2018 primarily due to the US-China trade war and global uncertainty contributed negative impact on export growth. The growth of credit card business in Thailand continue expansion due to overall economic

127.49 million (Weighted-average Interbank Exchange Rate at THB 31.873 per USD as of 28 March 2019) as a facility for Standby Letter of Credit (“SBLC”) in order to be used as security for a Letter of

continued to decline. As of May 31, 2017, the Company’s total cards reached 7.87 million cards (including 2.40 million credit cards and 5.47 million member cards), net increasing by 59,000 cards from February

/USD 32.31 in 2018 which was 5% stronger than the THB/USD 33.93 in 2017. Exceptional Items There were no Exceptional Items in 2019, 2018 or 2017. Subsequent Event None reviewQ419.xlsx MD&A 2019 24/02

34.25 in 2015. Exceptional Items There were no Exceptional Items in 2017, 2016 or 2015. Subsequent Event None

which may affect international trade and exchange rate fluctuation. According to the Bank of Thailand data, at the end of December 2017, reported the total numbers of credit card industry amounted to 20.3

of Thailand data, at the end of December 2016, reported the total numbers of credit card industry amounted to 23.2 million cards, has grown by 6% more than last year. Credit Card Receivables was

เช่น พันธบัตร หุ้นกู้ ตั๋วสัญญาใช้เงิน บัตรเงินฝาก Letter of Credit และ Letter of Guarantee เป็นต้น 3. เงินให้กู้ยืมคงค้าง (margin loan) จำนวนเงินที่ลูกค้ากู้ยืมจากบริษัทหลักทรัพย์เพื่อซื้อหลักทรัพย์ 4

(FVPL)  Impairment of financial assets based on an expected credit loss (ECL) framework with financial assets classification into 3 stages. Stage 1: financial assets where the credit risk has not

welfare, Tax deduction for domestic tour package and shopping. As of November 30, 2017, the Company’s total cards reached 8.06 million cards (including 2.48 million credit cards and 5.58 million member