Page 1 of 4 11 November 2019 Subject : Management Discussion and Analysis Quarter 3 Ending 30 September 2019 To : The President The Stock Exchange of Thailand WICE Logistics Public Company Limited

According to the referral from the Stock Exchange of Thailand (SET) and the SEC’s further investigation, Warot and Jeeranan, former EY assistant auditors, were involved in irregular securities and

below; Fleet Type As of 30 September 2019 As of 30 September 2018 Airbus A320 9 9 Airbus A319 16 15 ATR 72-500 2 6 ATR 72-600 13 9 Total 40 39 One Airbus A319 under operating lease were delivered in

2018 Airbus A320 9 9 Airbus A319 16 14 ATR 72-500 2 6 ATR 72-600 13 9 Total 40 38 5 ASIA’S BOUTIQUE AIRLINE Two Airbus A319 under operating lease were delivered in July 2018 and January 2019 respectively

Ratio (Time) 4.7 4.1 Collection Period (Day) 22.5 23.6 Stock Turnover Period (Day) 8.3 6.8 Payment Period (Day) 33.9 33.3 Profitability Ratio Gross Profit Margin (%) 15.0 12.2 Operating Profit Margin

., Ltd. 14) Bangkok Air Catering Don Mueang Co., Ltd Airline Operating Data Unit January-March 2020 2019 Scheduled passenger revenues (1) Million Baht 4,442.9 6,015.1 Domestic 3,070.9 3,897.3 International

future projects. In terms of the progress on Delisting Tender Offer of GLOW, the process was completed on 2 December 2019 and GLOW has been delisted from being listed on the Stock Exchange of Thailand on

was no gas turbine maintenance at Rayong Central Utilities Plant in Q3/2017 as there was in Q3/2016 and the plant had better operating performance. Also, the selling price rose from the increase in the

ATR 72-600 12 9 Total 41 38 In January 2019, one additional Airbus A319 under operating lease was delivered, while one ATR72-500 was disposed. The Company received one ATR72-600 in March 2019 under

Total 41 38 In January 2019, one additional Airbus A319 under operating lease was delivered, while one ATR72-500 was disposed. The Company received one ATR72-600 in March 2019 under Commercial loan. 5