Microsoft Word - MD&A Q32018 - ENG.doc 1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 September 2018 Bangkok Airways Public Company Limited and Its

Equity 14,420 14,054  The Company posted net profit for the first quarter of 2018 amounted to THB 366 million which lower than last year quarter by THB 601 million mainly due to in last year quarter the

75% in VGI Global Media (Malaysia) Sdn. Bhd (“VGM”) with a total investment value of THB 360mn. This transaction is expected to complete within the 4th quarter of 2018. VGM is a holding company

Total Equity 13,969 14,054  The Company posted net loss for the second quarter of 2018 amounted to THB 451 million which higher than last year quarter by THB 217 million mainly due to in last year

support of investment and private spending as well as bolstering opportunities for other economic sectors. Nonetheless, protectionism triggered by the US-China trade dispute dealt a blow to global economic

(Translation) November 14, 2018 Ref: SET-2018-017 Re: Management Discussion and Analysis for Quarter 3’ 2018 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company Limited

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 June 2017 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok Airways

laid out by the Stock Exchange of Thailand or other international standards such as Global Reporting Initiative (GRI). Disclosure format : The Company may choose to disclose or report material

Eng_MD&A Final Q3'19 November 13, 2019 Ref: SET-2019-011 Re: Management Discussion and Analysis for Quarter 3’ 2019 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company

sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition