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

Microsoft Word - KWM 001-2561 EN MD&A Q2_2561_Rev01 K. W. METAL WORK PUBLIC COMPANY LIMITED Head office 259/83 Sukhumvit 71 road, Phrakhanong-nur, Wattana, Bangkok Branch 1 300/142 Moo. 1 Tambon

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

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

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY

APPLICAD PUBLIC COMPANY LIMITED APPLIED DB PUBLIC COMPANY LIMITED AQ ESTATE PUBLIC COMPANY LIMITED AQUA CORPORATION PUBLIC COMPANY LIMITED AREEYA PROPERTY PUBLIC COMPANY LIMITED ARINSIRI LAND PUBLIC COMPANY