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

same period last year as a result of the continuing decline in global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China and the down

result of the continuing decline in global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China and the down-cycle of electronic products. In

slightly declined from the high base of last year. For export sector, exports value remained stable for Q418 from the same period last year due to the high base effect of last year and also from the trade

contracted 5.3% as a result of the continuing decline in global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China, the down-cycle of electronic

result of the continuing decline in global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China, the down-cycle of electronic products and

-22, AIS announced the acquisition of TTTBB and 19% investment units in JASIF. As of the end of the year, the transaction was under NBTC consideration for approval. Once NBTC approves, AIS expects the

transaction amount is USD 5.80 million paid from Ratch-Lao Services Company Limited’s working capital and loan. Management Discussion and Analysis For the Year Ended December 31, 2018 Page 5 On January 3, 2019

on new acquisitions and their related transaction costs and pre-operative expenses 4 Interest net of tax on THB 15 billion Perpetual Debentures 5 M&A earnings are annualized for ROCE calculation to

their related transaction costs and pre-operative expenses 4 Interest net of tax on THB 15 billion Perpetual Debentures 5 M&A earnings are annualized for ROCE calculation to appropriately represent the