rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 71,657 20% S&P BBB+, Outlook: Stable Source and use of fund 1Q21(Bt mn) Source of fund Use of fund Operating cash flow 21,245 CAPEX & Fixed assets

licenses were made in 1Q21. Total Liabilities 274,481 78% 290,976 79% Retained earnings 51,382 15% 54,125 15% Credit Rating Others 24,307 6.9% 24,545 6.6% Fitch National rating: AA+ (THA), Outlook: Stable

79% Retained earnings 51,382 15% 50,239 14% Credit Rating Others 24,307 6.9% 24,604 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 74,843 21% S&P BBB+, Outlook: Stable

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the

with continued growth in card spending. However, although the overall economic growth rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially

rate of the country has a better outlook, it is lower than the situation prior to the Covid-19 pandemic, especially the government investment and consumption, although it has a better outlook since the

Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in 2018 and Outlook for 2019 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Regulatory

) Enter into a new custodian agreement; (2) Renew the existing custodian agreement; (3) Other acts specified by Notification of the Office. Clause 11. The custodian granted with an approval under this

of the first paragraph hereof, “Expansion of operation” means: (1) Enter into a new custodian agreement; (2) Renew the existing custodian agreement; (3) Other acts specified by Notification of the

entitled to renew the lease for further 3 years of each lease period. The leased price is 240 baht per square wa per month), which is appraised leased price by GPV Global Properties Valuation Co., Ltd. (an