PRINCIPAL ASSET MANAGEMENT COMPANY LIMITED|Cross Investing Fund | Offering Date : 28/08/2013 - 04/09/2013

tourists, compared to 5,872,145 people in the pre-COVID-19 period (Jan-Feb 2020), as travel restriction remained in place. In 2021, the recovery of the Thai economy is expected to be fragile and uneven

geopolitical situations remain risk factors affecting economic activities of Thailand’s trading partners. At the same time, uneven recovery of household purchasing power may be further hindered by the floods in

only gradually picked up. Even then, such growth remained uneven; improvement was seen only in certain businesses and in some areas. On the downside, however, trade policy uncertainty, in particular

some audit firms had difficulties implementing the succession plan due to their unbalanced human resource structure. This unbalanced structure 16 either from the shortage of senior staff or from the

durable goods. The Thai economy hence showed ongoing improvement from the first quarter. Nonetheless, the economic expansion, which was still limited and uneven, affected the performance of KBank and our

was uneven, with improvement concentrated in only certain industries. Under these circumstances, KBank has developed effective credit risk management policies, tools and processes to cope with potential

businesses. Focus has been on formulating area- based lending strategies given the uneven economic recovery. We continued to prioritize risk assessment through prudent screening and close monitoring of

Risk Management During the first quarter of 2018, the Thai economy saw an uneven recovery amid limited growth in consumption, weak farm income and risks from uncertain trade policies and protectionist

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