selecting transition activities, as well as investor expectations for promoting transitions. Additionally, the event presented case studies of Thai companies with experience in developing transition plans

0.33 Million Baht or 93.86% decrease from the same period last year. This was the result of received from associated companies is Thai Takaya Co.,Ltd. 0.30 Million Baht. 4. Gain on sales of assets 1.74

UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference Form 69-REIT REIT Registration Statement

its content acquisition to support the growth of the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a

TRANSLATED VERSION Codified up to No. 2 As of June 12, 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. 2 13

TRANSLATED VERSION Codified up to No. 2 As of June 12, 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference

Equity holders of the Company 822 937 -12.3 1,482 4,913 -69.8 Basic earnings per share (Baht) 0.05 0.06 0.10 0.32 * According to the adoption of Thai Financial Reporting Standard No.9 Financial Instruments

Plants 875.1 806.6 (68.5) (7.8%) Revenue from finance lease under a Power Purchase Agreement 102.4 104.9 2.5 2.4% Revenue from service under a Power Purchase Agreement 630.5 455.3 (175.2) (27.8%) Sales of

Thai language version of the Tender Offer is the definitive and official document of the Tender Offeror and shall prevail in all respects in the event of any inconsistency with this English language

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