Manufacturing and Selling of Special Cutting Tools unit: THB million 2019 2018 Change (THB million) Change

information, management team, experience in operating such business, previous operating results, conditions and remuneration the REIT received from the lease agreement, opinion of the REIT Manager on the

Management Discussion and Analysis Year Ending 31 December 2019 G J Steel Public Company Limited Page 2/14 2. Business Outlook Total Hot Rolled Steel consumption for 2019 at 6.66 MT decreased by 8% compared to

Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2019 G J Steel Public Company Limited Page 2/13 2. Business Outlook The Domestic HRC prices were severely

in Plant, Property and Equipment (PP&E) of subsidiaries in which the power plants are in construction. Moreover, for the first half of 2018, GPSC and its subsidiaries had received net cash of Baht

1,900.00 million for the construction of Carnival Magic Project and circulating in the business of Phuket Fantasea. Later, The 2019 Annual General Meeting of Phuket Fantasea has approved the increase of the

intrinsic value of the assets and business based on historical and potential earnings and cash flow of the business. It has been valued by a range of valuation methods including relative valuation as

. Objective of the capital increase and the use of proceeds to be received 5.1 to be used to expand the business via Direct Investments and additional investments in associated companies in property business