V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from 4.2 percent in 2018. Against the backdrop of a global trade slowdown and US-China trade uncertainty, merchandise exports and imports for the year contracted by 2.7 and 4.7 percent from 2018, respectively. Private investment slowed to 2.8 percent from 4.1 percent in 2018 while manufacturing production...

., 2009). Their evidence indicates that there are valuation premiums for firms surpassing three benchmarks. Several studies suggest that incremental positive effects on prices or returns, also known as

up 56%  Driven by positive internal and external outcomes  LTM 2Q18 Core EPS THB 3.86 – up 61% YoY post 9.8% dilution from warrants exercise  Net Operating D/E 0.45x, Core ROCE 15.8% on LTM 2Q18

trading account of Another person in such a way as to take advantage of other persons by using positive material non- public information concerning RPC investment inSammakorn Public Company Limited (SAMCO

international debt collector committee, illegally purchased 5,000,000 shares of PLE through others? accounts in such a way as to take advantage of other persons by using positive material non-public information

shares of BGH through the trading account of Miss Viporn Jitsomwang and Mrs. Narumon Chainaknan in such a way as to take advantage of other persons by using positive material non- public information

account of another person which he was authorized to trade in such a way as to take advantage of other persons by using positive material non- public information concerning RPC interim dividend at the

of RPC through the trading account of another person which he was beneficial owner in such a way as to take advantage of other persons by using positive material non- public information concerning

before the information became publicly known on 18 January 2011. Such action was deemed taking an unfair advantage of other people by using positive material non- public information concerning the interest

Public Company Limited (MAKRO) through his account in such a way as to take advantage of other persons by using positive material non- public information concerning negotiation which CPALL negotiated with