, analyzed and prudently performed our duties as an Independent Financial Advisor, complying with the generally accepted professional standard and rendered our opinion based on the unbiased analysis with

business judgment of individual market participants, board members and company officials. What works in one company or for one group of investors may not necessarily be generally applicable to all of

predicted when the global travel and tourism industry generally, and specifically the Group's travel retail business, will recover. The COVID-19 pandemic also affects, in particular, those of the Group's

of electricity sold to EGAT in 2019 increased 2.9% y-on-y to 3.16 Baht/kWh and in Q4’2019 decreased 5.2% y-on-y to 3.07 Baht/kWh because the energy payment is generally adjusted to reflect changes in

Q1’2019) because the energy payment is generally adjusted to reflect changes in natural gas price which rose in Q1’2019. Electricity sales to Industrial Users (IUs) – Thailand • Electricity sales to

first stage of the supply chain and generally refers to the production of raw agricultural and forests products by farm owners, smallholders, and communities. Vertically integrated companies are also

set out above, if a Thai Covered Fund complies with the relevant Thai laws and regulations and the conditions as set out in this circular, it is generally deemed to have complied in substance with the

1,034.45 Baht/ton in 2017, primarily due to a decrease in natural gas price as our steam price is generally adjusted to reflect changes in natural gas price. Electricity Sales to EDL • Electricity sales to

for setting provision for deteriorated inventory based on product life which is based on the generally accepted accounting standards. (4) Liquidity and Capital Sufficiency The Corporate Group has

product life which is based on the generally accepted accounting standards. (4) Liquidity and Capital Sufficiency The Corporate Group has appropriate capital management, having prepared operating cash flows