first quarter ended March 31, 2019 with those of 2018. This report discusses principal changes in the reviewed consolidated financial statements. Overall market environment The Thai economy for the first

Analysis | 2 Executive Summary In 2Q2018, Domestic palm oil production has increased as well as in other countries, consequence to lower Crude Palm Oil (CPO) prices and Crude Palm Kernel Oil (CPKO) prices

public consumption and private investment were constantly expanding. However, Thai economy still faces other risk such as The U.S.-China trade war, global economic uncertainty and domestic political

quarter. • Net loss (gain) from exchange rate The Company had recorded loss from exchange rate for the 2nd Quarter 2020 amounting to THB 102 million due to weakening of the Thai Baht against the US Dollar

Baht 20,501.8 20,760.6 Domestic 12,725.6 12,680.9 International 7,776.2 8,079.7 Available Seat Kilometers (ASK) Million Seat - Kilometers 6,741.8 6,148.6 Domestic 3,573.7 3,413.9 International 3,168.1

. Chart of hot-rolled coil reference prices on world market for Q1/2013 Q2/2017 Processed price data from: Metal Expert Overview of Thai Steel Industry ISIT had reported the domestic steel-production Q2

with the recovery in the manufacturing sector especially for export related products such as electronics. Manufacturing for domestic demands was still at the early stage of recovery. For 2018, the Thai

recovery. For 2018, the Thai economic conditions is expected to continue to grow, but with three headwinds namely 1) the economy which has not been sufficiently broad-based from weak domestic demand. If

. In 3Q18, the Thai economy extends its growth momentum following the GDP expansion by 4.6% in 2Q18. The growth is attributed to a number of factors, namely 1.) strong export growth despite a slight

) maintained the policy interest rate at 1.50 percent. The Committee assessed that the Thai economy was on the path of recovery, while domestic demand recovery remained gradual and unevenly distributed. Headline