E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition, regulatory changes, and technological advancements which affected consumer behavior. KASIKORNBANK has e...

Projection by KResearch Ye ar -o n- Ye ar C ha ng e (p er ce nt ) 2 for almost all of 2018 to accommodate domestic economic activity, which is continuing along a stable recovery path. 1.2 Banking Industry and

Ft-charge was stable. • For 9M’2019 period, it softened y-on-y to 25.8% from an increase in gas cost per unit by 9.1% from the same period of last year while there was the lag time adjustment of Ft

-on-q declining gas cost per unit while Ft-charge was stable, 2) no scheduled maintenance and 3) contributions from Solar projects in Vietnam which give relatively higher EBITDA margin. • Although this

warrants exercise  LTM 3Q18 Operating Cash Flow of $1,037 million  Net Operating D/E ratio 0.53x; Rating Upgrade to AA- with “Stable Outlook”  2019 Guidance reaffirmed; attractive and accretive production

Group Public Company Limited is assigned the credit rating at “BBB+” with “Stable” outlook by TRIS Rating. Analysis of Operating Results In the third quarter of 2020, the operating results of the company

Baht 8,231 million Baht 2nd Independent financial advisory Method Business valuation Common Share Value Equity value 12,124 million Baht 6,487* million Baht * The Company evaluated the value of the

1,699,998 shares in the amount of 348,567,548 Baht (average 205.04 Baht per share). The appraisal price of 347,490,000 Baht is the average price of the fair value evaluated by the financial advisor (who is

until the budget is used up, whichever occurs first. 6. Investment The advisor has evaluated the asset acquisition and summarized that the investment value is 237 million baht. The construction, machine

because the discount rate for calculating liabilities with long-term employee benefits which was based on the interest rate of the long-term bonds has extremely decreased. The Company has re-evaluated the