(25.36) (5.55%) Depreciation 137.32 124.10 13.22 10.65% Amortization 82.61 78.25 4.37 5.58% EBITDA 651.85 659.62 (7.77) (1.18%) 2. ECONOMIC SITUATION Thailand economic situation in Q1/2020 in Central and

the Stock Exchange of Thailand; “ derivatives exchange ” means the derivatives exchange established under the Derivatives Act B.E. 2546 (2003) ; “ derivatives clearing house ” means the derivatives

regarding Definition of Institutional Investor, Ultra High Net Worth, and High Net Worth Investor; “client” means user of an intermediary’s services; “Stock Exchange” means the Stock Exchange of Thailand

established under a specific law as a financial institution under the law on interest on loan of the financial institutions. "Exchange" means the Stock Exchange of Thailand. 3 "terms and conditions" means

-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

ี สัดส่วนการ ลงทุน โดยประมาณ ประมาณการ ผลตอบแทนที่ กองทุนจะ ได้รับต่อป ี National Rating (TRIS) International Rating (Moody’s) เงินฝากประจำ AGRICULTURAL BANK CHINA CHINA - A1 1.05% 15% 0.16% เงินฝากประจำ BANK

2019, the Bank of Thailand adjusted the inflation target for 2020 and the medium term to a range of 1-3 percent from 2.5 ± 1.5 percent. The Bank of Thailand lowered the policy rate twice at the August

the company was voted for the third consecutive years. However, the company’s securities has selected in the SET High Dividend 30 Index or SETHD from the Stock Exchange of Thailand which the price index

for the third consecutive years. However, the company’s securities has selected in the SET High Dividend 30 Index or SETHD from the Stock Exchange of Thailand which the price index reference 30 shares

continuous improvement in consumer confidence and household income. Private investment expanded in line with private consumption and capital outlays arising from production relocation to Thailand of some