. Moreover, a stagnant of Thai economy in the first half of 2017 causes a lower demand of steel consumption. According to ISITCs data, total apparent finished steel consumption of Thailand for the first 6

Analysis (MD&A) For Q3/2018 3 Executive Summary The total apparent finished steel consumption of steel industry in Thailand in the third quarter of 2018 surged to 4.66 million tons, an increase of 11.1

" 4G"7 LH/!I /9 -9: I L:H-9 !XGI 9 !"HIO-9:4G" 2/2560 8 2 2559 2560 Total Apparent Finished Steel (Unit : Tons) Quarter 2/2016 Quarter 2/2017 % Change Production 2,407,293 1,707,444

variable cost side, particularly fuel, are not yet apparent. However, going into Q2 and the rest of the year variable cost savings will add to EBITDA as we see the impact of standardizing fuel across the

incentive programs through the operations. The impact of lower volumes was apparent as H1 2019 EBITDA decreased by 21% from the year previously. In H1 price has met expectations and every effort will be made

steel which increasing compared to the same period of previous year. Table: The production and the domestic demand of Total Finished Steel in Q1 2019 and 2020 Total Apparent Finished Steel (Unit : Tons

costs. Lower volumes again apparent impacted on YTD 2019 EBITDA which has decreased by 23% from the previous year. In Q3 price has met expectations and every effort will be made to maintain the positive

. According to ISITAs data, total apparent finished steel consumption of Thailand for the first 6 months of 2017 was at 8.3 million tons, decreased by 16.4% compared to the same period of last year, while flat

Clause 6 In case where the facts become apparent that the SEC Office discovers any of the following suspicious circumstances, the SEC Office may not grant approval for the offer for sale of securities

performance recovery by strict cost control and cost reduction and ramping up asset utilization to manage fixed costs. In Q3/2019, we have recognized apparent expenses decrease. This contribution leveraged our