1    (Translation) MD. 030/2018 February 21, 2018 Re: Management Discussion and Analysis For the Year Ended December 31, 2017 To: President The Stock Exchange of Thailand Management Discussion and

1 (Translation) MD. 155/2018 November 14, 2018 Re: Management Discussion and Analysis For the Operating Results ended September 30, 2018 To: President The Stock Exchange of Thailand Management

Exchange of Thailand on December 16, 2019, and the transition from state enterprise to a fully commercialized public company. The main objective is to establish the efficiency and strength to our core

. The Company received “Best Full-Service Boutique Airline - APAC” from Air Transport Awards 2017 which was organized by Transport News Intl, the transportation industry’s leading publication in England

first half of 2020 is 69.6 percent. (Source: International Air Transportation Association: IATA) For tourism sector in Thailand, a number of international visitors in second quarter of 2020 dropped by 100

accounting policy for derivatives and hedge accounting. The changes have been applied retrospectively. The significant principles are as follows:- Derivatives are used to manage exposure to foreign exchange

, 2019 Page 1 Executive Summary Unit : Million baht 2019 2018 Total revenues * 15,668.94 14,780.73 888.21 6.0 Total cost and expenses * 9,573.18 8,346.74 1,226.44 14.7 Gain (Loss) on foreign exchange

Exchange of Thailand PACE Development Corporation Public Company Limited (“the Company”) would like to report the operating results for the three-month period ended 31 March 2019. The details are as follows

China of approximately 13%, from USA and Europe around 16%, nevertheless, the Lofts Silom Project which is ready for transfer and income realization this year has Chinese customers of 37%. The Covid-19

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of