Manufacturing Business accounted for only 1 – 5 percent of the total gross operating profits for the corresponding periods. In addition, the gross operating profits from the Manufacturing Business continued to

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2019 Executive Summary The Thai economy in the last quarter in 2019 continued to grow

board of directors, in order to ensure that during a disruptive event, derivatives clearing and settlement will continue without interruption or can be resumed and continued within reasonable time; (2) a

method since the Company has continued losses, which may be inappropriate at this time. Details are as below; Valuation Methods Price (Baht per share) Book Value per share as of June 30, 2017 0.35 Book

Value) and also, consider the market price per share in the Stock Exchange of Thailand (the “SET") without using the net cash flow method since the Company has continued losses, which may be inappropriate

factors affecting operations as follow: 1. Solar power plant projects in Thailand recorded an increase in electricity sales from the contribution of the Solar Co-op project (PPA 12 MW), which has continued

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

• SCOD : October 2019 Project updates: Construction progress of the project continued as planned at 92% as appraised by the government of Lao PDR’s technical advisor. Main construction tasks such as power

&A 4 Strategic Investments IVL continued in its earnings accreting growth journey through several acquisitions and organic imperatives with an overall capital investment of $2.26 billion in 2018 which

concession, totaling of 31 years. • GPSC holds 25% of total shares. • Total investment: Baht 136,761 million • SCOD : October 2019 Construction progress of the project continued as planned at 80.9% which