from the employees’ expenses, and the premises and equipment expenses. Table: Other Operating Expenses (Unit: Million Baht) Items Quarter Variance Quarter Variance For years Variance 4/2018 3/2018 (%QoQ

/2020 % Inc. (dec.) yoy qoq Other operating expenses 881 1,169 681 (22.7) (41.7) Employee expenses 464 598 391 (15.7) (34.6) Directors’ remunerations 7 8 1 (85.7) (87.5) Premises and equipment expenses 54

7 8 1 (85.7) (87.5) Premises and equipment expenses 54 56 53 (1.9) (5.4) Taxes and duties 288 201 110 (61.8) (45.3) Impairment loss on properties for sale (reversal) (14) (15) (12) 14.3 20.0

million, increased by Baht 475 million or 82% from Q4/2018, and NNP margin increased by 2% as there was a major overhaul of the Independent Power Producer (IPP) in Q4/2018 compared to Q1/2019. Also, NNP

operations include (i) natural gas price and coal price that continued to drop further from previous quarter resulting in lower costs of sales and increasing industrial customers sales margin in spite of the

and within the established targets. Our net interest margin (NIM) equaled 3.43 percent – slightly higher than the preceding quarter. Our cost to income ratio rose marginally from the previous quarter to

% Adjusted Net Income 942 1,529 1,948 27% 107% Gross profit margin (%) 27% 25% 29% 4% 2% Net profit margin (%) 10% 6% 9% 3% (1%) Adjusted Net Income Margin (%) 10% 8% 11% 3% 0% Executive Summary PAGE 2

and a decrease in net premiums earned - net. Meanwhile, net interest income rose Baht 1,556 million or 6.57 percent, due largely to interest income from loans and investments. Net interest margin (NIM

progress which is on process of finalisation of equipment specification and layout designing. The project has the scheduled COD by September 2020. Sisophon, solar project in Cambodia, with an installed

associates 3,245.3 3,240.0 5.3 Other long-term investments 30,421.0 24,028.8 6,392.2 Property, plant and equipment 14,263.1 14,502.9 (239.8) Deposits 947.9 713.2 234.7 Total Non-current assets 49,934.3