market was strong as the sugar season was prolonged and infrastructure projects supported our key markets of steel and construction. The Thai economy continues to outperform expectations and while we

. Spending was boosted by the government’s stimulus measures and the export sector was supported by brightening global economic prospects. However, any potential Thai economic recovery over the rest of the

-sector business conduct, as well as changes in consumer behavior. Therefore, Thai commercial banks must be ready for these and able to cope with changes in order to move forward in a sustainable way. V3 22

: ……………………………………………………………… ………………………………………………………………………… ………………………………………………………………………… Fees to be charged to unitholders (% of trading value) Sector Allocation / Top 5 of Issuer Allocation Fee items Maximum charge Actual charge Front-end fee Back-end fee Switching-in fee Switching-out fee

MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 2 2. ECONOMIC SITUATION Thai economy continually expanded supported by every economic engine especially merchandise exports that were uplifted from global trade

follows. Overview According to the Bank of Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the third quarter of 2019 expanded by 2.4%, slightly increased

of 77.2% and 74.5%, respectively. Product mix differentiation (the slowdown of Automotive sector and the startup of Network Switch line) and the Thai Baht appreciation against the USD together with the

export sector. In addition, the household consumption expanded by 3.1%, compared with 2.2% in the previous year, which was supported by the government stimulus measures at the end of 2016. The Thai economy

Company Limited. The operating performance is summarized as follows. Overview According to Bank of Thailand and Office of the National Economic and Social Development Board (NESDB), Thai Economy expanded by

Group has adopted the new Thai Financial Reporting Standards (TFRS) no. 15, Revenue from contracts with customer. The adoption of TFRS 15 mainly affects the Group’s accounting treatment cause the Group