V2 14/05/62 0 V2 14/05/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the First Quarter of 2019 The Thai economy in the first quarter of 2019

2018 due to slowdown in Thailand economy. Meanwhile, imports of Hot Rolled Steel increased by 2% to 4.04 MT due to strengthening of THB and the effect of termination of enforcement of Safeguard Measure

oil inventory remained high, crude palm oil (CPO) price continuously declined, as well as Crude Palm Kernel Oil (CPKO) price decreased. This year, the Thai government biodiesel mandate was set to B5 and

Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two languages, the Thai version

raw material, due to droughts. However, with the ability to efficiently manage raw material, thus improving gross profit. Moreover, revenue increased from the sales of Ethanol used for production

Afghanistan and additionally from new export destinations. Export sales to CLMV countries, an existing and large international business base for the Company, increased by THB 403 million or 7.3% mainly due to

attributed to the appreciation of the Thai Baht versus the US dollar. (Separate: Baht 169 million). บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 1

Analysis | 2 Executive Summary In 2Q2018, Domestic palm oil production has increased as well as in other countries, consequence to lower Crude Palm Oil (CPO) prices and Crude Palm Kernel Oil (CPKO) prices

countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality business generated THB 3,818m in 2019 or 48% increased from 2018. The significant increase in revenue from Hospitality business

year 2018, revenues from sales and services from Distributor of medical devices and equipment is THB 1,828 million increased by 3% compared with the same period last year. Over the next three years