sector remained challenged by new modes of competition in a broader marketplace amid the advancing digital age and its rapid pace of technological advancement. Businesses have also had to cope with Thai

- Translation - Page 1 of 11 CBG 008/2018 21 February 2018 Subject Management discussions and analysis for the year ending 31 December 2017 To President The Stock Exchange of Thailand We, Carabao

highly intense competition which caused the average fare to drop by 6.3 percent, particularly in Indochina routes. The average passenger load factor was 68.5 percent, decreased from 69.2 percent. Passenger

competition particularly in domestic sectors which caused overall number of passenger, passenger yield and average fare dropped by 1.9 percent, 1.6 percent and 2.8 percent respectively. The Company reported net

slightly declined by 4.2 percent from highly intense competition particularly in domestic sectors which caused overall number of passenger, passenger yield and average fare dropped by 1.9 percent, 1.6

operating revenue of airline business declined by 6.9 percent from highly intense competition which caused the average fare to drop by 5.8 percent. The average passenger load factor was 68.1 percent. The

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

all existing products, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales

, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales and margin.  Review new