coil reference prices on world market for Q1/2014 – Q4/2019 Processed price data from: Metal Expert Overview of Thai Steel Industry ISIT had reported the domestic steel-production for 2019 was at 7.63 MT

events affect agricultural production and farm prices – the main source of income for the majority of Thai people – and thus have repercussions for businesses dependent mainly on domestic consumption

percent, was decreased by 8.2 percent. This leads to a slow growth of international tourist arrival to Thailand ( Source: Ministry of Tourism and Sports) . Furthermore, the strengthening of Thai Baht and

V3 22/02/61 10:09 น. 0 V3 22/02/61 10:09 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2017 In 2017, Thailand’s real GDP grew by 3.9 percent, up

products. For the domestic, the Lockdown measure from the Thai government resulted in the hypermarket stores such as Tesco Lotus, Big C, Home Pro, etc. that are the customers of the company necessary to

Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the fiscal year 2021 expanded by 1.6% (y-y), recovering from a contraction of 6.2% from previous year, that

sector the Thai economy continues to outperform with Q2 growth at 4.6% slightly below Q1 but remaining strong. Private consumption growth was robust in July and August, supported by higher consumer

/ Impact from the adoption of Thai Financial Reporting Standards 16 Leases (TFRS 16) since 1 January 2020 which caused higher depreciation and interest expenses (net after tax). Operating Highlights Q1/2019

by the palm oil price situation in the country which remains low. Moreover, the domestic production capacity increased by 1.20 million litres per day from the same period of the previous year, led to

encourage domestic capital outflows. At the end of 2019, the Thai baht was 30.15 to the US dollar, an appreciation of 7.1 percent from the end of 2018. Global financial markets experienced volatility amid the