minimum payment and adjusted to percent of revenue sharing payment during that time. Moreover, AOT reduced minimum payment for BAC since January 2011. 6 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and

exception of minimum payment and adjusted to percent of revenue sharing payment during that time. Moreover, AOT reduced minimum payment for BAC since January 2011 (September 2019) 3. As of 31 December 2019

over net earned premium increased from 57.77% in the same quarter last year to 62.51%, as the terms and conditions of compulsory motor insurance had been adjusted in accordance with the notification of

declined from 63.48% to 58.46% mainly because the Company had adjusted the premium rate and condition of some non-motor policies. The overall loss ratio therefore was in decline. 2. Net investment revenue

(loss) of the year 464.4 29.2% (299.9) (11.4%) (164.6%) Adjusted items Net unrealized loss on exchange rate - - 29.0 1.1% - Non-recurring items2 235.5 14.8% (261.8) (9.9%) (211.2) Adjusted EBITDA3 715.8

. 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

the future prediction that is believed to be reasonable in the present situation and compared to the carrying amount of assets related to the licenses. In addition, the Group has adjusted and restated

4.48 Million Baht or 162% increase from the same period last year due to adjusted for accrued expenses payable. Separate financial statements Revenues 1. Revenue from sales of agricultural products 3.87

of the year earlier and has gross profit margin of 27.64%.because the company adjusted the recognition of interest income from loan receivables from the purchase of debtors, decrease from previous

to the same period of the year earlier and has gross profit margin of 24.75%.because the company adjusted the recognition of interest income from loan receivables from the purchase of debtors, decrease