Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 1 of 16 Executive Summary CPN’s revenues continues to grow primarily from strong rental business performance

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

greater market share. KASIKORN ASSET MANAGEMENT CO., LTD. remained at the top of the mutual fund business. KASIKORN LEASING CO., LTD. saw satisfactory lending business volume in line with the overall

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

Related Business and Investment 1. Bangkok Air Catering Co., Ltd. and Gourmet Primo Co., Ltd. under the name of “BACGP Joint Venture” won the bidding to operate inflight catering services at Don Mueang

Company Limited. The objective is to invest in duty free business.(April 2018) 10. The Company bought 60 million shares of Bangkok Aviation Fuel Service Public (BAFS) amounted by 2,267 million baht. Total

Express (Thailand) Company Limited • Independent Director, Member of Audit Committee and Chairman of Sustainable Development Committee, Advanced Info Service Public Company Limited • Independent Director