Management Discussion and Analysis for the year 2021 4 Core Operating Profit (defined as Earnings before Interests and Taxes exclude interest income, gain (loss) on exchange rate and other irregular items) for

%. SG&A in terms of % to revenue improved from 6.1% in 1H 2022 to 5.7% in 1H 2023. Core Operating Profit (defined as Earnings before Interests and Taxes exclude interest income, gain (loss) on exchange

terms of % to revenue improved from 7.5% in Q4 2021 to 5.9% in Q4 2022. Core operating profit (defined as Earnings before Interests and Taxes exclude interest income, gain (loss) on exchange rate and

recognised non-recurring items comprising of 1) COMASS’s acquisition related expenses of THB 2mn and 2) Net gain from deferred tax adjustment of THB 4mn. As a result, net profit from operation increased by

5.6 -4.0 Net profit (loss) attributable to equity holders (Exclude Gain (Loss) on exchange rate) 99.9 299.1 -199.1 -66.6 Net profit (loss) attributable to equity holders Margin (%) (Exclude Gain (Loss

which profit attributable to the equity holder of the Company was 710.5 million baht. Earnings per share for this quarter was 0.34 baht. 4 ASIA’S BOUTIQUE AIRLINE Notable Events Notable events in the

to the equity holder of the Company was 710.5 million baht. Earnings per share for this quarter was 0.34 baht. 4 ASIA’S BOUTIQUE AIRLINE Notable Events Notable events in the first quarter of 2018 1

Group 5/ 44 36 (81) -284% -321% 270 24 -91% Others 6/ (76) (72) (61) (113) (190) Profit attributable to owners of the Company 1,060 1,007 1,856 75% 84% 4,137 4,009 -3% Basic earnings per share (Baht) 0.77

Exchange Gain of Baht 124.9 million in 3Q2018 and Baht 119.7 million in 3Q2017. In 9M2018, Share of Profit from Investments in Associates and Joint Ventures was Baht 1,453.4 million, a 2.5% decreased from

gain/(loss) 3.11 (0.35) -111.25% Other income 5.47 2.36 -56.86% Earnings before interest and taxes 86.99 64.97 -25.31% Financial expense (0.76) (2.30) 202.63% Profit before income tax expense 86.23 62.67