| Innovativeness “KASIKORNBANK aims to be the most innovative, proactive, and customer centric financial institution, delivering world class financial services and sustainable value for all stakeholders by

misconduct, e.g. EM, compensation plans. Bartov et al. (2002); Guo (2019) Pressure firms to concentrate on short-term activities to generate profits. Manage R&D, acquire innovative firms, and invest in start

sentiment, accompanied by growth in public investment which resembled the growth rate from the same period last year. All in all, economic drivers continued to perform well particularly merchandise exports

), enhanced quality parameters well beyond targets, and merged the subsidiary Saraburi Quicklime into Golden Lime (EBT), which will result in SG&A synergies from 2020 onwards. We are looking forward to these

, motorway routes, and airport development. The higher government spending, especially the Eastern Economic Corridor Development (EEC) project, is expected to upturn the business sentiment as well as encourage

future. Business wise H1 2019 was challenging particularly in the most recent quarter. Business sentiment in multiple industrial segments important to us has been impacted by the macro economy and the

MACO and PlanB would provide opportunities for cost-reduction going forward. The transaction is subject to be approved at the Extraordinary General Meeting on 17 December 2019. Pre Shareholding Structure

significant projects contributing to higher recurring revenue going forward. Revenue from overseas markets has also improved YoY but was offset with the reduction in non-recurring revenue. T.662 636 6999 F.662

2020/21, the Company sees a positive sentiment from the Prowtech’s operation due to a sign of recovery in Outdoor media demand. Therefore, MACO will initially invest 15.0% in VGI Vietnam from subscribing

resolution made on 22nd October 2019 approves residential property stimulus measures to support and ease the burden of those who wish to buy a home and to boost the domestic market sentiment. The transfer fee