V2 27/08/63 0 V2 27/08/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2020 The Thai economy in the second quarter of 2020

properties and cost management In 1Q18, the Thai economy continues to expand, primarily driven by a number of supporting factors, namely 1) growth in exports with a record high in March 2018. 2) Growth in the

(UNOFFICIAL TRANSLATION) Codified up to No. 10 As of 28 February 2020 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

‘station sponsorship’ campaigns on 3 stations of the BTS Skytrain network (AIS at Siam station, McDonald’s at National Stadium station and Netflix at Phaya Thai station). The campaigns illustrate how we

adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s overseas assets • Net debt to equity ratio at the

. Assets increased primarily from impact of the adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s

The date fo Record Date) The date for d ssued ordina shareholders p o be on Nove ssued ordina approval from ly, the Board ctor and/or an consider am 019, the date for determina inary shares ubscribe the

UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand can neither undertake

(UNOFFICIAL TRANSLATION) Codified up to No.3 As of March 6, 2017 Readers should be aware that only the original Thai text has legal force, and that this English translation is strictly for reference

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2019 Executive Summary The Thai economy in the last quarter in 2019 continued to grow