expenses from the adoption of Thai Financial Reporting Standards 16 Leases (TFRS 16). The Company has no interest-bearing debt. Significant Events Financial Performance Management Discussion & Analysis Q1

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2018 Executive Summary The Thai economy in the last quarter in 2018 continued to grow

and incentives to gain the privilege when travelling from CLMV countries to Thailand. (February 2019) 5. The Company, BTS Group Holding Public Company Limited and Sino-Thai Engineering & Construction

incentives to gain the privilege when travelling from CLMV countries to Thailand. (February 2019) 5. The Company, BTS Group Holding Public Company Limited and Sino-Thai Engineering & Construction Public

แบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์ - 21 - (UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

Thai economy in the first quarter of 2018 continued to grow from the previous quarter, corresponding with the world economy. The expanding of the exporting industry, tourism industry, and government

Bangkok Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the First Quarter of year 2018 ended 31 March 2018 Executive Summary Thai economy in the first quarter of

name of the umbrella fund ________________________________________________________________________ 1 Legal entity refers to the legal form of Thai CIS. CIS in Thailand is set up as a legal entity

nto the acquis e total numb by the Comp risks on the edia business which shall h of Directors sp a current bu sidered that place during t ue of TV Hom ng TV Home pping generat ping business of Thai

Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two languages, the Thai version shall prevail