Budget Act and drought. Furthermore, domestic spending may be limited due to weakening purchasing power and hefty household debt. Apart from economic woes, businesses face numerous other challenges that

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Fourth Quarter and the Year Ended 31 December 2018 1. Q4/2018 Highlights Figure 1: Quarterly results

1 --Translation- Sor Gor 75/2017 July 21, 2017 Subject: Management Discussion and Analysis for the second quarter ended June 30, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation- Sor Gor 85/2017 August 24, 2017 Subject: Management Discussion and Analysis for the second quarter ended June 30, 2017 (Audited) To: The President The Stock Exchange of Thailand

1 --Translation-- Sor Gor 106/2017 October 20, 2017 Subject: Management Discussion and Analysis for the third quarter ended September 30, 2017 (Unreviewed) To: The President The Stock Exchange of

1 --Translation-- Sor Gor 113/2017 November 9, 2017 Subject: Management Discussion and Analysis for the third quarter ended September 30, 2017 (Reviewed) To: The President The Stock Exchange of

corporate governance have prompted world-class organizations to implement best practices to strengthen their governance regime. In Thailand, the Stock Exchange of Thailand (SET) has prepared the “Principles

to certain groups of customers and limited growth in some types of loans amid an uneven economic recovery. In addition, net fees and service income of the banking system continued to enjoy steady

Ref. No. IVL 003/02/2019 26 February 2019 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

measures to tame the volatility. At the same time, Thai stock markets plunged throughout the quarter amid investors’ risk-off sentiment and a slump in oil prices due to disagreement on oil production between