. Meanwhile, internal and external factors that affect the Thai economy are the slowing global economy growth due to the inconclusive trade war between the US and China. Having considered the above-mentioned

from 3.3 percent in 2016 on the back of rising exports and a robust tourism sector, consistent with a stronger recovery in global demand. Headline inflation rose to 0.7 percent, following higher energy

acceptance and recognition from various organizations both at home and abroad. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the First Quarter of

E_1 Legal_FA_2015_12_29-c A CCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended June 30, 2017 The global economy in the second quarter of 2017

than in 2017 which mainly supported by acceleration of global economy growth. Moreover, expansion in private consumption, export growth, and private investment from last year was due to higher consumer

partnered-up with HKL (Thai Developments) Limited, a subsidiary of a global developer Hongkong Land Holdings Limited, to jointly develop ‘The ESSE Sukhumvit 36’ – a luxury condominium project on Sukhumvit 36

progress reached 91%. The project is due to complete in 3Q19. • In February, the Company partnered-up with HKL (Thai Developments) Limited, a subsidiary of a global developer Hongkong Land Holdings Limited

remain externally with the continued US-China trade relationship a risk. After a record sugar season which exceeded expectations both in size and length the 2018/19 season is again expected to be strong

slowed down. In addition, Thai economy still faces external risk such as trade war between US and China and global economic uncertainty. As of August 31, 2019, the Company’s total cards reached 8.75

its Subsidiaries Management’s Discussion and Analysis for the year ended 30 June 2020 2 ASIA’S BOUTIQUE AIRLINE Executive Summary The Covid-19 pandemic plunged global economy into worse recession in the