%. Production growth was modest at 4% but the highlight was the Core EBITDA per tonne of $ 110 in 2017, a growth of 24% Y-o-Y, demonstrating a sizeable improvement in the quality of the portfolio and earnings

parts. The prospect of lower oil prices is likely to push down headline inflation in 2019, while core inflation is expected to be stable, reflecting more modest growth in private consumption. It is likely

. Nevertheless, merchandise exports are expected to improve on the back of a modest global trade recovery due to recent progress in the US-China trade negotiations. World trade volume growth is forecast to improve

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened amid high household debt, whereas public investment and the government’s budget disbursement were aff...

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2019 Thai economic activity in the third quarter of 2019 continued to see limited support, after growing by 2.30 percent in the second quarter. The Thai economy did show some signs of strength in the third quarter, due mostly to the low base effect of the same period last year, especially in the tourism sector. However, exports and private investment – two major e...