Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 150.24 92.91 21.63 87.82 128.61 594.59 Service Income 9.70 6.00 0.41 1.66 9.29

from appreciation of Baht against other currencies, causing a drop on revenue from overseas sales. However, the Company and its subsidiary have changed business strategy and enhance marketing strategy

million tons of crude steel in March 2019, an increase of 2. Business Outlook on Q2/2019 3. Industry Overview and Outlook 4 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2019 2.3

2Q2018 mainly from higher revenue of chicken processing business which increased by THB 382.40 million or 21.46% up comparing to 2Q2018 mainly from higher revenue from domestic sales of chicken parts. The

year. In addition, the company invested in warehouse to support business expansion and to partially reduce rental expense. In Jiangsu China, the company purchased machine and equipment to support

which will be set up a wholly- owned subsidiary under the Registered of Wattanapat Samui Hospital for the further proceeding of the Hospital’s business. According to the details mentioned below: Business

payout ratio of the Company’s subsidiaries that are under business expansion. In Q2/2019, total revenues increased from Q2/2018 by Baht 61.2 million from Baht 1,414.7 million to Baht 1,475.9 million or

from overseas sales. However, the Company and its subsidiary have changed business strategy and enhance marketing strategy for both domestic and international market to achieve more targeted customers

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 44.36 86.52 35.57 96.14 8.79 24.71 Service Income 5.94 11.59 0.00 0.00 5.94 #DIV/0

“Company”) would like to notify the Stock Exchange of Thailand regarding the business operation for the 2nd Quarter of the year 2019 ended 30 June 2019 as follows; Total Revenue The Company has the total