operations. 9. Expected Benefits to the Company To increase the efficiency in cash management, liquidity, generate a suitable return, and risk management. 10. Condition of the Transaction This Transaction is

efficiency in cash management, liquidity, generate a suitable return, and risk management. 10. Condition of the Transaction This Transaction is considered as an acquisition of the total assets of the Company

right to operate expressway sector A, B, C were fully amortized in the first quarter of the year 2020 as well as efficient cost management which suitable for the situation. 2. Rail business The Company

100% due to the Company was enough capacity to services. However, the Company is considering to provide service that are suitable situation of the Company. 2. Other Income Other Income consist of sales

still in downturn mainly from the shrink of export and import sectors which were negatively impacted by an economic slowdown of the trading partner countries with a significant drop in domestic

-China trade war and the depreciation of Yuan (CNY) against US dollar. Besides, the extreme fluctuation of crude palm oil price in end of 2019 affected buying sentiment to be drop as buyers waited for the

competition causing average fare to drop by 4.9 percent, specifically in Indochina routes. This was a consequence of rising number of service providers on similar routes/destinations. The average passenger load

highly intense competition which caused the average fare to drop by 6.3 percent, particularly in Indochina routes. The average passenger load factor was 68.5 percent, decreased from 69.2 percent. Passenger

from highly intense competition which caused the average fare drop by 0.1 percent. However, the revenue from airport-related services increased by 6.1 percent from a rising number of flights landed at

are normally drop in volume during holiday seasons and high SG&A, 2) an improvement on financing cost mainly attributable to debt refinancing, 3) lower interest expense from ABPIF and 4) relatively