, particularly in the retail and wholesale, and tourism sectors. There was slightly higher demand for consumer loans from the previous quarter from credit card loans resulting from sales promotions and new

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained traction, buoyed by both domestic and international factors. However, the business sector faced rising challenges, namely various forms of competition, a borderless marketplace within the ASEAN Economic Community (AEC), and the advancing digital age amid the rapid pace of technological advancement, thus lea...

% Wholesale Business Petroleum traders in accordance with section 7 236 185 178 -24% -4% 288 363 26% Export 222 203 287 29% 41% 429 490 14% Total 458 388 465 1% 20% 717 853 19% Total Sales Volume 1,908 1,928

Business Q3/2016 Q2/2017 Q3/2017 YoY QoQ 9M2016 9M2017 YoY Retail 879 952 934 6% -2% 2,687 2,818 5% Industrial 503 552 483 -4% -13% 1,610 1,643 2% Total 1,382 1,504 1,417 3% -6% 4,297 4,461 4% Wholesale

megawatts by 2030, with emphasis on solar energy, hydropower and wind power. Vietnam is being under power sector reform, in order to create competitive wholesale and retail power market and to reform power

% Industrial 517 501 489 -5% -2% Total 1,514 1,526 1,521 0.5% -0.3% Wholesale Business Petroleum traders in accordance with section 7 151 149 138 -9% -8% Export 199 334 246 23% -26% Total 350 483 383 10% -21

Business Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M2017 6M2018 YoY Retail 952 997 1,008 6% 1% 1,884 2,005 6% Industrial 552 517 447 -19% -14% 1,160 963 -17% Total 1,504 1,514 1,455 -3% -4% 3,044 2,969 -2% Wholesale

2,996 6% Industrial 483 447 460 -5% 3% 1,643 1,424 -13% Total 1,417 1,455 1,451 2% -0.3% 4,461 4,420 -1% Wholesale Business (Million Litre) Petroleum traders in accordance with section 7 170 144 178 4% 23

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

5,945 -1% Wholesale Business (Million Litre) Petroleum traders in accordance with section 7 173 178 149 -14% -16% 706 622 -12% Export 336 352 334 -1% -5% 1,121 1,026 -8% Total 509 530 483 -5% -9% 1,827