V2 12/11/62 0 V2 12/11/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Third Quarter of 2019 The Thai economy in the third quarter of 2019

full quarter of recognizing gross profit from GLOW’s SPP plants of Baht 2,389 million. As for the company’s SPP plants, gross profit decreased by Baht 274 million due to the 10% growth of cost of natural

keep the policy interest rate unchanged at 1.50 percent, with the view that the Thai economy is expected to grow at a stronger pace while the impact of economic growth has yet to be translated to a broad

should continue to be accommodative so that the economic growth could continue and translate into the strengthening of domestic demand. Notwithstanding this, there are pockets of risks, such as debt

concerning the categories of news and content that the Company has expertise in, and production of program contents, including the relevant businesses which have a potential for growth and support the

contents, including the relevant businesses which have a potential for growth and support the Company’s core business in order that the Company is able to further continuously operate the business and be

decline of 6.14 $/BBL or 10% compared to previous year. This has led to performance from 2018 to 2019 of the refinery industry, including the company’s, to decline. In 2019, the company and its subsidiaries

government spending into infrastructure projects which lead to a continuous growth of Thailand’s electricity consumption. The trend of the power industry in the second half of 2017 is estimated to be lower

tourists, which has increased up to 45 percent or 10 million in the past 5 years and is still growing. The Company aims the rapid growth so that it is interested to invest in the tourist business which is

of Tourism in 2016, there are approximately 32 million foreign tourists, which has increased up to 45 percent or 10 million in the past 5 years and is still growing. The Company aims the rapid growth