exchange rates and capital inflows should be closely monitored. Going forward, risks to financial system stability need to be more closely monitored and managed appropriately through the combination of

of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and Exchange

long-term loan from Financial Institutions in 2019. Dusit Thani PLC Management Discussion and Analysis For 4Q19 and FY2019 P a g e | 6 Net Profit In 4Q19, the Company had the net profit including

in merchandise exports, which started to impact domestic demand. Going forward, the risks to financial system stability need to be managed cautiously through both microprudential and macroprudential

household sector increased in all categories, particularly other consumer loans and auto-leasing. Financial institutions expect demand for business and household credit to increase later in the year

’ Meeting No. 3/2018 of Bangchak Corporation Public Company Limited (the “Company”) held on Wednesday, February 28, 2018, has resolved to approve the following material matters: 1. Approved to propose to the

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Year 2019 Ended December 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to

2008 to address concerns about the role of CRAs in the wake of the financial crisis, and again in 2015 to take into account the CRA registration and oversight programs implemented by IOSCO members. A-4

” “TBMA” (Thai Bond Market Association) “TSFC” . (Securities Finance Corporation) “TSR” (Transferable Subscription Right) “underlying” “WFE” World Federation of Exchanges 1 1. : 1.1. ( ) : 86 1.2

, the Company’s financial advisor, the Company’s Board of Directors is of an opinion that the Company shall enter into the Entire Business Transfer Transaction by way of: (1) Allocating the Company’s