Limited Page 1/14 Management Discussion and Analysis for year 2019 1. Highlights Unit: million Baht Year 2019 Year 2018 P er fo rm a n ce Revenues 12,923 29,910 Sales Volume (k tons) 710 1,447 EBITDA (271

Unit: million Baht 2 nd Quarter 2017 2 nd Quarter 2016 Group Revenues 3,276 3,278 Group Sales Volume (k tons) 188 188 Group EBITDA 64 613 P er fo rm an ce Group Net Profit (Loss) (233) 183 HRC Sales (k

2016 Pe rfo rm an ce Group Revenues 3,292 2,897 Group Sales Volume (k tons) 182 187 Group EBITDA 213 109 Group Net Profit (Loss) 65 (30) HR C HRC Sales (k tons) 182 187 HRC Production Volume (k tons) 190

quarter of 2019 continued to expand driven mainly by domestic demands. Private consumption expanded in all categories supported by the improvement in purchasing power from the rise in farm and non-farm

in sale quantity and production cost. Performance Revenue from sale and cost of sale The Company and subsidiary recorded a sales volume of 1,449,290 tons for the year 2018, increased by 66,524 tons

2017 Pe rfo rm an ce Revenues 8,117 3,526 Sales Volume (k tons) 388 189 EBITDA 548 317 Net Profit (Loss) 366 967 HR C HRC Sales (k tons) 388 189 HRC Production Volume (k tons) 382 183 HRC Average Selling

2017 Pe rfo rm an ce Revenues 7,815 3,276 Sales Volume (k tons) 378 188 EBITDA 118 64 Net Profit (Loss) (451) (233) HR C HRC Sales (k tons) 378 188 HRC Production Volume (k tons) 363 188 HRC Average

& ANALYSIS CONSOLIDATED P&L SNAPSHOT THB (mn) 2Q 2017/18 1Q 2018/19 2Q 2018/19 QoQ (%) YoY (%) Operating revenue 978 1,077 1,208 12.2% 23.5% Cost of sales 387 392 537 37.1% 38.7% Gross profit 591 685 670 -2.1

period of the year 2016. The net profit (loss) was Baht 5.57 million, The amount of money decreased (28.14) million or decreased (504.98), mainly due to the following reasons: 1. Revenues from sales and

sales and service was Baht 770.1 million, increased 12.3% from 1Q18 and decreased 0.2% from 4Q18. Q1 2019 2018 YoY% 2018 QoQ% Revenue from sales 769.9 686.0 12.2% 771.8 -0.2% Revenue from service 0.2