emerging market economies were projected to grow at 2.0 and 4.5 percent in 2019, respectively, down from 2018 projections of 2.3 and 4.6 percent. Looking into 2019, a global economic slowdown may affect the

Asian central banks reduced their policy rates continuously. Looking domestically, Thailand’s economic activity in many sectors declined in line with the overall global economy. The tourism sector in

foreign firms are looking to relocate production activities to and expand production in Thailand in response to trade conflicts, particularly in sectors such as electronics and automotive parts. It is also

forward- looking statements within the meaning of the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, as amended. PSG, the Fund's investment advisor, has

Looking Year 2018 was a challenging year for the Company’s business operation. The Company's operating performance did not meet the target due to impacts both from external and internal factors. The

dividend payment to the Company’s shareholders of Baht 243 million. Page 8 6. Forward Looking In 2017, the Company’s sales declined, in line with the contraction of the beverage market and the domestic ready

declined after accelerating in the previous quarter. Looking forward, financial institutions expect demand for business credit to increase, especially for large corporates to invest in fixed assets for

2 and Stage 3, the standard requires ECL allowances based on lifetime expected losses. Moreover, ECL also incorporates forward-looking economic scenarios into loss allowances. For 1Q20, expected

health and safety, such as SHA Certification. With less disposable income, travellers are looking for value too – especially families – and the majority will choose destinations they can easily drive to

requires ECL allowances based on lifetime expected losses. Moreover, ECL also incorporates forward-looking economic scenarios into loss allowances. For 1Q21, expected credit losses totaled Baht 1,234 million