Translation CEN 016-2020 August 14, 2020 Subject Management Discussion and Analysis for business operation of Quarter 2/2020 To The Manager and President The Stock Exchange of Thailand Capital

E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the

yield per RPK was shown at 4.44 baht, weakened from year 2016 by 9.0 percent. The Company reported profit before income tax amounting to 1,318.4 million baht, decreased from the same period last year by

profit at 510.8 million baht, decreased from the first quarter of year 2018 by 208.5 million baht or 29.0 percent of which profit attributable to the equity holder of the Company was 504.3 million baht

percent and 2.8 percent respectively. However, revenue from airport-related services and unallocated revenue rose by 11.6 percent and 35.0 percent respectively. The Company reported net profit at 510.8

gain on exchange rate. Net profit was shown at the amount of 637.3million baht for the first half of this year, increased from the same period last year by 592.9 million baht of which profit attributable

gain on exchange rate. Net profit was shown at the amount of 637.3million baht for the first half of this year, increased from the same period last year by 592.9 million baht of which profit attributable

23.20 (0.54) (2.31) Net Income (Loss) of the Company (2.20) (50.71) 48.51 95.65 Earnings (loss) per share (Baht per share) (0.0005) (0.0112) 0.0107 95.54 Net profit (Loss) The Company and subsidiaries

residences “The Ritz-Carlton Residences, Bangkok” at MahaNakhon transferred in the Q2 2018 of 58 residences which was greater than the same period last year of 33 residences. The Company’s gross profit from

transaction value is equal to 7.78 percent, calculated based on the Total Value of Consideration Paid or Received. Since the total highest transaction value is less than 15 percent, therefore, the Management