improvements but certain limitations still remain 1) Structural problems in the Thai economy leading to a still low level of private consumption 2) The appreciation of Thai Baht due to the high current account

.) growth in private consumption supported by higher household income in both agriculture and non- agriculture sectors along with recovering consumer confidence; 2.) solid performance in the tourism sector

second quarter of 2023 (%YoY) as a result of a slowdown in public investment and public consumption due to the delay of government’s budget allocation, although the exports improved from the previous

notes offered to Institutional or High Net Worth investors (II&HNW) through the transmission system of the SEC Office the period specified in the notification of the Securities and Exchange Commission

customers as agreed, by connecting the electricity transmission system and the steam pipeline system of the two companies together, and also enhancing two businesses to enact high management efficiency as a

in Q4/2018 continuously grew. Export-oriented manufacturing businesses continuously expanded but domestic-oriented manufacturing was rather stable as slow recovery of private consumption and high

year, private consumption and the continued expansion of both private and government investment, while the headline inflation rate averaged of 1.7%-2.2%. The unemployment rate in 2Q/2023 was 1.06

which the supporting factors still being the continuous recovery of the tourism sector, the private consumption and the private investment, while the headline inflation rate averaged of only 0.1%-1.1

-high Net Worth Investor and High Net Worth Investor, dated 24 December 2021 (available at https://law.sec.or.th/content/4859), the definition of “Institutional Investor” is determined by evaluating the

would be required to ensure that investors who are not legal entities classified as institutional investors, ultra-high-net-worth investors or high-net-worth investors take a knowledge test before