Translation Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2019 (Unit : M ill ion Baht) 2019 2018 Inc./(Dec.) % ( R es tated

[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 31 March 2020 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok Airways

- Translation - Page 1 of 9 CBG 018/2019 8 August 2019 Subject Payment of interim dividend and management discussions and analysis for the 3-month and 6-month periods ending 30 June 2019 and appoint

V3 22/02/61 10:09 น. 0 V3 22/02/61 10:09 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in 2017 In 2017, Thailand’s real GDP grew by 3.9 percent, up

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

-1 -Translation- Ref. LPN/SorKor/053/2562 14th February 2019 RE: Financial Statements Analysis Report 2018 Dear: President The Stock Exchange of Thailand L.P.N. Development Public Co., Ltd. would

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= Translation = Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended September 30 , 2017 (Unit : Million Baht) 2017 2016 Inc./(Dec