Public Company Limited Management Discussion and Analysis Quarter 1 Ending 31 March 2018 G Steel Public Company Limited Page 2/12 Performance Revenue from sale and cost of sale Q1/2018, The Company and

decrease of production together with Graphite Electrode’s price which part of conversion cost higher than same period of last year. Performance Revenue from sale and cost of sale Total revenue from sales and

growth, cost of business, financing cost and selling and administrative expenses. The Company continuously monitors the financial performance on a quarterly basis and is ready to calibrate its business

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and cost reduction, the overall performance still inferior to the Group own development biomass power plant. This was led to the decrease of gross profit margin of biomass power plant. 6 Administrative

% Effective gas cost Baht/mmBtu 245.98 236.59 -3.8% B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion and Analysis ABBREVIATION & OUR PROJECTS EXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL

%. Delivered FY20 performance in-line with guidance from well-managed cost Overall FY20 performance tracked in- line with all guidance. Core serviced revenue of Bt129,594mn declined -5.1%YoY vs guidance of low

126 197 215 462 557 Gross profit Revenue Cost of sales and service Sriracha plant performance (Unit: THB million) 4,481 4,057 4,019 3,500 9M/16 9M/17 Gross profit Sriracha Power Plant: IPP Q3/16 Q2/17

1H/2016. Financial Performance Project UpdatesExecutive Summary Natural gas (IPP) Natural gas (SPP) Maintenance fee Others Other raw materials Cost of sales and services (exclude depreciation and

due to the higher cost of fresh cassava and cassava chips. Natural resources business, exploration and production business recorded a decreased revenue, as there were no performance contribution from