warrants exercise  LTM 3Q18 Operating Cash Flow of $1,037 million  Net Operating D/E ratio 0.53x; Rating Upgrade to AA- with “Stable Outlook”  2019 Guidance reaffirmed; attractive and accretive production

same trend as in Q4/17. We strongly believe that we can increase production capacity and also maintain the metal spread to strengthen the Company business. 2. Business Outlook on Q1/2018 Management’s

stable and will moving in the same trend as in Q4/17. We strongly believe that we can increase production capacity and also maintain the metal spread to strengthen the Company business. 2. Business Outlook

comprised of operating expense, selling and administrative expense, and depreciation, increased by THB 1,275mn (19.9% YoY) to THB 7,676mn. The increase in total consolidated expenses was contributed largely

with continued growth in card spending. However, although the overall economic growth rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially

rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially the government investment and consumption, although it has a better outlook since the

4 million, increased by 160.2% yoy as a result of an increased in interest expense. Loss sharing from investment for the year 2019 was Baht 15 million, in line with the loss sharing for the year 2018

30 September 2019 G Steel Public Company Limited Page 1/20 บริษัท จี สตีล จํากัด (มหาชน) G Steel Public Company Limited 2. Business Outlook During the shutdown period from February 2019 to April 2019

last year’s sale of iPhone12 which came in late. Sale margin remained stable at +0.9% due to strong demand in high margin handset. Cost & Expense For FY21, cost of service was Bt85,238mn, increasing 4.5

increase in operating revenue and better expense control to generate higher profit per store. • However, net profit margin in Q4/2019 dropped by 1.9% from Q4/2018 as a result of the slow down in dessert café