results based on its audited consolidated financial statements ended 31 December 2017 as follows. Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read in

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overhauling of the 1. Highlights 2 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2019 spare transformer available with the Company. On breakdown of the operating transformer, the spare

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1,381 49.1% Company 1,265 1,381 (8.4%) TBSP 795 - 100% Mil THB 1,381 1,265 795 - 500 1,000 1,500 2,000 2,500 Y2017 Y2018 + 49.1% 2,060 Sales 2017 Sales TKS Sales TBSP Revenue Breakdown T.K.S. Technologies

from q-q, mainly caused by higher revenues from High-Valued Document. THB million Q1’19 Q1’18 %Chg As Reported Total Revenues 654 313 109.0% Company 377 313 20.6% TBSP 277 - 100.0% Revenue Breakdown Mil