Discussion and Analysis Quarter 3 Ending 30 September 2019 1. Highlights Unit: million Baht 3 rd Quarter 2019 3 rd Quarter 2018 P er fo rm a n ce Revenues 3,803 8,666 Sales Volume (k tons) 172,117 418,365

1 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 Unit: million Baht Year 2018 Year 2017 Pe rfo rm an ce Revenues 29,910 15,178 Sales Volume (k tons) 1,447 812

G J Steel Public Limited Management’s Discussion and Analysis (MD&A) for year 2018 (Revised) Unit: million Baht Year 2018 Year 2017 Pe rf or m an ce Revenues 29,910 15,178 Sales Volume (k tons) 1,447

1 G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2019 Unit: million Baht 1st Quarter 2019 1st Quarter 2018 Pe rfo rm an ce Revenues 3,398 8,117 Sales Volume (k tons) 177 388

Quarter 2017 2 nd Quarter 2016 Group Revenues 5,445 5,212 Group Sales Volume (k tons) (27) 660 P er fo rm an ce Group EBITDA (735) (14) HRC Sales (k tons) 302 340 HRC Production Volume (k tons) 17,252

2017 Pe rfo rm an ce Revenues 8,117 3,526 Sales Volume (k tons) 388 189 EBITDA 548 317 Net Profit (Loss) 366 967 HR C HRC Sales (k tons) 388 189 HRC Production Volume (k tons) 382 183 HRC Average Selling

million tons compare to 7.61 million tons in 2016 or 10% less. As a result, (1) Tha business : Higher cane cost and higher production cost per unit, (2) Oversea sugar business : Damaged cane plantation and

production in 2017. The Company has crushed cane in 2017, 6.83 million tons compare to 7.61 million tons in 2016 or 10% less. As a result, Thailand sugar business had higher cane cost and higher sugar

price. As a result, the Company recorded average sugar price decrease from 19,735 THB/ton to 13,540 THB/ton or decreased by 31% and the Company recorded sales volume decrease from 177,461 tons to 160,774

by IGE. IGP manufactures and distributes Busduct which is an equipment that will replace conventional electrical wires which supply electricity to several loads mostly to high current. Busduct is