merged structure and details for the Company subsidiary’s merger project in Philippines (known as “the Transaction”) which approved by EGM dated August 10, 2017 in consider to minimize potential tax risks

the Thai population and business sectors to become more vigilant in spending and investment. The mobile industry showed a positive sign driven by the overall economic improvement which benefited from

borrowers, and remained vigilant on risks. Meanwhile, we mainly targeted borrowers with good track records, as well as existing low-risk customers. 2.2 Market Risk Management Economic and political

each area. We continued to prioritize risk assessment through prudent screening and close monitoring of borrowers, and remained vigilant on risks. Meanwhile, we mainly targeted borrowers with good track

borrowers, and remained vigilant on risks. Meanwhile, we mainly targeted borrowers with good track records or existing low-risk customers, while giving greater weight to digital lending. 2.2 Market Risk

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

activities in the digital world. This trend will likely be evident in the foreseeable future. To cope with this challenge, the business sector, including Thai commercial banks, has become more vigilant in