1    (Translation) MD. 030/2018 February 21, 2018 Re: Management Discussion and Analysis For the Year Ended December 31, 2017 To: President The Stock Exchange of Thailand Management Discussion and

- Pacific remains at the top with a growth of 8.4 percent following by 6.5 and 6.2 percent in Middle-East and European carriers. (Source: International Air Transport Association) Tourism industry in Thailand

private sector contribute a high demand of skilled workers and lead to an increase in household income and consumer purchasing power (Source: Bank of Thailand). Meanwhile, a rise in average oil price in the

carriers within Europe at 7.1 and 6.5 percent respectively (Source: International Air Transport Association). Tourism industry in Thailand, the number of international tourists visited Thailand was growing

2019, the Bank of Thailand adjusted the inflation target for 2020 and the medium term to a range of 1-3 percent from 2.5 ± 1.5 percent. The Bank of Thailand lowered the policy rate twice at the August

, the growths of aviation fuel services volume and total flights of thus two main airports were 1.2% (y-o-y) and 2.8%(y-o-y) respectively with consequences to the growth of tourism industry of Thailand

growth of aviation fuel services volume and total flights of thus two main airports were 1.4%(y-o-y) and 2.8%(y-o-y) respectively with consequences to the growth of tourism industry of Thailand. Further

year. In Thailand, most major economic indicators for the second quarter of 2019 were on the wane. Exports and tourism, in particular, were adversely affected by economic weakness of Thailand’s trade

. Nevertheless, Thailand continued to maintain its strong external fundamentals over the course of 2018 with a current account surplus of approximately 7.5 percent of GDP and international reserves standing at 1.3

in support of the national policy of making Thailand a cashless society. We always strive to bolster our capabilities in providing services via digital channels to promote increased digital