E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...

financial statements of foreign operations rose by Baht 3,180 million due to the Baht’s appreciation. Contingent Liabilities Million Baht Item December 2018 September 2018 December 2017 Change (%) September

. The downside was mainly stemmed from the impact of export contraction affected by the global economic slowdown, prolonged US-China trade tension and the Baht appreciation. As for economic outlook in

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

to remain at the same rate if there is no significant change in natural gas price and the appreciation in Thai Baht. However, during September and December of 2018, Ft rate is expected to be adjusted

and according to target. In 2019, Thai economy has decelerated with GDP reported at 2.4% decreased from 4.1% in 2018 as a result of declining in export growth and Baht appreciation. The world-trade

managing relevant risks under an operational risk management framework, and established additional IT risk management policies and framework for enhanced efficiency in work processes, control and systematic

greater efficiency in work processes, control and systematic risk management, in compliance with related international standards and the Bank of Thailand’s policies and best practices. 9 3. Business

affiliates of the company. Compared to 2017, the losses of exchange rate increased by Baht 12 million due to the appreciation of Thai Baht. Income Tax Expenses The income tax revenues in Q4/2018 were at Baht 8

was THB 168 million from the appreciation of Thai Baht in comparison to other foreign currencies, leading to most gains being generated from conversions of loans and account payables in foreign