1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 31 December 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 June 2020 Bangkok Airways Public Company Limited and Its Subsidiaries Bangkok Airways Public Company Limited and

SEC Office, if there is a necessity causing any person to be unable to sign on the Registration Statement, once such necessity has ended, the securities offeror shall immediately have such person affix

”) (Revised) To President The Stock Exchange of Thailand In reference to Clarification Letter on the Information in the Financial Statements Quarter 3 , ended 3 0 September 2 0 1 7 , as inquired by the Stock

Baht) 8,001 8,779 9,311 10,084 10,421 Total number of "Boonterm Kiosk" as the period ended (Kiosk) 100,022 110,563 119,166 124,653 130,404 In 1Q18, FSMART continued to grow dramatically and be able to

Total usage amount through "Boonterm Kiosk" (Million Baht) 10,084 10,421 10,611 10,506 10,442 36,175 41,980 16.1% Total number of "Boonterm Kiosk" as the period ended (Kiosk) 124,653 130,404 129,948

results based on its audited consolidated financial statements ended 31 December 2018 as follows. Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read in

Contractual Obligations and Off-Balance Sheet Arrangements Please see Note to Financial Statements for the year ended 31 December 2018 Item 24 Commitment and contingent liabilities. 6 Forward looking The

MDAE_3Q19 Management Discussion and Analysis for the 3 rd Quarter 2019 Ended November 30, 2019 AEON Thana Sinsap (Thailand) Public Company Limited (“the Company”) has already submitted the

the period ended December 31, 2019. The Group's sales and net profit totaled Bt12,097.4 million and Bt934.5 million, respectively, compared to Bt13,982.5 million and Bt2,014.9 million in fiscal year