times in 2020 and 0.16 times in 2019, Which shows the company's liquidity outlook improved due to the fact that inventories are classified as current assets with very little liquidity. Therefore

MAR 2020 Efficiency Ratios Leverage Ratios MANAGEMENT OUTLOOK

OUTLOOK

Secretary-General, said ?With the current economic and social conditions and the outlook, in particular aging society, everyone needs to understand and realize importance of saving and investment to ensure

outlook, in particular aging society, everyone needs to understand and realize importance of saving and investment to ensure that his or her investment growth will outpace inflation and to be properly

Outlook Continued robust growth of Thailand Tourism industry 2017 Thailand tourism revenue increased by 9.5% from 2016 to THB 2.75 trillion, accounted for approximately 20% of GDP, contributed by revenue

- - - Retained earnings 24,675 8.7% 30,103 11% 2027 9,000 - - - Others 25,752 9.1% 25,965 9.2% Total Equity 50,427 18% 56,069 20% Credit Rating Fitch National rating: AA+ (THA), Outlook: Stable S&P BBB+, Outlook

Fitch National rating: AA+ (THA), Outlook: Stable S&P BBB+, Outlook: Stable Source and Use of Fund: 1H20 (Bt.mn) Source of fund Use of fund Operating cash flow 43,114 CAPEX & Fixed assets 12,661 Sale of

strong network quality. The full-year guidance and outlook for 2018 was maintained as presented on page 6. Significant Events 1. AIS, via AWN, currently holds 81.47% of total CSL’s outstanding share and is

Management Outlook and Strategy May 15, 2017 PACE Development Corporation PLC. CRC Tower All Seasons Place 45th Floor, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone 02-6543344 Ext.119 http