the risk of devaluation in inventories value (NRV) when CPO price fluctuated. Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 1. Ratio inventory turnover (times) Year2017 0.48 0.58 0.78 0.88 1.11

in which the Principles were to be implemented was left open. The Principles 1 See IOSCO Technical Committee, Statement of Principles Regarding the Activities of Credit Rating Agencies (Sept. 2003

Committee, Statement of Principles Regarding the Activities of Credit Rating Agencies (Sept. 2003), available at http://www.iosco.org/library/pubdocs/pdf/IOSCOPD151.pdf. 2 See id. 3 See IOSCO, Objectives and

100.00 440.94 100.00 20.45 Page 2/6 Revenues July – Sep 2017 For the three-month period ended 30 September 2017, sales increased from THB 150.09 million for the same period last year to THB 191.95 million

-month period ended September 30, 2018 To The President The Stock Exchange of Thailand Management Discussion and Analysis Consolidated Financial Statements For the nine-month period ended September 30

Heading Link 24/02/2022 13:10 Management Discussion and Analysis Yearly Ending 31 Dec 2021 12/11/2021 13:28 Management Discussion and Analysis Quarter 3 Ending 30 Sep 2021 10/08/2021 19:39 Management

-2016/2017 Jul 16 - Sep 16 Increase (Decrease) Q2-2017/2018 The operating result of the Company for Q2 2017/2018 (1 July 2017 to 30 September 2017), the Company earned net profit of 291.87 million Baht

J Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2019 G J Steel Public Company Limited Page 7/13 Unit : Million Baht Jan - Sep 2019 Cash flows from

Page 1 of 4 11 November 2019 Subject : Management Discussion and Analysis Quarter 3 Ending 30 September 2019 To : The President The Stock Exchange of Thailand WICE Logistics Public Company Limited

September 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For nine months ended September 30, 2019 Overall Group Performance