Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 031/2560 August 10, 2017 Subject : Management Discussion and Analysis for quarter 2-2017 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 028/2018 August 10, 2018 Subject : Management Discussion and Analysis for quarter 2-2018 To

100 per share) which is accounted for 38.00 percent of registered capital after the capital increase of Seahorse. And Seahorse plan to invest in the cargo and passengers-ship project between eastern

. The subsidiary was established by the condition of Airport of Thailand PCL. (AOT)’s term of reference with registered capital of 20.0 million baht. 6 ASIA’S BOUTIQUE AIRLINE 10. As of 30 June 2019

International Airport with 5 years of concession. The subsidiary was established by the condition of Airport of Thailand PCL. (AOT)’s term of reference with registered capital of 20.0 million baht (June 2019) 2

ANALYSIS FOR Q2/2017 2 Economic condition for the year 2017 was expected to grow by 3.6 %, supported by the demand from overseas and the export, following to the economic recovery of the imported countries

Section 105 Securities and Exchange Act B.E. 2535 Section 105. A securities company shall prepare its accounts stating true and accurate business operation and financial condition, which must conform

cargo handling For the three-month period Ended March 3 1 , 2 0 1 9 and March 3 1 , 2 0 1 8 , equal to 174 .70 million baht and 142 .96 million baht respectively, increased by 31 .74 million baht or 22

of flights at Suvarnabhumi airport and additional airline customers. This was also in line with the performance of BFS Cargo which also improved from prior year as a result of greater amount of tonnage