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

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Rnj, (Translation) MD. 036/2020 February 26, 2020 Re: Management Discussion and Analysis For the Year Ended December 31, 2019 To: President The Stock Exchange of Thailand Management Discussion and