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

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the first quarter ended March 31st, 2018 Management Discussion and Analysis of Business

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

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

% because of intense competition in domestic market resulted the selling price increased slower than increasing in cost of goods sold. 4. Selling expenses were Baht 180.62 million, increased Baht 23.57

with Q1/ 2023 , The reason of decreased in sales revenue due to the economic slowdown and more intense competition. Cost of Sales for Q1 / 2024 and Q1 / 2023 was 3 3 0 .4 7 million baht and 4 3 2 .1 9

fewer solar panels and equipment due to intense competition. 1.2 Revenues from Financing amount 9.27 million baht increase 3.78 million baht or increase 68.77% because in the third quarter of 2024, the

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019