Microsoft Word - MD&A Y2017 - ENG.doc 1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 31 December 2017 Bangkok Airways Public Company Limited and Its Subsidiaries

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 September 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok

Expenses (1,775.1) (36.6%) (1,720.2) (36.5%) +54.9 +3.2% Add: Share of Profit/(Loss) from Investments (by equity method) 9.1 0.2% 12.0 0.3% -2.9 -24.2% EBITDA 999.4 20.6% 914.1 19.4% +85.3 +9.3% Less

33.8% Current liabilities 1,695 53.2% 2,492 58.5% 797 47.0% Non-current liabilities 307 9.6% 434 10.2% 127 41.4% Total liabilities 2,002 62.9% 2,926 68.7% 924 46.2% Total shareholders’ equity 1,183 37.1

) -0.2% 100.0% 100.0% Net profit - Equity holders of the Company 131.69 18.4% 122.36 14.7% 145.01 17.2% 18.5% 10.1% %YoYIncome Statement Q1/2017 Q4/2017 Q1/2018 %QoQ Total revenue FSMART’s total revenues

% -3.9% Non-controlling interests of the subsidiaries 0.42 0.1% (0.40) -0.1% (0.35) 0.0% 100.0% 100.0% Net profit - Equity holders of the Company 150.40 17.7% 149.51 18.7% 145.25 18.1% -2.9% -3.4

www.bangkokchainhospital.com 1 บริษทั บางกอก เชน ฮอสปิทอล จ ากดั (มหาชน) Bangkok Chain Hospital Public Company Limited No. BCH.028/2020 24 February 2020 Subject : Management Discussion and Analysis for the year ended 31

attributable to equity owner of the Company and excludes non-recurring expenses of THB 180mn. 3M 2020 PERFORMANCE ANALYSIS (YOY) In April 2020, MACO has changed its fiscal year to start from April to March

_ Ocean Commerce Public Company Limited 148/1 Soi Ramintha 14, Ramintra Road , Tharang, Sub - District Bangkok 10230 Tel: 02-943-6663-4 Fax: 02-943-6343 02-943-7740 No. OCMSET/1708/001 (translation

_ Ocean Commerce Public Company Limited 148/1 Soi Ramintha 14, Ramintra Road , Tharang, Sub - District Bangkok 10230 Tel: 02-943-6663-4 Fax: 02-943-6343 02-943-7740 No. OCMSET/1711/002 (translation