Unofficial Translation Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. LOGO (Form 123-1) ………..…. Asset Management

expectation, Not only exporting business but Travelling business also have trend to growing less than expected and moreover Thai foreign exchange rate of the Baht was appreciate that cause Financial

around USD 200 billion. In June, protests started in Hong Kong levels of violence have been escalating. Moreover, in July, Thai baht became stronger specially against US dollar due to speculation during

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

-ร่าง- (UNOFFICIAL TRANSLATION) Codified up to No. 5 As of 28 September 2018 Readers should be aware that only the original Thai text has legal force, and that this English translation is strictly

content acquisition to support the growth of the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in

adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s overseas assets • Net debt to equity ratio at the

. Assets increased primarily from impact of the adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s

V2 24/08/60 09:22 น. 0 V2 24/08/60 09:22 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the Second Quarter of 2017 The Thai economy in the second quarter

durable goods. The Thai economy hence showed ongoing improvement from the first quarter. Nonetheless, the economic expansion, which was still limited and uneven, affected the performance of KBank and our