., Ltd. (“WCIG”) decrease from last year because the company changed in business model from company owned to franchise model since 2017. In addition, due to highly competitive (both direct and indirect

[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

will remain to be a subsidiary of the Company. 2. Effects on the market price of the Company’s shares (Price Dilution) The offering of shares by UAPC shall not cause any direct effect to the market price

at Thilawa Special Economic Zone , business type is a shop fabrication, field installation and erection of steel products. . Relationship to the Company : direct and indirect subsidiary company

mining property rights and that of other legal issues. Such ownership rights are core assets of the company that could have a direct and material impact on EARTH’s financial condition and may also affect

Transaction Parties Finance supporter : G J Steel Public Company Limited (“Company”) Finance receiver : G Steel Public Company Limited (“GSTEL”), which holds shares in the company, both direct and indirect

time, the Board of Directors considered of the investment in IGE in IGE will provide direct benefit to the Company as the Company operating in providing and installing both high and low electric voltage

Company Limited No. 3/2017 held on March 16, 2017 passed the resolution to approve a financial support transaction to be provided to its major shareholder, GSTEL who at that time held shares both direct and

Transaction Parties Finance supporter : G J Steel Public Company Limited (“GJS”), in which the Company holds shares direct and indirect totaling 18.97 percent of GJS’s paid-up capital. Finance receiver : G

which Ratchaburi Electricity Generating Company Limited, the Company’s direct subsidiary, holds 35 percent stake), the operator of Berkprai Cogeneration SPP Project, has entered into the Engineering