Statement of Cash Flow GJS บริษัท จี เจ สตีล จำกัด (มหาชน) G J Steel Public Company Limited Management Discussion and Analysis Q1/2020 G J Steel Public Company Limited Page 8/13 Unit : Million Baht Jan - Mar

Rule”). Currently, the Company focus on the business expansion of the crude palm oil (CPOA) trading business for biodiesel as there is a high potential growth and will partially conducting a trading CPOA

Discussion and Analysis | 2 Executive Summary In quarter 3/2017, palm oil production both in Thailand and International Market continuously remained high after the impact from El Nino has ended. Thailand crude

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

the same period last year. Most raw materials cost increased following the rising of crude oil price that increased around 6.70% comparing to the same period last year, as well as the slowdown of

% comparing to the same period last year due to the rising of the commodity prices and especially crude oil price that increased around 12.68% comparing to the same period last year. 3. Better conversion cost

year due to the rising of crude oil price that increased around 21.48% comparing to the same period last year, as well as the production slowdown of several steel mills and smelting works in China

year. Most raw material prices increased following the rising of crude oil price that increased around 41.03% comparing to the same period last year, as well as the production slowdown of several steel

costs around 236.62 million baht or 8.19% comparing to last year. Most raw material prices increased following the rising of crude oil price that increased around 29.77% comparing to last year as well as

Re: Allocation of Cash Flow under Securitization Program and Reporting on Transfer of the Remaining Assets and Benefits of Special Purpose Vehicles