half of the year. Against the backdrop of the global trade slowdown and uncertainty over US trade policy, merchandise exports in 2018 expanded by 7.7 percent, down from 9.8 percent growth in 2017

exchange rates. KBank hence prioritized effective risk management in order to cope with economic uncertainties both at home and abroad. We adopted a prudent credit policy, accounting for customer potential

may decline, currently standing at B563, in exchange for higher ARPH (average revenue per household) in the long run. Expanded strategic digital services for both enterprise and consumer With a complete

1 No. ACC 2019/004 13 August 2019 Subject : Management Discussion and Analysis for the three-month and six-month period ended 30 June 2019 To : President The Stock Exchange of Thailand Index Living

, -6.7%YoY, but increasing +3.3%QoQ from unrealized foreign exchange gain. Reported net profit ( post- TFRS 16) stood at Bt7,001mn, slightly decreased by bt234mn compared to PRE - TFRS 16 adoption. 5 2Q20

was Bt6,644mn, decreasing -1.7%YoY as D&A rose from new spectrum and expansion and decreasing -7.3%QoQ from unrealized foreign exchange loss and tax benefit in 4Q20. Market and Competitive Environment

5G investment. Net profit was Bt6,374mn, decreasing - 2.1% YoY mostly due to unrealized foreign exchange loss and increase in D&A and -9.5% QoQ from one- time income in 2Q21. Excluding foreign exchange

higher spectrum amortization. QoQ, net profit dropped -by 8.1% from lower core service revenue and unrealized foreign exchange loss. Excluding foreign exchange impact, normalized net profit was Bt6,345mn

Board No. Tor.Jor. 20/2008 regarding Criteria for entering into significant transaction that is the acquisition or disposal of assets and Notification of the Board of Governors of the Stock Exchange of

expanded at a slower pace compared to the previous quarter, with merchandise exports contracting as global trade weakened, resulting in a decline in domestic industrial production. Meanwhile, tourism