E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition, regulatory changes, and technological advancements which affected consumer behavior. KASIKORNBANK has e...

Projection by KResearch Ye ar -o n- Ye ar C ha ng e (p er ce nt ) 2 for almost all of 2018 to accommodate domestic economic activity, which is continuing along a stable recovery path. 1.2 Banking Industry and

Ft-charge was stable. • For 9M’2019 period, it softened y-on-y to 25.8% from an increase in gas cost per unit by 9.1% from the same period of last year while there was the lag time adjustment of Ft

-on-q declining gas cost per unit while Ft-charge was stable, 2) no scheduled maintenance and 3) contributions from Solar projects in Vietnam which give relatively higher EBITDA margin. • Although this

warrants exercise  LTM 3Q18 Operating Cash Flow of $1,037 million  Net Operating D/E ratio 0.53x; Rating Upgrade to AA- with “Stable Outlook”  2019 Guidance reaffirmed; attractive and accretive production

Group Public Company Limited is assigned the credit rating at “BBB+” with “Stable” outlook by TRIS Rating. Analysis of Operating Results In the third quarter of 2020, the operating results of the company

planned reflected stable growth from both volume and price  Share of Profit (Power Business) increased 241.1% YoY from 2Q2016 and 173.5% QoQ from 1Q2017 to record at Baht 685.9 million: 2 - GHECO-One back

milion, a 9.1% increase YoY as planned reflected stable growth from both volume and price  Share of Profit (Power Business) increased 166.4% YoY from 3Q2016 to record at Baht 553.8 million with foreign

. While performance was strong and stable, Suntowers underwent various value enhancement projects, including refurbishment of common area, adding new retail tenants, conversion of a retail space (day-market

.  Utilities Business’s Operating Revenue was Baht 1,570.2 milion, a 19.2% increase YoY as planned reflected stable growth from both volume and price.  Share of Profit (Power Business) increased 101.2% YoY from