platform that can meet customers’ needs in every aspect of their lives by leveraging our strengths as Thailand’s number-one digital banking provider and enhancing our services under three-pronged approach

V3 27/02/63 0 V3 27/02/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2019 In 2019, the Thai economy grew by 2.4 percent year-on-year, down from

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

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

leveraging of our strength as Thailand’s number-one digital banking provider, with the aim of becoming the Customers’ Life Platform of Choice under our core strategy of Customer Centricity for our business

reflected in the numerous awards we received in this quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Third Quarter of 2017 1 1.2 Banking

needs under the “Segment of One” while also placing emphasis on the offering of financial innovations and products, including those of the “Beyond Banking” realm, in order to deliver an excellent customer

awards we received in this quarter. B Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the First Quarter of 2019 1 1.2 Banking Industry and

2020 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 3 2. Risk Management and Risk Factors 7 2.1 Credit Risk Management 7 2.2 Market Risk

V3 12/05/63 0 V3 12/05/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the First Quarter of 2020 The Thai economy in the first quarter of 2020