1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 September 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 June 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok Airways

. 018 / 2018 May 9, 2018 Subject Explanation of the operating performance for 3-month period ended March 31, 2018 To Managing Director The Stock Exchange of Thailand Pan Asia Footwear Public Company

the Stock Exchange of Thailand Union Pioneer Public Company Limited would like to clarify the net profit for the 3rd quarter and 9-month periods of the year ending on 30th September 2017 had decreased

financing activities was the annual dividend payment. From the following reasons concluding that the operating results of the Company in the 2nd quarter and 6-months periods of year 2019 decreased comparing

production. Cash used in financing activities was the annual dividend payment. From the following reasons concluding that the operating results of the Company in the 2nd quarter and 6-months periods of year

production machinery. Cash flow used in financing activities was used in the annual dividend payment. From the following reasons concluding that the operating results of the Company in the 3rd quarter and 9

Company had a total revenue of THB 546.45 million, increasing THB 36.17 million, or 7.09% from the previous year, while dividend received from subsidiaries increased from THB 27.71 million to THB 31.94

baht or 29.44% caused by the company taking some savings deposits to invest in investments. Short-term in low-risk mutual funds to manage returns better than savings deposits and the dividend was paid to

of Shareholders to omit dividend payment for the year 2019 since the Company had operating losses 5. Propose to the 2020 Annual General Meeting of Shareholders to re-elect 4 directors who shall retire