No: AH 03052021 May 17, 2021 Subject: Management Discussion & Analysis (MD&A) for the financial statements of the 1st quarter of fiscal year 2021 ended as of March 31, 2021 To: The President The Stock

Gross Margin 3.43% -1.88% Net Profit Margin -57.55% -67.77% Debt to Equity Ratio (Time) 410.39 16.47- Total Expenses Summary of 3 Months Operating Result as ended 30 June 2020 Construction Income In the

% or THB 13,902mn from 31 December 2017, mostly from the EBT of UE, which was funded by a capital increase via issuance of preferred shares in the first quarter  Net debt to equity ratio as of 31

debt related to the conditional tender offer from the financial institution. Details of such capital increase is disclosed in the Information Memorandum Re: the Allocation of the Newly-Issued Ordinary

paid, purchase of treasury stocks and repayment of liabilities under finance lease payable amounting to 714.1 million baht. 25 ASIA’S BOUTIQUE AIRLINE Summary Consolidated Financial and Ratio January

Assets (%) 3.3 4.8 Return on Fixed Assets (%) 22.0 29.2 Asset Turnover (Time) 0.5 0.5 Leverage Ratio Debt to Equity (Time) 1.0 0.9 Interest Coverage Ratio (Time) 3.0 3.6 26 ASIA’S BOUTIQUE AIRLINE Glossary

15 5. Significant financial ratios (excluded the effect of foreign exchange rate of the Company and subsidiaries) 1) Current Ratio (Times) 2.70 2.22 2) Profit to Total Revenue (excluded fuel costs

10.21 4) Return on Assets ** (%) 7.80 8.33 5) EBITDA * (Million THB) 2,870 2,834 6) EBITDA to Total Assets (%) 2.82 2.77 7) Debt to Equity Ratio (Times) 0.75 0.70 8) Debt Service Coverage Ratio (Times

the period. • As a result of the foregoing, net interest-bearing debt to equity ratio increased from 1.5 times as of December 31, 2018 to 1.6 times as of March 31, 2019. FINANCIAL POSITION STATEMENT OF

inflow helped the Company to maintain interest bearing debt ratio to be same as at the end of last year. During 1H2019, MK Group reported total revenue of THB 2,970.72 million, an increase of THB 323.85