; Overview The Thai economy in the third quarter of 2017 expanded by 4.3% y-y compared to 3.8% in the previous quarter, according to data from Bank of Thailand and NESDB. The Thai economy continued to recover

due to higher investment in Thai government and state enterprise securities, and partly due to an increase in the value of domestic marketable equity securities. Most investments were in Thai government

E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to

widespread damage, either under Thai or foreign laws. Clause 27 The approved entity to offer for sale of bonds on a program basis may offerbonds for sale in all manners with unlimited value and number of offer

adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s overseas assets • Net debt to equity ratio at the

Thai Baht to have lower value. Performance comparison between Q1/2019 and Q4/2018, the power plant business recorded the similar level of revenue, but increase EBITDA THB 166 million, with the following

export value equaled to THB 111,540 million mainly from higher export to China since higher demand of chicken meat consumption to substitute lower supply of pork from disease outbreak. Overall chicken

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

growth of food business. For hotel business, the Company still plans to open the new hotels. However, the hospital industry in Thailand may remain under pressure due to the strong Thai Baht that adversely