June 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2019 Overall Group Performance Table 1

impact of additional provision for retirement benefits, the net profit*margin would be 12.5% for Q2’19 and 13.2% for 1H’19. - Overall Q2’19 Net Sales were at THB 6,295 million, +5.7% YoY. Domestic

Oster’s (2019) testing for coefficient stability. Our results survive all the robustness checks and thus appear to be strongly robust. Therefore, our results likely reflect a causal effect, rather than a

with these changes in order to move forward in a sustainable way. Overall Picture of the Bank and its Subsidiaries Million Baht Item Quarter Change (%) Year Change 4/2019 3/2019 4/2018 3/2019 4/2018 2019

, or even appear to, impinge upon the independence of ity. Where conflicts of interest or a lack of independence is common at a CRA and hidden from investors, overall investor confidence in the

effectively. They should operate robust policies to deal with inside information and to avoid market manipulation. 3.5 Appropriate remuneration structures Institutional investors’ pay structures should

factor especially upon institutional investors. Hence, the I Code could be a booster of such market force and a robust ecosystem for corporate governance practices and responsible business operation in the

and more complex changes, which tend to emerge faster and become more severe, the Thai capital market remains strong in playing its roles and performs duties with all capacity and robust resources. In

for protecting personal data in line with international principles and obtains international acceptance of trade and business operation, and is able to build a robust society where it is possible to

on evidence collected through cross-country surveys and robust impact assessment of programmes. What we need is ?efficient? financial education. This should involve a large range of relevant public