items of durable goods. The Thai GDP in this quarter posted its over-year growth of 3.7 percent, higher than the 3.3 percent in the first quarter. However, the economic rebound during the second half of

came mainly from crude oil price rebound in 2018. And even with lower pressure on Glycerin price from growing market supply in the second half of 2018, full year average Glycerin price remained high

pandemic. However, there are promising signs of growth driven by the revival of tourism, the increase of exports, and the acceleration of government spending. Tourism industry Source : Ministry of Tourism

compensation from NBTC partially covered revenue loss. After gradual lifting of lockdown in late May-20 and economic activity slowly resumed, there were pent-up demand led to rebound in new acquisition and

operators continued to offer low-price plans and discounts for new acquisitions and to address weak consumption, ARPU slightly rebound to Bt446 or +0.7% QoQ. Mobile Business 1Q21 4Q21 1Q22 %YoY %QoQ

Estate Public Company Limited Management Discussion and Analysis 2Q20 With respect to commercial business, special reduction granted to tenants impacted by COVID-19 is expected to reduce thanks to revival

experts/workers/foreigners. • Pros: Revival of the economy. • Cons: Unfair competition and possible corruption. 4 https://go.microsoft.com/fwlink/?linkid=2006808&clcid=0x409 SEC Classification : ใชภ้ายใน

trend development was more than offset by the continued positive growth sentiment of advertising spending in November and December 2017, driven by the economic rebound in exports, tourism and automotive

like Hygiene fibers and Lifestyle, where as some are high performance like Mobility though linked to global GDP and auto manufacturing. We have seen good rebound in our fibers business in the early part

is expected to be around 1-2% to the full-year performance, which has already been factored into our full-year forecast. We expect that the advertising segment will rebound after the mourning period as