Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the third quarter of 2019 ended 30 September 2019 Executive Summary Thai economy in the third quarter of 2019 was

Notification of the Office of the Securities and Exchange Commission (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is

(Overseas) Mikka Cafe New Brand Perspectives on Thai economy in 2022 • The Thai economy is expected to recover gradually in 2022. During the first half of the year, slow recovery is expected due to the

position for the first quarter of 2018 with those of 2017. This report discusses principal changes in the unreviewed consolidated financial statements. Overall market environment The Thai economy for the

first quarter of 2018 with those of 2017. This report discusses principal changes in the reviewed consolidated financial statements. Overall market environment The Thai economy for the first quarter of

. Overall market environment Growth continued for the Thai economy during the second quarter of 2018 with further expansion in the external sectors namely exports and tourism in line with the expansion of the

market environment Growth continued for the Thai economy during the second quarter of 2018 with further expansion in the external sectors namely exports and tourism in line with the expansion of the global

increase in deposits from the government sector in both current and savings accounts, and special deposit products under long-term programs introduced by certain banks. Liquidity in the Thai banking system

government sector introducing stimulus packages, which would cause demand for fuel consumption in the industrial and transport sector to increase. Moreover, the excess of crude oil supply trends to decrease

the appreciation of the Thai Baht has led to the destination shift among the country’s target tourists. These factors have, undoubtedly, put pressure on the hospitality industry, which is the main