Profit Margin (%) 2.40 2.35 3.18 Current Ratio (Times) 1.43 1.43 1.51 Debt to Equity Ratio (Times) 1.79 1.81 1.48 Book Value per Share (Baht) 2.22 2.25 2.39 Net Profit per Share (Baht) 0.45 0.43 0.57

28.12 Net Profit Margin (%) 2.35 3.18 3.68 Current Ratio (Times) 1.43 1.51 1.29 Debt to Equity Ratio (Times) 1.81 1.48 1.83 Book Value per Share (Baht) 2.25 2.39 2.56 Net Profit per Share (Baht) 0.43 0.57

23.60 Net Profit Margin (%) 2.35 3.18 3.30 Current Ratio (Times) 1.43 1.51 1.29 Debt to Equity Ratio (Times) 1.81 1.48 1.73 Book Value per Share (Baht) 2.25 2.39 2.39 Net Profit per Share (Baht) 0.43 0.57

Management Discussion and Analysis for the Second Quarter of Year 2020 Business Overview Business overview of One to One Contacts Public Company Limited and its subsidiaries (“the Group”) for the

25.51 Net Profit Margin (%) 2.35 3.18 3.55 Current Ratio (Times) 1.43 1.51 1.28 Debt to Equity Ratio (Times) 1.81 1.48 1.76 Book Value per Share (Baht) 2.25 2.39 2.39 Net Profit per Share (Baht) 0.43 0.57

25.57 Net Profit Margin (%) 2.40 2.35 3.16 Current Ratio (Times) 1.43 1.43 1.40 Debt to Equity Ratio (Times) 1.79 1.81 1.89 Book Value per Share (Baht) 2.22 2.25 2.25 Net Profit per Share (Baht) 0.45 0.43

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

Central Retail Corporation Public Company Limited Page 1 20 February 2020 Re: Management Discussion and Analysis Operating results for the three-month and nine-month period ended September 30, 2019

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

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