borderless marketplace of the ASEAN Economic Community (AEC). Given the increased degree of uncertainty in global economies, especially pressure from a looming trade war among core economies and their

repercussions on the global economy, compounded by a steep recession. It was a grim scenario, with uncertainty looming large. One year later, we stand in a very different place. Brent crude oil price has had a

several other central banks in Asia gradually adopted a more accommodative stance in response to the weakening global economy amid looming risks. The US central bank cut its policy rate to 2.00-2.25 percent

political risk, a number of geopolitical risks and a looming international trade war between the US and trade partners. Meanwhile, US bond yields were rising at the beginning and in the middle of the first

reduced when approaching the second year. Average number of insured persons remained on the rise from approximately 176,500 persons as of 3Q18 to 188,400 persons as of 3Q19. Mostly, the increase was

allowed check-up items for each insurer decreased when approaching the second year. Average number of insured persons remained on the rise from approximately 173,500 persons as of 2Q’18 to 187,300 persons

in occupancy rate and revenue per available room or RevPar, resulting in greater revenues. On a QoQ basis, performance of hotel business grew by 16%, upon approaching high seasons of Thailand’s tourism

by the Company and the interviews with management were valid and true. The opinion obtained was credible and close to the current situation. ▪ No past events or imminent events or impending events

backdrop of protracted trade tensions and increased risk that no common trade deal would be reached by the US and China. Furthermore, concerns over an impending recession were elevated, as evidenced by a

Japan saw an increase in electricity sales by 8 Million kWh (+119%) from an increase in average irradiation hours, as Japan is approaching Summer, leading to lower snowfall, combined with the Nagi