significant rise to the world’s 3rd highest rank with 86 scores, from No. 15 with 75 scores in the preceding year. Such development was a result of the improvement in the Ease of Shareholder Suits Index

interpretation of the “Executive” in relation to “person holding executive position in Accounting or Finance Department whose rank is not lower than departmental manager” ​ Regarding the Notification of the

or Finance Department whose rank is not lower than departmental manager” ​ Regarding the Notification of the Securities and Exchange Commission No. Kor Jor. 17/2557 Re: Determination of Definitions in

กลุม่ กราฟแสดงสดัส่วนการลงทุนในปัจจุบนัท่ี Standardized แลว้ Investor types Mean Rank of mean within same investor types Rank of mean across investor types Cash Holder Old- Fashioned Modern Investor Cash

-600s at the Singapore Airshow. Deliveries of these 4 additional aircrafts will be in October 2018 to March 2019. Currently, the Company operates a fleet of 15 ATR72 aircraft; 6 ATR72-500s and 9 ATR72

Airshow. Deliveries of these 4 additional aircrafts will be in October 2018 to March 2019. Currently, the Company operates a fleet of 15 ATR72 aircraft; 6 ATR72-500s and 9 ATR72-600s. 3. In February 2018

period of 2019 was 0.06 baht. 4 ASIA’S BOUTIQUE AIRLINE Notable Events Notable Events in the third quarter of 2019 Airline Business 1. As of 30 September 2019, the Company had 40 aircraft as shown in table

Mai (one way) 7 flights per week (May 2019) Chiang Mai-Hanoi 7 flights per week (October 2019) 2. As of 31st December 2019, the Company has 40 aircraft as shown in table below; Fleet Type As of 31st

Persistence of Performance http://www.sec.or.th Empirical Paper Methodology Evidence Sharpe (1966) Spearman rank correlation Yes Jensen (1968) Jensen’s alpha No Grinblatt&Titman (1989,1992) Jensen’s alpha Yes

2019) Cancel Flights Phuket – Chiang Mai (one way) 7 flights per week (May 2019) 2. As of 30 June 2019, the Company had 40 aircraft as shown in table below; Fleet Type As of 30 June 2019 As of 30 June