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

and its subsidiaries for the year 2018 which audited by the auditor of the Company. Details are as follows. 1. The Operating Results Analysis For the year ended December 31, 2018 The operating results

subsidiaries decreased because the Social Security Office have reduced the payment of medical expenses of high-cost deseases from 12,800.- to 10,200.-Baht,so the company has to adjust the revenue that was

49.11 million or 32.71 % because of the follow main reasons. 1. Revenue from hospital operations increased by Baht 139.49 million or 5.90 % due to in 2019 the general patients of Company and subsidiaries

Mr. Somphote Ahunai During 2013 - 2015, (1) Mr. Somphote Ahunai and (2) Mr. Amorn Sapthaweekul, directors and executives of Energy Absolute Public Company Limited ("EA") and subsidiaries in

Mr. Amorn Sapthaweekul During 2013 - 2015, (1) Mr. Somphote Ahunai and (2) Mr. Amorn Sapthaweekul, directors and executives of Energy Absolute Public Company Limited ("EA") and subsidiaries

subsidiaries in which EA is a 99.99% shareholder (namely EA Solar Nakornsawan Company Limited (ESN) and EA Solar Lampang Company Limited (ESL)), jointly failed to perform their duties with dishonest intent and

the Period Ended December 31, 2018 Business Overview In 2018, Ocean Glass Public Company Limited and its subsidiaries (“the Company”) reported consolidated revenues of Baht 2,031.10 million, decreased

volume dropped significantly as a result of China’s lockdown. Moreover, the COVID-19 outbreak considerably affected the economies of trading partners and brought about supply chain disruptions. Domestic

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 June 2018 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok Airways