value is derived from this method of calculation, whereby the calculation is based on the Company's reviewed consolidated financial statements for the 6-month period as of 30 June 2018 of the Company

No. TorThor/Nor/Khor. 37/2553 Re: Prohibited Characteristics of Personnel in Capital Market Industry dated September 15, 2010.  Moreover, he was earlier warned and punished by his employer Bualuang

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 009/2018/EN 16 May 2018 Subject: Management Discussion and Analysis of the Company and subsidiary for the period ended 31 March 2018 To: The President of the

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 31 December 2018 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok

subsidiary, please kindly find the following attachment. Please kindly be informed accordingly. Yours faithfully, Mr. Geza Emil Perlaki Managing Director For period ended 31 December 2018 MANAGEMENT DISCUSSION

Limited was rated among the top level of "Excellence : 5 Stars" for the 5th consecutive year. Overview of Economy and Competition in Commercial Banking Industry In the third quarter of 2020, Thai economy

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

% Margin -11% -89% -30% -70% Profit / (Loss) for the period (344,719) (2,415,470) 86% (621,089) (1,261,212) 51% Margin -17% -98% -38% -77% Portion of the Companies’ shareholders (166,308) (1,163,113) 85

of a possible recurrence of the outbreak in Thailand, have led to severe restrictions on inbound and outbound travel. This has resulted in a massive contraction of the tourism industry, as well as the

Yai, Chachoengsao, Rayong and Diana Hat Yai Branch. Industry Overview Thailand’s overall economy expanded at a slower pace than expected in 2Q19 due to external demand. The escalated trade tension