% from 1Q2019. In 1Q2020, the Company recorded share of profit from investment in Joint Ventures, Thai Ethoxylates Company Limited (TEX) and GGC KTIS Bio Industrial Company Limited (GKBI), at THB 62

V3 22/02/62 14:27 น. 0 V3 22/02/62 14:27 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2018 In 2018 the Thai economy grew by 4.1 percent, up

partnered-up with HKL (Thai Developments) Limited, a subsidiary of a global developer Hongkong Land Holdings Limited, to jointly develop ‘The ESSE Sukhumvit 36’ – a luxury condominium project on Sukhumvit 36

progress reached 91%. The project is due to complete in 3Q19. • In February, the Company partnered-up with HKL (Thai Developments) Limited, a subsidiary of a global developer Hongkong Land Holdings Limited

. Moreover, the natural resources business group realized loss on foreign exchange of THB 99 million from loan to subsidiary, after Thai Baht appreciated against US Dollar in this quarter. Management

policy. Meanwhile, the Thai economy began to show financial signals after the Monetary Policy Committee decided to maintain the policy rate. This is a result of the Thai economy has continued to grow well

. Overall market environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in

environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in investment in construction

statements. Overall market environment The Thai economy for the first 8 months of 2019 grew at a slower pace from both the domestic and external demands. Private consumption slowed down in almost all

. Overall market environment The Thai economy for the first 9 months of 2019 grew at a slower pace from both the domestic and external demands. Private consumption slowed down in almost all categories