Estate Public Company Limited Management Discussion and Analysis 2Q20 With respect to commercial business, special reduction granted to tenants impacted by COVID-19 is expected to reduce thanks to revival

synergy benefit of ~20 $M with cost optimizations.  Integrated EO profitability were impacted due to poor oilfield demand and slowdown in construction sector though margins remain intact.  Poor Gasoline

, marking a YoY increase of 1.8%. This growth was from improved service revenue from the consolidation of TTTBB performance, organic growth in broadband service, a revival of mobile service, and a strong

Bt79,665mn, expanding 18% YoY, benefiting from TTTBB consolidation, growth momentum in mobile and organic growth fixed broadband services. Mobile revenue saw revival, increasing 4.0% YoY, fueled by rising data

reported at Bt79,665mn, expanding 18% YoY, benefiting from TTTBB consolidation, growth momentum in mobile and organic growth fixed broadband services. Mobile revenue saw revival, increasing 4.0% YoY, fueled

in the market. Broadly speaking, the Thai economy in 2017 may grow around 3.4 percent. In addition to government spending and investment – the main contributors to the Thai economic revival, we should

of 2016. Looking ahead into the final quarter of this year, loans are set to maintain growth. Business loans, in particular, are expected to receive a boost from revival in economic activity and the

of 2019 – touching Baht 30.73/USD, the strongest level in six years. The stronger Thai Baht was seen after the Federal Reserve’ s May 1, 2019 meeting resolved to keep its policy rate intact against the

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2019 Thai economic activity in the third quarter of 2019 continued to see limited support, after growing by 2.30 percent in the second quarter. The Thai economy did show some signs of strength in the third quarter, due mostly to the low base effect of the same period last year, especially in the tourism sector. However, exports and private investment – two major e...

accommodative stance relatively intact in light of easing inflationary pressures amid weakening oil prices in the global market. In Thailand, economic growth for 2019 is expected to decelerate to a range of 3.5