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

as follows Unit : million baht Service For the three-month period Ended March 31, 2019 For the three-month period Ended March 31, 2018 Increase / (Decrease) Percentage Sea Freight 174.70 142.96 31.74

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

the three-month period Ended 30 June 2019 For the three-month period Ended 30 June 2018 Increase / (Decrease) Percentage Sea Freight 151.36 151.01 0.35 0.23 Air Freight 181.49 193.11 -11.62 -6.02 Cross

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