Management Overall, movements in foreign exchange continued to see the Thai Baht strengthen in the third quarter of 2019 compared to the preceding quarter. The creeping trade protectionism adopted by the US

on impacts from volatile international capital flows, which would have repercussions for foreign exchange movements and funding costs. The Thai economy in the second quarter of 2018 exhibited ongong

situation in those targeted countries. Figure 2 EGCO’s equity contracted capacity of electricity in 2018 classified by country 1.3 Competition Overall picture in 2018 illustrated the active movements of power

movements triggered by internal and external risks  Intensified competition among financial institutions in savings and investment products that may affect overall liquidity in the banking system

timing of exit from quantitative easing policy by many central banks, such as the European Central Bank’s plan to cut its monthly bond-buying program. These developments may influence movements of

estate sector. 2.2 Market Risk Management Overall, movements in foreign exchange and interest rates during this quarter, at home and abroad, remained highly volatile in line with the global market. With

Baht volatility and international capital movements. Within this context, KBank has accentuated enhancement of our business capabilities to achieve sustainable growth and maintain our market leadership

medium terms, including impacts from the US-China trade war  Key policy rate trend of the Bank of Thailand and major central banks  Direct and indirect foreign capital movements triggered by internal and

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

and international economic and political uncertainties as well as abrupt changes in capital movements, KBank is closely monitoring the situation and assessing possible impacts, placing importance on