S&P MD&A 2017-Revised Year In Comparison Table -1- Ref. POL. 028/2018 February 23, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock

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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

). Table 1 : Performance Summary Table 2 : Adjusted EBITDA Margin In the face of volatile crude palm oil and crude palm kernel oil prices’ movement, both had continued to decrease from quarter 1/2017 due to

(loss) for the year (1,353) (836) 62% Basic profit (loss) per share (in Baht) (0.063) (0.060) 4% Table 4: Summary of Financial Results GJS บริษัท จ ีเจ สตีล จํากดั (มหาชน) G J Steel Public Company Limited

the year (72) (451) (84%) Basic profit (loss) per share (in Baht) (0.0034) (0.032) (89%) Table 4: Summary of Financial Results 6 G J Steel Public Limited Management Discussion and Analysis Quarter 2

) (0.031) (0.022) 39% Table 4: Summary of Financial Results GJS บริษัท จี เจ สตีล จ ำกัด (มหำชน) G J Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2019 G J

shutdown. Additionally, the company incurred opportunity loss due to loss in production and sale.  The production and sale volume recorded during the Quarter is summarized in below table: 1st Quarter 2019

| 2 Executive Summary In 2019, overall palm oil production and crude palm oil ( CPO) inventory remained high in both domestic and international market, although the inventory plunged to a minimum record