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1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 September 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL

LIMITED ASIA METAL PUBLIC COMPANY LIMITED ASIA PLUS GROUP HOLDINGS PUBLIC COMPANY LIMITED ASIA PRECISION PUBLIC COMPANY LIMITED ASIA SERMKIJ LEASING PUBLIC COMPANY LIMITED ASIAN ALLIANCE INTERNATIONAL