) measured at amortised cost  Adoption of TFRS 16 requires the recognition of right-of-use assets and lease liabilities Overall market environment The Thai economy for 1Q20 continued on a declining trend

2020 MD&A 6  We are seeing a trend in industry that due to poor margin number of cracker, PO/MTBE projects have been delayed to conserve cash; this will help to restore the margin to replacement

. The Company has speeded up this project in responsive of promising New Normal demand due to the future trend of tourism industry. Should the domestic tourism have been recovered from government stimulus

financial reporting standards. Overall market environment The Thai economy for the first quarter of 2020 continued on a declining trend comparing to last year due primarily to the COVID-19 outbreak which

of WINNER; 4) 4 stores of Trend Design; 5) 2 stores of Bo Concept; 6) 1 store of MOMENTOUS; and 7) 19 stores of overseas franchise Index Living Mall in 8 countries. Management Discussion and Analysis

average industry growth trend from the Bank of Ayudhya research Cost of Sales Based on an average of 2017 - 2019 (Unit : Baht) 2017 Audited Statement 2018 Audit Statement 2019 Audited Statement Operating

clients, volume from existing IUs started to show the recovery sign with 17% growth in July from monthly average in Q2’2020. Furthermore, the trend of gas price looks favorable to our SPP business with a

long term. Investment Governance Code 31 The Securities and Exchange Commission (SEC) has joined this global trend by adopting the Investment Governance Code (I Code). The I Code contains investment

and risk management process. How metrics are integrated with remuneration policies? How each metric is calculated? Historical data should also be provided for trend analysis. b) GHG Emissions: Disclose

Rayong Central Utility Plants (CUP) as well as the downward trend of average steam selling price of CUP and IRPC Clean Power (IRPC-CP). • Very Small Power Producer (VSPP) and other: The gross profit