sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition

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

, which is partly due to global economic recovery, as well as the growth in exports of electronic goods which supports Internet of Things (IoT). Private consumption expanded at a moderate pace as overall

Project One Co., Ltd. ("PP1") and Pace Project Three Co., Ltd. ("PP3") which are the Company's subsidiaries and the shares of which are held by the Company, directly and indirectly through Pace Real Estate

the year, it was in line with the recovery of the overall global demand. Tourism also showed continuous growth with the number of foreign visitor arrivals for the first 11 months of 2017 totaling 31.8

a low growth of only 0.5% yoy, with growth in line with the recovery of the overall global demand. Tourism also showed continuous growth with the number of foreign visitor arrivals for the year 2017

support of investment and private spending as well as bolstering opportunities for other economic sectors. Nonetheless, protectionism triggered by the US-China trade dispute dealt a blow to global economic

sluggish effecting from Trade War which impacted the global economic sentiment. However, the Thai economy is attributed mainly by number of factors, namely 1.) Growth in Tourism sector particularly in 2H19 2

economy continues to grow steadily despite a decline in export growth, primarily driven by a slowdown in global economy growth. Growth to the Thai economy is attributed to a number of factors, namely 1

. 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