characteristics: (1) not aiming to seek benefits through speculation; (2) mitigating risks for the overall investment of funds; (3) mitigating general risk and specific risk for the hedged assets; (4) mitigating

Coverage Ratio (LCR) which reflects the excess liquidity in the commercial banking system. With the combination of the recent high level of provisioning in preparation for the adoption of IFRS 9, which will

conflicts of interest or a lack of independence is common at a CRA and hidden from investors, overall investor confidence in the transparency and integrity of a market can be harmed. CRAs also have

private investment. In terms of economic risks, the recent trade war between the United States and China has limited impact on Thailand’s export activities in 2018, but will impose wider effect in the

PowerPoint Presentation Management Discussion and Analysis MD&A Q2/2020 THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP 1 Q2/2020 and Recent Highlights In the second quarter of 2020, economic factors that

December 31, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For Year Ended December 31, 2019 Overall Group Performance Table 1

March 31, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For three months ended March 31, 2019 Overall Group Performance Table

September 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For nine months ended September 30, 2019 Overall Group Performance

and lowest exchange rates for each month during the previous six months; and (c) for the three most recent financial years and any subsequent interim period for which financial statements are presented

on Connected Transaction"). The transaction size is equal to 0.66 percent of Net Tangible Asset (NTA) of the Company according to the most recent consolidated financial statements of the Company for