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

that could significantly affect financial position or future operation (forward looking) for investors’ understanding and be able to analyze future operation direction of REIT. 15. Trustee Opinions on

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition, regulatory changes, and technological advancements which affected consumer behavior. KASIKORNBANK has e...

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended June 30, 2018 The Thai economy in the second quarter of 2018 gained further traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see strong across-the-board growth. The business sector remained challenged by new modes of competition...

still uncertain, and much depends on how the Phase One trade deal develops. Meanwhile, IMF forecasts that the global economy may grow 3.3 percent, down from the previous projection of 3.4 percent. Looking