such as the closure of some businesses, temporary reduce or change the working hours and the implementation of social distancing. These situation and measures have widely impacted the world economy many

performance, please see 2Q 2017 performance analysis. Despite the lower-than-expected recovery of advertising spending during the first half of 2017, the Company expects to see an improvement in advertising

higher level of cassava price. Natural Resources business Group Exploration and Production business recorded lower revenue, as sales volume was reduced to realize only Nido & Martinloc, after the company

before interest, tax, depreciation and amortization (EBITDA) was THB 1,099 million in 2017, an increase of 19.6 % yoy, due mainly to a gain on sales of Dusit Princess Korat despite lower revenue and higher

rate in 2009 following the Hamburger crisis. The Committee assessed that the Thai economy would expand at a lower rate than previously assessed and lower than its potential due to a decline in exports

affected by the year round global oil price fluctuation, especially in the last quarter which oil price plunged drastically. Moreover, the refinery recorded lower crude run due to its 45 days turnaround

Company shall then transfer the asset to the highest bidder, under the condition that the price of each asset, regardless of any circumstance, shall not be lower than the “base price” approved by the

growth is lower than initially anticipated. The mobile industry has gained momentum aligned with increased private consumption and the resurgence of tourist-related activities. Amid an evolving competitive

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

the Group. Full year same store sales growth (SSSG) decreased by -4.7%, mainly due to lower sales of the ZEN brand, which contributes approximately 40% of the Group's revenue, being affected by market