companies? anti-corruption practices and thus should be extensively applied to the companies themselves along with their business partners, advisors, consultants, intermediaries or business representatives

Steel Public Company Limited (the “Company”), on May 26, 2017, the Company executed a memorandum of understanding (the “MOU”) with Kendrick Global Limited (“KG”), a subsidiary of SSG Capital Partners III

Transactions”) Chote Pittayachai 5 Co., Ltd., shareholding structure information as of 17 May 2019 Shareholders No of shares Shareholding percentage (%) Kudun and Partners PS Limited* 8,569 85.69 Other

information as of 17 May 2019 Shareholders No of shares Shareholding percentage (%) Kudun and Partners PS Limited* 8,569 85.69 Other shareholders (12 debenture creditors) 1,431 4.31 Total 10,000 100.00 Note

expenses (4.51) (59.97) (5.21) (2,480.95) Financial cost (0.03) (0.40) (0.06) (28.57) Share of loss in associates (15.06) (200.27) (11.71) (5,576.19) Total expenses (32.57) (433.11) (33.99) (16,185.71

loss in associates (27.89) (365.53) (29.27) (5,739.22) Total expenses (123.60) (1619.92) (205.07) (40,209.80) Profit (Loss) before tax (113.79) (1,491.35) (197.67) (38,758.82) Tax - - - - Net Profit

claimed from maintenance reserve fund, breakage revenues and flyer bonus revenue. Share of Profit from Investments in Associates The Company has share of profit from associated companies decreased from

impairment of investments in associate (0.01) (0.05) (1.64) (268.85) Management benefit expenses (11.30) (58.89) (14.16) (2,321.31) Financial cost (0.12) (0.63) (0.14) (22.95) Share of loss in associates

derived from maintenance reserve fund awaiting for reimbursement, ticket fee, breakage revenues. 12 ASIA’S BOUTIQUE AIRLINE Share of Profit from Investments in Associates The Company reported share of

particular plummeted due to lockdown measures implemented in several countries, including Thailand. Worse, exports contracted as a result of the moribund economies of Thailand’s trade partners. At the same