Financial Group Public Company Limited Management Discussion and Analysis for the Third Quarter ended 30 September 2017 Page 3/22 Certified Companies of Thailand's Private Sector Collective Action Coalition

tourism sector has grown at a slower rate in response to the weakening global economy and the stronger Baht. In addition, private consumption grew at a slower pace and private investment shrank as a result

has deployed measures to stimulate short-term spending. Private investment also slowed due to a decline in the real estate sector. Meanwhile, the need for machinery investment was subdued due to lower

consumption from private sector. However, expenses from the government sector, and tourism industry sector continued to increase, partly benefited from the return of Chinese tourists, and a decline of the

consumption to decline. Especially, from the tourism sector and airlines had to suspend services. With the culmination of events being the declaration of the state of emergency and social distancing policies

government sector introducing stimulus packages, which would cause demand for fuel consumption in the industrial and transport sector to increase. Moreover, the excess of crude oil supply trends to decrease

Company, the Company still operate the trading business. The customer base will focus on the government sector and/or private sector who operate the mega project. The Company shall enter into a back to back

from slow investment from private sector and export sector. Additionally, Thailand’s tourism has shown slow pace from a drop in international tourist arrival, especially Chinese tourists (Source: The

of slower-than-expected growth of the Chinese economy, political risks in Europe, and the impact of tightening global financial conditions. In spite of the weaker external sector, lower average oil

plan to draft the new Power Development Plan (PDP) to portray a clear picture of power sector development since some planned power plants in PDP 2015 could not be constructed as planned along with