V2 14/05/62 0 V2 14/05/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the First Quarter of 2019 The Thai economy in the first quarter of 2019

-China trade war and the depreciation of Yuan (CNY) against US dollar. Besides, the extreme fluctuation of crude palm oil price in end of 2019 affected buying sentiment to be drop as buyers waited for the

. Overall market environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in

market of THB 1,276 million, China of THB 188 million, sales in the UK under the operation of Intercarabao Limited (“ICUK”) of THB 12 million, and the rest to many other countries totaling of THB 272

environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in investment in construction

statements. Overall market environment The Thai economy for the first 8 months of 2019 grew at a slower pace from both the domestic and external demands. Private consumption slowed down in almost all

. Overall market environment The Thai economy for the first 9 months of 2019 grew at a slower pace from both the domestic and external demands. Private consumption slowed down in almost all categories

V3 22/02/62 14:27 น. 0 V3 22/02/62 14:27 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2018 In 2018 the Thai economy grew by 4.1 percent, up

Thai language version of the Tender Offer is the definitive and official document of the Tender Offeror and shall prevail in all respects in the event of any inconsistency with this English language

/2017 was on average 16.10 $/BBL, when compared to Q3/2016 the spread increased by 4.51 $/BBL, with respect to lower Mogas export from China, after Chinese government lowered the export quota for state