Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in 2018 and Outlook for 2019 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Regulatory

-China trade negotiations and Brexit risks. The World Economic Outlook of the International Monetary Fund revised downward its global economic growth projection for 2019, to 3.3 percent from the previous

. Given the intensified global trade tension, the October 2018 World Economic Outlook of the International Monetary Fund cut its global economic projection for 2018 and 2019 to 3.7 percent, compared to the

of June 2018), up from 4.1 percent in the previous forecast. However, the growth outlook still challenge with uncertainties on the external front, especially US foreign trade policies and the

of June 2018), up from 4.1 percent in the previous forecast. However, the growth outlook still challenge with uncertainties on the external front, especially US foreign trade policies and the

tourists from other major nationalities continued to expand. The Bank of Thailand revised down Thailand economic growth forecast for 2019 to 3.3% (as of June 2019); compared to previous assessment at 3.8

tourists from other major nationalities continued to expand. The Bank of Thailand revised down Thailand economic growth forecast for 2019 to 3.3% (as of June 2019); compared to previous assessment at 3.8

-year performance which has already factored into the Company’s annual growth forecast. Meanwhile, we already have seen signs of improvement in overall advertising sentiment in upcoming November and

forecast some of the factors that contributed to our over performance in the first half to ease towards the end of the year we look forward to a strong H2. On the cost side we face some headwinds in variable

Thailand has also indicated more optimism by revising upwards their GDP growth forecast for 2017 to 3.5% from 3.2% that was estimated at end of 2016. 1 The Nielsen Company (Thailand) Co,.ltd. 2 The Bank of