Thai economy growth (Source: FPO, Ministry of Finance) Overall aviation industry for this quarter affirmed 7.9 percent growth in revenue passenger kilometers (RPK) of all region in which RPK of Asia

achieved strong earnings, a growth of 49% in core EBIDTA or $749 mil- lion which is on track to deliver over $1 Billion in annual EBITDA in 2017, the first time in the history of the Company. The strong

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

driven by global trade recovery and well-performing trading partners’ economies. Also, tourism sector robustly expanded, reflected from an increasing number of international tourist arrivals especially

overall 2019 growth at 2.4% the lowest in five years. Exports were hit by trade tensions and the appreciation of the Thai baht had a detrimental effect, which fed through to the domestic economy. The

impressive 4.8% growth. Central bank forecasts for the full year are around 4.5% and with inflation only just breaking into the 1-4% target band (1.2% in Q2) coupled with uncertainty around global trade the

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

. Furthermore, for a reason that the sale of the NINE’s shares shall be made under the Automatic Order Matching (AOM) method and the Trade Report method in which the purchasers shall be the public investors, the

$1.4 billion, driven by volume growth and higher margin realization.  In 4Q18, core EBITDA increased by 24% YoY to $318 million, supported by higher volume.  In 4Q18, core EBITDA per ton was stable

last year as a result of declining global demand from the slow economic growth of trading partners, the protectionist trade policies between the US and China and the down-cycle of electronic products. In