PHILLIP ASSET MANAGEMENT COMPANY LIMITED|Feeder Fund | Offering Date : 16/04/2021 - 26/04/2021

conservation. The SEC, as a capital market regulator, encourages the use of capital market products to support investments in projects that conserve or protect the environment, including the development of areas

all android handsets, to exhibit leadership in 4G. Handset subsidies remained stable and more targeted; however, the competition in fixed- speed unlimited plans has challenged an ability to increase

direction primarily by considering the balance of three dimensions – economy, society and environment – under good corporate governance, appropriate risk management and effective cost management. At the same

environment The Thai economy for the year 2019 exhibited a decelerating trend. Private consumption slowed down in almost all categories especially in durable goods from the contractions in vehicle sales partly

% 92% 4Q2018 310 217 61% 39% 1Q2019 2,816 60% 40% 1Q2018 4,631 57% 43% 4Q2018 3,654 Operating Performance Exhibit 1 : Consolidated Company’s Performance comparison of 1Q2019 vs. 1Q2018 vs. 4Q2018 UNIT: M

3,842 5,227 339 20 137 -86 195 102 134% -34% 9% 91% 57% 43% 1Q2020 1Q2019 4Q2019 253 215 239 Operating Performance Exhibit 1: Consolidated Company’s Performance comparison of 1Q2020 vs. 1Q2019 vs. 4Q2019

exploit the capital markets for fund mobilization, according to the government policy and investors’ protection. Within SEC booth, four SMEs joins the exhibit. Of them, Global Prime Corporation and

346 37% 63% FY2018 33% 67% FY2017 1,386 1,802 Adjusted EBITDA Breakdown Operating Performance Exhibit 1 : Consolidated Company’s Performance UNIT: M THB 4Q2018 4Q2017 % YoY 3Q2018 % QoQ FY2018 FY2017

position for the first quarter ended March 31, 2019 with those of 2018. This report discusses principal changes in the unreviewed consolidated financial statements. Overall market environment The Thai