NOK : Annual Report 2014

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Contents LTE<S

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āĔüûâėé Mission

čĕĆéĕâ þĆēûĕüâĆĆĄâĕĆýĆėČĔú Message from Chairman of the Board

čĕĆéĕâ þĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ Message from Chief Executive Officer

åöēâĆĆĄâĕĆýĆėČĔú Board of Directors

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ÿĜňýĆėĎĕĆýĆėČĔú Executive Officer

ġåĆèčĆňĕèĐèåŋâĆ Organization Chart

éě÷ğ÷Ňü÷ňĕüâĕĆ÷Ĭĕğüėüèĕü Operational Highlights

ãňĐĄĜĈúĕèâĕĆğèėü ĠĈēâĕĆ÷Ĭĕğüėüèĕüġ÷ąčĆěþ Summary of Financial and Operational Information

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āĔõüĕâĕĆúĘħčĬĕåĔîãĐèýĆėČĔú Company’s Major Developments

âĕĆ÷ĬĕğüėüèĕüúĘħčĬĕåĔî ĢüĆĐýþĿ Key Milestones +P

ãňĐĄĜĈúĔħĊģþãĐèýĆėČĔú General Information

ĈĔâČöēâĕĆþĆēâĐýûěĆâėé Nature of Business

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čăĕĊēøĈĕ÷ĠĈēâĕĆĠãŇèãĔü Market and Competition

þŌééĔąåĊĕĄğčĘħąè Risk Factors

ġåĆèčĆňĕèğèėüĈèúěü ĠĈēâĕĆéĔ÷âĕĆ Capital Structure and Management

âĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷Ę Corporate Governance

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þĆēĊĔøėåöēâĆĆĄâĕĆýĆėČĔú Board of Directors Profiles

þĆēĊĔøėÿĜňýĆėĎĕĆýĆėČĔú Executive Profiles

ĆĕąâĕĆĆēĎĊŇĕèâĔü Related Party Transactions

åĬĕĐûėýĕąĠĈēâĕĆĊėğåĆĕēĎŋ ÿĈâĕĆ÷Ĭĕğüėüèĕü Management Discussion and Analysis

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ĆĕąèĕüåĊĕĄĆĔýÿė÷ëĐý ãĐèåöēâĆĆĄâĕĆýĆėČĔú øŇĐĆĕąèĕüúĕèâĕĆğèėü Report of the Board of Directors’ Responsibilities for Financial Statement

ĆĕąèĕüåöēâĆĆĄâĕĆ øĆĊéčĐý Report of The Audit Committee

âėéâĆĆĄğāĚħĐčĔèåĄ Corporate Social Responsibility

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MISSION

NOK AIR STRIVES TO BE THE NUMBER ONE CHOICE AMONG LOW FARE AIRLINES IN THAILAND, PROVIDING CUSTOMERS TRUE SATISFACTION THROUGH AFFORDABILITY, RELIABILITY, CONVENIENCE, INNOVATION AND CARE.

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We fly smiles, never stop enhancing our services for your best journey experience.

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CONVENIENCE, ANYWHERE ANYTIME Smile to our exclusive innovation and services that App-solutely ease your trip. ยฟรจ รณรครตรท รฒรฉ ร รฒรฎ ร รครฑ ร รฏรธรฅ รครฑรง ร รฒรฎ ร รฌรงรถ ร รฏรธรฅ รครฑรง รชรจรท รฉรตรจรจ รทรฌรฆรฎรจรท รณรฏรธรถ รครฑรฒรทรซรจรต รฉรฌรนรจ รฎรชรถ รฒรฉ รฅรครชรชรครชรจ รฉรฒรต รฉรตรจรจยฌ ร รฏรธรถ รณรตรฌรฒรตรฌรทรผ รครฆรฆรจรถรถ รทรฒ รถรครฏรจรถ รณรตรฒรฐรฒรทรฌรฒรฑ รจรปรฆรฏรธรถรฌรนรจ รฉรฒรต รฐรจรฐรฅรจรตรถยซ ยฏยฑยฌยด รทรฌรฆรฎรจรท รตรจรถรจรตรนรครทรฌรฒรฑ รครฑรง รณรครผรฐรจรฑรท รครท ร รฒรธรฑรทรจรต ร รจรตรนรฌรฆรจ รครฑรง ยดยชยฎยฎ รฑรครทรฌรฒรฑรบรฌรงรจ ยฌ ร รฑรจยชรถรทรฒรณ รถรจรตรนรฌรฆรจ รครท ร รฒรฎ ยพรฌรต รบรจรฅรถรฌรทรจ รฒรต รครณรณรฏรฌรฆรครทรฌรฒรฑ รฒรฑ ร ร ร ยฉ ยพรฑรงรตรฒรฌรง รครฑรง ยฟรฏรครฆรฎรฅรจรตรตรผยซ ร รตรจรจ ร รฌร รฌ รบรซรฌรฏรจ รฅรฒรครตรงรฌรฑรชยซ ร รฒรฒรฎ รฉรฒรต ร รฒรฎ ร รฌร รฌ รฏรฒรชรฒ รครฑรง รฏรฒรช รฌรฑ รบรฌรทรซ รผรฒรธรต รฅรฒรฒรฎรฌรฑรช รฑรธรฐรฅรจรตยซ

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ร ร ร ร ร ร ร ยฟร ยพร ร Professional friendly service for a wonderful รฉรฏรผรฌรฑรช รจรปรณรจรตรฌรจรฑรฆรจ รทรซรครท รฐรครฎรจรถ รผรฒรธ รถรฐรฌรฏรจ all the way through ร รฑรฏรฌรฑรจ ร รฑรฅรฒรครตรง ร รฑรฉรฏรฌรชรซรท รฆรฒรฑรฑรจรฆรทรฌรนรฌรทรผ รครท ยฐยฒยฉยญยญยญ รฉรจรจรท รครฅรฒรนรจ รทรซรจ รชรตรฒรธรฑรง ยฅยพรนรครฌรฏรครฅรฏรจ รฌรฑ รจรดรธรฌรณรณรจรง รครฌรตรฆรตรครฉรทรถ รฒรฑรฏรผยฆ ร รจรบ ยฟรฒรจรฌรฑรช ยดยฐยดยชยตยญยญ รฉรฒรต รฐรฒรตรจ รฆรฒรฐรฉรฒรตรทรครฅรฏรจ รฉรฏรฌรชรซรท รครฑรง รจรฉรฉรฌรฆรฌรจรฑรท รทรธรตรฅรฒรณรตรฒรณ ยฟรฒรฐรฅรครตรงรฌรจรต ร ยฑยญยญ ร รจรปรทร รจรฑ ร รฒรตรฏรง ร รฏรครถรถ รถรทรครฑรงรครตรง รครฌรตรฆรตรครฉรท รฐรครฌรฑรทรจรฑรครฑรฆรจ รถรจรตรนรฌรฆรจ รฅรผ ร รธรฉรทรซรครฑรถรค ร รจรฆรซรฑรฌรฎ

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ร ร ร ร ยพร ร ร ร ร ร ร ยพร ร ร ร ร ร ร ร ยพร ร ร ร ร Seamlessly travel to all destinations confidently with our most comprehensive routes. ยณยตยณ รฉรฏรฌรชรซรทรถ รค รบรจรจรฎ รฌรฑ ยฏยฑ รงรฒรฐรจรถรทรฌรฆ รตรฒรธรทรจรถ รครฑรง รฒรฑรจ รฌรฑรทรจรตรฑรครทรฌรฒรฑรครฏ รตรฒรธรทรจ ร รฏรผ รฑ ร รฌรงรจ รครฑรง ร รฏรผ รฑ ร รจรตรตรผ รทรฒ ยฏยณ รณรฒรณรธรฏรครต รงรจรถรทรฌรฑรครทรฌรฒรฑรถ รฆรครทรจรตรจรง รทรฒ รผรฒรธรต รงรจรถรฌรตรจ ยฟรจรถรท รฆรครต รตรจรฑรทรครฏ รตรครทรจรถ รจรปรฆรฏรธรถรฌรนรจรฏรผ รฉรฒรต ร รฒรฎ ยพรฌรต รถ รฆรธรถรทรฒรฐรจรตรถ รฉรฒรต รผรฒรธรต รฆรฒรฐรฉรฒรตรท รครฑรง รทรครฌรฏรฒรตยชรฐรครงรจ รทรตรฌรณ

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

Messäêe éõoð Cëìeé Âûeæøtìùe Oééìæeõ LTE+T$=ER:T;_+ TM; T9Wg<EþMTE

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Íätee Säõäsìn

Cëìeé Âûeæøtìùe Oééìæeõ

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ยญยฎยณ

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$EEC$TEOVLER Inรงeรณenรงent ร รฌรตeรฆtoรต

$EEC$TE7EI+LO<`GR$EEC$TEOVLER ยพรธรงรฌt Coรฐรฐรฌttee รคnรง Inรงeรณenรงent ร รฌรตeรฆtoรต

;TD>6Z*_6- OV;9EGS$K5 11 Mรตยซ ร รครงรธnรชรงeรญ Inรงรตรครฏรครฎ

$EEC$TE7EI+LO<`GR$EEC$TEOVLER ยพรธรงรฌt Coรฐรฐรฌttee รคnรง Inรงeรณenรงent ร รฌรตeรฆtoรต

ยถ ;TD@ฤ CG JEรฟIรพ$EC Mรตยซ ร รฌรฐoรฏ Sรตรฌรนรฌรฎoรตn

=ER:T;$EEC$TE7EI+LO<`GR$EEC$TEOVLER Cรซรครฌรตรฐรคn oรฉ ยพรธรงรฌt Coรฐรฐรฌttee รคnรง Inรงeรณenรงent ร รฌรตeรฆtoรต

ยง ;TD@G- MZ7R_+Eรพย GTOO$+T$7lT`M; *$EEC$TE b;IS;9Wg 9 C$ET'C 2ยฒยฒยต

ยณ ;TDa-'-SD = ย ย TD*' Mรตยซ Cรซoรฎรฆรซรครฌ ร รคnรผรครผonรช $EEC$TE ร รฌรตeรฆtoรต

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ยญยฎยต

ร รปรจรฆรธรทรฌรนรจ ร รฉรฉรฌรฆรจรต >[ <EรพMTE<EรพKS9

;TD@T9W LTELV; ร รตยซ ร รครทรจรจ ร รครตรครถรฌรฑ

;TD= DR DO6C5W ร รตยซ ร รฌรผรค ร รฒรงรฐรครฑรฌ

$EEC$TE`GR=ER:T;_+ TM; T9Wg<EรพMTE ร รฌรตรจรฆรทรฒรต รครฑรง ร รซรฌรจรฉ ร รปรจรฆรธรทรฌรนรจ ร รฉรฉรฌรฆรจรต

EO*=ER:T;_+ TM; T9Wg<EรพMTE ร รจรณรธรทรผ ร รซรฌรจรฉ ร รปรจรฆรธรทรฌรนรจ ร รฉรฉรฌรฆรจรต

;T*LTI;IGIEE5 B[= ER_LEรพ2 ร รถยซร รธรครฑรบรครฑ ยฟรซรธรณรตรครถรจรตรท

;TDDO6-TD LZ9:V:;$[G ร รตยซ ร รฒรงรฆรซรครฌ ร รธรงรซรฌรงรซรครฑรครฎรธรฏ

$S=7S;LEEb+ <Zย CT ร รครณรทรครฌรฑ ร รครฑรญรครฌ ยฟรฒรฒรฑรฐรค

=ER:T;_+ TM; T9WgLTD$TE_*รพ; ร รซรฌรจรฉ ร รฌรฑรครฑรฆรฌรครฏ ร รฉรฉรฌรฆรจรต

=ER:T;_+ TM; T9WgLTD$TE@T5V-D ร รซรฌรจรฉ ร รฒรฐรฐรจรตรฆรฌรครฏ ร รฉรฉรฌรฆรจรต

=ER:T;_+ TM; T9WgLTD=1V<S7V$TE ร รซรฌรจรฉ ร รณรจรตรครทรฌรฑรช ร รฉรฉรฌรฆรจรต

ETD*T;=ER+lT= ยฏยฒยฒยด ยพรฑรฑรธรครฏ ร รจรณรฒรตรท ยฏยญยฎยฑ

ยญยฎยถ

ร รตรชรครฑรฌรฝรครทรฌรฒรฑ ร รซรครตรท a'E*LE T*O*' $E

'5R$EEC$TE<EรพKS9 ยฟรฒรครตรง รฒรฉ ร รฌรตรจรฆรทรฒรตรถ

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'5R$EEC$TE LEEMT`GR$lTM;6 ' T7O<`9; ร รฒรฐรฌรฑรครทรฌรฒรฑ รครฑรง ร รจรฐรธรฑรจรตรครทรฌรฒรฑ ร รฒรฐรฐรฌรทรทรจรจ

=ER:T;_+ TM; T9Wg<EรพMTE ร รซรฌรจรฉ ร รปรจรฆรธรทรฌรนรจ ร รฉรฉรฌรฆรจรต ;TD@T9W LTELV; ร รตยซ ร รครทรจรจ ร รครตรครถรฌรฑ

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=ER:T;_+ TM; T9WgLTD$TE_*รพ; ร รซรฌรจรฉ ร รฌรฑรครฑรฆรฌรครฏ ร รฉรฉรฌรฆรจรต

=ER:T;_+ TM; T9WgLTD$TE@T5V-D ร รซรฌรจรฉ ร รฒรฐรฐรจรตรฆรฌรครฏ ร รฉรฉรฌรฆรจรต

=ER:T;_+ TM; T9WgLTD=1V<S7V$TE ร รซรฌรจรฉ ร รณรจรตรครทรฌรฑรช ร รฉรฉรฌรฆรจรต

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$S=7S;LEEb+ <Zย CT ร รครณรทรครฌรฑ ร รครฑรญรครฌ ยฟรฒรฒรฑรฐรค

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12,313

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12,706

12,979

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(411)

(666)

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(410)

(666)

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(472)

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4,349

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ĆňĐąĈē

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(3.8)

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56,553

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ýĆėâĕĆğëĚħĐĄøŇĐĐėüğúĐĆŋğüĦøĢüĆēĎĊŇĕèğúĘħąĊýėü 9K(K 1PDQCTF ğþľ÷ĢĎňýĆėâĕĆýüğåĆĚħĐèýėüúĘħģ÷ňĆĔýâĕĆøė÷øĔĨèĐěþâĆöŋĠĈňĊ

9K(K QPDQCTF QHHGTGF QP CKTETCHVU YKVJ KPUVCNNGF GSWKROGPV

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_'EYO% TD_L ;9T*$TE<V; ýĆėČĔúğþŎüÿĜňĢĎňýĆėâĕĆğúĘħąĊýėüúĘħåĆĐýåĈěĄúěâăĜĄėăĕåĢüþĆēğúċģúą ġ÷ąĢüþŌééěýĔüğþŎüÿĜňĢĎňýĆėâĕĆğčňüúĕèâĕĆýėüăĕąĢü þĆēğúċĄĕâúĘčħ ÷ě úĔèĨ üĘ Ĩ ö ĊĔüúĘ ħ ûĔüĊĕåĄ ýĆėČúĔ ĢĎňýĆėâĕĆğúĘąħ ĊýėüúĔèĨ ĎĄ÷ ğčňüúĕèâĕĆýėü ìęèħ þĆēâĐý÷ňĊą ğčňüúĕèýėü ăĕąĢüþĆēğúċ ĠĈē ğčňüúĕèýėüĆēĎĊŇĕèþĆēğúċ ġ÷ąĄĘğúĘħąĊýėüúĔĨèčėĨü ğúĘħąĊýėüøŇĐčĔþ÷ĕĎŋ üĐâéĕâüĘĨ ğāĚħĐãąĕąğåĆĚĐãŇĕą ğčňüúĕèâĕĆýėüģþąĔèøĈĕ÷øŇĕèþĆēğúċ ĢüþĿ ýĆėČĔúģ÷ňúĬĕãňĐøâĈèĆĔýãüčŇèÿĜňġ÷ąčĕĆĆēĎĊŇĕèčĕąâĕĆýėüĠýý +PVGTNKPG %QQRGTCVKQP #ITGGOGPV âĔýčĕąâĕĆýėüčâĜʼnø ġ÷ąýĆėČĔúčĕĄĕĆùéĬĕĎüŇĕąýĔøĆġ÷ąčĕĆéĕâéě÷ĎĄĕąâĕĆğ÷ėüúĕèăĕąĢüþĆēğúċ Đĕúė ğëĘąèĢĎĄŇ ğëĘąèĆĕą ăĜğâĦø Đě÷ĆûĕüĘ ĐěýĈĆĕëûĕüĘ üåĆċĆĘûĆĆĄĆĕë øĆĔè ĠĈēĎĕ÷ĢĎîŇ ģþąĔèþĆēğúċčėèåġþĆŋ ãňĐøâĈè÷ĔèâĈŇĕĊ éēëŇĊąĐĬĕüĊąåĊĕĄčē÷ĊâĢĎňÿĜňġ÷ąčĕĆġ÷ąâĕĆìĚĨĐýĔøĆġ÷ąčĕĆğāĘąèåĆĔĨèğ÷ĘąĊčĬĕĎĆĔýâĕĆğ÷ėüúĕèģþąĔèéě÷ĎĄĕąþĈĕąúĕèúĘħøňĐè ğ÷ėüúĕèġ÷ąğúĘħąĊýėüãĐèčĕąâĕĆýėüúĔĨè čĕąâĕĆýėü ýĆėČĔúĢĎňýĆėâĕĆğúĘħąĊýėüéĕâòĕüþñėýĔøėâĕĆĎĈĔâúĘħúŇĕĐĕâĕċąĕüüĕüĕëĕøė÷ĐüğĄĚĐè ġ÷ąĄěŇèğüňüĢĎňýĆėâĕĆğúĘħąĊýėü úĔèĨ ĢüğčňüúĕèúĘĄħ åĘ ĊĕĄøňĐèâĕĆúĕèâĕĆýėüĎüĕĠüŇüĐąŇĕèğčňüúĕèâĕĆýėüčĕąĎĈĔâ ĠĈēğčňüúĕèâĕĆýėüúĘĄħ åĘ ĊĕĄøňĐèâĕĆúĕèâĕĆýėü ģĄŇĄĕâüĔâĢüþŌééěýĔüĠøŇåĕ÷ĊŇĕéēĄĘåĊĕĄøňĐèâĕĆúĕèâĕĆýėüčĜèãęĨüĢüĐüĕåø ĐąŇĕèğčňüúĕèâĕĆýėüčĕąĆĐè ĠĈēğčňüúĕèâĕĆýėü čĕąąŇĐą ğāĚĐħ ĢĎňčĐ÷åĈňĐèâĔýâĈąěúûŋĢüâĕĆĠãŇèãĔüãĐèýĆėČúĔ ĊŇĕ÷ňĊąâĕĆĢĎňýĆėâĕĆğčňüúĕèâĕĆýėüúĘåħ ĆĐýåĈ쥥ĕâúĘčħ ÷ě ĢüþĆēğúċģúą

a'E*LE T*ETDc6 %O*<EVKS9 ýĆėČĔúĄĘġåĆèčĆňĕèĆĕąģ÷ňøĕĄèýâĕĆğèėüãĐèýĆėČĔúčĬĕĎĆĔýþĿ øĕĄèýâĕĆğèėüĆĐýþĿýĔîëĘčėĨüčě÷ĊĔüúĘħ ûĔüĊĕåĄ ĆēĎĊŇĕèþĿ ĄĘĆĕąĈēğĐĘą÷÷ĔèøŇĐģþüĘĨ

¯²²² G T;<T9 E ODGR

ETDc6 +T$$TEbM <EV$TE%;L * ğčňüúĕèâĕĆýėüþĆēéĬĕ ğúĘħąĊýėüğëŇĕğĎĄĕĈĬĕ

ĆĊĄĆĕąģ÷ňéĕââĕĆãüčŇè

7,821.4

94.7

10,542.0

93.2

11,229.3

91.3

396.2

4.8

637.6

5.6

914.0

7.4

ĆĊĄĆĕąģ÷ňéĕâýĆėâ ĕĆğčĆėĄ

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ETDc6 OYg; ÷ĐâğýĘĨąĆĔý ĐĚħüĥ

ĆĊĄĆĕąģ÷ňĐĚħü

42.0

0.5

135.0

1.2

152.3

1.2

8,259.5

100.0

11,314.6

100.0

12,295.6

100.0

Ćĕąģ÷ňĆĊĄúĔĨèĎĄ÷

þĆēâĕċâĆēúĆĊèåĄüĕåĄ ğĆĚħĐèĎĈĔâğâöôŋčĬĕĎĆĔýâĕĆĢĎňýĆėâĕĆğčňüúĕèâĕĆýėüăĕąĢüþĆēğúċ ö ĊĔüúĘħ âĔüąĕąü ģ÷ňþĆēâĕċĎĈĔâğâöôŋâĕĆâĬĕĎü÷ğčňüúĕè âĕĆýėüģĊň÷ĔèüĘĨ Æ ğčňüúĕèâĕĆýėüčĕąĎĈĔâ åĚĐ ğčňüúĕèúĘĄħ éĘ ĬĕüĊüÿĜġň ÷ąčĕĆĆĊĄğâėüâĊŇĕ åüøŇĐþĿ ĠĈēâĆĄâĕĆýėüāĈğĆĚĐüĐüěîĕøĢĎňčĕąâĕĆýėüãĐèþĆēğúċģúąúěâčĕąâĕĆýėü čĕĄĕĆùýėüğāĚħĐâĕĆāĕöėëąŋ ģ÷ňġ÷ąģĄŇéĬĕâĔ÷éĬĕüĊüčĕąâĕĆýėü Æ ğčňüúĕèâĕĆýėüčĕąĆĐè åĚĐ ğčňüúĕèúĘħĄĘéĬĕüĊüÿĜňġ÷ąčĕĆĆĊĄ åüøŇĐþĿ ĠĈēâĆĄâĕĆýėüāĈğĆĚĐüéĬĕâĔ÷éĬĕüĊüčĕąâĕĆýėüğāĘąèčĕĄčĕąâĕĆýėü Æ ğčňüúĕèâĕĆýėüčĕąąŇĐą åĚĐ ğčňüúĕèúĘħĄĘéĬĕüĊüÿĜňġ÷ąčĕĆĆĊĄøĬħĕâĊŇĕ åüøŇĐþĿ ĠĈēâĆĄâĕĆýėüāĈğĆĚĐüéĬĕâĔ÷éĬĕüĊüčĕąâĕĆýėüğāĘąèčĐèčĕąâĕĆýėü

­°°

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

Route Network Nok Air offers flight services covering every region all over Thailand. At present, Nok Air has the most domestic route coverage in Thailand. As of December 31, 2014, Nok Air flied 25 routes of which 24 domestic routes and one international route with a total of 686 flights per week. To extend its wing to overseas territories, in 2014, Nok Air signed the Interline Cooperation Agreement with Singaporeâ&#x20AC;&#x2122;s Scoot Airlines which allowed Nok Air to sell tickets from domestic destinations such as Chiang Mai, Chiang Rai, Phuket, Udon Thani, Ubon Ratchathani, Nakhon Si Thammarat, Trang and Hat Yai to Singapore. The agreement enables passengers to buy one single ticket that covers destinations operated by these two airlines.

Nok Air offers flights from its main operation base at Don Muaeng International Airport with a focus to service flights on high demand routes as primary routes(1) as well as flights on lower demand but potentially grown routes as secondary routes(1) and feeder routes(1). This is in line with Nok Airâ&#x20AC;&#x2122;s competitive strategies to provide the most comprehensive coverage in Thailand.

Revenue Structure Based on its 2012 - 2014 financial statements for the fiscal year that ended December 31, 2012 - 2014, Nok Airâ&#x20AC;&#x2122;s revenue structure is as follows:

¯­Ž¯ Ă&#x160;압옝 ¿äÍá ¢

¯­Ž° Ă&#x160;압옝 ¿äÍá ¢

¯­Ž¹ Ă&#x160;압옝 ¿äÍá ¢

Revenues from Transportation Service 5EJGFWNGF (NKIJVU %JCTVGTGF (NKIJVU

Total Revenues from Transportation

7,821.4

94.7

10,542.0

93.2

11,229.3

91.3

396.2

4.8

637.6

5.6

914.0

7.4

Total Ancillary Revenues Other Revenues +PVGTGUV +PEQOGU Others

1.3

0.02

28.5

0.25

50.3

0.4

Total Other Revenues

42.0

0.5

135.0

1.2

152.3

1.2

8,259.5

100.0

11,314.6

100.0

12,295.6

100.0

Total Revenues

(1) The announcement of the Ministry of Transport: Criteria for Domestic Route Service as of September 27, 2006 as follows: Ă&#x2020; 2TKOCT[ TQWVG KU C TQWVG YKVJ VQVCN RCUUGPIGTU QXGT C [GCT YJKEJ &GRCTVOGPV QH %KXKN #XKCVKQP CNNQYU CNN 6JCK CKTNKPGU VQ QRGTCVG EQOOGTEKCN HNKIJVU along these routes without any restriction of the number of airlines. Ă&#x2020; 5GEQPFCT[ TQWVG KU C TQWVG YKVJ VQVCN RCUUGPIGTU DGVYGGP CPF C [GCT CPF &GRCTVOGPV QH %KXKN #XKCVKQP CNNQYU QPN[ VJTGG CKTNKPGU VQ operate commercial flights in these routes. Ă&#x2020; (GGFGT TQWVG KU C TQWVG YKVJ VQVCN RCUUGPIGTU NGUU VJCP C [GCT CPF &GRCTVOGPV QH %KXKN #XKCVKQP CNNQYU QPN[ VYQ CKTNKPGU VQ QRGTCVG EQOOGTEKCN flights in these routes.

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Pricing Policy and Revenue Management Nok Airâ&#x20AC;&#x2122;s pricing policy is to maximize incomes in each flight. This so-called dynamic pricing means tickets are differently priced in a ladder-like manner from the lowest to the highest to allow passengers who make reservation much in advance to pay a lower price. Ticket price may be discounted in case of sales promotion campaign. The dynamic pricing strategy means Nok Air can sell or allocate its tickets to all kinds of passengers at the relatively high price which results in a high cabin factor with the highest revenue in each flight. In addition, this strategy allows Nok Air to price tickets at different levels depending on diverse factors ranging from demands for tickets during different periods, prices offered by competitors and forecast market demands.

Distribution and Payment Channels As the airline businessâ&#x20AC;&#x2122;s leader in the development of new channels of air ticket sales and payment, Nok Air remains committed to introduce new and innovative channels for ticket reservation and payment to cover the needs of all groups of customers. At present, customers can make a reservation through five channels; namely, website (including mobile phone applications), call center, airport counter, ticket agent and Counter Service.

Website and electronic channels remain the most popular means for ticket reservation thanks to its convenience, CXCKNCDKNKV[ CPF \GTQ HGG EJCTIG $GUKFGU 0QM #KT JCU CP GZENWUKXG TGUGTXCVKQP EJCPPGN HQT ITQWR VTCXGNGTU corporate clients and Member of Parliament (MP) customers.

Ratio of Ticket Reservation through Various Channels Unit: %

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Website and Electronics %CNN %GPVGT #KTRQTV %QWPVGTU 6KEMGV #IGPVU 1VJGTU

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52.5

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60.7

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čŇĊüëŇĐèúĕèâĕĆëĬĕĆēğèėü ÿĜňġ÷ąčĕĆúĔħĊģþčĕĄĕĆùëĬĕĆē÷ňĊąýĔøĆğåĆ÷ėø ìęħèĈĜâåňĕüėąĄĄĕâúĘħčě÷ğüĚħĐèéĕâĄĘåĊĕĄčē÷Ċâ ĆĐèĈèģþğþŎüâĕĆëĬĕĆē÷ňĊąğèėüč÷ ëĬĕĆēúĘħøĜňğĐúĘğĐĦĄ þŌééěýĔü ģ÷ňĠâŇ û ģúąāĕöėëąŋ û âĆěèģúą û âĆěèğúā û úĎĕĆģúą û âčėâĆģúą ëĬĕĆēúĘğħ åĕüŋğøĐĆŋğìĐĆŋĊčė üĐâéĕâüĘ Ĩ âĈěĄŇ ĈĜâåňĕúĘğħ ÷ėüúĕèğþŎüĎĄĜåŇ öē ĈĜâåňĕĐèåŋâĆ ĠĈēĈĜâåňĕčĄĕëėâĆĔòčăĕ éēĄĘğèĚĐħ üģãâĕĆëĬĕĆēğèėü úĘħĠøâøŇĕèĐĐâģþøĕĄúĘħøâĈèâĔüģĊň

$TE6lT_;V;*T;%O*<EVKS9 þŌééěýĔü ýĆėČĔúĢĎňýĆėâĕĆãüčŇèÿĜňġ÷ąčĕĆġ÷ąĄĘòĕüþñėýĔøėâĕĆýėüúĘħúŇĕĐĕâĕċąĕüüĕüĕëĕøė÷ĐüğĄĚĐè ìęħèþĆēâĐý÷ňĊą ĎüŇĊąèĕüĎĈĔâ ģ÷ňĠâŇ ċĜüąŋüâĔ ýėüĠĈēĈĜâğĆĚĐ ĀłĕąþñėýøĔ âė ĕĆýėü ĀłĕąìŇĐĄýĬĕĆěèğåĆĚĐħ èýėü ĀłĕąýĆėâĕĆĈĜâåňĕ čŇĊüâĕĆğøėĄüĬĕĨ ĄĔüğëĚĐĨ ğāĈėè čŇĊüĄĕâéēâĆēúĬĕúĘħúŇĕĐĕâĕċąĕüüĕüĕëĕøė÷ĐüğĄĚĐè ğüĚħĐèéĕâĄĘøňüúěüüĬĨĕĄĔüøĬħĕúĘħčě÷ čŇĊüúĘħúŇĕĐĕâĕċąĕüăĜĄėăĕåéēğþŎüâĕĆğøėĄ ğāėħĄğøėĄğþŎüýĕèåĆĔĨèøĕĄĄĕøĆòĕüåĊĕĄþĈĐ÷ăĔąğúŇĕüĔĨü

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ğåĆĚħĐèýėüġýĐėĨè ğþŎüğåĆĚħĐèýėüġ÷ąčĕĆúĘħĄĘāėčĔąýėüĆēąēþĕüâĈĕè ĈĬĕøĔĊĠåý ĢëňğåĆĚħĐèąüøŋģĐāŇü ìęħèüĬĕĄĕĢëň čĬĕĎĆĔýğčňüúĕèčĕąĎĈĔâĠĈēğčňüúĕèčĕąĆĐè ġ÷ąğåĆĚħĐèýėüúĔĨèčĐèĆěŇüčĕĄĕĆùýėüøė÷øŇĐâĔüģâĈúĘħčě÷ ëĔħĊġĄè čĬĕĎĆĔýğåĆĚħĐèýėü ğĐúĘĐĕĆŋ ĠĈēğåĆĚħĐèýėüýĐĄýĕĆŋ÷ėğĐĆŋ åėĊ ğþŎüğåĆĚħĐèýėüġ÷ąčĕĆãüĕ÷ğĈĦâ ĢëňğåĆĚħĐèąüøŋĢýāĔ÷ 6WTDQ RTQR ğåĆĚħĐè ĄĘāėčĔąýėüĆēąēĢâĈň ìęħèýĆėČĔúéēüĬĕĄĕĢëňýėüĢüğčňüúĕèčĕąĆĐèĠĈēčĕąąŇĐą ğāĚħĐĢĎňğĎĄĕēčĄâĔýåĊĕĄøňĐèâĕĆýėüúĘħĄĘģĄŇĄĕâüĔâ ġ÷ąğåĆĚħĐèýėüĆěŇü÷ĔèâĈŇĕĊčĕĄĕĆùýėüøė÷øŇĐâĔüģâĈúĘħčě÷þĆēĄĕö ëĔħĊġĄè

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Passengers can charge a ticket to their credit card which remains the most popular payment channel thanks to its convenience. This is followed by cash payment, ATM payment (currently offering by Siam Commercial Bank, Krung Thai Bank, Bangkok Bank, TMB Bank and Kasikornbank) and counter service payment. Group travelers, corporate clients and Member of Parliament customers are subject to different payment conditions as previously agreed.

Operation At present, Nok Air offers a passenger transportation service with the flight operation base at Don Muaeng +PVGTPCVKQPCN #KTRQTV YKVJ KVU OCKP FGRCTVOGPVU VJG 2KNQV CPF %TGY %GPVGT VJG (NKIJV 1RGTCVKQP &GRCTVOGPV VJG #KTETCHV Maintenance Department and the Customer Service Department. Meanwhile, jet fuel filling is mostly carried out at &QP /WCGPI +PVGTPCVKQPCN #KTRQTV VJCPMU VQ KVU NQYGUV EQUV (WGN KU QPN[ HKNNGF HTQO VKOG VQ VKOG CV C TGIKQPCN CKTRQTV DCUGF on required safety standard.

Products and Services Aircraft Nok Airâ&#x20AC;&#x2122;s policy is to procure aircrafts that appropriately respond to flight demands in each route whether itâ&#x20AC;&#x2122;s primary, secondary and feeder routes. As of December 31, 2014, Nok Air had three models of aircraft in its fleet; namely, Boeing 737-800, ATR 72-500 and Bombardier Q400, for a total of 24 airplanes, all of which are procured through dry lease which means only aircraft is leased with neither pilot nor crew. Nok Airâ&#x20AC;&#x2122;s operating lease agreement PQTOCNN[ NCUVU [GCTU CPF CNN CKTETCHVU WPFGT KVU HNGGV JCXG VJG TGOCKPKPI NGCUG VGTO HTQO VQ [GCTU

Details of Nok Air s Ă&#x192;leet as of December 31Š ¯­14

Ă&#x2018;ßóè òÊ žÏþÌþäÊá

$QGKPI ATR 72-500 Bombardier Q400 Total

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Boeing 737-800 is a medium-range haul plane with a narrow body and jet engines. The aircraft is used in primary and secondary routes as it can fly up to four hours. Meanwhile, ATR 72-500 and Bombardier Q400 are small two-engine turbo prop aircrafts designed for short-haul flight. Nok Air mostly flies these two aircrafts in secondary and feeder routes to suit modest demands along the routes. The two aircrafts can fly as far as three hours.

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ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Aircraft Utilization Rate per Aircraft As Nok Air wishes to maximize its aircraft utilization while ensuring passengerâ&#x20AC;&#x2122;s safety and preventing flight delay that could affect its flight schedules, as of end of 2014, Nok Air had a total of 24 aircrafts in its fleet. #P CXGTCIG CKTETCHV WVKNK\CVKQP QH CNN V[RGU QH CKTETCHV UVQQF CV JQWTU C FC[ Aircraft Maintenance (QEWUKPI CV RCUUGPIGTÂżU UCHGV[ 0QM #KT WPFGTNKPGU C RGTHGEV HNKIJV TGCF[ EQPFKVKQP QH KVU CKTETCHVU WPFGT VJG EJGEM WR CPF OCKPVGPCPEG ETKVGTKC QH &GRCTVOGPV QH %KXKN #XKCVKQP VJG 75 (GFGTCVKQP #XKCVKQP #FOKPKUVTCVKQP (## and the European Aviation Safety Agency (EASA). As full-service aircraft maintenance and repair is capital-intensive and requires specialized technicians, as of December 31, 2014, Nok Air possessed transit check and daily check RGTOKVU CU YGNN CU VJG # EJGEM CPF .KIJV OCKPVGPCPEG RGTOKV DWV KV JCF PQ OCKPVGPCPEG HCEKNKV[ QH KVU QYP VQ EQPFWEV heavy maintenance. Nok Air hired the third-party service provider with aircraft maintenance expertise and facility CU YGNN CU (## CPF '#5# CEETGFKVCVKQP VQ RNCP KVU OCKPVGPCPEG CPF VQ TGRCKT CPF OCKPVCKP KVU CKTETCHVU Procurement of Parts and Spare Parts .WHVJCPUC 6GEJPKM #) KU VJG URCTG RCTV RTQXKFGT HQT 0QM #KT YJQ PQV QPN[ UQWTEGU CKTETCHV URCTG RCTVU DWV CNUQ plans maintenance schedules for its aircrafts as stated in the contract. Nok Air considered factors such as an ability to plan maintenance schedules and source spare parts as well as related expenses when selecting a spare part service provider. Besides, Nok Air also sourced out other spare parts on its own to reduce related costs. Spare parts are stored at the warehouse at Don Muaeng International Airport.

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ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Procurement of Fuel (WGN YCU 0QM #KTÂżU OCLQT GZRGPUG KP CU KV CEEQWPVGF HQT QH KVU UGTXKEG EQUVU 0QM #KT DW[U HWGN FKTGEVN[ HTQO 5JGNN QH 6JCKNCPF CPF 266 2WDNKE %QORCP[ .KOKVGF +P KV QTFGTGF HWGN VQVCNKPI OQTG VJCP QH KVU total fuel costs from a single supplier as the supplier offered a better deal. However, Nok Air did not exclusively rely upon this supplier and it did not have a policy to continue buying fuel from an exclusive source if terms and conditions as well as price wasnâ&#x20AC;&#x2122;t better than others as Nok Air was always able to buy fuel from any distributor. However, by sourcing fuel from the world-class oil supplier, Nok Air was able to procure enough fuel at a reasonable price.

Due to the volatility of oil prices, Nok Air hedged oil prices by buying fuel at a forward price with an oil supplier or by signing an oil price-hedging agreement with a financial institution based on Nok Airâ&#x20AC;&#x2122;s risk management policy where the ratio of risk hedging was around 20 - 50% of the volume of fuel consumed each month for no more than 12 months in each period. Nok Air had no speculative intention when executing this kind of contract according to the Board of Directorsâ&#x20AC;&#x2122; Resolution adopted on July 28, 2011.

In general, Nok Airâ&#x20AC;&#x2122;s aircrafts will mainly have their tanks filled at Don Muaeng International Airport as there are a lot of distributors there which allows the firm to procure fuel at a lower price than if filled in other provinces where C UKPING UWRRNKGT KU WUWCNN[ HQWPF (WGN UWRRNKGTU YJQ FGNKXGT VJGKT LGV HWGN CV &QP /WCGPI +PVGTPCVKQPCN #KTRQTV WUWCNN[ WUG VJG UGTXKEG QH $CPIMQM #XKCVKQP (WGN 5GTXKEGU 2WDNKE %QORCP[ .KOKVGF Ă $#(5Ă&#x201A; VJG UKPING RTQXKFGT CNNQYKPI to provide a fuel-filling service at Don Muaeng International Airport, to store, deliver and fill aircraft fuel tanks.

Airport Services Nok Air offers both ground service and ground support service to its passengers on its own by renting major equipment at various domestic airports such as check-in counter and aerobridge. However, Nok Air also hires the third party with expertise to handle check-in passenger belongings between airport and aircraft as well as to provide transfer buses from gate to aircraft, airstair and cargo management.

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OTMTEI T*`GR_'EYgO*6YgC (Catering) ýĆėČĔúĢĎňýĆėâĕĆĐĕĎĕĆĠâŇÿĜňġ÷ąčĕĆčĕąâĕĆýėüġ÷ąğüňüĐĕĎĕĆĊŇĕèğþŎüĎĈĔâ ġ÷ąģ÷ňĊŇĕéňĕèýĆėČĔú ğìĦüúĆĔĈ ğĆčøĐĆĐèčŋ âĆěʼnþ éĬĕâĔ÷ ĢĎňğþŎüÿĜňÿĈėøĠĈēéĔ÷čŇèĐĕĎĕĆğāĚħĐýĆėâĕĆĠâŇÿĜňġ÷ąčĕĆ ġ÷ąýĆėČĔúğþŎüÿĜňâĬĕĎü÷þĆēğăúĠĈēĆčëĕøėãĐèĐĕĎĕĆ úĔĨèüĘĨ ÿĜňĢĎňýĆėâĕĆ ÷ĔèâĈŇĕĊğþŎüÿĜÿň ĈėøĐĕĎĕĆĊŇĕèĢüĆĜþĠýýğêāĕēčĬĕĎĆĔýýĆėâĕĆĠâŇÿġňĜ ÷ąčĕĆčĕąâĕĆýėüüâĠĐĆŋğúŇĕüĔüĨ ģĄŇčĕĄĕĆùüĬĕģþĠéâĎĆĚĐéĬĕĎüŇĕą ģ÷ňĢĎňĠâŇýěååĈĐĚħüģ÷ň ýĆėČĔú ğìĦüúĆĔĈ ğĆčøĐĆĐèčŋ âĆěʼnþ éĬĕâĔ÷ ğþŎüÿĜňÿĈėøĐĕĎĕĆþĆēğăúìĐĂøŋğāĆúğìĈ ăĕąĢøňëĚħĐ ĐĕüøĘĨ ĠĐüčŋ #WPVKG #PPG¿U ġ÷ąĄĘåĆĔĊâĈĕèÿĈėøĐĕĎĕĆĐąĜŇăĕąĢüāĚĨüúĘħãĐèúŇĕĐĕâĕċąĕüüĕüĕëĕøė÷ĐüğĄĚĐè úĔĨèüĘĨ ğāĚħĐåĊĕĄčē÷ĊâĢüâĕĆéĔ÷čŇèĐĕĎĕĆĊŇĕè ĄĕąĔèğåĆĚħĐèýėüãĐèüâĠĐĆŋ ġ÷ąÿĜňĢĎňýĆėâĕĆ÷ĔèâĈŇĕĊģĄŇčĕĄĕĆùüĬĕåĆĔĊâĈĕè÷ĔèâĈŇĕĊģþþĆēâĐýûěĆâėéÿĈėøĐĕĎĕĆğāĚħĐéĬĕĎüŇĕą ĢĎňýěååĈĐĚħüģ÷ň

$TE=ER$S;BSD ýĆėČĔúģ÷ňúĬĕþĆēâĔüăĔąčĬĕĎĆĔýâĕĆýėüøĕĄĠüĊúĕèþñėýĔøėãĐèĐěøčĕĎâĆĆĄâĕĆýėüüĕüĕëĕøė ġ÷ąúĬĕþĆēâĔüăĔąĐĕâĕċąĕü úěâĈĬĕãĐèüâĠĐĆŋâĔýýĆėČĔúþĆēâĔüăĔąĢüþĆēğúċģúą ìęħèÿĜňĆĔýþĆēâĔüăĔąéēúĬĕþĆēâĔüăĔąøŇĐ 4GKPUWTCPEG ģþąĔèøĈĕ÷ĆĔýþĆēâĔüăĔą øŇĐøŇĕèþĆēğúċøĕĄĄĕøĆòĕüčĕâĈãĐèøĈĕ÷âĕĆþĆēâĔüăĔąğåĆĚħĐèýėü ğýĘĨąþĆēâĔüăĔąãĐèýĆėČĔú ĠĈēĊèğèėüåěňĄåĆĐèĐąĜŇĢüčâěĈğèėü ÷ĐĈĈĕĆŋčĎĆĔò

'ITCLSC@S;: 'ITC_= ;OVLER9T*:ZE$V+ 'ITCcC @*Xg @V* `GR$TE`% *%S;ERMI T*<EVK9S $S<$TE<V;c9D ýĆėČĔúĄĘýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü ğþŎüÿĜňùĚĐĎěňüĢĎîŇ ĆňĐąĈē ĠĈēčŇèøĔĊĠúüĄĕğþŎüâĆĆĄâĕĆýĆėČĔúéĬĕüĊü ģĄŇğâėü úŇĕü éĕââĆĆĄâĕĆúĔĨèĎĄ÷ úŇĕü âĕĆýėüģúąþĆēâĐýûěĆâėéčĕąâĕĆýėüúĘħĢĎňýĆėâĕĆğøĦĄĆĜþĠýý (WNN 5GTXKEG #KTNKPG ìęħèğþŎüûěĆâėéúĘħĢâĈňğåĘąèĠĈēĐĕéĠãŇèãĔüâĔüâĔýûěĆâėéčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ .QY %QUV #KTNKPG úĘħüâĠĐĆŋþĆēâĐýûěĆâėéĐąĜŇ ĐąŇĕèģĆâĦ÷Ę âĕĆúĘħüâĠĐĆŋþĆēâĐýûěĆâėéúĘħĢâĈňğåĘąèâĔýÿĜňùĚĐĎěňüĢĎîŇĠĈēĐĕéĠãŇèãĔüâĔü úĬĕĢĎňâĕĆýėüģúąĢüòĕüēÿĜňùĚĐĎěňüĢĎîŇ âĈěŇĄÿĜňýĆėĎĕĆĠĈēâĈěŇĄÿĜňùĚĐĎěňüĆĕąĢĎîŇĆĕąĐĚħüĥ ģ÷ňĊĕèâĆĐýâĕĆýĆėĎĕĆéĔ÷âĕĆĠĈēâĕĆýĆėĎĕĆèĕüĆŇĊĄâĔüğāĚħĐåĊĕĄëĔ÷ğéü ĢüâĕĆ÷ĬĕğüėüûěĆâėéĢüĐüĕåøĢü čŇĊüĎĈĔâ åĚĐ åĊĕĄğþŎüĐėčĆēĢüâĕĆ÷ĬĕğüėüûěĆâėéãĐèüâĠĐĆŋ âĕĆ÷ĬĕğüėüèĕüúĘħģĄŇāęħèāėèâĔü ĠĈē ĠüĊúĕèâĕĆ÷ĬĕğüėüûěĆâėéúĘħëĔ÷ğéü

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Catering 0QM #KT QHHGTU UPCEM VQ CKTNKPG RCUUGPIGTU D[ JKTKPI %GPVTCN 4GUVCWTCPV )TQWR %Q .VF VQ RTQFWEG CPF FGNKXGT the snack to passengers after the airline itself has identified type and taste of the snack to be served during the flight.

The contractor meanwhile manufactures this snack exclusively for Nok Airâ&#x20AC;&#x2122;s passengers. It has no right to sell or distribute to other parties. %GPVTCN 4GUVCWTCPV )TQWR %Q .VF OCMGU C UQHV RTGV\GN UPCEM WPFGT #WPVKG #PPGÂżU VTCFG PCOG +VU EGPVTCN MKVEJGP where the pretzel is baked is located in the Don Muaeng International Airport compound to facilitate the snack delivery to Nok Airâ&#x20AC;&#x2122;s aircrafts. The contractor cannot use the central kitchen to cook other foods for sales to other parties.

Insurance Nok Air has bought aviation insurance in accordance with the practices of the international aviation industry.

All Nok Airâ&#x20AC;&#x2122;s aircrafts are insured with an insurance firm in Thailand who then reinsures them in the overseas reinsurance market based on the aircraft insurance industryâ&#x20AC;&#x2122;s international practices. Nok Airâ&#x20AC;&#x2122;s insurance premiums and its insured sums are in US dollar.

RelationshipŠ Âżusiness IndependenceŠ NonÂŞdependency and Competition between Nok Air and Thai Airways International PCL. 0QM #KTÂżU OCLQT UJCTGJQNFGT KU 6JCK #KTYC[U +PVGTPCVKQPCN 2WDNKE %QORCP[ .KOKVGF YJQ JQNFU QH KVU UJCTGU and who dispatches no more than five representatives to sit in its 12-member board. Thai Airways International operates a full-service airline which is similar and therefore could compete with Nok Airâ&#x20AC;&#x2122;s position as a budget airline.

As Nok Airâ&#x20AC;&#x2122;s business competition could overlap with Thai Airways International who is its major shareholder, Nok Airâ&#x20AC;&#x2122;s management and other major shareholders have set up a management framework for a clear business direction in the future which can be categorized in three major areas as follows: 1) Nok Airâ&#x20AC;&#x2122;s business independence; 2) non-dependency of the operation; and 3) a clear business direction.

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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'ITC_= ;OVLERb;$TE6lT_;V;:ZE$V+%O*;$`OE ġåĆèčĆňĕèÿĜňùĚĐĎěňü ùęèĠĄňĊŇĕâĕĆýėüģúąéēğãňĕĄĕùĚĐĎěňüĢĎîŇĢüüâĠĐĆŋ þĆēĄĕöĆňĐąĈē ĠøŇâĦĄėģ÷ňğþŎüÿĜňùĚĐĎěňüĢĎîŇĆĕąğ÷ĘąĊúĘħĄĘéĬĕüĊüğčĘąè ğýĦ÷ğčĆĦé ġåĆèčĆňĕèÿĜňùĚĐĎěňüüâĠĐĆŋéēþĆēâĐý÷ňĊąÿĜňùĚĐĎěňüĆĕąĐĚħüĥ ğëŇü âĈěŇĄÿĜňýĆėĎĕĆ ĠĈēÿĜňùĚĐĎěňüĆĕąĢĎîŇâĈěŇĄĐĚħüĥ ìęħèéēğþŎü ġåĆèčĆňĕèúĘħĄĘâĕĆùŇĊè÷ěĈúĘħéēúĬĕĢĎňâĕĆ÷ĬĕğüėüèĕüãĐèüâĠĐĆŋğþŎüĐėčĆē ġåĆèčĆňĕèåöēâĆĆĄâĕĆýĆėČĔú ăĕąĢøňâĆĐýãňĐøâĈèøĕĄčĔîîĕĆēĎĊŇĕèÿĜùň ĐĚ Ďěüň ãĐèüâĠĐĆŋ âĕĆýėüģúąéēčĕĄĕĆùčŇèøĔĊĠúüĄĕğþŎüâĆĆĄâĕĆãĐèýĆėČúĔ ģ÷ň ĢüčĔ÷čŇĊüģĄŇğâėü úŇĕü éĕâéĬĕüĊüâĆĆĄâĕĆúĔĨèĎĄ÷ úŇĕü ìęħèģĄŇùęèâęħèĎüęħèãĐèéĬĕüĊüâĆĆĄâĕĆúĔĨèĎĄ÷ þĆēâĐýâĔýøĕĄāĆēĆĕëýĔîîĔøėýĆėČĔúĄĎĕëüéĬ ĕâĔ÷ ĄĕøĆĕ úĘħĆēýěĢĎňâĆĆĄâĕĆìęħèĄĘčŇĊüģ÷ňğčĘąĢüğĆĚħĐèĢ÷ģĄŇĄĘčėúûė ĐĐâğčĘąèĈèåēĠüüĢüğĆĚħĐèüĔĨü ýĆėČĔúøňĐèþñėýĔøėøĕĄâðĎĄĕąĄĎĕëüĐąŇĕèğåĆŇèåĆĔ÷ úĬĕĢĎňâĆĆĄâĕĆýĆėČĔúøĔĊĠúüãĐèâĕĆýėüģúą éēģĄŇčĕĄĕĆùĐĐâğčĘąèĈèåēĠüüĢüĊĕĆēúĘħĐĕéĄĘåĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋĆēĎĊŇĕèýĆėČĔúâĔýâĕĆýėüģúąģ÷ň ĐĘâúĔĨè ăĕąĢøňĄĕøĆĕ úĘħĆēýěĊŇĕĢüâĕĆ÷ĬĕğüėüâėéâĕĆãĐèýĆėČĔú âĆĆĄâĕĆøňĐèþñėýĔøėĎüňĕúĘħĢĎňğþŎüģþøĕĄâðĎĄĕą ĊĔøùěþĆēčèåŋ ĠĈēãňĐýĔèåĔýãĐèýĆėČúĔ øĈĐ÷éüĄøėúþĘħ ĆēëěĄÿĜùň ĐĚ Ďěüň ÷ňĊąåĊĕĄìĚĐħ čĔøąŋčéě ĆėøĠĈēĆēĄĔ÷ĆēĊĔèĆĔâČĕÿĈþĆēġąëüŋãĐèýĆėČúĔ úĬĕĢĎňâĆĆĄâĕĆãĐèýĆėČúĔ ĄĘĎüňĕúĘúħ éĘħ ē÷ĬĕĆèģĊňìèęħ åĊĕĄìĚĐħ čĔøąŋčéě ĆėøĠĈēĆēĄĔ÷ĆēĊĔèĢüÿĈþĆēġąëüŋãĐèýĆėČúĔ éęèĄĔüħ Ģéģ÷ňĊĕŇ âĕĆøĔ÷čėüĢé Ģ÷ĥ ãĐèâĆĆĄâĕĆýĆėČúĔ ìęèħ ğþŎüøĔĊĠúüéĕââĕĆýėüģúąéēøňĐèâĆēúĬĕĐąŇĕèĆēĄĔ÷ĆēĊĔè ğāĚĐħ þĆēġąëüŋãĐèÿĜùň ĐĚ Ďěüň ãĐèüâĠĐĆŋğþŎüčĬĕåĔî åĊĕĄğþŎüĐėčĆēãĐèÿĜňýĆėĎĕĆĠĈēâĕĆýĆėĎĕĆèĕü ÿĜňýĆėĎĕĆüâĠĐĆŋúĔĨèĎĄ÷ğþŎüÿĜňýĆėĎĕĆúĘħåöēâĆĆĄâĕĆýĆėČĔúčĆĆĎĕĄĕ ìęħèğþŎüÿĜňýĆėĎĕĆúĘħĄĘþĆēčýâĕĆöŋĢüûěĆâėéčĕąâĕĆýėü ĠĈēģĄŇģ÷ň÷ĬĕĆèøĬĕĠĎüŇèĢ÷ĥ ĢüâĕĆýėüģúą úĬĕĢĎňÿĜňýĆėĎĕĆúĔĨèĎĄ÷ĄĘĐėčĆēĢüâĕĆ÷ĬĕğüėüûěĆâėéăĕąĢøňâĆĐýĠüĊúĕèâĕĆ÷ĬĕğüėüûěĆâėé úĘħåöēâĆĆĄâĕĆýĆėČĔúĊĕèĠüĊúĕèģĊň ĎĕâĄĘâĕĆ÷ĬĕğüėüûěĆâėéúĘħéĬĕğþŎüøňĐèĠãŇèãĔüâĔýâĕĆýėüģúą ÿĜňýĆėĎĕĆâĦčĕĄĕĆùúĘħéēÿĈĔâ÷Ĕü üġąýĕąøŇĕèĥ ģ÷ňĐąŇĕèĐėčĆē ğāĚħĐþĆēġąëüŋčĜèčě÷ãĐèÿĜňùĚĐĎěňüúĔĨèĎĄ÷ğþŎüĎĈĔâ ĐĘâúĔĨèĢüâĕĆâĬĕĎü÷ğčňüúĕèâĕĆýėüìęħèĐĕéâŇĐĢĎňğâė÷ âĕĆĠãŇèãĔüĆēĎĊŇĕèýĆėČĔúâĔýâĕĆýėüģúą ýĆėČĔúâĦčĕĄĕĆùúĘħéēâĬĕĎü÷ğčňüúĕèâĕĆýėüģ÷ňġ÷ąĐėčĆēăĕąĢøňåöēĐüěâĆĆĄâĕĆýĆėĎĕĆ âĬĕĎü÷ğčňüúĕèâĕĆýėü ìęħèåöēÿĜňýĆėĎĕĆģ÷ňéĔ÷øĔĨèãęĨüğþŎüĐėčĆēăĕąĢøňĐĬĕüĕéãĐèþĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ

$TEcC @Xg*@V*$S;ERMI T*;$`OE $S<$TE<V;c9D þŌééěýüĔ âĆĐýâĕĆúĬĕèĕüĠĈēâĕĆýĆėĎĕĆéĔ÷âĕĆãĐèüâĠĐĆŋğþŎüâĕĆ÷ĬĕğüėüèĕüúĘğħ þŎüğĐâğúċģĄŇāèęħ āėèâĔýâĕĆýėüģúą ġ÷ąüâĠĐĆŋ ĄĘĆēýýâĕĆýĆėĎĕĆâĕĆéĔ÷âĕĆúĔèĨ ĢüčŇĊüĆēýýâĕĆčĬĕĆĐèúĘüħ èĔħ ĆēýýğëĦâĐėü ĠĈēĆēýýýĔîëĘúğĘħ þŎüĐėčĆēãĐèøüğĐèġ÷ąģĄŇģ÷ňĢëňĆēýýãĐè âĕĆýėüģúą ÷ňĕüâĕĆğëŇĕğåĆĚħĐèýėü üâĠĐĆŋĄĘüġąýĕąĢüâĕĆğëŇĕ÷ĬĕğüėüèĕüğåĆĚħĐèýėüéĕâÿĜňĢĎňğëŇĕĆĕąĐĚħüğĐè ÷ĔèéēğĎĦüģ÷ňĊŇĕ þŌééěýĔü üâĠĐĆŋğëŇĕ÷ĬĕğüėüèĕüğåĆĚħĐèýėüéĕâÿĜňĢĎňğëŇĕéĕâøŇĕèþĆēğúċğĐèúĔĨèĎĄ÷ ġ÷ąĄĘéĬĕüĊüúĔĨèčėĨü ĈĬĕ üâĠĐĆŋģ÷ňĊŇĕéňĕèÿĜňìŇĐĄýĬĕĆěèăĕąüĐâğĐèġ÷ąøĆè ÿĜňĢĎňýĆėâĕĆĆĕąĎĈĔâĥ ģ÷ňĠâŇ .WHVJCPUC 6GEJPKM #) ÷ňĕüâĕĆéĔ÷ĎĕüĬĨĕĄĔü ğëĚĨĐğāĈėè ýĆėČĔúģ÷ňéĔ÷ìĚĨĐâĔýÿĜňåňĕüĬĨĕĄĔüġ÷ąøĆè ğāĚħĐĢĎňâĕĆ÷ĬĕğüėüûěĆâėéğþŎüģþøĕĄåĊĕĄğĎĄĕēčĄ üĐâéĕâüĔĨüąĔèúĬĕĢĎňýĆėČĔú ĄĘåĊĕĄåĈŇĐèøĔĊĢüâĕĆýĆėĎĕĆåĊĕĄğčĘħąèéĕâĆĕåĕüĬĨĕĄĔüĐĘâ÷ňĊą ġåĆèčĆňĕèâĕĆýĆėĎĕĆúĘħâĈŇĕĊĄĕãňĕèøňü ğþŎüģþøĕĄâĆĐýĠüĊúĕèúĘħĢĎňüâĠĐĆŋ÷ĬĕğüėüûěĆâėéĐąŇĕèĐėčĆēĠĈēğþŎüğĐâğúċ Ąėģ÷ňāęħèāėèâĕĆýėüģúąúĔĨèĢüþŌééěýĔüĠĈēĢüĐüĕåø

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Nok Air s Âżusiness Independence Shareholding Structure #NVJQWIJ 6JCK #KTYC[U +PVGTPCVKQPCN JQNFU CRRTQZKOCVGN[ QH 0QM #KTÂżU UJCTGU CPF KU KVU OCLQT UJCTGJQNFGT Thai Airways International is not the only one major shareholder who has absolute voting rights. Nok Airâ&#x20AC;&#x2122;s shareholding structure consists of other shareholders such as the management and other groups of major shareholders which plays a check & balance role to make Nok Airâ&#x20AC;&#x2122;s operation independent.

Board of Directorsâ&#x20AC;&#x2122; Structure Under the shareholderâ&#x20AC;&#x2122;s agreement between Nok Airâ&#x20AC;&#x2122;s shareholders, Thai Airways International can send no more than five representatives to be Nok Airâ&#x20AC;&#x2122;s directors out of the airlineâ&#x20AC;&#x2122;s total 12 directors which accounts for fewer than half of Nok Airâ&#x20AC;&#x2122;s entire directors.

Section 80 of the Public Company Act provides that directors with interest in a matter may not vote in such matter.

As Nok Air strictly complies with the law, Thai Airways Internationalâ&#x20AC;&#x2122;s appointed director may not vote in any matter with a conflict of interest between Nok Air and Thai Airways International.

Section 85 of the same Act also provides that directors are to perform duty in compliance with the laws, objectives and the companyâ&#x20AC;&#x2122;s Articles of Association as well as a resolution of the shareholdersâ&#x20AC;&#x2122; meeting with integrity and for the best interest of the firm. As a result, Nok Airâ&#x20AC;&#x2122;s directors are to maintain integrity and take care of its interest which means any decision made by Thai Airways Internationalâ&#x20AC;&#x2122;s appointed director is a result of a careful consideration for the best interest of Nok Airâ&#x20AC;&#x2122;s shareholders.

Independence of the Management and Executives All Nok Air executives are nominated by the Board. They are highly experienced in the aviation industry and they hold no position in Thai Airways International. As a result, all executives are having liberty to steer the business based on the framework set by the Board. If there is any competition with Thai Airways International, the executives could independently handle the policy with the best interest of all shareholders. In addition, Nok Airâ&#x20AC;&#x2122;s flight planning sub-committee which has been independently set up by the management under the CEOâ&#x20AC;&#x2122;s authority may independently determine a flight route.

NonÂŞdependence between Nok Air and Thai Airways International PCL. At present, Nok Airâ&#x20AC;&#x2122;s management and operation is independent from and does not depend on Thai Airways International. Nok Air has a ticket reservation system, check-in system and accounting system of its own which is independent and separate from Thai Airways Internationalâ&#x20AC;&#x2122;s. Regarding aircraft leasing, Nok Airâ&#x20AC;&#x2122;s policy is to directly lease aircraft from lessors. At present, Nok Air leases a total of 24 aircrafts on its own from foreign lessors.

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The management structure describes above is based on a framework that allows Nok Air to independently operate its business without dependence on Thai Airways International now or thereafter.

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Clear Business Direction According to the Board of Directors, Thai Airways International which is Nok Air’s one of major shareholders, and Nok Air, which is Thai Airways International’s associate company, are business alliances where their businesses are complementary but could be independently competitive when appropriate. Thai Airways International operates a full-service airline under the “Thai Airways” brand and directly competes with other full-service airlines in the region such as Singapore Airlines and Malaysia Airlines, while using its “Thai Smile” brand to offer a light premium airline for both domestic and international flight routes at a less premium service fee. Thai Smile meanwhile directly competes with other light premium and boutique airlines such as Bangkok Airways and SilkAir. For flights operated by Thai Airways International, they are mostly connecting flights. Together with the main operation center at Suvarnabhumi International Airport, the airline is suitable to operate its business as the full-service airline.

On the other hand, Nok Air is running a budget airline with a unique service as its selling point. Its current routes are mainly domestic routes plus an international route to Myanmar with a plan to expand its wings to other regional destinations in the near future. Nok Air’s flights are point-to-point with no connection, having its main flight operation base located at Don Muaeng International Airport.

Business expansion Aside from Nok Air’s main business, we have expanded our business through our subsidiaries; namely, Nok Mangkang Co., Ltd. which is our vehicle to invest in Nok Scoot Airlines Co., Ltd. who operates a medium-haul international budget airline; and Nok Holidays Co., Ltd. who offers tour and travel service. In addition, we have invested our long-term investment in Pan Am International Flight Training Center (Thailand) Co., Ltd. resulting in 15% of its shares.

This firm will run an international flight training center to train and offer the most comprehensive aviation courses covering the training of pilots, maintenance personnel, crews and other aviation professionals. Nok Air’s investment structure in the subsidiaries and its long-term investments is described as follows:

Nok Airlines Public Company Limited

Nok Holidays Co., Ltd. 49%

Nok Mangkang Co., Ltd. 49%

Nok Scoot Airlines Co., Ltd. 49%

Pan Am International Flight Trainning Center (Thailand) Co., Ltd. 15%

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Market and Competition LBTIR7GT6`GR$TE`% *%S;

ùęèĠĄňĐěøčĕĎâĆĆĄâĕĆýėüăĕąĢüþĆēğúċģúąéēģ÷ňĆĔýÿĈâĆēúýéĕââĕĆëēĈĐøĔĊúĕèğċĆČòâėé ğüĚħĐèéĕâčùĕüâĕĆöŋ åĊĕĄģĄŇčèýúĕèâĕĆğĄĚĐèøĔèĨ ĠøŇëĊŇ èģøĆĄĕčúĘ ħ ãĐèþĿ øŇĐğüĚĐħ èùęèģøĆĄĕčúĘ ħ ãĐèþĿ ĠøŇăĕāĆĊĄãĐèĐěøčĕĎâĆĆĄâĕĆýėü ăĕąĢüþĆēğúċģúąĢüþĿ üĔĨüąĔèåèğøėýġøĐąŇĕèøŇĐğüĚħĐè ġ÷ąéĬĕüĊüÿĜňġ÷ąčĕĆăĕąĢüþĆēğúċąĔèåèğøėýġøĐąŇĕèøŇĐğüĚħĐèğāėħĄãęĨü ĢüĐĔøĆĕĆňĐąĈē (1) éĕâþĿâŇĐüĎüňĕ ìęħèğþŎüÿĈĄĕéĕââĕĆãąĕąøĔĊĐąŇĕèĆĊ÷ğĆĦĊãĐèčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ ġ÷ąĢüþĿ ģ÷ňĄĘâĕĆãąĕąĀĜèýėüãĐèčĕąâĕĆýėüğ÷ėĄĢüøĈĕ÷þĆēâĐýâĔýâĕĆğãňĕĄĕĢüøĈĕ÷ãĐèčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ĆĕąĢĎĄŇ ģ÷ňĠâŇ čĕąâĕĆýėüģúąģĈĐňĐüĠĐĆŋ ìęèħ éĕââĕĆğāėĄħ þĆėĄĕöâĕĆÿĈėøúĕè÷ňĕüâĕĆýėü÷ĔèâĈŇĕĊ úĬĕĢĎňĢüþĿ ĄĘéĕĬ üĊüğúĘąħ ĊýėüăĕąĢüþĆēğúċ ğāėħĄãęĨüğþŎü ğúĘħąĊýėüøŇĐčĔþ÷ĕĎŋ(1) ĎĆĚĐğāėħĄãęĨüĆňĐąĈē éĕâþĿâŇĐüĎüňĕ éęèúĬĕĢĎňğâė÷čăĕĊēâĕĆĠãŇèãĔüãĐèčĕąâĕĆýėü ĆĕåĕþĆēĎąĔ÷ ġ÷ąĠøŇĈēčĕąâĕĆýėüĄĘâĕĆéĔ÷âėéâĆĆĄúĕèâĕĆøĈĕ÷ĠĈēĢëňâĈąěúûŋúĕè÷ňĕüĆĕåĕøŇĕèĥ ìęħèğþŎüþŌééĔąčĬĕåĔîúĬĕĢĎň ÿĜňýĆėġăåğþĈĘħąüĠþĈèāćøėâĆĆĄâĕĆğ÷ėüúĕèéĕââĕĆğ÷ėüúĕè÷ňĊąĆùġ÷ąčĕĆĎĆĚĐĆùģĂĄĕğþŎüâĕĆğ÷ėüúĕèúĕèĐĕâĕċ ğüĚħĐèéĕâ ĄĘåŇĕĢëňéŇĕąĢâĈňğåĘąèâĔü ö ĊĔüúĘħ ûĔüĊĕåĄ ĄĘčĕąâĕĆýėüúĔĨèčėĨü čĕąâĕĆýėüĎĈĔâúĘħĢĎňýĆėâĕĆãüčŇèÿĜňġ÷ąčĕĆúĕèĐĕâĕċăĕąĢüþĆēğúċģúą

&QOGUVKE (NKIJV ġ÷ąĐĕéĠýŇèčĕąâĕĆýėüģ÷ňğþŎü þĆēğăú åĚĐ čĕąâĕĆýėüúĘħĢĎňýĆėâĕĆğøĦĄĆĜþĠýý ĠĈēčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ ùęèĠĄňĊŇĕčĕąâĕĆýėüúĔĨèčĐèþĆēğăúĄĘĠüĊúĕèâĕĆ÷ĬĕğüėüûěĆâėéúĘħĠøâøŇĕèâĔüĠĈēĄĘâĈąěúûŋâĕĆ÷ĬĕğüėüûěĆâėéúĘħĠøâøŇĕèâĔü ĐĘâúĔĨè ąĔèĄĘâĈěŇĄĈĜâåňĕğþŃĕĎĄĕąúĘħĠøâøŇĕèâĔü ĠøŇğüĚħĐèéĕâğčňüúĕèâĕĆýėüúĘħéĬĕâĔ÷ĠĈēâĕĆĢĎňýĆėâĕĆúĘħčĕĄĕĆùú÷ĠúüâĔüģ÷ň úĬĕĢĎň ĐĕéĄĘâĕĆĠãŇèãĔüâĔüĆēĎĊŇĕèâĈěŇĄčĕąâĕĆýėüúĔĨèčĐèâĈěŇĄ ùęèĠĄňĊŇĕâĕĆĠãŇèãĔüéēģĄŇčĜèğúŇĕâĔýâĕĆĠãŇèãĔüâĔüăĕąĢüâĈěŇĄÿĜňþĆēâĐý ûěĆâėéčĕąâĕĆýėüþĆēğăúğ÷ĘąĊâĔüğĐè ĢüčŇĊüãĐèčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ čĕąâĕĆýėüĠĐĆŋğĐğëĘąğþŎüÿĜþň ĆēâĐýâĕĆĆĕąĠĆâúĘ÷ħ ĬĕğüėüûěĆâėéčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ ĢüþĆēğúċ úĘħğüňüâĈąěúûŋĢüâĕĆãĕąøĔĪĊġ÷ąčĕĆ÷ňĊąĆĕåĕøĬħĕúĘħčě÷ ġ÷ąĆĕåĕĎüňĕøĔĪĊġ÷ąčĕĆģĄŇĆĊĄâĕĆĢĎňýĆėâĕĆğčĆėĄĐĚħüúĘħğâĘħąĊğüĚħĐè âĔýâĕĆýėü ğëŇü üĬĨĕĎüĔââĆēğþŅĕčĔĄăĕĆēĈèúēğýĘąü âĕĆãĐĆēýěúĘħüĔħèýüğåĆĚħĐèĈŇĊèĎüňĕ ĐĕĎĕĆĠĈēğåĆĚħĐè÷ĚħĄ úĔĨèüĘĨ ĎĕâÿĜňġ÷ąčĕĆ øňĐèâĕĆìĚĨĐýĆėâĕĆğčĆėĄéēøňĐèğčĘąåŇĕĢëňéŇĕąğāėħĄğøėĄéĕâĆĕåĕøĔĪĊġ÷ąčĕĆ čŇĊüčĕąâĕĆýėüģúąģĈĐĐüĠĐĆŋüĔĨüğþŎüÿĜňþĆēâĐýâĕĆĆĕąĢĎĄŇ ìęħèģ÷ňğĆėħĄğãňĕĄĕĢüøĈĕ÷čĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ĢüëŇĊè þĈĕąþĿ ġ÷ąĄĘâĈąěúûŋĢüâĕĆğčüĐĆĕåĕåŇĕġ÷ąčĕĆúĘħĆĊĄýĆėâĕĆøŇĕèĥ ģĊň Đĕúė üĬĨĕĎüĔââĆēğþŅĕčĔĄăĕĆē ĠĈēýĆėâĕĆğĈĚĐâúĘħüĔħè čĬĕĎĆĔýčĕąâĕĆýėüüâĠĐĆŋüĔĨüøňĐèâĕĆéĔ÷ĊĕèøĬĕĠĎüŇèúĕèâĕĆøĈĕ÷ğþŎüčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷åěöăĕāčĜè ġ÷ąøĔĨèĆĕåĕ øĔĪĊġ÷ąčĕĆĢüĐĔøĆĕúĘħčĜèâĊŇĕčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ĐĚħüĥ ĠøŇğþŎüĆĕåĕúĘħĆĊĄýĆėâĕĆúěâĐąŇĕèúĘħğâĘħąĊãňĐèâĔýâĕĆğ÷ėüúĕè ğëŇü ýĆėâĕĆ ĐĕĎĕĆĊŇĕèĠĈēüĬĨĕĎüĔââĆēğþŅĕčĔĄăĕĆēģĊňğĆĘąýĆňĐąĠĈňĊ ġ÷ąÿĜňġ÷ąčĕĆģĄŇøňĐèëĬĕĆēğèėüčŇĊüğāėħĄčĬĕĎĆĔýýĆėâĕĆ÷ĔèâĈŇĕĊ

(1) úĘħĄĕ âĆĄâĕĆýėüāĈğĆĚĐü

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Although the domestic airline industry in Thailand was affected by an economic malaise as a result of the countryâ&#x20AC;&#x2122;s RQNKVKECN WPTGUV HTQO 3 VQ 3 6JCKNCPFÂżU FQOGUVKE CXKCVKQP KPFWUVT[ KP TGOCKPGF XGT[ OWEJ DWQ[CPV 6JG PWODGT QH FQOGUVKE RCUUGPIGTU UVGCFKN[ KPETGCUGF D[ (1) from the previous year thanks largely to a rapid GZRCPUKQP QH DWFIGV CKTNKPGU +P PQV QPN[ GZKUVKPI CKTNKPGU KP VJG OCTMGV GZRCPFGF VJGKT HNGGVU DWV C PGY RNC[GT PCOGN[ 6JCK .KQP #KT CNUQ UVGRRGF KPVQ VJG OCTMGV YJKEJ GXGPVWCNN[ KPETGCUGF 6JCKNCPFÂżU FQOGUVKE HNKIJVU VQ (1) HNKIJVU C YGGM QT CU OCP[ CU HTQO VJG RTGXKQWU [GCT #OKF KPVGPUG EQORGVKVKQP GCEJ NQY EQUV CKTNKPG KORNGOGPVGF pricing strategies and marketing campaigns to lure customers which were effective enough to make consumers ditch bus or train and to travel instead by plane as ticket prices are very competitive. #U QH &GEGODGT VJGTG YGTG UKZ OCLQT CKTNKPGU QHHGTKPI FQOGUVKE HNKIJVU KP 6JCKNCPF 6JKU ECP DG FKXKFGF into two categories; namely, full-service airline and budget or low-cost airline. Despite different business directions and strategies and despite different targeted groups of customers, yet, with restricted routes and complementary services, these two categories indeed clashed from time to time although the competition between the two may not be as intense as that within the same category.

Among low-cost airline operators, Air Asia was the first player who unveiled its low-cost flight operation in Thailand with a focus at the lowest ticket possible offered of which the price does not include other complementary services such as check-in luggage, reserved seat and food & beverage during the flight. In other words, passengers are to pay for these extra services themselves on top of a plane ticket if they do need them.

6JCK .KQP #KT VJG NCVGUV RNC[GT YJQ UVCTVGF KVU QRGTCVKQP KP VJKU OCTMGV KP NCVG QHHGTU CKT VKEMGVU CV C RTKEG inclusive of luggage and reserved seat.

Nok Air places its marketing position as a premium-grade low-cost airline where a ticket is priced at a higher rate than other low-cost airlines but inclusive of all services available during the flight such as snack and luggage. In short, passengers do not have to pay an additional premium.

(1) Source: Department of Civil Aviation

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7TET*`L6*+lT;I;>[ a6DLTE_% T OO$ `GROS7ET$TE_7V<a7_,GWgD%O*LTD$TE<V;9WgbM <Eþ$TEb;=ER_9J Inbound-Outbound passengers and an average growth rate of airlines offering domestic flights

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üâĠĐĆŋ Nok Air ģúąĠĐĆŋğĐğëĘą Thai Air Asia âĕĆýėüģúą Thai Airways ýĕèâĐâĠĐĆŋğĊąŋč Bangkok Airways ģúąģĈĐňĐüĠĐĆŋ

6JCK .KQP #KT

ġĐğĆĘąüúŋ ģúą Orient Thai ĆĊĄ Total

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Ëøðåèõ òé ìñåòøñçª

òø÷åòøñç óäööèñêèõö§

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OS7ET$TE_7V<a7 _,GWgD ¥E ODGR¦ ¾ùèõäêè êõòú÷ë õä÷è ¥¢¦

7,149,825

6,917,527

5,208,940

3,394,389

1,775,467

-

95,253

24,541,401

17.7

ĎĄĕąğĎøě éĬĕüĊüÿĜňġ÷ąčĕĆğãňĕĐĐâğþŎüéĬĕüĊüÿĜňġ÷ąčĕĆúĘħģĄŇüĔýĆĊĄÿĜňġ÷ąčĕĆúĘħìĚĨĐøĔĪĊġ÷ąčĕĆĠĈňĊģĄŇĄĕãęĨüğåĆĚħĐè

ģúąģĈĐňĐüĠĐĆŋ ğĆėħĄýėüğĄĚħĐĊĔüúĘħ ûĔüĊĕåĄ úĘħĄĕ âĆĄâĕĆýėüāĈğĆĚĐü 0QVG

0WODGT QH KPDQWPF QWVDQWPF RCUUGPIGTU PQV KPENWFKPI PWODGT QH PQ UJQY RCUUGPIGTU YKVJ RWTEJCUGF VKEMGVU

6JCK .KQP #KT UVCTVGF KVU KPCWIWTCN ÍKIJV QP &GEGODGT Source: Department of Civil Aviation

ĎĕâāėéĕĆöĕĢü÷ňĕüâĕĆğøėýġøãĐèéĬĕüĊüÿĜňġ÷ąčĕĆ âĈěĄŇ čĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ùĚĐğþŎüâĈěĄŇ úĘĄħ âĘ ĕĆğøėýġøčĜèâĊŇĕ âĈěĄŇ čĕąâĕĆýėüúĘĢħ ĎňýĆėâĕĆğøĦĄĆĜþĠýý ġ÷ąčĕąâĕĆýėüüâĠĐĆŋ ùĚ Đ ğþŎ ü čĕąâĕĆýė ü úĘħ ĄĘ ĐĔ ø ĆĕâĕĆğøė ý ġøğêĈĘħ ą ãĐèÿĜ ň ġ ÷ąčĕĆ ăĕąĢüþĆēğúċčĜ è úĘħ čě ÷ âĈŇ ĕ ĊåĚ Đ Ćň Đ ąĈē ĢüëŇ Ċ èþĿ ğüĚħĐèéĕâğþŎüčĕąâĕĆýėüúĘħğüňüâĕĆĢĎňýĆėâĕĆ ĢüþĆēğúċğþŎüĎĈĔâ ĐĘâúĔĨèąĔèĄĘâĕĆğþľ÷ýĆėâĕĆĢüğčňüúĕèĢĎĄŇ ĠĈēĄĘéĬĕüĊüğúĘħąĊýėüøŇĐčĔþ÷ĕĎŋĄĕâúĘħčě÷

In terms of an air passenger growth rate, the low-cost airline industry is obviously enjoying a higher growth than the full-service airline segment. Nok Air is considered having the highest average growth rate among domestic HNKIJV QRGTCVQTU CU KV YKVPGUUGF C ITQYVJ FWTKPI VJCPMU VQ KVU UQNKF XKUKQP VQ QHHGT QPN[ FQOGUVKE flights, its attempts to open up new routes and its endeavors to fly the highest number of flight per week.

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L I;`< *$TE7GT6%O*LTD$TE<V;MGS$LlTMES<_L ;9T*$TE<V;b;=ER_9J Market shares of major airlines for domestic flight routes

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¯²²³ ¯­®°

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29.1

28.2

21.2

13.8

7.23

0.4

üâĠĐĆŋ Nok Air ģúąĠĐĆŋğĐğëĘą Thai Air Asia âĕĆýėüģúą Thai Airways ýĕèâĐâĠĐĆŋğĊąŋč Bangkok Airways ģúąģĈĐňĐüĠĐĆŋ Thai Lion Air ġĐğĆĘąüúŋ ģúą Orient Thai

ĎĄĕąğĎøě čŇĊüĠýŇèâĕĆøĈĕ÷ãĐèčĕąâĕĆýėüĎĈĔâéĬĕüĊü čĕąâĕĆýėü ġ÷ąþĆēĄĕö ìęħèåĬĕüĊöéĕâéĬĕüĊüÿĜňġ÷ąčĕĆúĘħğ÷ėüúĕèġ÷ąčĕąâĕĆýėü÷ĔèâĈŇĕĊ

ġ÷ąģĄŇĆĊĄÿĜňġ÷ąčĕĆúĘħĄĘøĔĪĊġ÷ąčĕĆąĚüąĔüâĕĆğ÷ėüúĕèĠĈňĊĠøŇģĄŇĄĕĠč÷èøĔĊ úĘħĄĕ âĆĄâĕĆýėüāĈğĆĚĐü Note: Market shares of six major airlines calculated from the number of passengers flying these airlines excluding

PQ UJQY RCUUGPIGTU YKVJ EQPÌTOGF VKEMGVU KP JCPFU Source: Department of Civil Aviation

ĢüþĿ üâĠĐĆŋğþŎüčĕąâĕĆýėüúĘĄħ čĘ ĊŇ üĠýŇèâĕĆøĈĕ÷ čĬĕĎĆĔýâĕĆýėüĢüþĆēğúċĄĕâúĘħčě÷ úĘħþĆēĄĕöĆňĐąĈē čĕąâĕĆýė ü úĘħ ĄĘ č Ň Ċ üĠýŇ è øĈĕ÷ĆĐèĈèĄĕ åĚ Đ čĕąâĕĆýė ü ĠĐĆŋğĐğëĘą ĠĈēčĕąâĕĆýėüģúą ĆĊĄùęèģúąčĄĕąĈŋ ìęħèĄĘ čŇĊüĠýŇèâĕĆøĈĕ÷ĐąĜŇúĘħĆňĐąĈē ĠĈē øĕĄĈĬĕ÷Ĕý ġ÷ąĎĕâāėéĕĆöĕéĕâĐĔøĆĕâĕĆğøėýġøéēāýĊŇĕ üâĠĐĆŋéĔ÷ğþŎü čĕąâĕĆýė ü úĘħ ĄĘ â ĕĆğøė ý ġøãĐèčŇ Ċ üĠýŇ è âĕĆøĈĕ÷čĜ è úĘħ čě ÷ ġ÷ąĄĘčŇĊüĠýŇèâĕĆøĈĕ÷ğāėħĄéĕâĆňĐąĈē ĢüþĿ ğþŎüĆňĐąĈē ĢüþĿ

+P 0QM #KT EQOOCPFGF VJG JKIJGUV OCTMGV UJCTG HQT FQOGUVKE HNKIJVU CV C TCVG QH CJGCF QH Air Asia and Thai Airways International (including Thai 5OKNG YJKEJ GPLQ[GF C OCTMGV UJCTG QH CPF TGURGEVKXGN[ $CUGF QP VJG ITQYVJ TCVG 0QM #KT remained the airline that commanded the highest market UJCTG ITQYVJ TCVG CU KVU UJCTGU TQUG HTQO KP VQ KP

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Risk Factors = ++SD'ITC_LWgD*

'ITC_LWgD*9Wg_$WgDI% O*$S<$TE=1V<S7V$TE<V; 'ITC_LWgD*+T$$TE+S6MT=EVCT5;lhTCS;_-YhO_@GV*9Wg_@WD*@O`GR'ITC>S;>I;%O*ET'T;lhTCS;_-YhO_@GV* üĬĨĕĄĔ üğëĚĨĐğāĈėèčĬ ĕĎĆĔ ýğåĆĚħĐèýėüéĔ÷ğþŎüĊĔøùě÷ėýĎĈĔâúĘħčĬ ĕåĔîĢüâĕĆþĆēâĐýûěĆâėéãĐèýĆėČĔú ġ÷ąĢüþĿ ýĆėČĔú ĄĘøňüúěüüĬĨĕĄĔüğëĚĨĐğāĈėèåė÷ğþŎüĆňĐąĈē ãĐèøňüúěüéĕââĕĆ÷Ĭĕğüėüèĕü ìęħèéĔ÷ğþŎüøňüúěüúĘħĄĘčĔ÷čŇĊüčĜèúĘħčě÷ãĐèýĆėČĔú ĎĕâýĆėČĔú ģĄŇčĕĄĕĆùéĔ÷ĎĕüĬĨĕĄĔüğëĚĨĐğāĈėèúĘħğāĘąèāĐøŇĐâĕĆþñėýĔøėâĕĆýėüãĐèýĆėČĔú ĐĕéčŇèÿĈĢĎňûěĆâėéøňĐèĎąě÷÷ĬĕğüėüâĕĆ ĐĘâúĔĨèþĆėĄĕö ĠĈēĆĕåĕüĬĨĕĄĔüğëĚĨĐğāĈėèãęĨüĐąĜŇâĔýþŌééĔąúĕèğċĆČòâėéĠĈēâĕĆğĄĚĐèãĐèġĈâ ìęħèğþŎüþŌééĔąúĘħģĄŇčĕĄĕĆùåĊýåěĄĎĆĚĐþĆēĄĕöâĕĆ ģ÷ňĐąŇĕèĠĄŇüąĬĕ ĐąŇĕèģĆâĦ÷Ę ýĆėČĔúģ÷ňøĆēĎüĔâùęèåĊĕĄčĬĕåĔîãĐèâĕĆéĔ÷ĎĕĠĈēýĆėĎĕĆøňüúěüüĬĨĕĄĔüğëĚĨĐğāĈėè ĠĈēğāĚħĐğþŎüâĕĆĈ÷ĠĈē âĆēéĕąåĊĕĄğčĘħąè÷ĔèâĈŇĕĊ þŌééěýĔüýĆėČĔúéęèéĔ÷ĎĕüĬĨĕĄĔüğëĚĨĐğāĈėèéĕâÿĜňåňĕüĬĨĕĄĔüĆĕąĢĎîŇãĐèþĆēğúċĄĕââĊŇĕ Ćĕą ģ÷ňĠâŇ ýĆėČúĔ þøú éĬĕâĔ÷ ĄĎĕëü ĠĈēýĆėČúĔ ğëĈĈŋĠĎŇèþĆēğúċģúą éĬĕâĔ÷ ġ÷ąøĔèĨ ĠøŇğĆėĄħ ÷ĬĕğüėüâėéâĕĆýĆėČúĔ ģĄŇğåąþĆēčýăĕĊēãĕ÷ĠåĈü üĬĨĕĄĔüğëĚĨĐğāĈėè čĬĕĎĆĔýâĕĆýĆėĎĕĆøňüúěüüĬĨĕĄĔüğëĚĐĨ ğāĈėè ýĆėČúĔ ģ÷ňğãňĕúĬĕčĔîîĕþŃĐèâĔüåĊĕĄğčĘąħ èéĕâåĊĕĄÿĔüÿĊüãĐèĆĕåĕüĬĨĕĄĔüğëĚĐĨ ğāĈėè ĢüčĐèĈĔâČöē åĚĐ âĕĆâĬĕĎü÷ĆĕåĕìĚĨĐüĬĕĨ ĄĔüĈŇĊèĎüňĕâĔýÿĜňåňĕüĬĕĨ ĄĔüġ÷ąøĆè ĠĈēâĕĆğãňĕúĬĕčĔîîĕĐüěāĔüûŋúĕèâĕĆğèėüâĔýûüĕåĕĆ üĐâéĕâüĘĨýĆėČĔúĐĕéþĆĔýĆĕåĕøĔĪĊġ÷ąčĕĆĢĎňčĐ÷åĈňĐèâĔýøňüúěüĆĕåĕüĬĨ ĕĄĔüúĘħčĜèãęĨüģ÷ň ğüĚħĐèéĕâýĆėČĔúĢëňâĈąěúûŋâĕĆøĔĨèĆĕåĕ Ġýý &[PCOKE 2TKEKPI ĎĆĚĐâĕĆâĬĕĎü÷åŇĕøĔĪĊġ÷ąčĕĆĎĈĕąĆē÷ĔýĆĕåĕ ìęħèğāėħĄåĊĕĄąĚ÷ĎąěŇüĢĎňâĔýýĆėČĔúĢüâĕĆýĆėĎĕĆĆĕąģ÷ň ĠĈēøňüúěü þĆēâĐýâĔýüġąýĕąâĕĆýĆėĎĕĆåĊĕĄğčĘħąèéĕâĆĕåĕüĬĕĨ ĄĔüãĐèýĆėČĔú ĄĘĆēąēğĊĈĕâĕĆğãňĕúĬĕčĔîîĕþŃĐèâĔüåĊĕĄğčĘħąè

6GPQT úĘħčĐ÷åĈňĐèâĔýĆēąēğĊĈĕúĘħğþľ÷éĬĕĎüŇĕąøĔĪĊġ÷ąčĕĆ

'ITC_LWgD*+T$$TE@Xg*@TER<<_9'a;aGDWLTEL;_9J`GROV;_9OE _;f7b;$TE6lT_;V;:ZE$V+%O*<EVKS9 ýĆėČĔúéĬĕğþŎüøňĐèāęħèāĕĆēýýğúåġüġĈąĘčĕĆčüğúċĠĈēĐėüğúĐĆŋğüĦøĢüâĕĆ÷ĬĕğüėüûěĆâėéãĐèýĆėČĔú ġ÷ąğêāĕēĆēýýğĊĦýģìøŋ

9GDUKVG ĠĈēĆēýýčĬĕĆĐèúĘħüĔħè 4GUGTXCVKQP 5[UVGO ìęħèýĆėČĔúĢëňýĆėâĕĆĆēýý÷ĔèâĈŇĕĊéĕâýěååĈăĕąüĐâ ġ÷ąĎĕâĆēýý ğĊĦýģìøŋĠĈēĆēýýčĬĕĆĐèúĘħüĔħèãĐèýĆėČĔúĄĘþŌîĎĕãĔ÷ãňĐè ĎĆĚĐĆēýý÷ĔèâĈŇĕĊãĐèÿĜňĢĎňýĆėâĕĆğâė÷åĊĕĄãĔ÷ãňĐè âĦéēčŇèÿĈâĆēúýøŇĐ âĕĆ÷ĬĕğüėüûěĆâėéãĐèýĆėČĔúĐąŇĕèĆěüĠĆèĠĈēĄĘüĔąčĬĕåĔî ğüĚħĐèéĕâĆēĎĊŇĕèþĿ ýĆėČĔúĄĘĈĜâåňĕčĬĕĆĐèúĘħüĔħèÿŇĕüğĊĦýģìøŋåė÷ğþŎü ĆňĐąĈē ãĐèéĬĕüĊüĈĜâåňĕúĔĨèĎĄ÷ ýĆėČúĔ ąĔèøňĐèĠýâĆĔýåĊĕĄğčĘąħ èéĕââĕĆĈēğĄė÷åĊĕĄþĈĐ÷ăĔąãĐèğĊĦýģìøŋ ġ÷ąğêāĕēâĕĆĈĔâĈĐýüĬĕãňĐĄĜĈåĊĕĄĈĔýãĐèĈĜâåňĕ úĘħčĬĕĆĐèúĘħüĔħèģþĢëňúĕèÿė÷âðĎĄĕą ìęħèĐĕéčŇèÿĈøŇĐëĚħĐğčĘąèãĐèýĆėČĔúúĬĕĢĎňĈĜâåňĕãĕ÷åĊĕĄğëĚħĐĄĔħüøŇĐýĆėČĔúĠĈēģĄŇĢëňýĆėâĕĆýĆėČĔú ĐąŇĕ èģĆâĦ÷Ę ýĆėČĔ ú ģ÷ňĢĎňå ĊĕĄčĬ ĕ åĔî øŇ ĐĆēýýĐĔ ø ġüĄĔøėĠ ĈēĐėüğúĐĆŋğ üĦøĐąŇĕ èčĜè ġ÷ąğêāĕēýĆėČĔúĄĘ ĄĕøĆâĕĆþŃĐèâĔ üþŌî Ďĕ ãĔ÷ãňĐèãĐèĆēýýğĊĦýģìøŋĠĈēĆēýýčĬĕĆĐèúĘħüĔħèġ÷ąĄĘâĕĆéĔ÷úĬĕâĕĆčĬĕĆĐèãňĐĄĜĈúěâĊĔüĠĈēąĔèĄĘâĕĆøĔĨèċĜüąŋãňĐĄĜĈčĬĕĆĐèêěâğêėü

&KUCUVGT 4GEQXGT[ 5KVG ġ÷ąĎĕâĄĘþŌîĎĕğâė÷ãęĨüâĔýċĜüąŋãňĐĄĜĈĎĈĔâ ãňĐĄĜĈúĘħĄĘâĕĆčĬĕĆĐèģĊňéēčĕĄĕĆùüĬĕĄĕĢëňèĕüģ÷ňúĘħċĜüąŋãňĐĄĜĈ čĬĕĆĐèêěâğêėüģ÷ňĐąŇĕèúĔüúŇĊèúĘ üĐâéĕâüĔĨüýĆėČĔúąĔèúĬĕâĕĆéĔ÷úĬĕğåĆĚĐãŇĕąğüĦøğĊėĆŋâčĬĕĆĐèĢüâĆöĘúĘħâĕĆøė÷øŇĐýüğåĆĚĐãŇĕąğüĦøğĊėĆŋâ ĎĈĔâĄĘþŌîĎĕğāĚħĐĢĎňâĕĆøė÷øŇĐĆēĎĊŇĕèýĆėČĔúâĔýĆēýýăĕąüĐâğþŎüģþĐąŇĕèĆĕýĆĚħüĠĈēģĄŇâĆēúýøŇĐûěĆâėé üĐâéĕâüĔĨüýĆėČĔúąĔèĄĘ ĄĕøĆâĕĆþŃĐèâĔüâĕĆĈēğĄė÷ĈĔâĈĐýüĬĕãňĐĄĜĈåĊĕĄĈĔýãĐèĈĜâåňĕúĘčħ ĕĬ ĆĐèúĘüħ èĔħ ģþĢëňúĕèÿė÷âðĎĄĕą ġ÷ąĄĘâĕĆĐĐâĠýýčùĕþŌøąâĆĆĄ ãĐèĆēýýğāĚħĐþŃĐèâĔüâĕĆùĜâýěâĆěâéĕâÿĜňģĄŇĎĊĔè÷Ę ĆĊĄúĔĨèĄĘâĕĆğãňĕĆĎĔčãňĐĄĜĈøĕĄĄĕøĆòĕü âĕĆú÷čĐýâĕĆýěâĆěâğāĚħĐþľ÷ãňĐýâāĆŇĐè ğþŎüþĆēéĬĕúěâþĿ ĠĈēğâĦýĆĕąĈēğĐĘą÷âĕĆğãňĕĢëňĆēýýøĕĄāĆēĆĕëýĔîîĔøėĊŇĕ÷ňĊąâĕĆâĆēúĬĕåĊĕĄÿė÷úĕèåĐĄāėĊğøĐĆŋ ā ċ úěâþĆēâĕĆ ĐĘâúĔĨèøĔĨèĠøŇğĆėħĄğþľ÷÷ĬĕğüėüâĕĆ ýĆėČĔúģĄŇāýãňĐĆňĐèğĆĘąüĢüâĆöĘ÷ĔèâĈŇĕĊ ĠĈēýĆėČĔúģĄŇĄĘå÷ĘåĊĕĄĢüâĆöĘ÷ĔèâĈŇĕĊ ĐĘâ÷ňĊą

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Risk relating to flight operation Risk from Jet fuel procurement and from oil price volatility ,GV HWGN KU C OCKP EQUV QH 0QM #KTÂżU DWUKPGUU +P VJG EQUV QH HWGN CEEQWPVGF HQT QH KVU QRGTCVKPI EQUVU which accounted for the highest ratio. Failure to get access to enough fuel for its flight operation means the business has to be suspended. Besides, price and volume of fuel depend very much on the worldâ&#x20AC;&#x2122;s economic and political situations which cannot be accurately predicted.

Yet, having realized the importance of the procurement and management of fuel cost and the need to reduce and diversify this risk, Nok Air is currently procuring jet fuel from more than one large fuel suppliers in Thailand; namely, PTT Public Company Limited and The Shell of Thailand Co., Ltd. Since day one, Nok Air has never experienced any fuel shortage.

To manage the cost of fuel, Nok Air has entered a hedging agreement against oil price volatility in two major ways; namely, to directly set a fuel price in advance with a fuel supplier and, secondly, to enter a financial derivative agreement with a bank. In addition, Nok Air may adjust its ticket prices to reflect a higher cost of fuel since it implements the dynamic pricing strategy which allows the airline to price tickets diversely for more flexibility in revenue and cost management. Besides, the hedging agreement against the cost of fuel also has a corresponding tenor with a period during which tickets are sold.

IT and Internet Risk Nok Air needs to depend on the information technology (IT) system and the internet when it comes to running its business. This refers especially to the website and the reservation system which it has to depend on the third partyâ&#x20AC;&#x2122;s.

Should either its website or the reservation system be down or should the service providerâ&#x20AC;&#x2122;s system be out of service, VJKU YKNN JCXG C OCVGTKCN KORCEV VQ VJG HKTOÂżU DWUKPGUU +P QH 0QM #KTÂżU GPVKTG ENKGPVU TGUGTXGF VJGKT tickets online through the airlineâ&#x20AC;&#x2122;s website.

The firm meanwhile has to be liable to risk from hackers hacking customerâ&#x20AC;&#x2122;s information from its website especially with regard to the illegal use of clientâ&#x20AC;&#x2122;s information provided to the airline during their reservation which could jeopardize Nok Airâ&#x20AC;&#x2122;s reputation as customers may lack confidence in the companyâ&#x20AC;&#x2122;s computerized system and refuse to use its service.

However, Nok Air gives a high priority to the automation and the internet system. It has preventive measures against the service outages of its website and the reservation system where data is back-up on a daily basis and a disaster discovery site has been set up to take charge of the main database centerâ&#x20AC;&#x2122;s operation if the latter is down.

In addition, a backup network has been prepared in case communications on the main network is down to ensure that communications between Nok Air and the external network remains unaffected and has no impact to its business.

The Company also invests in a system to prevent hackers from hacking its customerâ&#x20AC;&#x2122;s information given during the reservation for illegal use. The architecture of the system has been designed to prevent cyber-attack with a standardized data encryption where a hacker test is conducted annually to close down any loophole. Besides, access information to the system is duly recorded in accordance with the laws on computer use. From its inception, Nok Air has not yet received any complaint on this issue; nor does the company face any legal action regarding the matter.

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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úĬĕâĕĆýėüğčňüúĕèĢ÷ģ÷ňĐąŇĕèøŇĐğüĚħĐèğâėüâĊŇĕ øĕĆĕèâĕĆýėü þĆēĄĕö ğ÷ĚĐü úĕèĆĕëâĕĆĄĘčėúûėúĘħéēğāėâùĐüčėúûė

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Risk from Possible Non-compliance in the Future or Failure to Maintain Permits as Required by the Aviation Regulations Nok Airâ&#x20AC;&#x2122;s business requires licenses and permits from the authorities. The business is also subject to other relevant regulations which, however, are beyond the Companyâ&#x20AC;&#x2122;s control. As a result, any new interpretations of the rules or any issuances of new regulations could affect its business. The following are requisite permits; Air Operating License (AOL) Nok Air has been granted the Air Operating License for both domestic and international flight routes from

/KPKUVT[ QH 6TCPURQTV 6JG EWTTGPV RGTOKV YKNN GZRKTG QP ,WPG 7RQP KVU GZRKTCVKQP CPF YKVJQWV C RGTOKV

TGPGYCN 0QM #KT YQPÂżV DG CDNG VQ EQPVKPWG KVU CKTNKPG DWUKPGUU *QYGXGT UKPEG KVU DWUKPGUU KPEGRVKQP KP Nok Airâ&#x20AC;&#x2122;s AOL has been constantly renewed. The firm has never violated any rules and regulations of the authorities. Itâ&#x20AC;&#x2122;s expected to have its AOL renewed on a regular basis.

Air Operator Certificate (AOC) Nok Air has been granted the Air Operator Certificate from Ministry of Transport. The current permit will expire

QP ,WPG 7RQP KVU GZRKTCVKQP CPF YKVJQWV C RGTOKV TGPGYCN 0QM #KT YQPÂżV DG CDNG VQ EQPVKPWG KVU CKTNKPG

DWUKPGUU *QYGXGT UKPEG UVCTVKPI KVU DWUKPGUU KP 0QM #KTÂżU #1. JCU DGGP EQPUVCPVN[ TGPGYGF 6JG HKTO has never violated any rules and regulations of the authorities. Itâ&#x20AC;&#x2122;s expected to have its AOC renewed on a regular basis.

Traffic Right To fly each domestic and international route, Nok Air has to be allotted the right to flight for each route by Ministry of Transport. It receives this right for good unless it cannot fly any routes for more than one flight schedule (approximately six months) for which the authorities are entitled to terminate such rights to fly.

Risk from Maintenance Cost Increasing Due to the Aging of Aircraft #U QH &GEGODGT CP CXGTCIG CIG QH 0QM #KTÂżU HNGGV YCU [GCTU +P VJG HWVWTG VJG HNGGV YKNN DGEQOG older which means a higher cost of maintenance that can become one of the major expenses in Nok Airâ&#x20AC;&#x2122;s business. +P VJG EQUV QH OCKPVGPCPEG CEEQWPVGF HQT QH 0QM #KTÂżU VQVCN QRGTCVKPI EQUVU #P[ UKIPKHKECPV KPETGCUG QH the maintenance cost therefore could materially affect Nok Airâ&#x20AC;&#x2122;s operation. In addition, as it hires the third party to do certain maintenance jobs, Nok Air is exposed to a risk of possible delay resulted from such maintenance service which is unavoidable and which may materially affect its operation as it wonâ&#x20AC;&#x2122;t be able to operate its flights as scheduled.

Nok Air has laid down measures to accommodate this risk as it plans to consistently re-adjust its fleet. +P CNN GKIJV CKTETCHVU IGVVKPI FGNKXGTGF YGTG DTCPF PGY RNCPGU +V CNUQ RNCPU VQ TGVKTG QNFGT CKTETCHVU VQ EWTD CP CXGTCIG age of the entire fleet and to reduce increasing costs of aircraft maintenance at a time that the number of its aircraftâ&#x20AC;&#x2122;s service years tends to increase in the future. Nok Air has hired the third party who is having a well-recognized GZRGTKGPEG KP VJG YQTNFÂżU CKTETCHV OCKPVGPCPEG DWUKPGUU CPF YJQ KU CEETGFKVGF D[ DQVJ VJG 75 (GFGTCN #XKCVKQP #FOKPKUVTCVKQP 75 (## CPF VJG 'WTQRGCP #XKCVKQP 5CHGV[ #IGPE[ '#5# VQ QXGTUGG VJG OCKPVGPCPEG RNCPPKPI CPF to do the maintenance for its aircrafts after assessing that itâ&#x20AC;&#x2122;s more worthwhile to do so. By hiring the third party, Nok Air has no need to invest in expensive spare parts and equipment as well as the aircraft maintenance facility which is very capital intensive. Together with the lack of economy of scale and an extensive need to train maintenance personnel, the choice of the outsourcing will allow Nok Air to materially save the cost of its aircraft maintenance.

However, it does have personnel to monitor that the aircrafts are strictly maintained based on their schedules.

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ãĐèýĆėČĔúĐąŇĕèĄĘüĔąčĬĕåĔî ýĆėČĔúĐĕéģĄŇčĕĄĕĆùğĆĘąâĆňĐèåŇĕğčĘąĎĕąéĕâÿĜňĆĔýþĆēâĔüăĔąģ÷ňåĆýúĔĨèéĬĕüĊü ĎĕâĄĜĈåŇĕúĘħýĆėČĔúúĬĕþĆēâĔüģĊňøĬħĕâĊŇĕ

åŇĕğčĘąĎĕąúĘħğâė÷ãęĨü ĐĘâúĔĨèýĆėČĔúĐĕéĄĘăĕĆēğýĘĨąþĆēâĔüăĔąúĘħčĜèãęĨüĢüĐüĕåø ĐąŇĕèģĆâĦøĕĄ ýĆėČúĔ ĄĘĄĕøĆâĕĆþŃĐèâĔüåĊĕĄğčĘąħ è÷ĔèâĈŇĕĊ ġ÷ąĊŇĕéňĕèýĆėČúĔ ÿĜìň ĐŇ ĄýĬĕĆěèğåĆĚĐħ èýėü ìęèħ ĄĘĄĕøĆòĕüâĕĆĢĎňýĆėâĕĆ ĢüĆē÷ĔýġĈâĄĕ÷ĜĠĈĊĕèĠÿüâĕĆìŇĐĄýĬĕĆěèğåĆĚħĐèýėüĢĎňĠâŇýĆėČĔú ğāĚħĐĢĎňğåĆĚħĐèýėüĐąĜŇĢüčăĕāčĄýĜĆöŋāĆňĐĄĢëňèĕüøĕĄĄĕøĆòĕü ãĐèâĆĄâĕĆýėüāĈğĆĚĐüĠĈēĄĕøĆòĕüâĕĆýėüüĕüĕëĕøėĐąĜŇøĈĐ÷ğĊĈĕ ĐĘâúĔĨèýĆėČĔú úŇĕĐĕâĕċąĕüģúą éĬ ĕâĔ÷ ĄĎĕëü ĠĈē âĆĄâĕĆýėüāĈğĆĚĐüģ÷ň÷ĜĠĈĆĔâČĕåĊĕĄþĈĐ÷ăĔąăĕąĢüúŇĕĐĕâĕċąĕüĐąŇĕèğãňĄèĊ÷Ąĕġ÷ąøĈĐ÷ úĬĕĢĎňøĔĨèĠøŇâŇĐøĔĨèýĆėČĔúùęèþŌééěýĔü ýĆėČĔúģĄŇğåąþĆēčýğĎøěâĕĆöŋúĘħâĈŇĕĊĄĕĢüãňĕèøňü ýĆėČĔúąĔèģ÷ňâĬĕĎü÷ĠüĊúĕèâĕĆ÷ĬĕğüėüâĕĆĎĕâğâė÷ğĎøěâĕĆöŋ÷ĔèâĈŇĕĊ úĬĕĢĎň ğëĚĐħ ĄĔüħ ģ÷ňĊĕŇ ýĆėČúĔ éēčĕĄĕĆùåĊýåěĄåĊĕĄğčĘąĎĕąúĘğħ âė÷ģ÷ň ĠĈēéēąĔèåè÷ĬĕğüėüûěĆâėéģ÷ňĐąŇĕèøŇĐğüĚĐħ èăĕąĎĈĔèğâė÷ğĎøěâĕĆöŋúâĘħ ĈŇĕĊĄĕ Ģüãňĕèøňü ĢüčŇĊüâĕĆéĔ÷úĬĕþĆēâĔüăĔą ýĆėČĔúģ÷ňúĬĕþĆēâĔüăĔąčĬĕĎĆĔýâĕĆýėüøĕĄĠüĊúĕèþñėýĔøėãĐèĐěøčĕĎâĆĆĄâĕĆýėüüĕüĕëĕøė ġ÷ąúĬĕþĆēâĔüăĔąĐĕâĕċąĕüúěâĈĬĕãĐèüâĠĐĆŋ ġ÷ąĄĘĊèğèėüĆĔýÿė÷ë÷ĢëňøĕĄúĘħâĬĕĎü÷ĢüčĔîîĕğëŇĕğåĆĚħĐèýėüĠĈēåĕ÷ĊŇĕéēğāĘąèāĐ øŇĐåĊĕĄğčĘąĎĕąĎĕâğâė÷ğĎøěâĕĆöŋ÷ĔèâĈŇĕĊãęĨü

'ITC_LWgD*+T$$TE@Xg*@T7GT69 O*_9WgDIb;=ER_9Jc9D ûě Ć âė é čĕąâĕĆýė ü éĔ ÷ ğþŎ ü ûě Ć âė é úĘħ āęħ è āĕâĕĆğ÷ė ü úĕèãĐèüĔ â úŇ Đ èğúĘħ ą Ċ čĕąâĕĆýė ü ğčň ü úĕèĢüþĆēğúċéēĄĘ Ć ĕąģ÷ň čĜ è ĢüëŇĊèć÷ĜâĕĈúŇĐèğúĘąħ ĊĢüģøĆĄĕčúĘ ħ ĠĈēģøĆĄĕčúĘ ħ ãĐèĠøŇĈēþĿ ĠĈēĄĘĆĕąģ÷ňĈ÷ĈèĢüëŇĊèģøĆĄĕčúĘ ħ ĠĈēģøĆĄĕčúĘ ħ ãĐèĠøŇĈēþĿ ÷ĔèüĔĨü ĎĕâýĆėČĔúĄĘþŌîĎĕãĔ÷ãňĐè ĎĆĚĐĄĘğĎøěâĕöŋâĕĆğĄĚĐè ăĕĊēğċĆČòâėéù÷ùĐą ăĔąāėýĔøėúĕèûĆĆĄëĕøė čăĕāĐĕâĕċúĘħğĈĊĆňĕą ġĆåøė÷øŇĐĆňĕąĠĆè âĕĆâŇĐâĕĆĆňĕą ĢüģøĆĄĕčúĘħ ĎĆĚĐģøĆĄĕčúĘħ ãĐèþĿ ĐĕéčŇèÿĈĢĎňÿĈþĆēâĐýâĕĆãĐèýĆėČĔúĈ÷øĬħĕĈèĐąŇĕèĄĘ üĔąčĬĕåĔîĎĆĚĐþĆēčýăĕĊēãĕ÷úěü ĐąŇĕèģĆâĦ÷Ę ýĆėČĔúĄĘâĕĆğøĆĘąĄāĆňĐĄĢüúěâĥ ÷ňĕü úĔĨèğåĆĚħĐèýėü ýěåĈĕâĆ ĠĈēĆēýýčüĔýčüěüøŇĕèĥ øĔĨèĠøŇğĆėħĄğþľ÷÷ĬĕğüėüâĕĆ ýĆėČĔúģĄŇğåąþĆēčýþŌîĎĕâĕĆĎąě÷÷ĬĕğüėüûěĆâėééĕâþŌîĎĕăĕąĢüýĆėČĔú üĐâéĕâüĔĨüýĆėČĔúĄĘâĕĆčüĐèøĐýøŇĐþŌîĎĕéĕâþŌééĔą ăĕąüĐâìęħèýĆėČĔúģĄŇčĕĄĕĆùåĊýåěĄģ÷ňğþŎüĐąŇĕè÷Ę

'ITC_LWgD*+T$$TE@Xg*@T<EVKS9BTD;O$b;$TE=1V<S7V*T;.Xg*_= ;L I;M;Xg*%O*$TE6lT_;V;*T;%O*<EVKS9 ýĆėČĔúĄĘåĊĕĄéĬĕğþŎüøňĐèāęħèāĕýĆėČĔúăĕąüĐâĢüâĕĆéĔ÷ĎĕčėħèĐĬĕüĊąåĊĕĄčē÷ĊâĠĈēýĆėâĕĆúĘħéĬĕğþŎüĢüâĕĆþĆēâĐýûěĆâėé ãĐèýĆėČĔú ĆĊĄùęèâĕĆéĔ÷ĎĕýĆėâĕĆăĕåāĚĨü÷ėüĠĈēčėħèĐĬĕüĊąåĊĕĄčē÷ĊâĐĚħüĥ ùęèĠĄňĊŇĕýĆėČĔúéēĄĘýěåĈĕâĆğāĚħĐåĊýåěĄâĕĆþñėýĔøė èĕüãĐèýĆėČĔúăĕąüĐâ ĠøŇýĆėČĔúâĦĄėčĕĄĕĆùåĊýåěĄâĕĆþñėýĔøėèĕüýĆėČĔúăĕąüĐâģ÷ňĐąŇĕèåĆýùňĊü âĕĆþñėýĔøėĎüňĕúĘħýâāĆŇĐè ĎĆĚĐþñėýøĔ Ďė üňĕúĘĈħ ĕŇ ëňĕ ĐĕéčŇèÿĈâĆēúýøŇĐăĕāĈĔâČöŋãĐèýĆėČúĔ ĢüğëėèĈý üĐâéĕâüĔüĨ ĎĕâčĔîîĕâĔýýĆėČúĔ ăĕąüĐâ÷ĔèâĈŇĕĊĎĄ÷Ĉè ýĆėČĔúĐĕéģĄŇčĕĄĕĆùčĆĆĎĕýĆėČĔúĐĚħüúĘħĄĘåĊĕĄčĕĄĕĆùĢĎňýĆėâĕĆâĔýýĆėČĔúĢüĐĔøĆĕåŇĕéňĕèğ÷ĘąĊâĔü ìęħèéēčŇèÿĈĢĎňýĆėČĔúĄĘåŇĕĢëňéŇĕą ĢüâĕĆ÷ĬĕğüėüèĕüğāėħĄčĜèãęĨü

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Risk from Negative Effect as a Result of Accident or Aircraft-Related Incident Nok Air is exposed to a risk that its aircraft could be involved in an accident, encounter an emergency or involved in a terrorism act or disaster which is beyond its control, which, if occurred, will materially affect the firm in a negative manner.

An involved airplane wonâ&#x20AC;&#x2122;t be able to service passengers based on a flight schedule which could materially lower the Companyâ&#x20AC;&#x2122;s future revenue.

There will be a cost of repairing such an aircraft or replacing it with a new one which will force the firm to shoulder an additional cost.

The firm may also suffer a negative image in the publicâ&#x20AC;&#x2122;s opinion. Passengers tend to be less confident with the airlineâ&#x20AC;&#x2122;s safety and may decide not to fly with its service which may materially affect its future operation.

Nok Air wonâ&#x20AC;&#x2122;t be able to claim an entire insured sum from an insurer if the sum is lower than the damaged.

Besides, it will face a higher insurance premium in the future.

However, Nok Air does have preventive measures against these risks as it has hired the world-class aircraft maintenance company to plan and maintain its fleet to be ready for use according to the standards of Department of Civil Aviation and the international standard. In addition, AOT Public Company Limited and Department of Civil Aviation have put a priority to airport security from day 1 since Nok Air started its business up to now, allowing the firm to operate without any mentioned incidents so far. Besides, Nok Air has implemented a guideline to handle the situation if occurred and, therefore, is confident that it will be able to control damage and continue its business after such incidents.

As for the insurance, Nok Air has bought an aviation insurance based on the international aviation industryâ&#x20AC;&#x2122;s practice where every aircraft is insured with a liability amount stated in the aircraft lease agreements anticipated to be enough to accommodate the damage if such incident takes place.

Risk from Dependence on Tourism in Thailand 6JG CKTNKPG DWUKPGUU FGRGPFU QP VQWTKUV RCUUGPIGTU &QOGUVKE CKTNKPGU YKNN GPLQ[ JKIJ KPEQOG FWTKPI 3 CPF 3 GCEJ [GCT CU VJG[ CTG JKIJ VQWTKUO UGCUQPU DGHQTG UGGKPI VJGKT KPEQOGU HCNN KP 3 CPF 3 #U C TGUWNV YJGP EQPHTQPVGF with obstacle, political turmoil, economic slowdown, natural disaster, bad weather, serious communicable diseases or VGTTQTKUO FWTKPI 3 QT 3 QH GCEJ [GCT VJG CKTNKPG VGPFU VQ UGG KVU TGXGPWG HCNN KP C OCVGTKCN UGPUG QT OC[ UQOGVKOGU suffer from loss.

However, Nok Air is preparing itself in terms of aircraft, personnel and other supporting systems since its inception.

So far, it has never temporarily suspended its business due to an internal problem. Furthermore it has been able to well respond to external malaise beyond its control.

Risk from Operation Dependence on the Third Party Who has been Part of Nok Airâ&#x20AC;&#x2122;s Operation Nok Air needs to depend on the third party to procure facilities and necessary services to its business including ground services and other facilities and amenities. Although it has personnel to supervise the third partyâ&#x20AC;&#x2122;s operations, it could not completely do so. Any delays or defects in their operations could negatively affect Nok Airâ&#x20AC;&#x2122;s image. Besides, when a contract with the third party expires, Nok Air may not be able to secure other suppliers with the same capacity at the same rate to provide the same service which could mean a higher operating cost for Nok Air. Yet, hiring the third party also means that Nok Air is having lower costs than investing in equipment and doing the job on its own. Besides, in case of operation delays or defects, Nok Air can slap a fine or penalize the contractor; or it can terminate a relevant contract or refuse to renew the contract with the contractor if it can find other contractors with better qualifications to offer the same service to the firm.

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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ĐąŇĕèģĆâĦøĕĄ âĕĆĊŇĕéňĕèýĆėČúĔ ăĕąüĐâĢüâĕĆ÷Ĭĕğüėüèĕü÷ĔèâĈŇĕĊĢĎňâýĔ ýĆėČúĔ éēúĬĕĢĎňýĆėČúĔ ĄĘåĕŇ ĢëňéĕŇ ąúĘøħ ĕĬħ âĊŇĕâĕĆĈèúěüìĚĐĨ ĐěþâĆöŋĠĈēĊŇĕéňĕèýěåĈĕâĆğāĚĐħ ÷ĬĕğüėüâĕĆğĐè ĐĘâúĔèĨ ĎĕâÿĜþň ĆēâĐýâĕĆúĘýħ ĆėČúĔ ĊŇĕéňĕè þñėýøĔ èė ĕüýâāĆŇĐèĎĆĚĐĈŇĕëňĕ ýĆėČúĔ âĦčĕĄĕĆù þĆĔýåŇĕğčĘąĎĕąâĔýÿĜþň ĆēâĐýâĕĆĆĕą÷ĔèâĈŇĕĊģ÷ň ĠĈēýĆėČúĔ ĐĕéāėéĕĆöĕąâğĈėâčĔîîĕĎĆĚĐģĄŇøĐŇ čĔîîĕâĔýÿĜþň ĆēâĐýâĕĆĆĕą÷ĔèâĈŇĕĊ ĎĕâýĆėČĔúčĕĄĕĆùĎĕÿĜňþĆēâĐýâĕĆĆĕąĐĚħüúĘħğĎĄĕēčĄâĊŇĕĠĈēčĕĄĕĆù÷ĬĕğüėüèĕüĢĎňýĆėČĔúģ÷ňğëŇüğ÷ĘąĊâĔü

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'ITC_LWgD*+T$$TE@Xg*@T$TEb- *T;_'EYgO*<V;a<OVh* ´3´-µ­­ ĢüčŇĊüãĐèğåĆĚħĐèýėüĠýýģĐāŇü ýĆėČĔú÷ĬĕğüėüûěĆâėéġ÷ąĢëňğåĆĚħĐèýėüġýĐėĨè ğþŎüčŇĊüĢĎîŇ ğüĚħĐèéĕâğþŎüğåĆĚħĐèýėü Ġýýúĕèğ÷ėüğ÷ĘąĊúĘħģ÷ňĆĔýâĕĆāĔõüĕġ÷ąĢëňğúåġüġĈąĘãĔĨüčĜèéĕâÿĜňÿĈėø ġ÷ąĢëňğåĆĚħĐèąüøŋĠýý 0GY )GPGTCVKQP úĬ ĕĢĎňčĄĆĆùüē ãĐèğåĆĚħĐèýėüĄĘþĆēčėúûėăĕā÷ĘąėħèãęĨü úĔĨè÷ňĕüåĊĕĄþĆēĎąĔ÷ğëĚĨĐğāĈėè âĕĆìŇĐĄýĬĕĆěè åĊĕĄéěÿĜňġ÷ąčĕĆúĘħĄĕâãęĨü øĈĐ÷éüâĕĆøâĠøŇè ĎňĐèġ÷ąčĕĆĠĈēĆĜþĈĔâČöŋãĐèğåĆĚĐħ èýėüčĊąèĕĄúĔüčĄĔą üĐâéĕâüĘâĨ ĕĆĄĘĀèĜ ýėüğ÷ĘąĊéēúĬĕĢĎňýĆėČúĔ þĆēĎąĔ÷øňüúěüĢüâĕĆ÷ĬĕğüėüâĕĆ Đĕúė âĕĆìŇĐĄýĬĕĆěèğåĆĚĐħ èýėü âĕĆĀŀâĐýĆĄüĔâýėüĠĈēĈĜâğĆĚĐ ğþŎüøňü ö ĊĔüúĘ ħ ûĔüĊĕåĄ ýĆėČúĔ ĄĘğåĆĚĐħ èýėüĆěüŇ ÷ĔèâĈŇĕĊ éĬĕüĊü ĈĬĕ éĕâéĬĕüĊüğåĆĚħĐèýėüúĔĨèĎĄ÷ãĐèýĆėČĔúúĔĨèĎĄ÷ ĈĬĕ ýĆėČĔúéęèĄĘåĊĕĄğčĘħąèĢüâĕĆ÷ĬĕğüėüèĕüĎĕâğåĆĚħĐèýėüĆěŇü÷ĔèâĈŇĕĊĄĘþŌîĎĕ úĕèğúåüėåĠĈēéĬĕğþŎüøňĐèğãňĕìŇĐĄýĬĕĆěèĎĆĚĐþĆĔýþĆěèğāĚħĐĢĎňčĕĄĕĆùüĬĕĄĕ÷Ĭĕğüėüèĕüģ÷ňøĕĄþâøė ãňĐýâāĆŇĐèĎĆĚĐþŌîĎĕ÷ĔèâĈŇĕĊ ĐĕéčŇèÿĈğāėĄħ ğøėĄĢĎňĎüŇĊąèĕüúĘğħ âĘąħ ĊãňĐèâĔýâĕĆýėüĐĐâãňĐâĬĕĎü÷ğāėĄħ ğøėĄĎĆĚĐğāėĄħ ĄĕøĆòĕüåĊĕĄþĈĐ÷ăĔąúĘğħ ãňĄèĊ÷ãęüĨ ìęèħ Đĕééē čŇèÿĈâĆēúýĢĎňýĆėČĔúĄĘÿĈâĕĆ÷ĬĕğüėüèĕüĈ÷ĈèĐąŇĕèĄĘüĔąčĬĕåĔî úĔĨèüĘĨ ĎĕâğåĆĚħĐèýėüĆěŇü÷ĔèâĈŇĕĊĄĘþŌîĎĕúĕèğúåüėåãĔĨüĆěüĠĆè ýĆėČĔúĐĕééĬ ĕğþŎüøňĐèğþĈĘħąüģþĢëňğåĆĚħĐèýėüĆěŇüĐĚħüĠúü ĠĈēĎĕâýĆėČĔúģĄŇčĕĄĕĆùéĔ÷ĎĕğåĆĚħĐèýėüĆěŇüĐĚħüú÷Ġúüģ÷ňĢüøňüúěüúĘħğúĘąýğúŇĕĀĜèýėüğ÷ėĄăĕąĢüĆēąēğĊĈĕúĘħğĎĄĕēčĄ ýĆėČĔúéēĄĘ ÿĈâĕĆ÷ĬĕğüėüèĕüúĘħĈ÷øĬħĕĈèĐąŇĕèĄĘüĔąčĬĕåĔî ĎĆĚĐĐĕéþĆēčýăĕĊēãĕ÷úěüģ÷ň ĐąŇĕèģĆâĦøĕĄ čĕąâĕĆýėüúĔħĊġĈâ÷Ĭĕğüėüèĕüġ÷ąĢëňğåĆĚħĐèýėüġýĐėĨè âĔüĐąŇĕèĠāĆŇĎĈĕą ĠĈēĄĘâĕĆĢëňèĕüĄĕĠĈňĊâĊŇĕ þĿ ġ÷ąģĄŇāýãňĐýâāĆŇĐèúĕè÷ňĕüğúåüėåĎĆĚĐþŌîĎĕúĕè÷ňĕüğåĆĚħĐèąüøŋúĘħĆěüĠĆè

'ITC_LWgD*+T$'ITC>S;>I;+T$OS7ET`G$_=GWgD;%O*_*V;7ET7 T*=ER_9J ýĆėČĔúĄĘåŇĕĢëňéŇĕąúĘħčĬĕåĔîğþŎüğèėüčâěĈøŇĕèëĕøė ĎĆĚĐĐňĕèĐėèâĔýğèėüčâěĈøŇĕèëĕøė ģ÷ňĠâŇ åŇĕğëŇĕğåĆĚħĐèýėü åŇĕìŇĐĄýĬĕĆěèğåĆĚħĐèýėü ĠĈēåŇĕüĬĨĕĄĔüğëĚĨĐğāĈėè ġ÷ąĢüþĿ ýĆėČĔúĄĘåŇĕĢëňéŇĕąþĆēğăú÷ĔèâĈŇĕĊĆĊĄĆňĐąĈē ãĐèåŇĕĢëňéŇĕąĢüâĕĆ÷Ĭĕğüėüèĕü ġ÷ąĐĔøĆĕ ĠĈâğþĈĘħąüãĐèğèėüøĆĕøŇĕèþĆēğúċãęĨüĐąĜŇâĔýčăĕĊēğċĆČòâėéăĕąĢüþĆēğúċĠĈēčăĕāğċĆČòâėéġĈâ ìęħèýĆėČĔúģĄŇčĕĄĕĆùåĊýåěĄ ĎĆĚĐþĆēĄĕöâĕĆģ÷ňĐąŇĕèĠĄŇüąĬĕ ĎĕâĐĔøĆĕĠĈâğþĈĘħąüĄĘâĕĆğþĈĘħąüĠþĈèģþĢüúĕèĈýĐĕéčŇèÿĈĢĎňýĆėČĔúĄĘåŇĕĢëňéŇĕąğāėħĄčĜèãęĨü

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Risk from Intense Competition To operate a domestic airline, Nok Air has to compete with other airlines offering the same service which include full service airlines such as Thai Airways International, Thai Smile and Bangkok Airways, as well as other budget airlines as in the case of Thai Air Asia, Thai Lion Air and Orient Thai. With intense competition, full-service airlines are now focusing their services to also compete with budget airlines. At the other front, low-cost or budget airlines emphasize on cost leadership to compete with these premium or legacy airlines. Aside from fighting with these legacy airlines, Nok Air has to compete with other budget airlines, some of which have a larger business size and a better funding scheme which means that Nok Air is at a lesser advantage when it comes to servicing costs. Besides, Nok Air has to compete with providers of other types of transportation services in Thailand; namely, bus, train and high-speed train if realized in the future. Such an intense competition in the domestic transport scene may materially lower Nok Airâ&#x20AC;&#x2122;s profit ratio.

However, with a constant growth of demands for air travel and together with its confidence in its unique and outstanding services offered to its passengers compared to its competitors, Nok Air does have an whenever over and a better strategy than its competitors. An evidence is that Nok Air is well-received by consumers every time whenever a marketing campaign is organized.

Risk from Dependence on Boeing ´3´-¾­­ /QUV CKTRNCPGU KP 0QM #KTÂżU HNGGV CTG $QGKPI CU KVÂżU C RQKPV VQ RQKPV CKTETCHV GPJCPEGF YKVJ C PGY IGPGTCVKQP of high-technology engines exclusively developed by the manufacturer which not only improves its capacity and fuel efficiency but also makes the airplane easy for maintenance while being able to carry more passengers in a sophisticated and well-designed cabin and fuselage. In addition, having only one aircraft model in its fleet helps Nok Air save its operation costs which include aircraft maintenance expenses and training expenses of both pilots and crews. #U QH &GEGODGT 0QM #KT JCF $QGKPI KP KVU CKTETCHV HNGGV 6JG HKTO VJGTGHQTG KU GZRQUGF VQ C TKUM if this model is having a technical problem and needs to be repaired or adjusted before returning to service. This defect could prompt the aviation authorities to issue an additional requirement or tighten up their safety standard which, therefore, may materially lower the firmâ&#x20AC;&#x2122;s operation results.

Besides, if this aircraft model does have a serious technical problem, Nok Air may need to turn instead to other models; and if the firm could not find other replacement models at a cost equivalent to its original fleet within a reasonable timeframe, it could materially suffer a weaker operation result or, worse, a loss. *QYGXGT CKTNKPGU CNN QXGT VJG YQTNF JCXG GZVGPUKXGN[ HN[KPI $QGKPI KP VJGKT HNGGVU CPF VJG CKTETCHV JCU DGGP KP VJG DWUKPGUU HQT OQTG VJCP UVTQPI [GCTU YKVJQWV CP[ UGTKQWU QT OCLQT VGEJPKECN CPF GPIKPG INKVEJGU

Risk from Exchange Rate Volatility Nok Airâ&#x20AC;&#x2122;s major expenses are in foreign currencies or are referenced with foreign currencies. This refers VQ GZRGPUGU KP CKTETCHV NGCUKPI OCKPVGPCPEG GZRGPUGU CPF EQUVU QH HWGN +P VJGUG GZRGPUGU VQVCNGF QH VJG QRGTCVKQP GZRGPUGU 'ZEJCPIG TCVGU QH HQTGKIP EWTTGPEKGU FGRGPF XGT[ OWEJ QP NQECN CPF INQDCN GEQPQOKE EQPFKVKQPU which are beyond the Companyâ&#x20AC;&#x2122;s control or predictability. Any negative changes in the exchange rates could possible increase its expenses.

However, Nok Air has a policy to hedge itself against the exchange rate volatility of which the purpose is for risk management only with an appropriate ratio set between risk prevention and a contractual term during each operation period.

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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ĐąŇĕèģĆâĦøĕĄ ýĆėČĔúĄĘüġąýĕąâĕĆþŃĐèâĔüåĊĕĄğčĘħąèéĕâåĊĕĄÿĔüÿĊüãĐèĐĔøĆĕĠĈâğþĈĘħąü ġ÷ąâĬĕĎü÷ĊĔøùěþĆēčèåŋ ğāĚħĐğþŎüâĕĆýĆėĎĕĆåĊĕĄğčĘħąèğúŇĕüĔĨü ġ÷ąĄĘčĔ÷čŇĊüâĕĆþŃĐèâĔüåĊĕĄğčĘħąèĠĈēĆēąēğĊĈĕâĕĆğãňĕúĬĕčĔîîĕúĘħğĎĄĕēčĄĢüĠøŇĈē ëŇĊèğĊĈĕãĐèâĕĆ÷Ĭĕğüėüèĕü

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'ITC_LWgD*9T*6 T;$TE<EVMTE+S6$TE 'ITC_LWgD*+T$$TE@Xg*@T>[ <EVMTE`GR<Z'GT$E9WgCW'ITC-lT;T _,@TR6 T;%O*<EVKS9 âĕĆ÷ĬĕğüėüûěĆâėéãĐèýĆėČĔúéĬĕğþŎüøňĐèāęħèāĕåĊĕĄčĕĄĕĆùĠĈēåĊĕĄëĬĕüĕîğêāĕē÷ňĕüãĐèÿĜňýĆėĎĕĆğþŎüĎĈĔâ úĔĨèĢü ÷ňĕüâĬĕĎü÷ĊėčĔąúĔċüŋĐèåŋâĆ ĠĈēâĕĆýĆėĎĕĆèĕüčĕąâĕĆýėüìęħèĄĘåĊĕĄìĔýìňĐüãĐèûěĆâėé ġ÷ąğêāĕēĐąŇĕèąėħè üĕąāĕúĘ čĕĆčėü þĆēûĕüğéňĕĎüňĕúĘýħ ĆėĎĕĆ ĠĈēüĕąþľąē ąĐ÷ĄöĘ ĆĐèþĆēûĕüğéňĕĎüňĕúĘýħ ĆėĎĕĆ ìęèħ ğþŎüÿĜĄň þĘ ĆēčýâĕĆöŋĐąŇĕèąĕĊüĕüĢüûěĆâėéčĕąâĕĆýėü ĐĘâúĔĨèğþŎüúĘħĆĜňéĔâĠĈēąĐĄĆĔýġ÷ąúĔħĊģþĢüĊèâĕĆûěĆâėéčĕąâĕĆýėü ĎĕâýĆėČĔúčĜîğčĘąþĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ ĎĆĚĐÿĜňýĆėĎĕĆ ãĐèýĆėČĔú ýěååĈĢ÷ýěååĈĎüęħè ĠĈēģĄŇčĕĄĕĆùčĆĆĎĕÿĜňúĘħğĎĄĕēčĄ ĠĈēĄĘåěöčĄýĔøėğúĘąýğåĘąèģ÷ň ĐĕéčŇèÿĈâĆēúýĐąŇĕèĄĘüĔąčĬĕåĔî øŇĐÿĈâĕĆ÷ĬĕğüėüèĕüãĐèýĆėČĔú üĐâéĕâüĔüĨ âĕĆ÷ĬĕğüėüûěĆâėéãĐèýĆėČúĔ ąĔèøňĐèĐĕċĔąýěåĈĕâĆúĘĄħ åĘ ĊĕĄëĬĕüĕîğêāĕē÷ňĕü ğëŇü üĔâýėü ĊėċĊâĆ ĠĈēýěåĈĕâĆĐĚüħ ĥ úĘħ ĄĘ å ĊĕĄëĬ ĕ üĕîčĜ è ĎĕâýĆė ČĔ ú čĜ î ğčĘ ą ýě å ĈĕâĆ÷Ĕ è âĈŇ ĕ ĊĢüéĬ ĕ üĊüúĘħ ĄĘ üĔ ą čĬ ĕ åĔ î ĐĕéčŇ è ÿĈâĆēúýøŇ Đ ÿĈâĕĆ÷Ĭ ĕ ğüė ü ûě Ć âė é ãĐèýĆėČúĔ ĐąŇĕèĄĘüąĔ čĬĕåĔî ġ÷ąûěĆâėéčĕąâĕĆýėüþĆēčýăĕĊēãĕ÷ĠåĈüýěåĈĕâĆÿĜĄň åĘ ĊĕĄëĬĕüĕîāėğċČġ÷ąğêāĕēüĔâýėüĠĈēĊėċĊâĆ ĢüýĕèëŇĊèğĊĈĕ úĔĨèüĘĨ ýĆėČĔúąĔèéĬĕğþŎüøňĐèĠãŇèãĔüâĔýčĕąâĕĆýėüĐĚħüĥ úĔĨèčĕąâĕĆýėüþĆēğăúğøĦĄĆĜþĠýýĠĈēčĕąâĕĆýėüĆĕåĕþĆēĎąĔ÷ĐĚħüĥ ĢüâĕĆčĆĆĎĕĠĈēĆĔâČĕýěåĈĕâĆúĘħĄĘåĊĕĄčĕĄĕĆùĠĈēåĊĕĄëĬĕüĕîāėğċČ÷ĔèâĈŇĕĊ ĐĘâúĔĨèĎĕâčĕąâĕĆýėüåĜŇĠãŇèĢëňüġąýĕą ğāėħĄĐĔøĆĕåŇĕøĐýĠúüĎĆĚĐÿĈþĆēġąëüŋúĘħčĜèğāĚħĐ÷ęè÷Ĝ÷ýěåĈĕâĆãĐèýĆėČĔú ýĆėČĔúĐĕééĬĕğþŎüøňĐèğāėħĄåŇĕøĐýĠúüĎĆĚĐÿĈþĆēġąëüŋĐĚħü ğāĚħĐĆĔâČĕĎĆĚĐčĆĆĎĕýěåĈĕâĆ÷ĔèâĈŇĕĊĢüâĕĆ÷ĬĕğüėüûěĆâėéãĐèýĆėČĔú ìęħèâĕĆğāėħĄãęĨüãĐèĐĔøĆĕåŇĕøĐýĠúü÷ĔèâĈŇĕĊĐĕéčŇèÿĈĢĎňýĆėČĔú ĄĘĐĔøĆĕâĬĕģĆúĘħĈ÷øĬħĕĈèĐąŇĕèĄĘüĔąčĬĕåĔî ĐąŇĕèģĆâĦ÷Ę ýĆėČĔúģ÷ňğĎĦüåĊĕĄčĬĕåĔîãĐèåĊĕĄğčĘħąè÷ĔèâĈŇĕĊéęèâĬĕĎü÷ĢĎňĄĘåöēâĆĆĄâĕĆëě÷ąŇĐąìęħèþĆēâĐý÷ňĊąÿĜňýĆėĎĕĆ ĠĈēúĘĄèĕü ğāĚħĐĢĎňúĘĄèĕüĄĘčŇĊüĆŇĊĄĢüâĕĆâĬĕĎü÷ĠÿüûěĆâėéĠĈēąěúûċĕčøĆŋĢüâĕĆ÷ĬĕğüėüûěĆâėéĄĕġ÷ąøĈĐ÷ üĐâéĕâüĔĨüýĆėČĔú ĄĘĠÿüâĕĆĀŀâĐýĆĄāĔõüĕğāĚħĐğāėħĄåĊĕĄĆĜňåĊĕĄčĕĄĕĆùĠâŇýěåĈĕâĆĐąŇĕèčĄĬħĕğčĄĐ ýĆėČĔúéęèğëĚħĐĄĔħüĊŇĕéēĄĘýěåĈĕâĆúĘħĄĘåĊĕĄĆĜň åĊĕĄčĕĄĕĆùĠĈēþĆēčýâĕĆöŋğãňĕĄĕ÷ĬĕğüėüûěĆâėéčĚýúĐ÷øŇĐéĕâÿĜýň ĆėĎĕĆĆē÷ĔýčĜèĢüþŌééěýüĔ ĐĘâúĔèĨ ýĆėČúĔ ĢëňüġąýĕąĢĎňåĕŇ øĐýĠúüĢü ĈĔâČöēĠþĆÿĔüâĔýĆēąēğĊĈĕúĘħúĬĕèĕüâĔýýĆėČĔúğāĚħĐĆĔâČĕýěåĈĕâĆúĘħĄĘåĊĕĄëĬĕüĕîğêāĕē÷ňĕü

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Risk from an Inability to Buy an Insurance Against Certain Risks/a Comprehensive Insurance Although the aviation industryâ&#x20AC;&#x2122;s insurance covers risks resulted from damage to the aircraft body, its spare parts, accessories and ground-support equipment, mobile equipment and non-license vehicles, passengers and their belongings and the third-party liability as well as damage from war and war-related risk, still, this insurance contains an exemption clause that cannot be claimed for compensation in the cases of, among a few, normal wear and tear and mechanical breakdown. These are commercial risks which an airline has to confront since to buy an insurance to also cover this risk, the airline would have to pay a very hefty insurance premium and, worse, no insurer may even want to insure it. What Nok Air does, however, is to set aside maintenance expenses where part of which has been paid to the lessor while the other part is set aside internally. The firm, therefore, believes that it has enough money to maintain its aircrafts whenever any incident along the line takes place.

Management Risk Risk from Dependence on Executives and Specialized Experts Nok Airâ&#x20AC;&#x2122;s business needs to depend on specialty and expertise of its executives to set the corporate vision CPF VQ UVGGT VJG CKTNKPG DWUKPGUU CNQPI VJG JKIJN[ EQORNGZ DWUKPGUU GPXKTQPOGPV $QVJ /T 2CVGG 5CTCUKP %'1 CPF /T 2K[C ;QFOCPGG &GRWV[ %'1 CTG JCXKPI [GCTU QH GZRGTKGPEG KP VJG CKTNKPG KPFWUVT[ 6JG[ CTG DQVJ YKFGN[ TGEQIPK\GF YKVJKP VJG KPFWUVT[ .QUKPI VJG %'1 QT CP[ QH VJG HKTOÂżU GZGEWVKXGU CPF HCKNKPI VQ TGRNCEG JKO JGT YKVJ a qualified person may materially affect Nok Airâ&#x20AC;&#x2122;s performances.

In addition, the Companyâ&#x20AC;&#x2122;s business requires specialized personnel including pilots, engineers and other highly-specialized human resource. Losing a significant number of them may materially affect Nok Airâ&#x20AC;&#x2122;s operation upon the fact that the airline business normally suffers a shortage of specialized personnel such as pilots and engineers at a certain period of time.

Nok Air needs to compete with both full-service and budget airlines to recruit and retain capable and specialized personnel. If competitors offer a higher compensation or a better benefit package to lure its personnel, Nok Air may need to compete with such incentives in order to retain them. The higher offer to be given if occurred may materially lower Nok Airâ&#x20AC;&#x2122;s profit ratio.

However, having realized the significance of such risk, Nok Air has set up a sub-committee consisting of executives and working teams who have so far participated in planning its business plan and strategy. Besides, the firm has training plans to enhance the personnelâ&#x20AC;&#x2122;s capacity on a regular basis. Nok Air, therefore, is confident that it can attract qualified and high-experienced personnel to run its business in succession to this generation of senior executives. In addition, it implements a remuneration policy that is proportional to a working peried of eash person with Nok Air to retain valuable human resources with the firm.

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.QODCTF #UKC +++ . 2 (WPF JQNFU QH VQVCN UJCTGU KP #XKCVKQP +PXGUVOGPV +PVGTPCVKQPCN .KOKVGF

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Dividend Payment Policy 0QM #KTÂżU RQNKE[ KU VQ RC[ KVU FKXKFGPF VQ UJCTGJQNFGTU CV C TCVG PQV NQYGT VJCP QH KVU PGV RTQHKV DCUGF QP the Companyâ&#x20AC;&#x2122;s financial statements after corporate income tax and after statutory reserves each year. In each payment, Nok Air will consider various factors to maximize shareholdersâ&#x20AC;&#x2122; interest which will include, among a few, its performance and financial status as well as an investment plan in each period as deemed appropriate by the Board of Directors.

The dividend payment meanwhile must not materially affect the Companyâ&#x20AC;&#x2122;s normal operation.

Management Structure Nok Airâ&#x20AC;&#x2122;s management structure consists of four committees as follows: the Board of Directors, the Audit %QOOKVVGG VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG CPF VJG 4KUM /CPCIGOGPV %QOOKVVGG

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'5R$EEC$TE<EVKS9 ö ĊĔüúĘħ ûĔüĊĕåĄ åöēâĆĆĄâĕĆãĐèýĆėČĔúþĆēâĐý÷ňĊąâĆĆĄâĕĆéĬĕüĊüúĔĨèčėĨü úŇĕü ìęħèþĆēâĐý÷ňĊąúĔĨèøĔĊĠúü éĕâÿĜňùĚĐĎěňüâĈěŇĄøŇĕèĥ ýĆėČĔú ĠĈēýěååĈăĕąüĐâ ÷ĔèüĘĨ

ETD-YgO$EEC$TE

üĕąĐăėāĆ ăĕČĊĔûüŋ (1) üĕąüėāüûŋ đēâĘĄ Ę

üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆė

Ć Đ ĄüøĆĘ éĬĕğĆĘąè

Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ

üĕąġëåëĔą þŌîîĕąèåŋ

üĕąāĕúĘ čĕĆčėü

üĕąāĈë ĎěøēğéĆėî üĕąāėĄĈ ċĆĘĊėâĆĄŋ üĕąĐăėëĕøė éĘĆēāĔüûěŋ üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ

7lT`M; * þĆēûĕüâĆĆĄâĕĆĠĈēâĆĆĄâĕĆ âĆĆĄâĕĆ âĆĆĄâĕĆ âĆĆĄâĕĆ âĆĆĄâĕĆ âĆĆĄâĕĆ âĆĆĄâĕĆ âĆĆĄâĕĆĐėčĆē þĆēûĕüâĆĆĄâĕĆøĆĊéčĐý âĆĆĄâĕĆĐėčĆē âĆĆĄâĕĆøĆĊéčĐý âĆĆĄâĕĆĐėčĆē âĆĆĄâĕĆøĆĊéčĐý âĆĆĄâĕĆĐėčĆē

ġ÷ąĄĘüĕèčĕĊčěüüĔ úŋ ĊėúĊĔčāèċŋûĆ úĬĕĎüňĕúĘğħ þŎüğĈãĕüěâĕĆýĆėČúĔ ĠúüüĕąþŌîîĕ ëěøčė Ćė Ċė èċŋ ĄĘÿĈøĔèĨ ĠøŇĊüĔ úĘ ħ øěĈĕåĄ ĎĄĕąğĎøě üĕąüėāüûŋ đēâĘĄĘ ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú ĠúüüĕąčĆéĔâĆ ğâČĄčěĊĆĆö ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âěĄăĕāĔüûŋ

üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆė ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú øĔĨèĠøŇĊĔüúĘħ ğĄČĕąü

Ć Đ ĄüøĆĘ éĬĕğĆĘąè ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú ĠúüüĕąġëåëĔą þŌîîĕąèåŋ ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âĔüąĕąü Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú ĠúüüĕąûĘĆāĈ ġëøėëüĕăėýĕĈ ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âĔüąĕąü üĕąġëåëĔą þŌîîĕąèåŋ ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú ĠúüüĕąčěĆēċĔâ÷ėī ğåĕĆāûĆĆĄ ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ øěĈĕåĄ üĕąāĈë ĎěøēğéĆėî ĈĕĐĐâéĕâøĬĕĠĎüŇèâĆĆĄâĕĆĢüĊĔüúĘħ ĄâĆĕåĄ

øĔĊĠúüâĆĆĄâĕĆéĕâýĆėČĔú úěüĈ÷ĕĊĔĈąŋ éĬĕâĔ÷

øĔĊĠúüâĆĆĄâĕĆéĕâýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü

øĔĊĠúüâĆĆĄâĕĆéĕâ #XKCVKQP +PXGUVOGPV +PVGTPCVKQPCN .KOKVGF

øĔĊĠúüâĆĆĄâĕĆĢüòĕüēþĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ

âĆĆĄâĕĆÿĜňĄĘĐĬĕüĕéĈèüĕĄĠúüýĆėČĔúøĕĄĎüĔèčĚĐĆĔýĆĐèýĆėČĔú ö ĊĔüúĘħ ûĔüĊĕåĄ ýĆėČĔúĄĘâĆĆĄâĕĆÿĜňĄĘĐĬĕüĕéĈèüĕĄÿĜâāĔüýĆėČĔú åĚĐ âĆĆĄâĕĆ åüĢü åüĈèĈĕąĄĚĐëĚħĐĆŇĊĄâĔü ĠĈēþĆēúĔýøĆĕčĬĕåĔîãĐèýĆėČĔú øĕĄĆĕąëĚħĐøŇĐģþüĘĨ

üĕąĐăėāĆ ăĕČĊĔûüŋ

üĕąüėāüûŋ đēâĘĄĘ

üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆė

Ć Đ ĄüøĆĘ éĬĕğĆĘąè

Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ

üĕąġëåëĔą þŌîîĕąèåŋ

üĕąāĕúĘ čĕĆčėü

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Board of Directors #U QH &GEGODGT 0QM #KTÂżU $QCTF QH &KTGEVQTU EQPUKUVGF QH FKTGEVQTU YJQ TGRTGUGPVGF XCTKQWU ITQWRU of shareholders and the third party as follows.

à ÏþèÌáòþ Ü ùäðè

1. Mr. Apiporn Pasawat(1) /T 0KRJQP *CMKOK

/T 5QOUCM %JQVTCVVCPCUKTK

(NKIJV .KGWVGPCPV /QPVTGG ,WOTKGPI

5. Flying Officer Suraphon Israngura Na Ayuthya

/T %JQMEJCK 2CP[C[QPI

/T 2CVGG 5CTCUKP

/T 2CTQEJG *WVCEJCTGQP /T 2KOQN 5TKXKMQTP /T #RKEJCTV %JKTCDCPFJW /T 2CFWPIFGL +PFTCNCM

�òÜÏáÏòù Chairman and director &KTGEVQT &KTGEVQT &KTGEVQT Director Director Director Independent Director %JCKTOCP QH VJG #WFKV %QOOKVVGG +PFGRGPFGPV &KTGEVQT /GODGT QH VJG #WFKV %QOOKVVGG +PFGRGPFGPV &KTGEVQT /GODGT QH VJG #WFKV %QOOKVVGG +PFGRGPFGPV &KTGEVQT

Ms. Sunun Witthawatpongtorn replaced Mr. Panya Chutisiriwong as Company Secretary effective QP 1EVQDGT Note:

/T 0KRJQP *CMKOK TGRNCEGF /T 5QTCLCM -CUGOUWXCP CU C EQORCP[ FKTGEVQT GHHGEVKXG HTQO (GDTWCT[

/T 5QOUCM %JQVTCVVCPCUKTK DGECOG C EQORCP[ FKTGEVQT HTQO #RTKN

(NKIJV .KGWVGPCPV /QPVTGG ,WOTKGPI TGRNCEGF /T %JQMEJCK 2CP[C[QPI CU C EQORCP[ FKTGEVQT GHHGEVKXG HTQO 5GRVGODGT (N[KPI 1HHKEGT 5WTCRJQP +UTCPIWTC 0C #[WVJ[C TGRNCEGF /T 6GGTCRQN %JQVKEJCPCRKDCN CU C EQORCP[ FKTGEVQT GHHGEVKXG HTQO 5GRVGODGT /T %JQMEJCK 2CP[C[QPI TGRNCEGF /T 5WTCUCM -JCQTQRVJCO CU C EQORCP[ FKTGEVQT GHHGEVKXG 1EVQDGT /T 2CTQEJG *WVCEJCTGQP TGUKIPGF HTQO JKU FKTGEVQTUJKR QP ,CPWCT[

4GRTGUGPVKPI %TQYP $WTGCW 2TQRGTV[ %Q .VF

4GRTGUGPVKPI 6JCK #KTYC[U +PVGTPCVKQPCN 2%.

4GRTGUGPVKPI #XKCVKQP +PXGUVOGPV +PVGTPCVKQPCN .VF

4GRTGUGPVKPI FKTGEVQTU CU %JKGH 'ZGEWVKXG 1HHKEGT

Authorized directors who may sign on the Companyâ&#x20AC;&#x2122;s behalf based on its Certificate of Incorporation #U QH &GEGODGT 0QM #KT JCU CWVJQTK\GF FKTGEVQTU YJQ CTG CWVJQTK\GF UKIPCVQTKGU PCOGN[ VYQ QWV QH the following seven directors who may co-sign a document to be affixed with the Companyâ&#x20AC;&#x2122;s seal.

1. Mr. Apiporn Pasawat

/T 0KRJQP *CMKOK

/T 5QOUCM %JQVTCVVCPCUKTK

(NKIJV .KGWVGPCPV /QPVTGG ,WOTKGPI 5. Flying Officer Suraphon Israngura Na Ayuthya

/T %JQMEJCK 2CP[C[QPI

/T 2CVGG 5CTCUKP

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Roles and Responsibilities of the Board of Directors

1. To perform duties in accordance with the laws, objectives and Articles of Association of the Company as well as resolutions adopted by the shareholdersâ&#x20AC;&#x2122; meeting with integrity, honesty and for the Companyâ&#x20AC;&#x2122;s best interest.

6Q UGV VJG %QORCP[ÂżU XKUKQP HQTOWNCVG KVU RQNKE[ CPF QRGTCVKQP FKTGEVKQP CPF VQ UWRGTXKUG VJG OCPCIGOGPV VQ HWNHKN the policy with efficiency and effectiveness in order to add the highest value possible for the Company and shareholders.

6Q HQTOWNCVG C RQNKE[ DWUKPGUU UVTCVGI[ QRGTCVKQP RNCP CPF CPPWCN DWFIGV QH VJG HKTO VQ OQPKVQT CPF UWRGTXKUG the managementâ&#x20AC;&#x2122;s administration as well as the Companyâ&#x20AC;&#x2122;s quarterly-based performance and operation results compared to its plan and budget and to anticipate the trend in subsequent periods of the year.

6Q GZGEWVG C DWUKPGUU RNCP DWFIGV CPF VTCPUCEVKQP YKVJ OCVGTKCN UGPUG DCUGF QP VJG CWVJQTK\CVKQP VCDNG QH the Board of Directors.

5. To constantly evaluate the performance of the management and to oversee and ensure a proper payment mechanism of remunerations to senior executives.

6Q UGV WR C HTCOGYQTM CPF RQNKE[ WPFGT YJKEJ C UCNCT[ YKNN DG QHHGTGF CPF CFLWUVGF CPF WPFGT YJKEJ DQPWU allowances and other awards will be given to the Companyâ&#x20AC;&#x2122;s employees.

6Q JCXG VJG OCPCIGOGPV UGV WR VJG CEEQWPVKPI U[UVGO VJG HKPCPEKCN TGRQTVKPI U[UVGO CPF C TGNKCDNG CWFKVKPI to ensure that the Company has an adequate and appropriate internal control system.

6Q CRRTQXG CP CESWKUKVKQP QT FKURQUCN QH CUUGVU CP[ KPXGUVOGPV KP C PGY DWUKPGUU CPF CP[ CEVKQP VQ GPUWTG its legal compliance and compliance with all relevant announcements, terms and regulations.

6Q EQPUKFGT CPF QT IKXG CP QRKPKQP TGICTFKPI C EQPPGEVGF VTCPUCEVKQP CPF QT VJG GZGEWVKQP QH UWEJ VTCPUCEVKQP (if the transaction size isnâ&#x20AC;&#x2122;t subject to an approval by the Shareholdersâ&#x20AC;&#x2122; Meeting) of the Company and its subsidiaries to ensure compliance with relevant laws, announcements, terms and regulations.

6Q RTGXGPV EQPHNKEV QH KPVGTGUV COQPI VJG %QORCP[ÂżU UVCMGJQNFGTU 11. To approve an interim dividend payment to shareholders.

6Q EQPUKFGT XCTKQWU OCVVGTU D[ HCKTN[ VCMKPI KPVQ EQPUKFGTCVKQP VJG KPVGTGUV QH UJCTGJQNFGTU CPF CNN ITQWRU QH stakeholders. Directors are to immediately notify the Company, should they have any interest in an agreement executed with the Company or should they hold more or fewer shares of the Company or its subsidiaries.

As for a transaction executed at armâ&#x20AC;&#x2122;s length with a director or an individual with a potential conflict of interest or who could pose any conflict of interest to the firm or its subsidiaries, directors with such interest shall have no rights to vote and approve the transaction.

6Q UWRGTXKUG VJG DWUKPGUU YKVJ GVJKEU CPF WPFGT VJG %QFG QH %QPFWEV VQ TGXKGY VJG %QORCP[ÂżU EQTRQTCVG governance policy and to evaluate the policy compliance at least once a year.

6Q TGRQTV QYP TGURQPUKDKNKV[ TGICTFKPI VJG RTGRCTCVKQP QH HKPCPEKCN UVCVGOGPVU D[ RWDNKUJKPI UWEJ TGRQTV CNQPI YKVJ VJG CWFKVQTÂżU TGRQTV KP VJG #PPWCN 4GRQTV QH YJKEJ VJG EQPVGPVU OWUV EQXGT OCLQT KUUWGU DCUGF QP VJG 5VQEM 'ZEJCPIG QH 6JCKNCPFÂżU 5'6 DGUV RTCEVKEG RQNKE[ HQT FKTGEVQTU QH NKUVGF EQORCPKGU 15. To assign one or several directors or any other person to do anything on the Board of Directorsâ&#x20AC;&#x2122; behalf; such authorization however must not be an authorization or a sub-delegation that will allow the director or his substitute to approve a transaction in which he or anyone who may possibly have a conflict will have any interest or other forms of profit that is conflicting with the interest of the Company or subsidiaries.

6Q CRRQKPV C UWD EQOOKVVGG VQ QXGTUGG VJG OCPCIGOGPV CPF VJG KPVGTPCN EQPVTQN U[UVGO VQ OGGV VJG RQNKE[ HQTOWNCVGF D[ COQPI C HGY VJG 'ZGEWVKXG $QCTF CPF VJG #WFKV %QOOKVVGG 6Q CRRQKPV C %QORCP[ 5GETGVCT[ YJQ YKNN QXGTUGG VJCV VJG $QCTF QH &KTGEVQTU CPF VJG %QORCP[ EQORN[ YKVJ the laws and relevant rules and regulations.

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ĎĄĕąğĎøě üĕąûüăĔúĆ ĊèåŋĊėúąŋ úĬĕĎüňĕúĘħğĈãĕüěâĕĆåöēâĆĆĄâĕĆøĆĊéčĐý ĠúüüĕèčĕĊĊĆĆöĊėĄĈ éĐèčěĆĘąăĕč ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ āćċéėâĕąü

ġ÷ąüĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ ğþŎüÿĜňúĘħĄĘåĊĕĄĆĜňĠĈēþĆēčýâĕĆöŋúĕè÷ňĕüýĔîëĘĠĈēâĕĆğèėüğāĘąèāĐúĘħéēúĬĕĎüňĕúĘħøĆĊé čĐýúĕüåĊĕĄüŇĕğëĚħĐùĚĐãĐèèýâĕĆğèėüýĆėČĔú ãĐýğãøĐĬĕüĕéĎüňĕúĘħãĐèåöēâĆĆĄâĕĆøĆĊéčĐý

čĐýúĕüĢĎňýĆėČĔúĄĘâĕĆĆĕąèĕüúĕèâĕĆğèėüĐąŇĕèùĜâøňĐèĠĈēğāĘąèāĐ čĐýúĕüĢĎňýĆėČĔúĄĘĆēýýâĕĆåĊýåěĄăĕąĢü +PVGTPCN EQPVTQN ĠĈēĆēýýâĕĆøĆĊéčĐýăĕąĢü +PVGTPCN CWFKV úĘħğĎĄĕēčĄĠĈēĄĘþĆēčėúûėÿĈĠĈēāėéĕĆöĕåĊĕĄğþŎüĐėčĆēãĐèĎüŇĊąèĕüøĆĊéčĐýăĕąĢü øĈĐ÷éüĢĎňåĊĕĄğĎĦüëĐý ĢüâĕĆāėéĕĆöĕĠøŇèøĔèĨ ġąâąňĕąğĈėâéňĕèĎĔĊĎüňĕĎüŇĊąèĕüøĆĊéčĐýăĕąĢü ĠĈē ĎĆĚĐâĕĆĊŇĕéňĕèýĆėČúĔ øĆĊéčĐýăĕąĢü ĎĆĚĐĎüŇĊąèĕüĐĚħüĢ÷úĘħĆĔýÿė÷ëĐýğâĘħąĊâĔýâĕĆøĆĊéčĐýăĕąĢü čĐýúĕüĢĎňýĆėČĔúþñėýĔøėøĕĄâðĎĄĕąĊŇĕ÷ňĊąĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ãňĐâĬĕĎü÷ãĐèøĈĕ÷ĎĈĔâúĆĔāąŋ ĠĎŇèþĆēğúċģúąĠĈēâðĎĄĕąúĘħğâĘħąĊãňĐèâĔýûěĆâėéãĐèýĆėČĔú āėéĕĆöĕ åĔ÷ğĈĚĐâ ğčüĐĠøŇèøĔèĨ ýěååĈìęèħ ĄĘåĊĕĄğþŎüĐėčĆēğāĚĐħ úĬĕĎüňĕúĘğħ þŎüÿĜčň ĐýýĔîëĘãĐèýĆėČúĔ ĠĈēğčüĐåŇĕøĐýĠúü ãĐèýěååĈ÷ĔèâĈŇĕĊĆĊĄúĔĨèğãňĕĆŇĊĄþĆēëěĄâĔýÿĜňčĐýýĔîëĘġ÷ąģĄŇĄĘĀłĕąéĔ÷âĕĆğãňĕĆŇĊĄþĆēëěĄ÷ňĊąĐąŇĕèüňĐąþĿĈē åĆĔĨè āėéĕĆöĕĆĕąâĕĆúĘğħ âĘąħ ĊġąèâĔüĎĆĚĐĆĕąâĕĆúĘĐħ ĕéĄĘåĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋĢĎňğþŎüģþøĕĄâðĎĄĕąĠĈēãňĐâĬĕĎü÷ ãĐèøĈĕ÷ĎĈĔâúĆĔāąŋĠĎŇèþĆēğúċģúą úĔèĨ üĘ Ĩ ğāĚĐħ ĢĎňĄüĔħ ĢéĊŇĕĆĕąâĕĆ÷ĔèâĈŇĕĊčĄğĎøěčĄÿĈĠĈēğþŎüþĆēġąëüŋčèĜ čě÷øŇĐýĆėČúĔ éĔ÷úĬĕĆĕąèĕüãĐèåöēâĆĆĄâĕĆøĆĊéčĐýġ÷ąğþľ÷ğÿąģĊňĢüĆĕąèĕüþĆēéĬĕþĿãĐèýĆėČĔú

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ĎĄĕąğĎøě

ETD-YgO$EEC$TE üĕąĐăėëĕøė éĘĆēāĔüûěŋ üĕąġëåëĔą þŌîîĕąèåŋ üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ

Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ

üĕèčĕĊüĊĈĊĆĆö ăĜŇþĆēğčĆėò

7lT`M; * þĆēûĕüâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü âĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü âĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü âĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü ğĈãĕüěâĕĆâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü

üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ ģ÷ňãĐĈĕĐĐâéĕâøĬĕĠĎüŇèâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âĔüąĕąü ğāĚħĐģþ÷ĬĕĆèøĬĕĠĎüŇè âĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè

Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ ğãňĕ÷ĬĕĆèøĬĕĠĎüŇèâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü ġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âĔüąĕąü Ġúüüĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ

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ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

The Audit Committee

à ÏþèÌáòþ Ü ùäðè 1.

Mr. Pimol Srivikorn /T #RKEJCTV %JKTCDCPFJW /T 2CFWPIFGL +PFTCNCM /T 6JCPCRCV 9QPIYKV

�òÜÏáÏòù Chairman of the Audit Committee /GODGT QH VJG #WFKV %QOOKVVGG /GODGT QH VJG #WFKV %QOOKVVGG 5GETGVCT[ QH VJG #WFKV %QOOKVVGG

0QVG /T 6JCPCRCV 9QPIYKV TGRNCEGF /U 9CPYKOQN %JQPIUWTK[CRCU CU UGETGVCT[ VQ VJG #WFKV %QOOKVVGG GHHGEVKXG HTQO 0QXGODGT

Mr. Padungdej Indralak is having enough competency and experience in accounting to audit the credibility and reliability of the Companyâ&#x20AC;&#x2122;s financial statements.

Roles and Responsibilities of the Audit Committee

1. To review that the Company has accurately and adequately reported its financial statements.

6Q TGXKGY VJCV VJG %QORCP[ JCU CP GHHGEVKXG CPF CRRTQRTKCVG KPVGTPCN EQPVTQN CPF KPVGTPCN CWFKV U[UVGOU to review the independence of the internal audit unit and to approve the appointment, transfer and termination QH EJKGH QH VJG KPVGTPCN CWFKV WPKV CPF QT VJG JKTKPI QH CP KPVGTPCN CWFKV EQORCP[ QT CP[ QVJGT CIGPE[ VQ DG responsible for the internal audit.

6Q TGXKGY VJCV VJG %QORCP[ JCU FWN[ EQORNKGF YKVJ VJG NCYU QP UGEWTKVKGU CPF GZEJCPIG VJG UVQEM GZEJCPIGÂżU requirements and the laws relating to the firmâ&#x20AC;&#x2122;s business.

6Q TGXKGY UGNGEV CPF PQOKPCVG CP KPFGRGPFGPV KPFKXKFWCN VQ DG VJG %QORCP[ÂżU CWFKVQT CPF VQ RTQRQUG JKU her remuneration; to attend the meeting with the auditor with no management presence at least once a year.

5. To review a connected transaction or any transaction at armâ&#x20AC;&#x2122;s length basis to underline its legal compliance and compliance with the stock exchangeâ&#x20AC;&#x2122;s requirements; this is to ensure that the transaction is reasonable and for the Companyâ&#x20AC;&#x2122;s best interest.

6Q RTGRCTG VJG #WFKV %QOOKVVGGÂżU TGRQTV D[ FKUENQUKPI KV KP VJG %QORCP[ÂżU #PPWCN 4GRQTV

The Nomination and Remuneration Committee

à ÏþèÌáòþ Ü ùäðè /T #RKEJCTV %JKTCDCPFJW /T %JQMEJCK 2CP[C[QPI /T 2CFWPIFGL +PFTCNCM

(N[KPI 1HHKEGT 5WTCRJQP +UTCPIWTC 0C #[WVJ[C

/U 0WCPYCP $JWRTCUGTV

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0QVG /T 2CFWPIFGL +PFTCNCM TGUKIPGF HTQO JKU RQUKVKQP CU OGODGT QH VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG GHHGEVKXG HTQO 5GRVGODGT VQ DGEQOG

OGODGT QH VJG 4KUM /CPCIGOGPV %QOOKVVGG

(N[KPI 1HHKEGT 5WTCRJQP +UTCPIWTC 0C #[WVJ[C TGRNCEGF /T 2CFWPIFGL +PFTCNCM CU OGODGT QH VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG GHHGEVKXG

HTQO 5GRVGODGT

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ĊĕĆēâĕĆ÷ĬĕĆèøĬĕĠĎüŇèãĐèåöēâĆĆĄâĕĆčĆĆĎĕĠĈēâĬ ĕ Ďü÷åŇĕøĐýĠúü åöēâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü ĄĘĊĕĆēâĕĆ÷ĬĕĆèøĬĕĠĎüŇèåĆĕĊĈēčĐè þĿ üĔýĠøŇĊĔüúĘħģ÷ňĆĔýâĕĆĠøŇèøĔĨè úĔĨèüĘĨ čĕĄĕĆùğĈĚĐââĆĆĄâĕĆčĆĆĎĕÿĜňāňüéĕâøĬĕĠĎüŇèğãňĕĆĔýøĬĕĠĎüŇèĐĘâģ÷ň ãĐýğãøĐĬĕüĕéĎüňĕúĘħãĐèåöēâĆĆĄâĕĆčĆĆĎĕĠĈēâĬ ĕ Ďü÷åŇĕøĐýĠúü

āėéĕĆöĕüġąýĕąĠĈēĎĈĔâğâöôŋĢüâĕĆčĆĆĎĕýěååĈúĘħĄĘåěöčĄýĔøėğĎĄĕēčĄ ğāĚħĐ÷ĬĕĆèøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú þĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆĠĈēÿĜňýĆėĎĕĆĆē÷ĔýčĜè ĆĊĄúĔĨèåĔ÷ğĈĚĐâýěååĈĠĈēğčüĐëĚħĐýěååĈúĘħĄĘåěöčĄýĔøėğĎĄĕēčĄ ğāĚĐħ üĬĕğčüĐøŇĐþĆēûĕüğéňĕĎüňĕúĘýħ ĆėĎĕĆ ĠĈē ĎĆĚĐúĘþħ ĆēëěĄåöēâĆĆĄâĕĆýĆėČúĔ ĠĈē ĎĆĚĐúĘþħ ĆēëěĄÿĜùň ĐĚ Ďěüň ğāĚĐħ āėéĕĆöĕ ĠøŇèøĔĨèğþŎüâĆĆĄâĕĆýĆėČĔú āėéĕĆöĕúýúĊüüġąýĕąĠĈēĎĈĔâğâöôŋğâĘħąĊâĔýâĕĆâĬĕĎü÷åŇĕøĐýĠúüĠĈēÿĈþĆēġąëüŋãĐèâĆĆĄâĕĆýĆėČĔú þĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆãĐèýĆėČĔúĠĈēÿĜňýĆėĎĕĆĆē÷ĔýčĜè ĢĎňãňĐğčüĐĠüēøŇĐåöēâĆĆĄâĕĆýĆėČĔúğāĚħĐüĬĕğčüĐåŇĕøĐýĠúüâĆĆĄâĕĆ þĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ ĠĈēÿĜňýĆėĎĕĆ Ćē÷ĔýčĜèãĐèýĆėČúĔ øŇĐúĘþħ ĆēëěĄåöēâĆĆĄâĕĆýĆėČúĔ ĠĈē ĎĆĚĐúĘþħ ĆēëěĄÿĜùň ĐĚ Ďěüň ğāĚĐħ āėéĕĆöĕĐüěĄøĔ ė ġ÷ąåöēâĆĆĄâĕĆ ýĆėČúĔ éēğþŎüÿĜňĐüěĄĔøėåŇĕøĐýĠúüĠĈēÿĈþĆēġąëüŋãĐèþĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ ÿĜňýĆėĎĕĆĆē÷ĔýčĜè ĠĈēåŇĕøĐýĠúü ĠĈēÿĈþĆēġąëüŋãĐèâĆĆĄâĕĆýĆėČĔú ĢĎňåöēâĆĆĄâĕĆýĆėČĔúüĬĕğčüĐúĘħþĆēëěĄÿĜňùĚĐĎěňüğāĚħĐāėéĕĆöĕĐüěĄĔøė

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ETD-YgO$EEC$TE üĕąġëåëĔą þŌîîĕąèåŋ üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ üĕąüėāüûŋ đēâĘĄĘ

7lT`M; * þĆēûĕüâĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè âĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè âĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè

ãĐýğãøĐĬĕüĕéĎüňĕúĘħãĐèåöēâĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè

âĬ ĕ Ďü÷ĠüĊúĕèĠĈēüġąýĕąâĕĆýĆė Ď ĕĆåĊĕĄğčĘħ ą èúĘħ ĄĘ üĔ ą čĬ ĕ åĔ î øŇ Đ âĕĆ÷Ĭ ĕ ğüė ü ûě Ć âė é ýĆė ČĔ ú úĘħ ğ ĎĄĕēčĄĐąŇ ĕ èĄĘ þĆēčėúûėăĕā ĢĎňãĐň ğčüĐĠüēĠüĊúĕèâĕĆýĆėĎĕĆåĊĕĄğčĘąħ è úĘčħ Đ÷åĈňĐèøŇĐâĕĆâĬĕĎü÷úėċúĕèâĈąěúûŋâĕĆ÷ĬĕğüėüûěĆâėéĠĈēĠÿüûěĆâėé øŇĐåöēâĆĆĄâĕĆýĆėČĔú čüĔýčüěüĢĎňĄâĘ ĕĆýĆėĎĕĆåĊĕĄğčĘąħ èĐèåŋâĆ ĢĎňĐąĜĢŇ üĆē÷ĔýúĘąħ ĐĄĆĔýģ÷ňĠĈēčĐ÷åĈňĐèâĔýüġąýĕąýĆėĎĕĆåĊĕĄğčĘąħ èĐèåŋâĆ úýúĊüþĆĔýþĆěèüġąýĕąĠĈēâĆēýĊüâĕĆýĆėĎĕĆåĊĕĄğčĘħąèĐèåŋâĆ ĢĎňĄĘþĆēčėúûėăĕāĠĈēğāĘąèāĐ ğāĚħĐĢĎňčĐ÷åĈňĐè âĔýčăĕĊâĕĆöŋúĘħğþĈĘħąüĠþĈèģþ čüĔýčüěüâĕĆāĔõüĕâĕĆýĆėĎĕĆåĊĕĄğčĘħąèĢüúěâĆē÷ĔýúĔħĊúĔĨèĐèåŋâĆ âĬĕâĔý÷ĜĠĈ øė÷øĕĄ ĠĈēčĐýúĕüâĕĆĆĕąèĕüâĕĆýĆėĎĕĆåĊĕĄğčĘħąèāĆňĐĄúĔĨèĢĎňåĬĕĠüēüĬĕ ğāĚħĐĢĎňĄĔħüĢéĊŇĕýĆėČĔú ĄĘâĕĆýĆėĎĕĆéĔ÷âĕĆâĕĆýĆėĎĕĆåĊĕĄğčĘħąèĐąŇĕèĄĘþĆēčėúûėăĕā ĠĈēğĎĄĕēčĄøŇĐâĕĆ÷ĬĕğüėüûěĆâėé ĆĕąèĕüÿĈâĕĆýĆėĎĕĆåĊĕĄğčĘħąèúĘħčĬĕåĔîĢĎňåöēâĆĆĄâĕĆýĆėČĔúĆĔýúĆĕý þñėýĔøėâĕĆĐĚħüĢ÷øĕĄúĘħåöēâĆĆĄâĕĆýĆėČĔúĄĐýĎĄĕą

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ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

Terms of the Nomination and Remuneration Committee /GODGTU QH VJG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG UJCNN DG KP VJG QHHKEG HQT VYQ [GCTU GCEJ VGTO UVCTVKPI from their appointment date. Any director leaving the office may be re-elected.

Roles and Responsibilities of the Nomination and Remuneration Committee

6Q TGXKGY C PQOKPCVKQP RQNKE[ CPF ETKVGTKC VQ TGETWKV SWCNKHKGF RGTUQPPGN CU EQORCP[ FKTGEVQT %'1 CPF UGPKQT GZGEWVKXGU CU YGNN CU VQ UGNGEV CPF PQOKPCVG SWCNKHKGF RGTUQPU CPF RTQRQUG VJGO VQ VJG %'1 CPF QT VJG $QCTF QH &KTGEVQTUÂż /GGVKPI CPF QT VJG 5JCTGJQNFGTUÂż /GGVKPI HQT CRRQKPVOGPV CU C EQORCP[ FKTGEVQT 6Q TGXKGY C TGOWPGTCVKQP RQNKE[ CPF ETKVGTKC YJKEJ RC[U TGOWPGTCVKQPU CPF QVJGT DGPGHKVU VQ EQORCP[ FKTGEVQTU VJG %'1 CPF UGPKQT GZGEWVKXGU 6Q TGEQOOGPF VJG $QCTF QH &KTGEVQTU YJQ YKNN UWDOKV TGOWPGTCVKQPU VQ DG RCKF VQ EQORCP[ FKTGEVQTU VJG %'1 CPF UGPKQT GZGEWVKXGU VQ VJG $QCTF QH &KTGEVQTUÂż /GGVKPI CPF QT VJG 5JCTGJQNFGTUÂż /GGVKPI HQT CRRTQXCN 6JG $QCTF YKNN CRRTQXG TGOWPGTCVKQPU CPF DGPGHKVU QH VJG %'1 CPF UGPKQT GZGEWVKXGU YJKNG the Board will propose remunerations and benefits of its directors to the Shareholdersâ&#x20AC;&#x2122; Meeting for approval.

The Risk Management Committee

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Roles and Responsibilities of the Risk Management Committee 1. To establish an appropriate and efficient risk management direction and policy with significant meaning to the Companyâ&#x20AC;&#x2122;s business.

6Q RTQXKFG TGEQOOGPFCVKQPU QP VJG TKUM OCPCIGOGPV FKTGEVKQP VJCV CNKIPU YKVJ VJG %QORCP[ÂżU FKTGEVKQP QH business strategy and its business plan to the Board of Directors.

6Q RTQXKFG UWRRQTV VQ EQTRQTCVG TKUM OCPCIGOGPV CEVKXKVKGU VQ GPUWTG VJCV EQORCP[ TKUM TGOCKPU CV CP CEEGRVCDNG level and in line with the corporate risk management policy.

6Q TGXKGY CPF WRFCVG VJG EQTRQTCVG TKUM OCPCIGOGPV RQNKE[ CPF RTQEGUU VQ GPUWTG VJGKT GHHGEVKXGPGUU CPF adequacy to reflect changing circumstances.

5. To support the development of risk management to be materialized at all levels in the entire corporation.

6Q UWRGTXKUG OQPKVQT CPF TGXKGY VJG TKUM OCPCIGOGPV TGRQTV VQ RTQXKFG TGEQOOGPFCVKQPU VQ GPUWTG VJCV the firm does have an efficient and appropriate risk management process that suits its business.

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The Management

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5.

/T 2CVGG 5CTCUKP /T 2K[C ;QFOCPK /U 0WCPYCP $JWRTCUGTV /T ;QFEJCK 5WFJKFJCPCMWN Captain Sanjai Boonma

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Roles and Responsibilities of the CEO

6Q DG TGURQPUKDNG HQT VQ QXGTUGG CPF OCPCIG VJG %QORCP[ÂżU FC[ VQ FC[ QRGTCVKQP CPF QT GZGEWVKQP to supervise the overall operation in alignment with the Companyâ&#x20AC;&#x2122;s policy, business strategy, goal and QRGTCVKQP RNCP HKPCPEKCN IQCN CPF EQTRQTCVG DWFIGV CRRTQXGF D[ VJG $QCTF CPF QT VJG TGUQNWVKQP QH the Shareholdersâ&#x20AC;&#x2122; Meeting.

6Q HQTOWNCVG C DWUKPGUU RNCP VQ GUVCDNKUJ OCPCIGOGPV CWVJQTKV[ CPF VQ RTGRCTG DWFIGV HQT WUG KP VJG DWUKPGUU and the annual expenditure budget for submission to the Boardâ&#x20AC;&#x2122;s approval; to report progress based on the plan and budget already approved to the Board.

6Q GUVCDNKUJ CP QTICPK\CVKQP UVTWEVWTG OCPCIGOGPV RTQEGFWTGU CU YGNN CU JQY VQ UGNGEV VTCKP GORNQ[ CPF terminate the Companyâ&#x20AC;&#x2122;s employees; to establish wage rates, salary, remuneration, bonus and other fringe benefits to be offered to employees.

6Q OQPKVQT CPF TGRQTV VJG %QORCP[ÂżU UKVWCVKQP CPF RQUKVKQP CPF VQ RTQRQUG CP CNVGTPCVKXG CPF UVTCVGI[ that is in line with the policy and market conditions.

5. To supervise and control the Companyâ&#x20AC;&#x2122;s various operations such as finance, risk management, internal EQPVTQN HNKIJV QRGTCVKQP UWRRQTV QHĂ&#x152;EG CPF JWOCP TGUQWTEGU 6Q TGRTGUGPV VJG %QORCP[ CPF VQ DG CWVJQTK\GF CU KVU TGRTGUGPVCVKXG VQ EQPVCEV YKVJ IQXGTPOGPV CIGPEKGU and other supervisory bodies.

6Q EQOOWPKECVG YKVJ VJG RWDNKE UJCTGJQNFGTU EWUVQOGTU CPF GORNQ[GGU VQ RTQOQVG VJG %QORCP[ÂżU TGRWVCVKQP and image.

6Q RWV KP RNCEG VJG EQTRQTCVG IQXGTPCPEG KP VJG %QORCP[ 6Q DG CWVJQTK\GF VQ KUUWG COGPF CFF CPF KORTQXG QTFGTU TWNGU CPF YQTM TGIWNCVKQPU TGNCVKPI VQ COQPI a few, the nomination, appointment and removal of employees, disciplines of employees and workers, wages, salaries and other remunerations as well as welfare and other fringe benefits.

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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$TELEEMT$EEC$TE`GR>[ <EVMTE '5R$EEC$TE<EVKS9 åöēâĆĆĄâĕĆýĆėČĔúþĆēâĐý÷ňĊąâĆĆĄâĕĆĐąŇĕèüňĐą åü ġ÷ąâĆĆĄâĕĆģĄŇüňĐąâĊŇĕâęħèĎüęħèãĐèéĬ ĕüĊüâĆĆĄâĕĆúĔĨèĎĄ÷ éēøňĐèĄĘùėħüúĘħĐąĜŇĢüþĆēğúċģúą ĠĈēâĆĆĄâĕĆýĆėČĔúéēğþŎüÿĜňùĚĐĎěňüãĐèýĆėČĔúĎĆĚĐģĄŇâĦģ÷ňĢüâĕĆĠøŇèøĔĨèåöēâĆĆĄâĕĆýĆėČĔú ýĆė ČĔ ú ĄĘ ü ġąýĕąĢüâĕĆčĆĆĎĕĠĈēåĔ ÷ ğĈĚ Đ âýě å åĈúĘħ ĄĘ åě ö čĄýĔ øė ğ ĎĄĕēčĄúĘħ é ēğãň ĕ ÷Ĭĕ ĆèøĬ ĕ ĠĎüŇ è ğþŎ ü åöēâĆĆĄâĕĆýĆė ČĔ ú ġ÷ąāėéĕĆöĕéĕâþĆēčýâĕĆöŋ åĊĕĄĆĜ ň åĊĕĄčĕĄĕĆùúĘéħ ēğþŎüþĆēġąëüŋøĐŇ ýĆėČúĔ ĠĈēĄĘåö ě čĄýĔøåė ĆýùňĊüĠĈēģĄŇĄĈĘ âĔ ČöēøňĐèĎňĕĄ øĕĄāĆēĆĕëýĔîîĔøýė ĆėČúĔ ĄĎĕëüéĬĕâĔ÷ ā ċ ĆĊĄúĔèĨ úĘģħ ÷ňĄâĘ ĕĆĠâňģãğāėĄħ ğøėĄ āĆēĆĕëýĔîîĔøĎė ĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ā ċ ĆĊĄúĔèĨ úĘģħ ÷ňĄâĘ ĕĆĠâňģãğāėĄħ ğøėĄ þĆēâĕċåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ĠĈēþĆēâĕċåöēâĆĆĄâĕĆ âĬĕâĔýøĈĕ÷úěüúĘħğâĘħąĊãňĐè âĕĆĠøŇèøĔĨèâĆĆĄâĕĆĢĎĄŇéēøňĐèÿŇĕüâĕĆāėéĕĆöĕĐüěĄĔøėéĕâúĘħþĆēëěĄåöēâĆĆĄâĕĆýĆėČĔú ĠĈē ĎĆĚĐúĘħþĆēëěĄÿĜňùĚĐĎěňü

ĠĈň Ċ ĠøŇ â ĆöĘ ġ÷ąâĕĆĠøŇ è øĔĨ è âĆĆĄâĕĆýĆė ČĔ ú éēğþŎ ü ģþøĕĄĎĈĔ â ğâöôŋ Ġ ĈēĊė ûĘ â ĕĆúĘħ âĬ ĕ Ďü÷Ģüãň Đ ýĔ è åĔ ý ãĐèýĆė ČĔ ú ġ÷ąĄĘ ĆĕąĈēğĐĘą÷÷ĔèüĘĨ ĢüâĕĆþĆēëěĄÿĜùň ĐĚ Ďěüň čĕĄĔîþĆēéĬĕþĿúâě åĆĔèĨ ĢĎňâĆĆĄâĕĆĐĐâéĕâøĬĕĠĎüŇèéĬĕüĊü Ģü ãĐèéĬĕüĊüâĆĆĄâĕĆĢüãöēüĔüĨ

ùňĕéĬĕüĊüâĆĆĄâĕĆéēĠýŇèĐĐâĢĎňøĆèğþŎüčĕĄčŇĊüģĄŇģ÷ň âĦĢĎňĐĐâġ÷ąéĬĕüĊüĢâĈňúĘħčě÷âĔý Ģü ĠĈēâĆĆĄâĕĆ

ìęħèāňüéĕâøĬĕĠĎüŇè Đĕéģ÷ňĆĔýğĈĚĐâĢĎňâĈĔýğãňĕĄĕĆĔýøĬĕĠĎüŇèĐĘâģ÷ň ĢĎňúĘħþĆēëěĄÿĜňùĚĐĎěňüğĈĚĐâøĔĨèâĆĆĄâĕĆýĆėČĔúøĕĄĎĈĔâğâöôŋ ĠĈēĊėûĘâĕĆ÷ĔèøŇĐģþüĘĨ

ÿĜňùĚĐĎěňüåüĎüęħèĄĘåēĠüüğčĘąèğúŇĕâĔý ĎěňüøŇĐ ğčĘąè

ÿĜňùĚĐĎěňüĠøŇĈēåüéēĢëňåēĠüüğčĘąèúĘħĄĘĐąĜŇúĔĨèĎĄ÷øĕĄ ğĈĚĐâøĔĨèýěååĈğ÷ĘąĊĎĆĚĐĎĈĕąåüğþŎüâĆĆĄâĕĆâĦģ÷ň

ĢüâĆöĘúĘħğĈĚĐâøĔĨèýěååĈĎĈĕąåüğþŎüâĆĆĄâĕĆ éēĠýŇèåēĠüüğčĘąèĢĎňĠâŇÿĜňĢ÷ĄĕâüňĐąğāĘąèĢ÷ģĄŇģ÷ň

ýěååĈúĘģħ ÷ňĆýĔ åēĠüüğčĘąèčĜèčě÷øĕĄĈĬĕ÷ĔýĈèĄĕğþŎüÿĜģň ÷ňĆýĔ ğĈĚĐâøĔèĨ ğþŎüâĆĆĄâĕĆğúŇĕéĬĕüĊüâĆĆĄâĕĆúĘéħ ēāęèĄĘĎĆĚĐéē

āęèğĈĚĐâøĔèĨ ĢüåĆĔèĨ üĔüĨ ĢüâĆöĘúýĘħ åě åĈìęèħ ģ÷ňĆýĔ âĕĆğĈĚĐâøĔèĨ ĢüĈĬĕ÷ĔýùĔ÷ĈèĄĕĄĘåēĠüüğčĘąèğúŇĕâĔüğâėüéĬĕüĊüâĆĆĄâĕĆ

úĘħéēāęèĄĘĎĆĚĐéēāęèğĈĚĐâøĔĨèĢüåĆĔĨèüĔĨü ĢĎňþĆēûĕüúĘħþĆēëěĄğþŎüÿĜňĐĐâğčĘąèëĘĨãĕ÷ ĢüâĆöĘúøĘħ ĕĬ ĠĎüŇèâĆĆĄâĕĆĊŇĕèĈèğāĆĕēğĎøěĐüĚħ üĐâéĕâùęèåĆĕĊĐĐâøĕĄĊĕĆē ĢĎňåöēâĆĆĄâĕĆğĈĚĐâýěååĈìęèħ ĄĘåö ě čĄýĔøė

ĠĈēģĄŇĄĘĈĔâČöēøňĐèĎňĕĄøĕĄâðĎĄĕąĊŇĕ÷ňĊąýĆėČĔúĄĎĕëüéĬĕâĔ÷ĠĈēâðĎĄĕąĊŇĕ÷ňĊąĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ

ğãňĕğþŎüâĆĆĄâĕĆĠúüĢüâĕĆþĆēëěĄåöēâĆĆĄâĕĆåĆĕĊùĔ÷ģþ ğĊňüĠøŇĊĕĆēãĐèâĆĆĄâĕĆÿĜňüĔĨüéēğĎĈĚĐüňĐąâĊŇĕ ğ÷ĚĐü

ġ÷ąýěååĈìęħèğãňĕğþŎüâĆĆĄâĕĆĠúü÷ĔèâĈŇĕĊéēĐąĜŇĢüøĬĕĠĎüŇèâĆĆĄâĕĆģ÷ňğāĘąèğúŇĕĊĕĆēúĘħąĔèğĎĈĚĐĐąĜŇãĐèâĆĆĄâĕĆ

úĘħøüğãňĕĄĕĠúü

'5R$EEC$TE7EI+LO</'5R$EEC$TEOVLER åöēâĆĆĄâĕĆøĆĊéčĐýþĆēâĐý÷ňĊąâĆĆĄâĕĆúĘğħ þŎüâĆĆĄâĕĆĐėčĆēĐąŇĕèüňĐą åü ġ÷ąâĆĆĄâĕĆøĆĊéčĐýĐąŇĕèüňĐą åü éēøňĐèğþŎüÿĜňúĘħĄĘåĊĕĄĆĜňĠĈēþĆēčýâĕĆöŋğāĘąèāĐúĘħéēčĕĄĕĆùúĬĕĎüňĕúĘħĢüâĕĆčĐýúĕüåĊĕĄüŇĕğëĚħĐùĚĐãĐèèýâĕĆğèėüģ÷ň ġ÷ąåöē âĆĆĄâĕĆøĆĊéčĐýøňĐèĄĘåěöčĄýĔøėåĆýùňĊüøĕĄúĘħâĬĕĎü÷ĢüþĆēâĕċåöēâĆĆĄâĕĆâĬĕâĔýøĈĕ÷úěüúĘħğâĘħąĊãňĐè÷ĔèüĘĨ ùĚĐĎěňüģĄŇğâėüĆňĐąĈē ãĐèéĬĕüĊüĎěňüúĘħĄĘčėúûėĐĐâğčĘąèúĔĨèĎĄ÷ãĐèýĆėČĔú ýĆėČĔúĢĎîŇ ýĆėČĔúąŇĐą ýĆėČĔúĆŇĊĄ ÿĜňùĚĐĎěňü

ĆĕąĢĎîŇ ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄãĐèýĆėČĔú úĔĨèüĘĨ ĢĎňüĔýĆĊĄâĕĆùĚĐĎěňüãĐèÿĜňúĘħğâĘħąĊãňĐèãĐèâĆĆĄâĕĆĐėčĆēĆĕąüĔĨüĥ ÷ňĊą ģĄŇğþŎüĎĆĚĐğåąğþŎüâĆĆĄâĕĆúĘĄħ čĘ ĊŇ üĆŇĊĄýĆėĎĕĆèĕü ĈĜâéňĕè āüĔâèĕü úĘþħ ĆęâČĕúĘģħ ÷ňğèėüğ÷ĚĐüþĆēéĬĕ ĎĆĚĐÿĜĄň ĐĘ ĕĬ üĕéåĊýåěĄ

ãĐèýĆėČúĔ ýĆėČúĔ ĢĎîŇ ýĆėČúĔ ąŇĐą ýĆėČúĔ ĆŇĊĄ ýĆėČúĔ ąŇĐąĈĬĕ÷Ĕýğ÷ĘąĊâĔü ÿĜùň ĐĚ Ďěüň ĆĕąĢĎîŇ ĎĆĚĐãĐèÿĜĄň ĐĘ ĕĬ üĕéåĊýåěĄãĐèýĆėČúĔ

ğĊňüĠøŇéēģ÷ňāüň éĕââĕĆĄĘĈâĔ Čöē÷ĔèâĈŇĕĊĄĕĠĈňĊģĄŇüĐň ąâĊŇĕ þĿâĐŇ üĊĔüúĘąħ üĚħ åĬĕãĐĐüěîĕøøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆ

âĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ úĔèĨ üĘĨ ĈĔâČöēøňĐèĎňĕĄ÷ĔèâĈŇĕĊģĄŇĆĊĄùęèâĆöĘúĘħâĆĆĄâĕĆĐėčĆēğåąğþŎüãňĕĆĕëâĕĆ

ĎĆĚĐúĘħþĆęâČĕãĐèčŇĊüĆĕëâĕĆìęħèğþŎüÿĜňùĚĐĎěňüĆĕąĢĎîŇ ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄãĐèýĆėČĔú

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Nomination of Directors and Executives The Board of Directors The Board of Directors consists of at least five directors, no fewer than half of whom must be domiciled in Thailand.

Company directors may or may not be the Companyâ&#x20AC;&#x2122;s shareholders when being appointed. Nok Air has a policy to TGETWKV CPF PQOKPCVG SWCNKĂ&#x152;GF RGTUQPU CU KVU FKTGEVQTU QP VJG DCUKU QH VJGKT GZRGTKGPEGU MPQYNGFIG CPF EQORGVGPE[ HQWPF WUGHWN VQ VJG DWUKPGUU 6JG[ OWUV RQUUGUU EQORTGJGPUKXG SWCNKĂ&#x152;ECVKQPU CPF JCXG PQ HQTDKFFGP EJCTCEVGTU CU UVCVGF WPFGT VJG 2WDNKE %QORCP[ #EV $ '

KPENWFKPI VJG COGPFGF VJG 5GEWTKVKGUÂż CPF 'ZEJCPIG #EV $ '

KPENWFKPI VJG COGPFGF CPF TGNCVGF PQVKHKECVKQPU QH VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP 5'% and the Capital Market Supervisory Board. #P CRRQKPVOGPV QH C PGY FKTGEVQT TGSWKTGU CP CRRTQXCN D[ VJG $QCTF QH &KTGEVQTU CPF QT VJG 5JCTGJQNFGTUÂż /GGVKPI (as the case may be). Company director will be appointed on the basis of the criteria and procedures stated in the Companyâ&#x20AC;&#x2122;s Articles of Association of which details are as follows. #V GXGT[ CPPWCN )GPGTCN 5JCTGJQNFGTU /GGVKPI #)/ QPG VJKTF QH CNN FKTGEVQTU CV VJG VKOG UJCNN TGUKIP on rotation. If the number of retiring directors could not be exactly divided, the nearest number to the one-third

COQWPV UJCNN CRRN[ 4GVKTKPI FKTGEVQTU OC[ DG TG GNGEVGF 6JG 5JCTGJQNFGTUÂż /GGVKPI OC[ GNGEV C EQORCP[ FKTGEVQT DCUGF QP VJG HQNNQYKPI RTQEGFWTGU (1) One shareholder shall have one vote.

'CEJ UJCTGJQNFGT UJCNN GZGTEKUG JKU GPVKTG XQVGU WPFGT VQ GNGEV QPG QT UGXGTCN RGTUQPU CU FKTGEVQT

+H JG UJG GNGEVU UGXGTCN RGTUQPU CU FKTGEVQTU JG OC[ PQV IKXG OQTG QT HGYGT XQVGU VQ QPG RGTUQP VJCP VJG QVJGT

6JQUG TGEGKXKPI VJG JKIJGUV XQVGU YKNN DG GNGEVGF KP C TGURGEVKXG QTFGT CU VJG %QORCP[ÂżU FKTGEVQTU HQT a number of directors the Company may have or may elect on that occasion. If the persons being elected in a subsequent order enjoy a tie but their presence however will exceed a required number of directors the Company is to have or shall elect on that occasion, chairman of the meeting shall have a casting vote. +H C EQORCP[ FKTGEVQT DGEQOGU XCECPV FWG VQ QVJGT TGCUQPU VJCP TQVCVKQP VJG $QCTF UJCNN GNGEV C SWCNKHKGF person who has no forbidden characters as stipulated in the laws on public limited company and the laws on securities and exchange to replace such person at the next Board of Directorsâ&#x20AC;&#x2122; meeting unless the directorâ&#x20AC;&#x2122;s office term remains fewer than two months. The replacing person meanwhile shall remain in the office for the remaining term of the director whom he replaces only.

Audit Committee/Independent Directors The Audit Committee shall consist of at least three independent directors where one of whom shall have enough competency and experience to review and audit the reliability and credibility of the Companyâ&#x20AC;&#x2122;s financial statements. The Audit Committee shall possess full qualifications as stated in the Notification of the Capital Market Supervisory Board as follows.

1. Holding no more than one per cent of all shares with voting rights of the Company, the parent company, a subsidiary, an associated company, a major shareholder or a person with the Companyâ&#x20AC;&#x2122;s controlling interest.

The counting shall include shares held by related persons of such independent director.

0QV DGKPI QT PGXGT DG C FKTGEVQT YKVJ OCPCIGOGPV TQNG YQTMGT GORNQ[GG EQPUWNVCPV TGEGKXKPI C HKZGF UCNCT[ QT a person with the controlling power of the Company, the parent company, a subsidiary and an associate company, a subsidiary company of the same level, a major shareholder or a person with the Companyâ&#x20AC;&#x2122;s controlling interest unless the person has no longer been in such position for no fewer than two years from the day the application is

HKNGF VQ VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP 5'% 6JGUG HQTDKFFGP SWCNKHKECVKQPU FQ PQV KPENWFG YJGP the independent director used to be a civil servant or an advisor to a government agency who is the Companyâ&#x20AC;&#x2122;s major shareholder or a person with controlling interest.

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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ģĄŇğþŎüýěååĈúĘĄħ åĘ ĊĕĄčĔĄāĔüûŋúĕèčĕąġĈĎėø ĎĆĚĐġ÷ąâĕĆé÷úēğýĘąüøĕĄâðĎĄĕą ĢüĈĔâČöēúĘğħ þŎüýė÷ĕ ĄĕĆ÷ĕ åĜčŇ ĄĆč āĘħüňĐè ĠĈēýěøĆ ĆĊĄúĔĨèåĜŇčĄĆčãĐèýěøĆ ãĐèâĆĆĄâĕĆĆĕąĐĚħü ÿĜňýĆėĎĕĆ ÿĜňùĚĐĎěňüĆĕąĢĎîŇ ÿĜňĄĘĐĬĕüĕéåĊýåěĄ ĎĆĚĐýěååĈ úĘħéēģ÷ňĆĔýâĕĆğčüĐĢĎňğþŎüâĆĆĄâĕĆ ÿĜňýĆėĎĕĆ ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄãĐèýĆėČĔú ĎĆĚĐýĆėČĔúąŇĐą ģĄŇĄĘĎĆĚĐğåąĄĘåĊĕĄčĔĄāĔüûŋúĕèûěĆâėéâĔýýĆėČĔú ýĆėČĔúĢĎîŇ ýĆėČĔúąŇĐą ýĆėČĔúĆŇĊĄ ÿĜňùĚĐĎěňüĆĕąĢĎîŇ ĎĆĚĐÿĜňĄĘĐĬ ĕüĕé åĊýåěĄãĐèÿĜãň ĐĐüěîĕø ĢüĈĔâČöēúĘĐħ ĕéğþŎüâĕĆãĔ÷ãĊĕèâĕĆĢëňĊéė ĕĆöîĕöĐąŇĕèĐėčĆēãĐèøü ĆĊĄúĔèĨ ģĄŇğþŎüĎĆĚĐğåąğþŎü ÿĜňùĚĐĎěňüúĘħĄĘüĔą ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄãĐèÿĜňúĘħĄĘåĊĕĄčĔĄāĔüûŋúĕèûěĆâėéâĔýýĆėČĔú ýĆėČĔúĢĎîŇ ýĆėČĔúąŇĐą ýĆėČĔúĆŇĊĄ ÿĜňùĚĐĎěňüĆĕąĢĎîŇ ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄãĐèýĆėČĔú ğĊňüĠøŇéēģ÷ňāňüéĕââĕĆĄĘĈĔâČöē÷ĔèâĈŇĕĊĄĕĠĈňĊģĄŇüňĐąâĊŇĕ þĿ âŇĐüĊĔüúĘħąĚħüåĬĕãĐĐüěîĕøøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ åĊĕĄčĔĄāĔüûŋúĕèûěĆâėéøĕĄĊĆĆåĎüęħè ĆĊĄùęèâĕĆúĬĕĆĕąâĕĆúĕèâĕĆåňĕúĘħâĆēúĬĕğþŎüþâøėğāĚħĐþĆēâĐýâėéâĕĆ âĕĆğëŇĕĎĆĚĐĢĎňğëŇĕĐčĔèĎĕĆėĄúĆĔāąŋ ĆĕąâĕĆğâĘħąĊâĔýčėüúĆĔāąŋĎĆĚĐýĆėâĕĆ ĎĆĚĐâĕĆĢĎňĎĆĚĐĆĔýåĊĕĄëŇĊąğĎĈĚĐúĕèâĕĆğèėü ÷ňĊąâĕĆĆĔýĎĆĚĐĢĎňâąňĜ ĄĚ åĬĕĨ þĆēâĔü âĕĆĢĎňčüė úĆĔāąŋğþŎüĎĈĔâþĆēâĔüĎüĘčĨ üė ĆĊĄùęèāćøėâĕĆöŋĐüĚħ úĬĕüĐèğ÷ĘąĊâĔü ìęèħ ğþŎüÿĈ ĢĎňýĆėČĔúĎĆĚĐåĜŇčĔîîĕĄĘăĕĆēĎüĘĨúĘħøňĐèëĬĕĆēøŇĐĐĘâĀłĕąĎüęħè øĔĨèĠøŇĆňĐąĈē ãĐèčėüúĆĔāąŋúĘħĄĘøĔĊøüčěúûėãĐèýĆėČĔú ĎĆĚĐøĔèĨ ĠøŇ ĈňĕüýĕúãęüĨ ģþ ĠĈňĊĠøŇéĕĬ üĊüĢ÷éēøĬĕħ âĊŇĕ úĔèĨ üĘ Ĩ âĕĆåĬĕüĊöăĕĆēĎüĘ÷Ĩ èĔ âĈŇĕĊĢĎňğþŎüģþøĕĄĊėûâĘ ĕĆåĬĕüĊö ĄĜĈåŇĕãĐèĆĕąâĕĆúĘħğâĘħąĊġąèâĔüøĕĄþĆēâĕċåöēâĆĆĄâĕĆâĬĕâĔýøĈĕ÷úěüĊŇĕ÷ňĊąĎĈĔâğâöôŋĢüâĕĆúĬĕĆĕąâĕĆ úĘħğâĘħąĊġąèâĔü ġ÷ąĐüěġĈĄ ĠøŇĢüâĕĆāėéĕĆöĕăĕĆēĎüĘĨ÷ĔèâĈŇĕĊ ĢĎňüĔýĆĊĄăĕĆēĎüĘĨúĘħğâė÷ãęĨüĢüĆēĎĊŇĕè þĿâŇĐüĊĔü úĘħĄĘåĊĕĄčĔĄāĔüûŋúĕèûěĆâėéâĔýýěååĈğ÷ĘąĊâĔü ģĄŇğþŎüĎĆĚĐğåąğþŎüÿĜňčĐýýĔîëĘãĐèýĆėČĔú ýĆėČĔúĢĎîŇ ýĆėČĔúąŇĐą ýĆėČĔúĆŇĊĄ ÿĜňùĚĐĎěňüĆĕąĢĎîŇ ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄ ãĐèýĆėČĔú ĠĈēģĄŇğþŎüÿĜùň ĐĚ Ďěüň úĘĄħ üĘ ąĔ ÿĜĄň ĘĐĬĕüĕéåĊýåěĄ ĎĆĚĐĎěüň čŇĊüãĐèčĬĕüĔâèĕüčĐýýĔîëĘ ìęèħ ĄĘÿčňĜ ĐýýĔîëĘãĐèýĆėČúĔ ýĆėČúĔ ĢĎîŇ ýĆėČúĔ ąŇĐą ýĆėČúĔ ĆŇĊĄ ÿĜùň ĐĚ Ďěüň ĆĕąĢĎîŇ ĎĆĚĐÿĜĄň ĐĘ ĕĬ üĕéåĊýåěĄãĐèýĆėČúĔ čĔèâĔ÷ĐąĜ Ň ğĊňüĠøŇéēģ÷ňāüň éĕââĕĆĄĘ ĈĔâČöē÷ĔèâĈŇĕĊĄĕĠĈňĊģĄŇüňĐąâĊŇĕ þĿâŇĐüĊĔüúĘħąĚħüåĬ ĕãĐĐüěîĕøøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋ ĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ģĄŇğþŎüĎĆĚĐğåąğþŎüÿĜňĢĎňýĆėâĕĆúĕèĊėëĕëĘāĢ÷ĥ ìęħèĆĊĄùęèâĕĆĢĎňýĆėâĕĆğþŎüúĘħþĆęâČĕâðĎĄĕąĎĆĚĐúĘħþĆęâČĕúĕèâĕĆğèėü ìęèħ ģ÷ňĆýĔ åŇĕýĆėâĕĆğâėüâĊŇĕ ĈňĕüýĕúøŇĐþĿéĕâýĆėČúĔ ýĆėČúĔ ĢĎîŇ ýĆėČúĔ ąŇĐą ýĆėČúĔ ĆŇĊĄ ÿĜùň ĐĚ Ďěüň ĆĕąĢĎîŇ ĎĆĚĐÿĜĄň ĐĘ Ĭĕüĕé åĊýåěĄãĐèýĆėČĔú ĠĈēģĄŇğþŎüÿĜňùĚĐĎěňüúĘħĄĘüĔą ÿĜňĄĘĐĬĕüĕéåĊýåěĄ ĎĆĚĐĎěňüčŇĊüãĐèÿĜňĢĎňýĆėâĕĆúĕèĊėëĕëĘāüĔĨü÷ňĊą ğĊňüĠøŇéēģ÷ňāňüéĕââĕĆĄĘĈâĔ Čöē÷ĔèâĈŇĕĊĄĕĠĈňĊģĄŇüĐň ąâĊŇĕ þĿâĐŇ üĊĔüúĘąħ üĚħ åĬĕãĐĐüěîĕøøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆ âĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ģĄŇğþŎüâĆĆĄâĕĆúĘħģ÷ňĆĔýâĕĆĠøŇèøĔĨèãęĨüğāĚħĐğþŎüøĔĊĠúüãĐèâĆĆĄâĕĆãĐèýĆėČĔú ÿĜňùĚĐĎěňüĆĕąĢĎîŇ ĎĆĚĐÿĜňùĚĐĎěňüìęħèğþŎü ÿĜňúĘħğâĘħąĊãňĐèâĔýÿĜňùĚĐĎěňüĆĕąĢĎîŇ ģĄŇþĆēâĐýâėéâĕĆúĘħĄĘčăĕāĐąŇĕèğ÷ĘąĊâĔüĠĈēğþŎüâĕĆĠãŇèãĔüúĘħĄĘüĔąâĔýâėéâĕĆãĐèýĆėČĔú ĎĆĚĐýĆėČĔúąŇĐą ĎĆĚĐģĄŇğþŎü ĎěňüčŇĊüúĘħĄĘüĔąĢüĎňĕèĎěňüčŇĊü ĎĆĚĐğþŎüâĆĆĄâĕĆúĘħĄĘčŇĊüĆŇĊĄýĆėĎĕĆèĕü ĈĜâéňĕè āüĔâèĕü úĘħþĆęâČĕúĘħĆĔýğèėüğ÷ĚĐüþĆēéĬĕ ĎĆĚĐùĚĐĎěüň ğâėüĆňĐąĈē ãĐèéĬĕüĊüĎěüň úĘĄħ čĘ úė ûėĐĐâğčĘąèúĔèĨ ĎĄ÷ãĐèýĆėČúĔ ĐĚüħ ìęèħ þĆēâĐýâėéâĕĆúĘĄħ čĘ ăĕāĐąŇĕèğ÷ĘąĊâĔü ĠĈēğþŎüâĕĆĠãŇèãĔüúĘħĄĘüĔąâĔýâėéâĕĆãĐèýĆėČĔúĎĆĚĐýĆėČĔúąŇĐą ģĄŇĄĘĈĔâČöēĐĚħüĢ÷úĘħúĬĕĢĎňģĄŇčĕĄĕĆùĢĎňåĊĕĄğĎĦüĐąŇĕèğþŎüĐėčĆēğâĘħąĊâĔýâĕĆ÷ĬĕğüėüèĕüãĐèýĆėČĔú ģĄŇğþŎüâĆĆĄâĕĆúĘģħ ÷ňĆýĔ ĄĐýĎĄĕąéĕâåöēâĆĆĄâĕĆ ĢĎňø÷Ĕ čėüĢéĢüâĕĆ÷ĬĕğüėüâėéâĕĆãĐèýĆėČúĔ ýĆėČúĔ ĢĎîŇ ýĆėČúĔ ąŇĐą ýĆėČĔúĆŇĊĄ ýĆėČĔúąŇĐąĈĬĕ÷Ĕýğ÷ĘąĊâĔü ÿĜňùĚĐĎěňüĆĕąĢĎîŇ ĎĆĚĐÿĜňĄĘĐĬĕüĕéåĊýåěĄãĐèýĆėČĔú ģĄŇğþŎüâĆĆĄâĕĆãĐèýĆėČĔúĢĎîŇ ýĆėČĔúąŇĐą ĎĆĚĐýĆėČĔúąŇĐąĈĬĕ÷Ĕýğ÷ĘąĊâĔüğêāĕēúĘħğþŎüýĆėČĔúé÷úēğýĘąü âĆĆĄâĕĆĐėčĆē Đĕéģ÷ňĆýĔ ĄĐýĎĄĕąéĕâåöēâĆĆĄâĕĆýĆėČúĔ ĢĎňø÷Ĕ čėüĢéĢüâĕĆ÷ĬĕğüėüâėéâĕĆãĐèýĆėČúĔ ýĆėČúĔ ĢĎîŇ ýĆėČúĔ ąŇĐą ýĆėČúĔ ĆŇĊĄ ýĆėČĔúąŇĐąĈĬĕ÷Ĕýğ÷ĘąĊâĔü ÿĜùň ĐĚ Ďěüň ĆĕąĢĎîŇ ĎĆĚĐÿĜĄň ĐĘ ĕĬ üĕéåĊýåěĄãĐèýĆėČúĔ ġ÷ąĄĘâĕĆøĔ÷čėüĢéĢüĆĜþĠýýãĐèĐèåŋåöē

EQNNGEVKXG FGEKUKQP ģ÷ň

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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0QV JCXKPI C DNQQF TGNCVKQPUJKR QT CP[ NGICN TGNCVKQPUJKR VJTQWIJ TGIKUVTCVKQP CU HCVJGT OQVJGT URQWUG UKDNKPI and children including spouses of children of other directors, executives, major shareholders, persons with controlling interest or persons to be nominated as a director, an executive or a person with controlling interest of the Company or its subsidiary.

0QV JCXKPI QT PGXGT JCF CP[ DWUKPGUU TGNCVKQPUJKR YKVJ VJG %QORCP[ VJG RCTGPV EQORCP[ C UWDUKFKCT[ an associate company, a major shareholder or a person with controlling interest of the applicant in a way that could hinder an independent exercise of his discretion including not being or never be a shareholder with a significant holding ratio or a person with controlling interest of anyone having a business relationship with the Company, the parent company, a subsidiary and an associate company, a major shareholder or C RGTUQP YKVJ VJG EQPVTQNNKPI KPVGTGUV WPNGUU JG UJG JCU PQ NQPIGT JCXG UWEJ TGNCVKQPUJKR HQT PQ HGYGT VJCP VYQ [GCTU HTQO VJG CRRN[KPI FCVG YKVJ VJG 5'% Business relationship under paragraph one refers to a transaction during ordinary course of business to undertake the lease or rental of a real estate property, any transaction relating to assets or services, or a provision of or the receipt of financial assistance by getting or extending loan, guarantee, an offer of asset as a debt guarantee and other similar behaviors which results in the Company or a contractual party having an obligation to TGRC[ VJG QVJGT UVCTVKPI HTQO QH VJG %QORCP[ÂżU PGV VCPIKDNG CUUGVU QT HTQO OKNNKQP DCJV YJKEJGXGT KU NQYGT The calculation of this debt obligation will have to be based, mutatis mutandis, on a calculation method QH EQPPGEVGF VTCPUCEVKQPU WPFGT VJG PQVKHKECVKQP QH VJG %CRKVCN /CTMGV 5WRGTXKUQT[ $QCTF 4G 4WNGU IQXGTPKPI connected transactions. However, when considering this debt obligation, one is required to include debt obligations accumulated within a year before such business relationship was formed with the same person.

5. Not being or never be an auditor of the Company, the parent company, a subsidiary, an associate company, a major shareholder or a person with the controlling interest. Neither shall he be a shareholder with a significant meaning, a person with controlling interest or a partner of an auditing office in which the auditor of the Company, the parent company, a subsidiary and an associate company, a major shareholder or a person with VJG %QORCP[ÂżU EQPVTQNNKPI KPVGTGUV YQTMU WPNGUU JG UJG KU PQ NQPIGT KP UWEJ UVCVWU HQT PQ HGYGT VJCP VYQ [GCTU RTKQT VQ VJG CRRN[KPI FCVG YKVJ VJG 5'% 0QV DGKPI QT PGXGT DG CP[ RTQHGUUKQPCN UGTXKEG RTQXKFGT YJKEJ UJCNN KPENWFG C NGICN QT HKPCPEKCN CFXKUQT YJQ TGEGKXGF OQTG VJCP OKNNKQP DCJV UGTXKEG HGG CPPWCNN[ HTQO VJG %QORCP[ VJG RCTGPV EQORCP[ C UWDUKFKCT[ an associate company, a major shareholder or a person with the Companyâ&#x20AC;&#x2122;s controlling interest. Neither shall he be a shareholder with significant meaning, a person with controlling interest or a partner of such professional service provider unless the person is no longer in that status for at least two years prior to the applying date VQ VJG 5'% 0QV DGKPI C FKTGEVQT YJQ JCU DGGP CRRQKPVGF VQ TGRTGUGPV C EQORCP[ FKTGEVQT C OCLQT UJCTGJQNFGT QT a shareholder who is related to a major shareholder.

0QV WPFGTVCMKPI C DWUKPGUU YKVJ VJG UCOG PCVWTG CPF YJKEJ OCVGTKCNN[ EQORGVGU YKVJ VJG DWUKPGUU QH the Company or its subsidiary; neither shall he be a partner with a significant sense in a partnership; or a director with a management role, a worker, an employee and an advisor who earns a regular income or who holds more than 1% of other companiesâ&#x20AC;&#x2122; entire shares with voting rights which undertakes the same business and which significantly competes with the Company or its subsidiary.

0QV JCXKPI QVJGT EJCTCEVGTKUVKEU VJCV KPFKECVG VJCV JG UJG OC[ PQV DG CDNG VQ GZRTGUU JKU QRKPKQP KPFGRGPFGPVN[ with regard to the Companyâ&#x20AC;&#x2122;s operation.

0QV DGKPI C FKTGEVQT YJQ JCU DGGP FGUKIPCVGF D[ VJG $QCTF VQ OCMG C FGEKUKQP KP VJG QRGTCVKQP QH VJG %QORCP[ the parent company, a subsidiary, an associate company, a subsidiary of the same level, major shareholder and any person with the Companyâ&#x20AC;&#x2122;s controlling interest.

11. The independent director shall not be a director of the parent company, a subsidiary or any subsidiary company of the same level limited however to listed companies. Neither shall he be an independent director who may be designated by the Board to make a decision in regard to the operation of the Company, the parent company, a subsidiary, an associate company, a subsidiary of the same level, a major shareholder or a person with the Companyâ&#x20AC;&#x2122;s controlling interest where the decision making can be in a form of a collective decision.

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

ĢüâĆöĘúĘħĠøŇèøĔĨèýěååĈĢĎň÷ĬĕĆèøĬĕĠĎüŇèâĆĆĄâĕĆĐėčĆēğþŎüýěååĈúĘħĄĘĎĆĚĐğåąĄĘåĊĕĄčĔĄāĔüûŋúĕèûěĆâėéĎĆĚĐâĕĆĢĎňýĆėâĕĆ úĕèĊėëĕëĘāğâėüĄĜĈåŇĕúĘħâĬĕĎü÷øĕĄãňĐ ĎĆĚĐ åöēâĆĆĄâĕĆýĆėČĔúĐĕéāėéĕĆöĕÿŇĐüÿĔüĢĎňģ÷ň ĎĕâğĎĦüĊŇĕâĕĆĠøŇèøĔĨèýěååĈ ÷ĔèâĈŇĕĊģĄŇĄĘÿĈâĆēúýøŇĐâĕĆþñėýĔøėĎüňĕúĘħĠĈēâĕĆĢĎňåĊĕĄğĎĦüúĘħğþŎüĐėčĆē ĠĈēéĔ÷ĢĎňĄĘâĕĆğþľ÷ğÿąãňĐĄĜĈøŇĐģþüĘĨĢüĎüĔèčĚĐ üĔ÷þĆēëěĄÿĜňùĚĐĎěňüĢüĊĕĆēāėéĕĆöĕĠøŇèøĔĨèâĆĆĄâĕĆĐėčĆē÷ňĊą

â ĈĔâČöēåĊĕĄčĔĄāĔüûŋúĕèûěĆâėéĎĆĚĐâĕĆĢĎňýĆėâĕĆúĕèĊėëĕëĘā úĘúħ ĕĬ ĢĎňýåě åĈ÷ĔèâĈŇĕĊĄĘåö ě čĄýĔøģė ĄŇğþŎüģþøĕĄĎĈĔâğâöôŋ

úĘħâĬĕĎü÷

ã ğĎøěÿĈĠĈēåĊĕĄéĬĕğþŎüúĘħąĔèåèĎĆĚĐĠøŇèøĔĨèĢĎňýěååĈ÷ĔèâĈŇĕĊğþŎüâĆĆĄâĕĆĐėčĆē

å åĊĕĄğĎĦüãĐèåöēâĆĆĄâĕĆýĆėČĔúĢüâĕĆğčüĐĢĎňĄĘâĕĆĠøŇèøĔĨèýěååĈ÷ĔèâĈŇĕĊğþŎüâĆĆĄâĕĆĐėčĆē

' T7O<`9;$EEC$TE`GR>[ <EVMTE ' T7O<`9;$EEC$TE ĢüþĿ ýĆėČĔúĄĘâĕĆéŇĕąåŇĕøĐýĠúüĢĎňâĆĆĄâĕĆýĆėČĔú éĬĕüĊü Ćĕą ġ÷ąğþŎüâĕĆéŇĕąĢüĈĔâČöēãĐèåŇĕøĐýĠúü Ćĕąğ÷ĚĐü ğýĘĨąþĆēëěĄ ĠĈēĆĕèĊĔĈþĆēéĬĕþĿ ĆĊĄúĔĨèčėĨüéĬĕüĊü ýĕú åŇĕøĐýĠúüúĘħýĆėČĔúéŇĕąĢĎňĠâŇâĆĆĄâĕĆýĆėČĔúĄĘĆĕąĈēğĐĘą÷÷ĔèøĕĆĕè÷ĔèøŇĐģþüĘĨ

ETD-YgO

üĕąĐăėāĆ ăĕČĊĔûüŋ üĕąčĆéĔâĆ ğâČĄčěĊĆĆö üĕąġëåëĔą þŌîîĕąèåŋ üĕąûĘĆāĈ ġëøėëüĕăėýĕĈ üĕąčěĆēċĔâ÷ėī ğåĕĆāûĆĆĄ üĕąāĕúĘ čĕĆčėü üĕąāĈë ĎěøēğéĆėî üĕąāėĄĈ ċĆĘĊėâĆĄŋ üĕąĐăėëĕøė éĘĆēāĔüûěŋ üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ üĕąüėāüûŋ đēâĘĄĘ üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆė Ć Đ ĄüøĆĘ éĬĕğĆĘąè Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ üĕąčĄĢéüęâ ğĐèøĆēâĜĈ üĕąĊĘĆēĊèåŋ éėøøŋĄėøĆăĕā üĕąüėĆěõ ĄöĘāĔüûŋ üĕąģĄğåėĈ ğ÷Ċė÷ ğìĈýĘąŋ

2T;R$EEC$TE<EVKS9

ĎüŇĊą ýĕú

2T;R$EEC$TE 2T;R$EEC$TELEEMT 2T;R$EEC$TE 7EI+LO< `GR$lTM;6' T7O<`9; <EVMTE'ITC_LWgD*

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ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

If a person is appointed as an independent director has or used to have a business relationship or provides or WUGF VQ RTQXKFG C RTQHGUUKQPCN UGTXKEG HQT C XCNWG VJCV GZEGGFU VJG NGXGN UVCVGF WPFGT %NCWUG QT %NCWUG CDQXG VJG $QCTF QH &KTGEVQTU OC[ TGNCZ VJG TWNG KH KV KU QH VJG XKGY VJCV UWEJ CRRQKPVOGPV YQPÂżV CHHGEV JKU JGT KPFGRGPFGPV RGTHQTOCPEG and expression of opinion. However, the following information shall be disclosed in the invitation letter to attend the Shareholdersâ&#x20AC;&#x2122; Meeting in the agenda relating to the appointment of independent directors: (a) Nature of a business relationship or a professional service that prevents the person from having required qualifications as stated in the criteria.

D 4GCUQP CPF PGEGUUKV[ VQ UVKNN TGVCKP VJG RGTUQP QT VQ CRRQKPV VJG RGTUQP CU CP KPFGRGPFGPV FKTGEVQT (c) The Board of Directorsâ&#x20AC;&#x2122; opinion when nominating the person to be appointed as an independent director.

Remunerations of Directors and Executives Remunerations of Directors +P 0QM #KT RCKF C VQVCN QH DCJV YQTVJ QH TGOWPGTCVKQPU VQ FKTGEVQTU KP C HQTO QH OQPVJN[ allowance, meeting allowance and annual bonus.

Details of the remunerations paid to its directors are as follows.

Ă&#x2039;äðè

/T #RKRQTP 2CUCYCV /T 5QTCLCM -CUGOUWXCP /T %JQMEJCK 2CP[C[QPI /T 6GGTCRQN %JQVKEJCPCRKDCN /T 5WTCUCM -JCQTQRVJCO /T 2CVGG 5CTCUKP /T 2CTQEJG *WVCEJCTGQP /T 2KOQN 5TKXKMQTP /T #RKEJCTV %JKTCDCPFJW /T 2CFWPIFGL +PFTCNCM /T 0KRJQP *CMKOK /T 5QOUCM %JQVTCVVCPCUKTK (NKIJV .KGWVGPCPV /QPVTGG ,WOTKGPI (N[KPI 1HHKEGT 5WTCRJQP +UTCPIWTC 0C #[WVJ[C /T 5QOEJCKPWM 'PIVTCMWN /T 9GGTCYQPI ,KVTOKVTCRCD /T 0KTWV /CPGGRCP /T /KEJCGN &CXKF 5GND[

7PKV 6JCK $CJV

žÜ Ă&#x20AC;òðóäùß žÜ Ă&#x160;èðüèþ òÊ žÜ Ă&#x160;èðüèþ òÊ žÜ Ă&#x160;èðüèþ òÊ à ÏþèÌáòþ áÍè žøçÏá áÍè Ă&#x2039;òðÏùäáÏòù áÍè Ă?ÏÜÎ

Ă&#x20AC;òððÏááèè äùç Ă?èðøùèþäáÏòù Ă&#x160;äùäêèðèùá

Ă&#x20AC;òððÏááèè Ă&#x20AC;òððÏááèè

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

ĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆýĆėČĔú

7lT`M; *

' T7O<`9;ETD_6YO; ¥<T9¦

þĆēûĕüâĆĆĄâĕĆ âĆĆĄâĕĆ

ĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆøĆĊéčĐý üĐâğĎüĚĐéĕâĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆýĆėČĔú

7lT`M; * þĆēûĕüâĆĆĄâĕĆøĆĊéčĐý âĆĆĄâĕĆøĆĊéčĐý

' T_<WhD=ER-ZC$EEC$TE7EI+LO< ¥<T9¬'ESh*¦

ĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆčĆĆĎĕĠĈēâĬ ĕ Ďü÷åŇĕøĐýĠúü üĐâğĎüĚĐéĕâĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆýĆėČĔú

7lT`M; *

þĆēûĕüâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü âĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü

' T_<WhD=ER-ZC$EEC$TELEEMT `GR$lTM;6' T7O<`9; ¥<T9¬'ESh*¦

ĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè üĐâğĎüĚĐéĕâĐĔøĆĕåŇĕøĐýĠúüâĆĆĄâĕĆýĆėČĔú

7lT`M; * þĆēûĕüâĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘħąè âĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘąħ è

' T_<WhD=ER-ZC$EEC$TE<EVMTE'ITC_LWgD* ¥<T9¬'ESh*¦

üĐâéĕâåŇĕøĐýĠúüúĘğħ þŎüøĔĊğèėüåöēâĆĆĄâĕĆãĐèýĆėČúĔ ąĔèģ÷ňĆýĔ čėúûėþĆēġąëüŋ÷ĕň üýĔøĆġ÷ąčĕĆĢüğčňüúĕèúĘýħ ĆėČúĔ ĢĎňýĆėâĕĆ ğþŎüéĬĕüĊü ĢýøŇĐþĿ ģĄŇĆĊĄåŇĕĢëňéŇĕąåŇĕûĆĆĄğüĘąĄøŇĕèĥ Đĕúė åŇĕûĆĆĄğüĘąĄčüĕĄýėü

' T7O<`9;>[ <EVMTE ö ĊĔüúĘħ ûĔüĊĕåĄ ýĆėČĔúĄĘÿĜňýĆėĎĕĆúĔĨèčėĨü Ćĕą ģ÷ňĆĔýåŇĕøĐýĠúüĢüĆĜþğèėüğ÷ĚĐü ġýüĔč ĠĈēÿĈøĐýĠúüĐĚħüĥ ğëŇü ğèėüþĆēâĔüčĔèåĄ ğèėüâĐèúěüčĬĕĆĐèğĈĘąĨ èëĘā åŇĕøĬĕĠĎüŇè åŇĕāĕĎüēğĎĄĕéŇĕą ğþŎüøňü úĔèĨ üĘ Ĩ âĕĆĢĎňġýüĔčĠâŇâĆĆĄâĕĆĠĈēÿĜýň ĆėĎĕĆ ãĐèýĆėČĔú éēāėéĕĆöĕéĕâÿĈâĬĕģĆéĕââĕĆ÷ĬĕğüėüèĕüĠĈēÿĈèĕüãĐèÿĜňýĆėĎĕĆĠøŇĈēåü čĬĕĎĆĔýâĆĆĄâĕĆĢĎňãęĨüĐąĜŇâĔýâĕĆāėéĕĆöĕ ãĐèúĘħþĆēëěĄÿĜňùĚĐĎěňü ġ÷ąĢüþĿ ĠĈēþĿ ýĆėČĔúéŇĕąåŇĕøĐýĠúüĢĎňÿĜňýĆėĎĕĆýĆėČĔúéĬĕüĊü åü ìęħèğþŎüâĕĆéŇĕąĢüĈĔâČöēğèėüğ÷ĚĐü ĠĈēġýüĔčĆĊĄúĔĨèčėĨü Ĉňĕüýĕú ĠĈē Ĉňĕüýĕú øĕĄĈĬĕ÷Ĕý

­¾Ž

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

Remunerations of Company Directors

�òÜÏáÏòù

Ă&#x160;òùáÍïß äïïòúäùÌè

%JCKTOCP QH VJG $QCTF &KTGEVQT

Remunerations of Members of the Audit Committee (On top of the Remuneration of Company Director)

�òÜÏáÏòù %JCKTOCP QH VJG #WFKV %QOOKVVGG #WFKV %QOOKVVGG OGODGT

Ă&#x160;èèáÏùê äïïòúäùÌè òÊ áÍè žøçÏá Ă&#x20AC;òððÏááèè

Remunerations of Members of the Nomination and Remuneration Committee (On top of the Remuneration of Company Director)

�òÜÏáÏòù

%JCKTOCP QH 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG OGODGT

Ă&#x160;èèáÏùê äïïòúäùÌè òÊ áÍè Ă&#x2039;òðÏùäáÏòù äùç Ă?èðøùèþäáÏòù Ă&#x20AC;òððÏááèè

Remunerations of Members of the Risk Management Committee (On top of the Remuneration of Company Director)

�òÜÏáÏòù

%JCKTOCP QH 4KUM /CPCIGOGPV %QOOKVVGG 4KUM /CPCIGOGPVV %QOOKVVGG OGODGT

Ă&#x160;èèáÏùê äïïòúäùÌè òÊ áÍè Ă?ÏÜÎ Ă&#x160;äùäêèðèùá Ă&#x20AC;òððÏááèè

#UKFG HTQO VJG TGOWPGTCVKQP KP C OQPG[ VGTO EQORCP[ FKTGEVQTU CNUQ TGEGKXG DGPGHKV KP C HQTO QH RCUUGPIGT tickets a year along flight routes offered by the Company (excluding fees and expenses such as airport charge).

Remunerations of Executives #U QH &GEGODGT 0QM #KT JCF HKXG GZGEWVKXGU YJQ YGTG TGOWPGTCVGF KP C HQTO QH UCNCT[ DQPWU CPF QVJGT benefits such as social security, provident fund, title allowance and lump-sum vehicle expense. Bonus given to company directors and executives are based on operating profits and performance of each executive. Those given to directors will also be subject to approval by the Shareholdersâ&#x20AC;&#x2122; Meeting. +P CPF 0QM #KT RCKF OKNNKQP DCJV CPF OKNNKQP DCJV KP C HQTO QH UCNCT[ CPF DQPWUGU VQ KVU HKXG executives, respectively.

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$TE=ER-ZC'5R$EEC$TE<EVKS9 ĢüþĿ ýĆėČĔúĄĘâĕĆéĔ÷âĕĆþĆēëěĄåöēâĆĆĄâĕĆýĆėČĔúéĬĕüĊü åĆĔĨè ĄĘâĕĆéĔ÷þĆēëěĄåöēâĆĆĄâĕĆøĆĊéčĐýéĬĕüĊü åĆĔĨè ĄĘâĕĆéĔ÷þĆēëěĄâĆĆĄâĕĆčĆĆĎĕĠĈēâĬĕĎü÷åŇĕøĐýĠúü éĬĕüĊü åĆĔĨè ġ÷ąĠĈēĄĘâĕĆéĔ÷þĆēëěĄåöēâĆĆĄâĕĆýĆėĎĕĆ åĊĕĄğčĘħąèéĬĕüĊü åĆĔĨè ĆĕąĈēğĐĘą÷âĕĆğãňĕĆŇĊĄþĆēëěĄãĐèåöēâĆĆĄâĕĆýĆėČĔú÷ĔèüĘĨ

ETD-YgO

+lT;I;'ES*h 9W_g % T=ER-ZC +lT;I;'ES*h 9W_g % T=ER-ZC +lT;I;'ES*h 9W_g % T=ER-ZC +lT;I;'ES*h 9W_g % T=ER-ZC '5R$EEC$TE<EVKS9 '5R$EEC$TE '5R$EEC$TELEEMT '5R$EEC$TE

7EI+LO< `GR$lTM;6' T7O<`9; <EVMTE'ITC_LWgD*

üĕąĐăėāĆ ăĕČĊĔûüŋ üĕąčĆéĔâĆ ğâČĄčěĊĆĆö

üĕąġëåëĔą þŌîîĕąèåŋ

üĕąûĘĆāĈ ġëøėëüĕăėýĕĈ

üĕąčěĆēċĔâ÷ėī ğåĕĆāûĆĆĄ

üĕąāĕúĘ čĕĆčėü üĕąāĈë ĎěøēğéĆėî üĕąāėĄĈ ċĆĘĊėâĆĄŋ üĕąĐăėëĕøė éĘĆēāĔüûěŋ üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ üĕąüėāüûŋ đēâĘĄ Ę üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆ ė Ć Đ ĄüøĆĘ éĬĕğĆĘąè Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ ĎĄĕąğĎøě

üĕąčĆéĔâĆ ğâČĄčěĊĆĆö ĈĕĐĐâéĕâøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú ğĄĚħĐĊĔüúĘħ ĄâĆĕåĄ üĕąġëåëĔą þŌîîĕąèåŋ ĈĕĐĐâéĕâøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČúĔ ğĄĚĐħ ĊĔüúĘ ħ âĔüąĕąü ĠĈēğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČúĔ ĠúüüĕąčěĆēċĔâ÷ė ī ğåĕĆāûĆĆĄ ġ÷ąĄĘÿĈ øĔĨèĠøŇĊĔüúĘħ øěĈĕåĄ üĕąûĘĆāĈ ġëøėëüĕăėýĕĈ ĈĕĐĐâéĕâøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú ğĄĚħĐĊĔüúĘħ âĔüąĕąü üĕąčěĆēċĔâ÷ėī ğåĕĆāûĆĆĄ ĈĕĐĐâġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ ğĄČĕąü üĕąüėāüûŋ đēâĘĄĘ ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔúġ÷ąĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âěĄăĕāĔüûŋ üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆė ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú øĔĨèĠøŇĊĔüúĘħ ğĄČĕąü Ć Đ ĄüøĆĘ éĬĕğĆĘąè ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú øĔĨèĠøŇĊĔüúĘħ âĔüąĕąü Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ ğãňĕĆĔýøĬĕĠĎüŇèâĆĆĄâĕĆýĆėČĔú øĔĨèĠøŇĊĔüúĘħ âĔüąĕąü

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

Board of Directors’ Meeting +P 0QM #KT EQPXGPGF $QCTF QH &KTGEVQTU¿ OGGVKPIU UKZ #WFKV %QOOKVVGG¿U OGGVKPIU VYQ 0QOKPCVKQP CPF 4GOWPGTCVKQP %QOOKVVGG¿U OGGVKPIU CPF VYQ 4KUM /CPCIGOGPV %QOOKVVGG¿U OGGVKPIU &GVCKNU QH VJG CVVGPFCPEG QH the Board of Directors’ meeting are as follows.

Ëäðè

òé ¾÷÷èñçäñæè òé ¾÷÷èñçäñæè òé ¾÷÷èñçäñæè òé ¾÷÷èñçäñæè òé ÷ëè ¿òäõç òé òé ÷ëè ¾øçì÷ òé ÷ëè Ëòðìñä÷ìòñ òé ÷ëè Ïìöî Áìõèæ÷òõö Êèè÷ìñê Àòððì÷÷èè äñç Ïèðøñèõä÷ìòñ Êäñäêèðèñ÷

Êèè÷ìñê Àòððì÷÷èè Àòððì÷÷èè

Êèè÷ìñê Êèè÷ìñê

/T #RKRQTP 2CUCYCV

/T 5QTCLCM -CUGOUWXCP

/T %JQMEJCK 2CP[C[QPI

/T 6GGTCRQN %JQVKEJCPCRKDCN

/T 5WTCUCM -JCQTQRVJCO

/T 2CVGG 5CTCUKP

/T 2CTQEJG *WVCEJCTGQP

/T 2KOQN 5TKXKMQTP

/T #RKEJCTV %JKTCDCPFJW

/T 2CFWPIFGL +PFTCNCM

11. Mr. Niphon Hakimi

/T 5QOUCM %JQVTCVVCPCUKTK

(NKIJV .KGWVGPCPV /QPVTGG ,WOTKGPI

(N[KPI 1HHKEGT 5WTCRJQP +UTCPIWTC 0C #[WVJ[C

0QVG

/T 5QTCLCM -CUGOUWXCP TGUKIPGF HTQO JKU FKTGEVQTUJKR QP ,CPWCT[

/T %JQMEJCK 2CP[C[QPI TGUKIPGF HTQO JKU FKTGEVQTUJKR QP 5GRVGODGT CPF TGUWOGF JKU FKTGEVQTUJKR VQ TGRNCEG /T 5WTCUCM -JCQTQRVJCO

GHHGEVKXG HTQO 1EVQDGT

/T 6GGTCRQN %JQVKEJCPCRKDCN TGUKIPGF HTQO JKU FKTGEVQTUJKR QP 5GRVGODGT

/T 5WTCUCM -JCQTQRVJCO TGUKIPGF YKVJ GHHGEV HTQO #RTKN

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Section 1¡ Rights of Shareholders Nok Air underlines the importance of shareholdersâ&#x20AC;&#x2122; rights through which shareholders will get access to accurate, comprehensive and adequate company information in a timely and equitable manner for them to make decisions.

Simultaneously, Nok Air has formulated a policy to facilitate and encourage attendance of the Shareholdersâ&#x20AC;&#x2122; Meeting including other related rights to shareholders as follows.

1.1 Nok Air will send an invitation letter for the meeting together with sufficient supporting information in which objectives and rationality as well as the Boardâ&#x20AC;&#x2122;s opinions will be stated in all meeting agendas. Shareholders will be able to study the information at least seven days prior to the Shareholdersâ&#x20AC;&#x2122; Meeting. If a shareholder cannot attend the meeting himself, Nok Air allows that shareholder to appoint an independent director or

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0QM #KT YKNN GSWCNN[ HCEKNKVCVG GXGT[ UJCTGJQNFGT YJQ CVVGPF VJG OGGVKPI KP VGTOU QH XGPWG CPF VKOKPI #V VJG 5JCTGJQNFGTUÂż /GGVKPI 0QM #KT YKNN CTTCPIG HQT C EQPUKFGTCVKQP CPF C XQVKPI DCUGF QP CP QTFGT QH the meeting agendas without changing any material information or without adding any meeting agenda at the meeting without prior notice. Shareholders will be equally allowed to examine Nok Airâ&#x20AC;&#x2122;s operation and to inquire and express their opinions as well as recommendations. Directors and executives will attend the Meeting to answer questions there.

0QM #KT YKNN CFF EQOOWPKECVKQP EJCPPGNU QH UJCTGJQNFGTU VJTQWIJ KVU YGDUKVG YJGTG KPHQTOCVKQP CPF WRFCVGU will be exclusively posted there. The invitation letter to the meeting will be posted in advance before the meeting day for shareholders to conveniently and comprehensively download the meeting agendas.

1.5 All directors are to attend the meeting to answer questions from shareholders.

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EQPVGORNCVG CPF YKNN CNUQ UWDOKV VJG OKPWVGU QH VJG OGGVKPI VQ VJG 5'6 YKVJKP FC[U HTQO VJG 5JCTGJQNFGTUÂż Meeting date.

0QM #KT YKNN KPETGCUKPIN[ HCEKNKVCVG EQPXGPKGPV CRRTQCEJ HQT UJCTGJQNFGTU VQ TGEGKXG VJGKT FKXKFGPF D[ transferring it to their bank accounts (if any dividend is paid) to allow shareholders to get paid on a timely basis and to also avoid any defect or loss or bank cheques or any delayed delivery.

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āüĔâèĕüúĔħĊúĔĨèýĆėČĔú âĆĆĄâĕĆýĆėČĔúĠĈēÿĜňýĆėĎĕĆøňĐèĠéňèĢĎňýĆėČĔúúĆĕýùęèåĊĕĄčĔĄāĔüûŋĎĆĚĐĆĕąâĕĆğâĘħąĊġąèĢüâėéâĕĆúĘħĐĕéâŇĐĢĎňğâė÷

åĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋ ĄĘâĕĆüĬ ĕğčüĐĆĕąâĕĆúĘħğâĘħąĊġąèâĔüøŇĐåöēâĆĆĄâĕĆøĆĊéčĐýğāĚħĐāėéĕĆöĕĢĎňåĊĕĄğĎĦüâŇĐüğčüĐãĐĐüěĄĔøė

øŇĐåöēâĆĆĄâĕĆýĆėČúĔ øĕĄĎĈĔââĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘ÷ħ Ę ĠĈē÷ĜĠĈĢĎňĄâĘ ĕĆþñėýøĔ øė ĕĄĎĈĔâğâöôŋúøĘħ Ĉĕ÷ĎĈĔâúĆĔāąŋ

ĠĎŇèþĆēğúċģúąĠĈēčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋâĬĕĎü÷

MCI69Wg 4 · <9<T9%O*>[ CWL I;c6 _LWD ýĆėČĔúøĆēĎüĔâĠĈēĆĔýĆĜňùęèčėúûėãĐèÿĜňĄĘčŇĊüģ÷ňğčĘąúěââĈěŇĄģĄŇĊŇĕéēğþŎüÿĜňĄĘčŇĊüģ÷ňğčĘąăĕąĢü ģ÷ňĠâŇ ÿĜňùĚĐĎěňü āüĔâèĕü ĠĈēÿĜňĄĘčŇĊüģ÷ňğčĘąăĕąüĐâ ģ÷ňĠâŇ ĈĜâåňĕ åĜŇåňĕ ğéňĕĎüĘĨ åĜŇĠãŇè ăĕåĆĔò ĠĈēĎüŇĊąèĕüĐĚħüĥ ĆĊĄúĔĨèëěĄëüĢâĈňğåĘąèúĘħğâĘħąĊãňĐè ğüĚħĐèéĕâýĆėČĔúģ÷ňĆĔýâĕĆčüĔýčüěüéĕâÿĜňĄĘčŇĊüģ÷ňğčĘąøŇĕèĥ ìęħèčĆňĕèåĊĕĄčĕĄĕĆùĢüâĕĆĠãŇèãĔüĠĈēčĆňĕèâĬ ĕģĆĢĎňýĆėČĔú ìęħèùĚĐĊŇĕ ğþŎüâĕĆčĆňĕèåěöåŇĕĢüĆēąēąĕĊĢĎňâĔýýĆėČĔú ġ÷ąĄĘâĕĆâĬĕĎü÷üġąýĕą÷ĔèüĘĨ üġąýĕąĠĈēĠüĊþñėýĔøėøŇĐāüĔâèĕü

ýĆėČĔúøĆēĎüĔâĊŇĕ āüĔâèĕüğþŎüþŌééĔąĠĎŇèåĊĕĄčĬĕğĆĦéãĐèâĕĆýĆĆĈěğþŃĕĎĄĕąãĐèýĆėČĔúúĘħĄĘåěöåŇĕąėħè éęèğþŎüüġąýĕą ãĐèýĆėČĔúúĘħéēĢĎňâĕĆþñėýĔøėøŇĐāüĔâèĕüĐąŇĕèğþŎüûĆĆĄúĔĨèĢü÷ňĕüġĐâĕč ÿĈøĐýĠúü âĕĆĠøŇèøĔĨè ġąâąňĕą øĈĐ÷éüâĕĆāĔõüĕ ċĔâąăĕā ğāĚħĐĢĎňğþŎüģþøĕĄüġąýĕą÷ĔèâĈŇĕĊ ýĆėČĔúéęèĄĘĎĈĔâþñėýĔøė÷ĔèüĘĨ

þñėýĔøėøŇĐāüĔâèĕü÷ňĊąåĊĕĄčěăĕā ĠĈēĢĎňåĊĕĄğåĕĆāøŇĐåĊĕĄğþŎüþŌéğéâëü

ĢĎňÿĈøĐýĠúüúĘħğþŎüûĆĆĄøŇĐāüĔâèĕü ĆĊĄúĔĨèĄĘâĕĆéĔ÷øĔĨèâĐèúěüčĬĕĆĐèğĈĘĨąèëĘāāüĔâèĕü ĠĈēĢĎňåĊĕĄčĬĕåĔî

Ģü÷ňĕüâĕĆ÷ĜĠĈčĊĔč÷ėâĕĆãĐèāüĔâèĕü

÷ĜĠĈĆĔâČĕčăĕāĠĊ÷ĈňĐĄĢüâĕĆúĬĕèĕüĢĎňĄĘåĊĕĄþĈĐ÷ăĔąøŇĐëĘĊėøĠĈēúĆĔāąŋčėüãĐèāüĔâèĕü ġ÷ąĢüþĿ

ģĄŇĄĘčùėøėâĕĆğâė÷ĐěýĔøėğĎøěĆňĕąĠĆèøŇĐëĘĊėøĠĈēúĆĔāąŋčėüãĐèāüĔâèĕü

âĕĆĠøŇèøĔĨè ġąâąňĕą ĆĊĄùęèâĕĆĢĎňĆĕèĊĔĈĠĈēâĕĆĈèġúČāüĔâèĕü âĆēúĬĕ÷ňĊąåĊĕĄčěéĆėøĢéĠĈēøĔĨèĐąĜŇýüāĚĨüòĕü

åĊĕĄĆĜň åĊĕĄčĕĄĕĆù ĠĈēåĊĕĄğĎĄĕēčĄãĐèāüĔâèĕüüĔĨü

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Section ¯¡ Equitable Treatment of Shareholders Nok Air takes it as its mission to equally treat all shareholders. In this regard, the Board has the following policy: 0QM #KT UJCNN UGPF CP KPXKVCVKQP NGVVGT HQT VJG OGGVKPI KPENWFKPI UWRRQTVKPI KPHQTOCVKQP VQ UJCTGJQNFGTU CV NGCUV seven days prior to the meeting to allow shareholders to thoroughly study the information before the meeting.

0QM #KT UJCNN UVWF[ C RQUUKDKNKV[ VQ CNNQY OKPQT UJCTGJQNFGTU VQ PQOKPCVG FKTGEVQTU QT VQ RTQRQUG CP[ additional meeting agenda prior to the Shareholdersâ&#x20AC;&#x2122; Meeting.

0QM #KT UJCNN HCEKNKVCVG UJCTGJQNFGTU YJQ OC[ PQV DG CDNG VQ CVVGPF VJG OGGVKPI D[ VJGOUGNXGU D[ CNNQYKPI them to appoint an individual or at least one independent director as a proxy to attend the meeting and adopt a resolution on their behalf. The name of the appointed independent director is to be stated in an invitation letter for the Shareholdersâ&#x20AC;&#x2122; Meeting.

0QM #KT UJCNN GSWCNN[ VTGCV CNN UJCTGJQNFGTU YJGVJGT VJG[ CTG OCLQT QT OKPQT CPF YJGVJGT VJG[ CTG 6JCK or foreign shareholders.

Section 3¡ Connected Transactions Nok Air underlines transparency and interest of its business when it comes to reviewing transactions. Thatâ&#x20AC;&#x2122;s why it emphasizes the prevention of any transaction that could cause a conflict of interest, a connected transaction or a related transaction, all of which has been translated into the policy with the main contents as follows.

'ZGEWVKXGU CPF GORNQ[GGU CTG VQ EQORN[ YKVJ VJG HKTOUÂż %QFG QH %QPFWEV YJKEJ KU EQPUKFGTGF KORQTVCPV

CPF JCU VQ DG UVTKEVN[ EQORNKGF YKVJ HQT VJG RWTRQUG QH TGNKCDKNKV[ CPF EQPĂ&#x152;FGPEG D[ CNN UVCMGJQNFGTU The information in the Code of Conduct will be communicated to all employees for their understanding. %QORCP[ FKTGEVQTU CPF GZGEWVKXGU CTG VQ KPHQTO VJG HKTO QH VJGKT TGNCVKQPUJKR QT CP[ EQPPGEVGF VTCPUCEVKQP in any business which may cause a conflict of interest. # EQPPGEVGF VTCPUCEVKQP YKNN DG UWDOKVVGF VQ VJG #WFKV %QOOKVVGG HQT KVU QRKPKQP DGHQTG VJG OCVVGT KU RTQRQUGF to the Board of Directors for approval based on the principle of good corporate governance. The Company

YKNN QXGTUGG VJG EQORNKCPEG YKVJ TWNGU CPF TGIWNCVKQPU QH VJG 5'6 CPF VJG 1HHKEG QH VJG 5GEWTKVKGU CPF

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Section 4¡ Roles of Stakeholders Nok Air realizes and recognizes the rights of all stakeholders, be they internal stakeholders; namely, shareholders and employees, or external stakeholders; namely, customers, suppliers, creditors, competitors, the public sector and other agencies and neighboring communities. This is simply because the Company has been supported by all stakeholders to be able to nurture our competitiveness and to generate profits to the business, an action which is considered enhancing our values in the long run. Thatâ&#x20AC;&#x2122;s why the following policy has been formulated: 2QNKE[ CPF RTCEVKEG VQ QWT GORNQ[GGU Nok Air realizes that our employees are truly a key of our success to achieve our valuable goal. Thatâ&#x20AC;&#x2122;s why itâ&#x20AC;&#x2122;s our policy to fairly treat our employees either in terms of their career opportunity, remunerations, appointment, job transfer and capacity-building. To correspond with this policy, Nok Air has the following practices: 1. Treating employees politely and with respect to their individual rights.

1HHGTKPI HCKT TGOWPGTCVKQPU VQ GORNQ[GGU UGVVKPI WR C RTQXKFGPV HWPF HQT GORNQ[GGU CPF WPFGTNKPKPI the importance of employee welfare

/CKPVCKPKPI CP GPXKTQPOGPV YJKEJ KU UCHG CU C RNCEG VQ YQTM CPF C UCHG RNCEG HQT GORNQ[GGUÂż RTQRGTVKGU

+P UGTKQWU CEEKFGPVU VQ NKHG CPF RTQRGTVKGU QH QWT GORNQ[GGU TGOCKPGF \GTQ

#RRQKPVOGPV VTCPUHGT CYCTF CPF FKUEKRNKPKPI GORNQ[GGU YKNN DG EQPFWEVGF YKVJ KPVGITKV[ CPF QP the basis of individual employeeâ&#x20AC;&#x2122;s knowledge, capacity and proper circumstance.

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ĢĎňåĊĕĄčĬĕåĔîøŇĐâĕĆāĔõüĕåĊĕĄĆĜň åĊĕĄčĕĄĕĆùãĐèāüĔâèĕü ġ÷ąĢĎňġĐâĕčĐąŇĕèúĔħĊùęèĠĈēčĄĬħĕğčĄĐ

ğāĚħĐāĔõüĕåĊĕĄčĕĄĕĆùãĐèāüĔâèĕüĢĎňğâė÷ċĔâąăĕāĢüâĕĆþñėýĔøėèĕüĐąŇĕèĄĚĐĐĕëĘā ìęħèýĆėČĔúĄĘâĕĆâĬĕĎü÷

ĠĈēĊĕèĠÿüâĕĆĀŀâĐýĆĄĠĈēāĔõüĕāüĔâèĕüğþŎüþĆēéĬĕúěâþĿ ġ÷ąĢüþĿ ýĆėČĔúĄĘâĕĆéĔ÷âĕĆĀŀâĐýĆĄ

úĔĨèăĕąĢüĠĈēăĕąüĐâĢĎňĠâŇāüĔâèĕüğþŎüéĬĕüĊüúĔĨèčėĨü åü ğúĘąýğúŇĕéĬĕüĊüëĔħĊġĄèğêĈĘħąãĐèâĕĆĀŀâĐýĆĄ

ãĐèāüĔâèĕüøŇĐþĿğúŇĕâĔý ëĔħĊġĄè

ĆĔýĂŌèãňĐåė÷ğĎĦüĠĈēãňĐğčüĐĠüēìęħèøĔĨèĐąĜŇýüāĚĨüòĕüåĊĕĄĆĜňúĕèĊėëĕëĘāãĐèāüĔâèĕü

þñėýĔøėøĕĄâðĎĄĕąĠĈēãňĐýĔèåĔýøŇĕèĥ úĘħğâĘħąĊãňĐèâĔýāüĔâèĕüĐąŇĕèğåĆŇèåĆĔ÷ üġąýĕąĠĈēĠüĊþñėýĔøėøŇĐÿĜňùĚĐĎěňü

ýĆėČĔúĆēĈęâĐąĜŇğčĄĐĊŇĕÿĜňùĚĐĎěňü åĚĐ ğéňĕãĐèâėéâĕĆ ĠĈēýĆėČĔúĄĘĎüňĕúĘħčĆňĕèĄĜĈåŇĕğāėħĄĢĎňĠâŇÿĜňùĚĐĎěňüĢüĆēąēąĕĊ éęèâĬĕĎü÷ĢĎňâĆĆĄâĕĆ ÿĜňýĆėĎĕĆ ĠĈēāüĔâèĕüøňĐèþñėýĔøėøĕĄĠüĊúĕè÷ĔèøŇĐģþüĘĨ

þñėýøĔ Ďė üňĕúĘ÷ħ Ċň ąåĊĕĄìĚĐħ čĔøąŋčéě Ćėø øĈĐ÷éüøĔ÷čėüĢé÷ĬĕğüėüâĕĆĢ÷ĥ øĕĄĎĈĔââĕĆãĐèĊėëĕëĘā ÷ňĊąåĊĕĄĆēĄĔ÷ĆēĊĔè

ĆĐýåĐý ĠĈēğþŎüûĆĆĄøŇĐÿĜňùĚĐĎěňüúĔĨèĆĕąĢĎîŇĠĈēĆĕąąŇĐą ğāĚħĐþĆēġąëüŋčĜèčě÷ãĐèÿĜňùĚĐĎěňüġ÷ąĆĊĄ

üĬĕğčüĐĆĕąèĕüčùĕüăĕāãĐèýĆėČĔú ÿĈþĆēâĐýâĕĆ ãňĐĄĜĈòĕüēúĕèâĕĆğèėü âĕĆýĔîëĘ ĠĈēĆĕąèĕüĐĚħüĥ

ġ÷ąčĄĬħĕğčĄĐ ĠĈēåĆýùňĊüøĕĄåĊĕĄğþŎüéĆėè

ĎňĕĄģĄŇĢĎňĠčĊèĎĕÿĈþĆēġąëüŋĢĎňøüğĐèĠĈēÿĜňĐĚħüġ÷ąĢëňãňĐĄĜĈĢ÷ĥ ãĐèýĆėČĔú ìęħèąĔèĄėģ÷ňğþľ÷ğÿąøŇĐčĕûĕĆöē

ĎĆĚĐ÷ĬĕğüėüâĕĆĢ÷ĥ ĢüĈĔâČöēúĘħĐĕéâŇĐĢĎňğâė÷åĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋâĔýýĆėČĔú üġąýĕąĠĈēĠüĊþñėýĔøėøŇĐĈĜâåňĕ

ýĆėČĔúøĆēĎüĔâùęèåĊĕĄčĬĕåĔîãĐèĈĜâåňĕ éęèģ÷ňâĬĕĎü÷üġąýĕąĢüâĕĆþñėýĔøėøŇĐĈĜâåňĕ÷ĔèüĘĨ

ýĆėâĕĆĈĜâåňĕ÷ňĊąåĊĕĄčěăĕā ĄĘåĊĕĄâĆēøĚĐĆĚĐĆňü āĆňĐĄĢĎňâĕĆýĆėâĕĆ øňĐüĆĔý÷ňĊąåĊĕĄéĆėèĢé ğøĦĄĢé øĔĨèĢé

ĠĈēĢčŇĢé ÷ĜĠĈÿĜňĆĔýýĆėâĕĆ÷ěéîĕøėčüėú ýĆėâĕĆ÷ňĊąåĊĕĄĆĊ÷ğĆĦĊ ùĜâøňĐè ĠĈēüŇĕğëĚħĐùĚĐ

ĆĔâČĕåĊĕĄĈĔýãĐèĈĜâåňĕ ĠĈēģĄŇüĬĕģþĢëňğāĚħĐþĆēġąëüŋãĐèøüğĐèĎĆĚĐÿĜňúĘħğâĘħąĊãňĐèġ÷ąĄėëĐý

ĢĎňãĐň ĄĜĈãŇĕĊčĕĆúĘùħ âĜ øňĐè ğāĘąèāĐ ĠĈēúĔüøŇĐğĎøěâĕĆöŋĠâŇĈâĜ åňĕ ğāĚĐħ ĢĎňúĆĕýğâĘąħ ĊâĔýýĆėâĕĆúĘýħ ĆėČúĔ ĢĎňâýĔ ĈĜâåňĕ

ġ÷ąģĄŇĄĘâĕĆġçČöĕğâėüåĊĕĄğþŎüéĆėèúĘħğþŎüğĎøěĢĎňĈĜâåňĕğãňĕĢéÿė÷ğâĘħąĊâĔýåěöăĕā ĎĆĚĐğèĚħĐüģãĢ÷ĥ ãĐèýĆėâĕĆ

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ýĆėČúĔ ĄĘüġąýĕąĢĎňāüĔâèĕüþñėýøĔ øė ĐŇ åĜåŇ ĕň ĠĈē ĎĆĚĐğéňĕĎüĘúĨ âě ĀłĕąĐąŇĕèğþŎüûĆĆĄ ìĚĐħ čĔøąŋ ĠĈēģĄŇğĐĕĆĔ÷ğĐĕğþĆĘąýåĜåŇ ĕň ġ÷ąåĬĕ üę è ùęè ÿĈþĆēġąëüŋ čĜ è čě ÷ ãĐèýĆėČĔú āĚĨü òĕüãĐèâĕĆģ÷ňĆĔýÿĈøĐýĠúüúĘħğ þŎüûĆĆĄúĔĨèčĐèĀłĕ ą ĎĈĘ â ğĈĘħą èčùĕüâĕĆöŋ úĘħâŇĐĢĎňğâė÷åĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋ âĕĆğéĆéĕĠâňþŌîĎĕøĔĨèĐąĜŇýüāĚĨüòĕüãĐèåĊĕĄčĔĄāĔüûŋúĕèûěĆâėé ġ÷ąĄĘĠüĊþñėýĔøė÷ĔèüĘĨ

ģĄŇğĆĘąâ ĎĆĚĐĆĔý ĎĆĚĐéŇĕąÿĈþĆēġąëüŋĢ÷ĥ úĘħģĄŇčěéĆėøĢüâĕĆåňĕâĔýåĜŇåňĕ ĠĈē ĎĆĚĐğéňĕĎüĘĨ

âĆöĘúĘħĄĘãňĐĄĜĈĊŇĕĄĘâĕĆğĆĘąâ ĎĆĚĐĆĔý ĎĆĚĐâĕĆéŇĕąÿĈþĆēġąëüŋĢ÷ĥ úĘħģĄŇčěéĆėøğâė÷ãęĨü øňĐèğþľ÷ğÿąĆĕąĈēğĐĘą÷

øŇĐåĜŇåňĕ ĠĈē ĎĆĚĐğéňĕĎüĘĨ ĠĈēĆŇĊĄâĔüĠâňģãþŌîĎĕġ÷ąąěøėûĆĆĄĠĈēĆĊ÷ğĆĦĊ

þñėýĔøėøĕĄğèĚħĐüģãøŇĕèĥ úĘħøâĈèâĔüģĊňĐąŇĕèğåĆŇèåĆĔ÷ âĆöĘúĘħģĄŇčĕĄĕĆùþñėýĔøėøĕĄğèĚħĐüģããňĐĢ÷ģ÷ň øňĐèĆĘýĠéňè

ĢĎňğéňĕĎüĘĨúĆĕýĈŇĊèĎüňĕ ğāĚħĐĆŇĊĄâĔüāėéĕĆöĕĎĕĠüĊúĕèĠâňģãþŌîĎĕ üġąýĕąĠĈēĠüĊþñėýĔøėøŇĐåĜŇĠãŇèãĔü

ýĆėČĔúĄĘüġąýĕąúĘħéēþñėýĔøėøŇĐåĜŇĠãŇèúĕèâĕĆåňĕ ġ÷ąģĄŇĈēğĄė÷åĊĕĄĈĔýĎĆĚĐĈŇĊèĆĜňåĊĕĄĈĔýúĕèâĕĆåňĕãĐèåĜŇĠãŇèãĔü ÷ňĊąĊėûĘêňĐêĈ éęèâĬĕĎü÷ĎĈĔâüġąýĕą÷ĔèüĘĨ

þĆēāćøėþñėýĔøėăĕąĢøňâĆĐýâøėâĕãĐèâĕĆĠãŇèãĔüúĘħ÷Ę

ģĄŇĠčĊèĎĕãňĐĄĜĈúĘħğþŎüåĊĕĄĈĔýãĐèåĜŇĠãŇèúĕèâĕĆåňĕ÷ňĊąĊėûĘâĕĆúĘħģĄŇčěéĆėøĎĆĚĐģĄŇğĎĄĕēčĄ

ģĄŇúĬĕĈĕąëĚħĐğčĘąèãĐèåĜŇĠãŇèúĕèâĕĆåňĕ÷ňĊąâĕĆâĈŇĕĊĎĕĢüúĕèĆňĕą üġąýĕąĠĈēĠüĊþñėýĔøėøŇĐčĔèåĄ ëěĄëü

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MCI69Wg 6 · 'ITCES<>V6-O<%O*'5R$EEC$TE åöēâĆĆĄâĕĆýĆėČĔúĄĘåĊĕĄĆĔýÿė÷ëĐýøŇĐÿĜňùĚĐĎěňüğâĘħąĊâĔýâĕĆ÷ĬĕğüėüûěĆâėéãĐèýĆėČĔú âĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆĢĎňğþŎüģþøĕĄ ğþŃĕĎĄĕąĠĈēĠüĊúĕèúĘħéēâŇĐĢĎňğâė÷þĆēġąëüŋčĜèčě÷øŇĐÿĜňùĚĐĎěňü ġ÷ąåĬĕüęèùęèÿĈþĆēġąëüŋãĐèÿĜňĄĘčŇĊüģ÷ňğčĘąúěâĀłĕą åöēâĆĆĄâĕĆýĆėČĔúĄĘĎüňĕúĘħþñėýĔøėĢĎňğþŎüģþøĕĄâðĎĄĕą ĊĔøùěþĆēčèåŋ ãňĐýĔèåĔýãĐèýĆėČĔú ĠĈēĄøėúĘħþĆēëěĄÿĜňùĚĐĎěňü ġ÷ąþñėýøĔ Ďė üňĕúĘ÷ħ Ċň ąåĊĕĄìĚĐħ čĔøąŋčéě Ćėø ĠĈēĆēĄĔ÷ĆēĊĔèĆĔâČĕÿĈþĆēġąëüŋãĐèÿĜùň ĐĚ Ďěüň ĠĈēÿĜĄň čĘ ĊŇ üģ÷ňğčĘą úĔèĨ ĢüĆēąēčĔüĨ ĠĈēĆēąēąĕĊ ĠĈēğāĚĐħ ĢĎňĄüĔħ ĢéĊŇĕâĕĆ÷ĬĕğüėüèĕüãĐèýĆėČúĔ ğþŎüģþĢüúėċúĕèúĘâħ ĐŇ ĢĎňğâė÷þĆēġąëüŋčèĜ čě÷øŇĐÿĜùň ĐĚ Ďěüň ĠĈēÿĜĄň čĘ ĊŇ üģ÷ňğčĘą åöēâĆĆĄâĕĆ ýĆėČĔúéē÷ĜĠĈĢĎňĄĘâĕĆéĔ÷úĬĕĊėčĔąúĔċüŋ āĔüûâėé ğþŃĕĎĄĕą üġąýĕą úėċúĕèâĕĆ÷Ĭĕğüėüèĕü ĠÿüâĈąěúûŋ Ġÿüèĕü ĠĈēèýþĆēĄĕö þĆēéĬĕþĿãĐèýĆėČĔú ġ÷ąåöēâĆĆĄâĕĆýĆėČĔúéēĆŇĊĄĠč÷èåĊĕĄåė÷ğĎĦü ğāĚħĐĢĎňğâė÷åĊĕĄğãňĕĢéĢüăĕāĆĊĄãĐèûěĆâėéĆŇĊĄâĔüâŇĐü úĘħéēāėéĕĆöĕĐüěĄĔøė ĠĈēøė÷øĕĄĢĎňĄĘâĕĆýĆėĎĕĆèĕüğāĚħĐĢĎňğþŎüģþøĕĄğþŃĕĎĄĕąúĘħĊĕèģĊň ġ÷ąéēąę÷ùĚĐĠüĊúĕèãĐèøĈĕ÷ĎĈĔâúĆĔāąŋ ĠĎŇèþĆēğúċģúąĠĈēčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ åöēâĆĆĄâĕĆãĐèýĆėČĔúĄĘéĬĕüĊü úŇĕü ĄĘĊĕĆē÷ĬĕĆèøĬĕĠĎüŇèåĆĕĊĈē þĿ ĠýŇèğþŎüâĆĆĄâĕĆúĘħĄĕéĕâĀłĕąýĆėĎĕĆéĬĕüĊü úŇĕü âĆĆĄâĕĆúĘħģĄŇğþŎüÿĜňýĆėĎĕĆéĬĕüĊü úŇĕü ġ÷ąĄĘâĆĆĄâĕĆúĘħĄĘåěöčĄýĔøėğþŎüĐėčĆēøĕĄĎĈĔâğâöôŋúĘħčĬĕüĔâèĕüåöēâĆĆĄâĕĆ âĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋâĬĕĎü÷ éĬĕüĊü úŇĕü ìęħèčĐ÷åĈňĐèâĔýğâöôŋãĐèčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋ úĘħģ÷ňâĬĕĎü÷ĢĎňýĆėČĔúé÷úēğýĘąüøňĐèĄĘéĬĕüĊüâĆĆĄâĕĆĐėčĆēĄĕââĊŇĕĎĆĚĐğúŇĕâĔý Ģü ãĐèéĬĕüĊüâĆĆĄâĕĆúĔĨèĎĄ÷ åöēâĆĆĄâĕĆ þĆēâĐý÷ňĊąÿĜúň ĆèåěöĊěõéė ĕâĎĈĕâĎĈĕąĐěøčĕĎâĆĆĄ úĔèĨ ÷ňĕüûěĆâėé ýĔîëĘĠĈēâĕĆğèėü ìęèħ ğâĘąħ ĊãňĐèĠĈēčüĔýčüěüûěĆâėéýĆėČúĔ úĔèĨ ĎĄ÷

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'PXKTQPOGPVCN RQNKE[ The Companyâ&#x20AC;&#x2122;s policy in this area is to provide quality-enhancement activities as well as those relating to occupational health and the environment. We will maintain our work environment to make it safe to employeeâ&#x20AC;&#x2122;s life CPF RTQRGTV[ 'ORNQ[GGU YKNN DG GPEQWTCIGF VQ JCXG CP CYCTGPGUU KP VJG UQEKGV[ CPF VJG GPXKTQPOGPV VJTQWIJ activities which our employees will be constantly encouraged to participate.

Section 5¡ Disclosure of Information and Transparency The Board of Directors has a policy to disclose financial and other information relating to Nok Airâ&#x20AC;&#x2122;s business and its performance that is accurate, comprehensive and adequate on a regular and timely fashion and that reflects its actual financial status and operation results as well as its future.

The Board of Directors strictly commits to legal compliance as well as compliance with rules and regulations TGNCVKPI VQ VJG FKUENQUWTG QH KPHQTOCVKQP CPF VTCPURCTGPE[ +PHQTOCVKQP JCU DGGP RQUVGF KP 0QM #KTÂżU YGDUKVG CPF VJG 5'6ÂżU media channel for shareholders and other related parties to get a thorough access. The firm is ready to update or change CP[ KPHQTOCVKQP VQ CNKIP YKVJ YJCV VJG 5'6 CPF VJG 5'% JCXG PQVKHKGF CPF GPHQTEGF Nok Air has entrusted staff to communicate with investors, shareholders, institutional investors and minor shareholders. It will organize a regular analystâ&#x20AC;&#x2122;s meeting to analyze operation results and will release corporate information, both financial and general, to shareholders, securities analysts, credit rating agencies and other public bodies through XCTKQWU EJCPPGNU YJKEJ KPENWFG KVU TGRQTVKPI VQ VJG 5'6 CPF VJG 5'% CPF KVU YGDUKVG +P CFFKVKQP 0QM #KT JCU RNCEGF a priority to a regular disclosure of its information to ensure that shareholders regularly receive the information through VJG CKTNKPGÂżU YGDUKVG +PHQTOCVKQP QP VJG YGDUKVG YJGVJGT KV DG 0QM #KTÂżU XKUKQP OKUUKQP HKPCPEKCN UVCVGOGPVU 24 PGYU annual report, organization structure and executives, shareholding ratio and major shareholders is constantly updated.

Nok Air underlines the importance of its financial reports which should reflect the firmâ&#x20AC;&#x2122;s actual financial status and operation results on the basis of accurate, complete and adequate accounting information based on VJG IGPGTCNN[ CEEGRVGF CEEQWPVKPI RTKPEKRNGU )##2 6JG HKTO YKNN CNUQ FKUENQUG KPHQTOCVKQP TGNCVKPI VQ GCEJ FKTGEVQT CU YGNN CU TQNGU CPF TGURQPUKDKNKVKGU QH VJG $QCTF QH &KTGEVQTU CPF QVJGT EQOOKVVGGU KP VJG #PPWCN 4GRQTV (QTO

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Section 6¡ Responsibility of the Board The Board of Directors is responsible for shareholders in overseeing the Companyâ&#x20AC;&#x2122;s business to meet corporate goal and to steer the business in a direction that will maximize shareholdersâ&#x20AC;&#x2122; interest taking into consideration benefits of all stakeholders.

The Board of Directorsâ&#x20AC;&#x2122; duty is to ensure compliance with the laws, objectives, Articles of Association and resolutions of the Shareholdersâ&#x20AC;&#x2122; Meeting. The Board is to perform its duty with integrity and to take care of the interest of shareholders and stakeholders both in the short- and long run. To ensure that Nok Airâ&#x20AC;&#x2122;s business is in a direction that will maximize the interest of shareholders and stakeholders, the Board will supervise the preparation of the Companyâ&#x20AC;&#x2122;s vision, mission, goal, objective, business direction, strategic plan, operation plan and annual budget. The Board will express its opinions for a mutual understanding of the businessâ&#x20AC;&#x2122;s overview before making an approval. It will monitor the management to GPUWTG VJCV EQTRQTCVG IQCNU YKNN DG CEJKGXGF QP VJG DCUKU QH VJG 5'6 CPF VJG 5'% IWKFGNKPGU 0QM #KT JCU FKTGEVQTU YJQ YKNN UVC[ KP VJG QHHKEG HQT VJTGG [GCTU GCEJ 1H VJKU QPG KU HTQO VJG OCPCIGOGPV YJKNG the remaining 11 are non-executive directors. Four out of these are directors with independence based on criteria stated D[ VJG 1HHKEG QH VJG 5'% YJKEJ CNKIPU YKVJ VJG 5'%ÂżU TGIWNCVKQP VJCV TGSWKTGU NKUVGF EQORCPKGU VQ CRRQKPV KPFGRGPFGPV directors equivalent at least to or more than one-third of their entire directors. Nok Airâ&#x20AC;&#x2122;s Board of Directors consists of competent personnel from various industries ranging from business to accounting and finance, all of which are related and supporting Nok Airâ&#x20AC;&#x2122;s business.

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åöēâĆĆĄâĕĆýĆėČĔúġ÷ąëĐý÷ňĊąâðĎĄĕą åöēĐüěâĆĆĄâĕĆ 2GQRNG /CPCIGOGPV ĄĘĎüňĕúĘħýĆėĎĕĆéĔ÷âĕĆ ĆĊĄùęèâĬĕĎü÷âðğâöôŋ ĆēğýĘąýøŇĕèĥ ăĕąĢüýĆėČĔú

ĠĈēâĆöĘĐĚħüĥ úĘħğâĘħąĊãňĐèĢĎňčĐ÷åĈňĐèâĔýüġąýĕąãĐèýĆėČĔú åöēĐüěâĆĆĄâĕĆ %QOOGTEKCN /CPCIGOGPV ĄĘĎüňĕúĘħýĆėĎĕĆéĔ÷âĕĆ ĆĊĄùęèâĬĕĎü÷âðğâöôŋúĘħğâĘħąĊãňĐèâĔýèĕü÷ňĕü

âĕĆāĕöėëąŋ âĕĆâĬĕĎü÷ĆĕåĕýĔøĆġ÷ąčĕĆ âĕĆâĬĕĎü÷øĕĆĕèýėü âĕĆâĬĕĎü÷ğčňüúĕèýėü ĢĎňčĐ÷åĈňĐèâĔýüġąýĕąýĆėČĔú åöēĐüěâĆĆĄâĕĆ 1RGTCVKPI /CPCIGOGPV ĄĘĎüňĕúĘħýĆėĎĕĆéĔ÷âĕĆĆĊĄùęèâĬĕĎü÷âðğâöôŋúĘħğâĘħąĊãňĐèâĔýâĕĆþñėýĔøė

âĕĆýėü ĠĈēâĆöĘĐĚħüĥ úĘħğâĘħąĊãňĐèĢĎňčĐ÷åĈňĐèâĔýüġąýĕąýĆėČĔú åöēĐüěâĆĆĄâĕĆĆēýýâĕĆéĔ÷âĕĆ÷ňĕüüėĆăĔą 5CHGV[ /CPCIGOGPV 5[UVGO %QOOKVVGG ĄĘĎüňĕúĘħĢüâĕĆ÷Ĭĕğüėüèĕü

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âĕĆýėüāĈğĆĚĐüĆēĎĊŇĕèþĆēğúċ 6JG +PVGTPCVKQPCN %KXKN #XKCVKQP 1TICPK\CVKQP +%#1 âĬĕĎü÷

MCI69Wg ´ · $TE'I<'ZCBTDb; åöēâĆĆĄâĕĆýĆėČĔúéĔ÷ĢĎňýĆėČĔúĄĘĆēýýåĊýåěĄăĕąĢüúĘħåĆĐýåĈěĄúěâ÷ňĕü úĔĨè÷ňĕüâĕĆğèėüĠĈēâĕĆþñėýĔøėèĕü ĢĎňğþŎüģþ øĕĄâðĎĄĕą ãňĐýĔèåĔý ĠĈēĆēğýĘąýúĘħğâĘħąĊãňĐè ĠĈēéĔ÷ĢĎňĄĘâĈģââĕĆøĆĊéčĐýĠĈēùŇĊè÷ěĈúĘħĄĘþĆēčėúûėăĕāğāĘąèāĐĢüâĕĆþâþŃĐè ÷ĜĠĈĆĔâČĕúĆĔāąŋčüė ãĐèýĆėČúĔ ĐąĜğŇ čĄĐ éĔ÷ĢĎňĄâĘ ĕĆâĬĕĎü÷ĈĬĕ÷ĔýãĔüĨ ãĐèĐĬĕüĕéĐüěĄøĔ ė ĠĈēåĊĕĄĆĔýÿė÷ëĐýãĐèÿĜýň ĆėĎĕĆĠĈēāüĔâèĕü úĘĄħ âĘ ĕĆøĆĊéčĐýĠĈēùŇĊè÷ěĈĢüøĔĊ âĬĕĎü÷ĆēğýĘąýâĕĆþñėýøĔ èė ĕüĐąŇĕèğþŎüĈĕąĈĔâČöŋĐâĔ ČĆ ĄĘĎüŇĊąèĕüøĆĊéčĐýăĕąĢüúĘğħ þŎüĐėčĆē úĬĕĎüňĕúĘħøĆĊéčĐýâĕĆþñėýĔøėèĕüãĐèúěâĎüŇĊąèĕüĢĎňğþŎüģþøĕĄĆēğýĘąýúĘħĊĕèģĊň ĆĊĄúĔĨèþĆēğĄėüþĆēčėúûėăĕāĠĈēåĊĕĄğāĘąèāĐ ãĐèâĕĆåĊýåěĄăĕąĢüãĐèĎüŇĊąèĕüøŇĕèĥ ĢüýĆėČĔú

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6JG %QORCP[ÂżU #TVKENGU QH #UUQEKCVKQP TGSWKTGU QPG VJKTF FKTGEVQTU VQ TGUKIP CV VJG #PPWCN )GPGTCN 5JCTGJQNFGTUÂż /GGVKPI #)/ +H VJG GPVKTG PWODGT QH FKTGEVQTU ECPPQV GZCEVN[ DG FKXKFGF KPVQ VJTGG RQTVKQPU VJG ENQUGV PWODGT VQ QPG VJKTF FKTGEVQTU YJQ CTG VQ TGVKTG HTQO VJGKT RQUKVKQP KP ;GCT CPF ;GCT CHVGT DGKPI NKUVGF UJCNN FQ UQ WUKPI C FTCYKPI method. For subsequent years, directors who stay in their office for the longest period shall resign. However, directors resigning on rotation may be re-elected.

Nok Air has clearly divided roles and responsibilities between the Board of Directors and executives.

While the Board will formulate policies and oversee the management of executives at a policy level, executives will execute corporate management in alignment with the policy. %JCKTOCP QH VJG $QCTF KU PQV VJG UCOG RGTUQP CU VJG %JKGH 'ZGEWVKXG 1HHKEGT 6JG VYQ JCXG ENGCTN[ UGRCTCVGF TQNGU and responsibilities for the purpose of management balance. No one has an absolute power. Chairman of the Board has no relationship with the Companyâ&#x20AC;&#x2122;s management. The Chairmanâ&#x20AC;&#x2122;s role is to formulate a policy and to provide advice only.

The Board of Directors has appointed the Audit Committee to help supervising the Companyâ&#x20AC;&#x2122;s business.

The Audit Committee has three members, all of whom are independent directors. The Audit Committeeâ&#x20AC;&#x2122;s duty is to monitor the effectiveness of the auditing, risk management, financial control and internal accounting as well as financial reporting CPF QVJGT FWVKGU CU FGUKIPCVGF D[ VJG 5'6 CPF VJG 1HHKEG QH VJG 5'% 6Q UWRGTXKUG CPF JGNR QXGTUGGKPI 0QM #KTÂżU QRGTCVKQP %JKGH 'ZGEWVKXG 1HHKEGT %'1 JCU GUVCDNKUJGF HKXG committees as follows.

1. The Management Committee (MC) whose role and responsibility is to formulate a business strategy, a business plan and budget to align with the corporate policy. The MC is also responsible for making decisions and orders under its authority entrusted by the Board. It will also act in accordance with what the Board of Directors has approved. In addition, the MC will supervise the managementâ&#x20AC;&#x2122;s performance to ensure that it aligns with what the Board has entrusted and the managementâ&#x20AC;&#x2122;s compliance with resolutions legally adopted by the Shareholdersâ&#x20AC;&#x2122; Meeting and by the Board.

6JG 2GQRNG /CPCIGOGPV %QOOKVVGG KU VQ OCPCIG CPF HQTOWNCVG KPVGTPCN TWNGU CPF TGIWNCVKQPU CPF QVJGT related matters to meet the Companyâ&#x20AC;&#x2122;s policy.

6JG %QOOGTEKCN /CPCIGOGPV %QOOKVVGG YKNN OCPCIG CPF HQTOWNCVG TWNGU CPF TGIWNCVKQPU TGNCVKPI VQ EQOOGTEKCN tasks, set ticket prices and plan flight schedules and flight routes to reflect the Companyâ&#x20AC;&#x2122;s policy.

6JG 1RGTCVKPI /CPCIGOGPV %QOOKVVGG YKNN OCPCIG CPF ETCHV TWNGU CPF TGIWNCVKQPU TGNCVKPI VQ HNKIJV QRGTCVKQP and other matters to reflect the Companyâ&#x20AC;&#x2122;s policy.

5. The Safety Management System Committee will handle the safety management system within the Company to be in compliance with what the International Civil Aviation Organization (ICAO) has required.

Section ´¡ Internal Control The Board of Directors requires that the Company put in place a comprehensive internal control system that covers finance and operation to comply with relevant laws, rules and regulations. In addition, the Board also requires GHĂ&#x152;EKGPV CPF GPQWIJ CWFKVKPI CPF C EJGEM CPF DCNCPEG OGEJCPKUO VQ DG RWV KP RNCEG VQ RTQVGEV VJG %QORCP[ÂżU CUUGVU Hierarchy is to be set based on the authorization and responsibility of executives and employees who will be subject to the auditing and check-and-balance mechanisms. Operation procedures are to be written. The Company also needs to have an independent internal audit department to audit every departmentâ&#x20AC;&#x2122;s performance if it performs according to the regulations as well as to assess their internal control mechanisms to see if they are enough and efficient.

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ĄĕøĆâĕĆøŇĐøňĕüâĕĆúěéĆėøĎĆĚĐåĐĆŋĆĔþëĔüĐąŇĕèğåĆŇèåĆĔ÷ âĆĆĄâĕĆ ÿĜňýĆėĎĕĆ ĠĈēāüĔâèĕüĄĘĎüňĕúĘħþñėýĔøėøĕĄüġąýĕąâĕĆâĬ ĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷ĘĠĈēâĕĆøŇĐøňĕüâĕĆúěéĆėø

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ĠĈēþñėýĔøėøĕĄ čĆňĕèĊĔõüûĆĆĄĐèåŋâĆúĘħìĚħĐčĔøąŋĠĈēąę÷ĄĔħüĢüåĊĕĄğþŎüûĆĆĄ éĔ÷ĢĎňĄĘâĕĆĀŀâĐýĆĄĠâŇāüĔâèĕüăĕąĢüĐèåŋâĆ ğāĚħĐčŇèğčĆėĄĢĎňāüĔâèĕüĄĘåĊĕĄìĚħĐčĔøąŋčěéĆėøøŇĐĎüňĕúĘħĠĈēāĆňĐĄéēüĬĕ

ĎĈĔââĕĆĠĈēéĆĆąĕýĆĆöĢüüġąýĕąâĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷ĘğþŎüĎĈĔâþñėýĔøėĢüâĕĆ÷Ĭĕğüėüèĕü÷ňĊąåĊĕĄğåĆŇèåĆĔ÷

úĔĨèĐèåŋâĆ ýĆėČĔúéĔ÷ĢĎňĄĘâĆēýĊüâĕĆýĆėĎĕĆèĕüýěåĈĕâĆúĘħčēúňĐüùęèåĊĕĄĄěŇèĄĔħüãĐèýĆėČĔúøŇĐĄĕøĆâĕĆøŇĐøňĕüâĕĆúěéĆėøĠĈē

åĐĆŋĆĔþëĔüøĔĨèĠøŇâĕĆåĔ÷ğĈĚĐâ âĕĆĐýĆĄ âĕĆþĆēğĄėüÿĈèĕü âĕĆĢĎňÿĈøĐýĠúü ĠĈēâĕĆğĈĚħĐüøĬĕĠĎüŇè ýĆėČĔúéĔ÷ĢĎňĄĘâĕĆøĆĊéčĐýăĕąĢüğāĚħĐĢĎňğâė÷åĊĕĄĄĔħüĢéĊŇĕĆēýýâĕĆåĊýåěĄăĕąĢüëŇĊąĢĎňýĆėČĔúýĆĆĈěğþŃĕĎĄĕą

úĘħĊĕèģĊňģ÷ň ĆĊĄúĔĨèøĆĊéčĐýâĕĆþñėýĔøėèĕüãĐèúěâĎüŇĊąèĕüĢĎňğþŎüģþøĕĄãňĐâĬĕĎü÷ âðĆēğýĘąý ĠĈēëŇĊąåňüĎĕ

ãňĐýâāĆŇĐèéě÷ĐŇĐü ĆĊĄùęèĢĎňåĕĬ ĠüēüĬĕĢüâĕĆāĔõüĕĆēýýâĕĆþñėýøĔ èė ĕüĢĎňĄþĘ ĆēčėúûėăĕāĠĈēþĆēčėúûėÿĈøĕĄĠüĊúĕè

âĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷Ę ĢĎňåĊĕĄĆŇĊĄĄĚĐâĔýăĕåĆĔòĢüâĕĆâĬĕĎü÷ĢĎňúâě ĎüŇĊąèĕüúĘğħ þŎüåĜčŇ î Ĕ îĕâĔýăĕåĆĔò ğþľ÷ğÿąĠýýĠč÷èýĔîëĘĆĕąĆĔý ĆĕąéŇĕą

øŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆþŃĐèâĔüĠĈēþĆĕýþĆĕĄúěéĆėøĠĎŇèëĕøė þ þ ë âĬĕĎü÷ĢĎňğĈãĕüěâĕĆýĆėČĔúĠĈēÿĜňéĔ÷âĕĆøĆĊéčĐýăĕąĢüğþŎüýěååĈúĘħúĬĕĎüňĕúĘħĢĎňğâė÷âĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷Ę

;aD<TD$TE6[`G_EYgO*$TEb- % OC[GBTDb; åöēâĆĆĄâĕĆýĆėČĔúøĆēĎüĔâùęèåĊĕĄčĬĕåĔîãĐèâĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷ĘĠĈēğāĚħĐåĊĕĄġþĆŇèĢčĠĈēþŃĐèâĔüâĕĆĠčĊèĎĕ ÿĈþĆēġąëüŋčĊŇ üøüéĕââĕĆĢëňãĐň ĄĜĈăĕąĢüãĐèýĆėČúĔ úĘąħ èĔ ģĄŇģ÷ňğþľ÷ğÿąøŇĐčĕûĕĆöëü ýĆėČúĔ ģ÷ňâĕĬ Ďü÷üġąýĕąâĕĆĢëňãĐň ĄĜĈăĕąĢü ãĐèýĆėČĔú ÷ĔèüĘĨ ĢĎňåĊĕĄĆĜňĠâŇâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ğâĘħąĊâĔýĎüňĕúĘħĢüâĕĆĆĕąèĕüâĕĆùĚĐåĆĐèĎĈĔâúĆĔāąŋãĐèøü åĜŇčĄĆč ĠĈēýěøĆ

úĘąħ èĔ ģĄŇýĆĆĈěüøė ăė ĕĊēøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ øĕĄĄĕøĆĕ ĠĈēýúâĬĕĎü÷ġúČ

øĕĄĄĕøĆĕ ĠĎŇèāĆēĆĕëýĔîîĔøėĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ā ċ ĆĊĄúĔĨèúĘħĄĘâĕĆĠâňģãğāėħĄğøėĄ ĆĊĄúĔĨè

âĕĆĆĕąèĕüâĕĆģ÷ňĄĕĎĆĚĐéĬĕĎüŇĕąĎĈĔâúĆĔāąŋãĐèøü åĜŇčĄĆč ĠĈēýěøĆúĘħąĔèģĄŇýĆĆĈěüėøėăĕĊēøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆ

âĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ øĕĄĄĕøĆĕ ĠĈēýúâĬĕĎü÷ġúČ øĕĄĄĕøĆĕ ĠĎŇèāĆēĆĕëýĔîîĔøė

ĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ā ċ ĆĊĄúĔĨèúĘħĄĘâĕĆĠâňģãğāėħĄğøėĄ ĢĎňâĆĆĄâĕĆĠĈēÿĜýň ĆėĎĕĆãĐèýĆėČúĔ ĆĊĄùęèåĜčŇ ĄĆčĠĈēýěøĆúĘąħ èĔ ģĄŇýĆĆĈěüøė ăė ĕĊē éĔ÷úĬĕĠĈēğþľ÷ğÿąĆĕąèĕüâĕĆùĚĐåĆĐè

ĎĈĔâúĆĔāąŋĠĈēĆĕąèĕüâĕĆğþĈĘħąüĠþĈèâĕĆùĚĐåĆĐèĎĈĔâúĆĔāąŋãĐèýĆėČĔúøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋ

ĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ øĕĄĄĕøĆĕ ĠĈēýúâĬĕĎü÷ġúČ øĕĄĄĕøĆĕ ĠĎŇèāĆēĆĕëýĔîîĔøėĎĈĔâúĆĔāąŋĠĈē

øĈĕ÷ĎĈĔâúĆĔāąŋ ā ċ ĆĊĄúĔĨèúĘħĄĘâĕĆĠâňģãğāėħĄğøėĄ ĠĈēéĔ÷čŇèčĬĕğüĕĆĕąèĕüüĘĨĢĎňĠâŇýĆėČĔú ĢüĊĔüğ÷ĘąĊâĔý

ĊĔüúĘħčŇèĆĕąèĕüøŇĐčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ

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The Anti-Corruption Policy Nok Air places a priority to anti-corruption. It fully commits to integrity and transparency when it comes to management and accountability for all stakeholders. The firm has come up with the best practice of the Board of Directors, the management and employees as reflected in the business Code of Conduct and the employeeâ&#x20AC;&#x2122;s Code of Conduct which are considered part of its corporate governance.

Corruption refers to an act or an omission not to act in oneâ&#x20AC;&#x2122;s duty or an unscrupulous exercise of oneâ&#x20AC;&#x2122;s power and violation of the laws, the Code of Conduct, regulation or policy of the Company in order to seek unqualified benefit in various manners such as demanding, accepting, offering or giving a property or any other benefit to a public official or any other individual who is doing a business with the firm.â&#x20AC;?

In addition, Nok Air has formulated the anti-corruption policy as a guideline for its practice as follows.

1. Directors, executives and employees shall in no case corrupt or support the corruption and will strictly comply with the anti-corruption measures. &KTGEVQTU GZGEWVKXGU CPF GORNQ[GGU JCXG C TQNG VQ EQORN[ YKVJ VJG IQQF EQTRQTCVG IQXGTPCPEG RQNKE[ CPF the anti-corruption policy. The Board of Directors has entrusted the management to communicate and implement anti-corruption measures.

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5. Nok Air will have a human resource management system that reflects its anti-corruption commitment starting from when it recruits to its training, performance evaluation, offer of remunerations and job promotion. #P KPVGTPCN CWFKV YKNN DG RWV KP RNCEG HQT VJG %QORCP[ VQ CEJKGXG KVU IQCN CPF VQ CWFKV GXGT[ FGRCTVOGPV VQ UGG if they have complied with rules and regulations as well as to find out weaknesses and loopholes. In addition, the internal audit should provide advice regarding how to improve the operation system to become effective and efficient under the good corporate governance guideline. %QQRGTCVKPI YKVJ VJG RWDNKE UGEVQT D[ TGSWKTKPI GXGT[ FGRCTVOGPV YJQ DGEQOGU C EQPVTCEVWCN RCTV[ YKVJ VJG UVCVG to disclose their incomes and expenses to the National Anti-Corruption Commission of Thailand (NACC). &GUKIPCVKPI VJG %QORCP[ 5GETGVCT[ CPF VJG KPVGTPCN CWFKV OCPCIGT CU RGTUQPU YJQ UJCNN TGCNK\G VJG EQTRQTCVG governance.

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5GEVKQP CPF RGPCNVKGU WPFGT 5GEVKQP QH VJG 5GEWTKVKGU CPF 'ZEJCPIG #EV $ ' CPF the amended. &KTGEVQTU CPF EQORCP[ GZGEWVKXGU CU YGNN CU URQWUGU CPF PQP OCVWTGF EJKNFTGP CTG TGSWKTGF VQ RTGRCTG and disclose their securities-holding report and a report indicating the change of their holding of

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&KTGEVQTU GZGEWVKXGU GORNQ[GGU CPF YQTMGTU QH VJG %QORCP[ CPF KVU UWDUKFKCTKGU IGVVKPI CEEGUU VQ KPVGTPCN information that is material enough to affect the price of the Companyâ&#x20AC;&#x2122;s securities are to exercise their caution when trading the Companyâ&#x20AC;&#x2122;s securities within one month before the financial statements or such internal information KU FKUENQUGF VQ VJG RWDNKE CPF YKVJKP JQWTU CHVGT UWEJ KPVGTPCN KPHQTOCVKQP YCU FKUENQUGF VQ VJG RWDNKE Those relating to the internal information must not disclose the information to anyone unless the information KU PQVKHKGF VQ VJG 5'6 4GICTFKPI VJG RGPCNVKGU KP ECUG QH XKQNCVKQP 0QM #KT YKNN EQPUKFGT KV CU C FKUEKRNKPCT[ violation against the Companyâ&#x20AC;&#x2122;s work regulations and will penalize the person based on the circumstance in the following manners: verbal warning, written warning, probation and termination by firing, dismissing or discharging, as the case may be. &KTGEVQTU GZGEWVKXGU GORNQ[GGU CPF YQTMGTU CTG RTQJKDKVGF VQ WUG VJG %QORCP[ÂżU KPVGTPCN KPHQTOCVKQP PQV [GV released to the public that has or may have an effect to the Companyâ&#x20AC;&#x2122;s securities price and that they have known due to their position in the buying or selling or to offer to buy or sell or to persuade someone else to buy or sell or to offer to buy or sell the Companyâ&#x20AC;&#x2122;s other shares or securities (if any) whether directly or indirectly in a manner that could negatively affect the Company directly or otherwise and whether or not such an action is executed for oneâ&#x20AC;&#x2122;s interest or for someone elseâ&#x20AC;&#x2122;s or to disclose such fact for someone else to undertake these foregoing actions whether or not the directors, executives, employees and workers stand to benefit from it.

5. Directors, executives, employees and workers of the Company or former directors, executives, employees and workers who have already resigned from the Company are prohibited to disclose its internal information QT VTCFG UGETGVU CU YGNN CU EQPĂ&#x152;FGPVKCN KPHQTOCVKQP QH VJG %QORCP[ÂżU UWRRNKGTU VJCV DGECOG MPQYP VQ VJGO during their performance to the third party (for a period of one year after leaving the Company in case of resignation) although such disclosure wonâ&#x20AC;&#x2122;t pose any negative effect to the Company and its suppliers. &KTGEVQTU GZGEWVKXGU GORNQ[GGU CPF YQTMGTU QH VJG %QORCP[ QT HQTOGT FKTGEVQTU GZGEWVKXGU GORNQ[GGU CPF YQTMGTU UJCNN JCXG C FWV[ VQ MGGR VJG %QORCP[ÂżU UGETGV CPF QT KPVGTPCN KPHQTOCVKQP CU YGNN CU C FWV[ to use such internal information for the benefit of the Companyâ&#x20AC;&#x2122;s business only. Directors, executives, employees CPF YQTMGTU QH VJG %QORCP[ CTG RTQJKDKVGF VQ WUG VJG %QORCP[ÂżU UGETGV CPF QT KPVGTPCN KPHQTOCVKQP HQT the benefit of other companies in which they are shareholders, directors, executives, employees and workers. &KTGEVQTU GZGEWVKXGU GORNQ[GGU CPF YQTMGTU QH VJG %QORCP[ CTG QDNKIGF VQ EQORN[ YKVJ VJG IWKFGNKPGU QP VJG WUG QH KPVGTPCN KPHQTOCVKQP WPFGT VJG 5GEWTKVKGU CPF 'ZEJCPIG #EV CPF VJG #EV QP 2WDNKE .KOKVGF %QORCP[ as well as other regulations.

Connected Transaction Policy Nok Air will comply with the laws on securities and exchange and regulations, announcements, orders or TGSWKTGOGPVU QH VJG %CRKVCN /CTMGV 5WRGTXKUQT[ $QCTF CPF VJG 5'6 TGNCVKPI VQ EQPPGEVGF VTCPUCEVKQPU 'ZGEWVKXGU or stakeholders may not be involved in approving connected transactions.

If the law requires an approval from the Board of Directorsâ&#x20AC;&#x2122; meeting, the Company will have the Audit Committee attend the meeting to consider the matter and to provide an opinion as to the necessity and rationality of such transaction.

When executing a transaction which is a trade agreement with or without a general trade condition, one needs to do it on the basis of the following principles:

Transaction being a Trade Agreement with a Business Condition in General For a connected transaction which is a trade agreement that contains a general condition between the Company and its subsidiary vs a director, an executive or a person with relevance already approved in principle by the Board, the management may approve such transaction if it contains an agreement in the same manner a person will do to contractual parties in general under the same circumstance with a bargaining power that is influence-free from the fact that its status is the Companyâ&#x20AC;&#x2122;s director, executive or a person with relevance.

The Company will report transactions exceeding Baht 15 million in value to the Audit Committee and the Board of Directors on a quarterly basis.

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Transaction being a Trade Agreement without a Business Condition in General For any transaction that is a trade agreement but without a business condition in general, the transaction has to DG TGXKGYGF HKTUV D[ VJG #WFKV %QOOKVVGG DGHQTG KV EQWNF DG UWDOKVVGF VQ VJG $QCTF QH &KTGEVQTU CPF QT VJG 5JCTGJQNFGTUÂż Meeting for further approval. This however has to be in compliance with the laws on securities and exchange as well as TGIWNCVKQPU PQVKHKECVKQPU QTFGTU QT TGSWKTGOGPVU QH VJG %CRKVCN /CTMGV 5WRGTXKUQT[ $QCTF CPF VJG 5'6 CPF EQORNKCPEG with the requirements for disclosure of connected transactions.

If the Audit Committee has no expertise to review the connected transaction that may take place, the Company may appoint an independent expert or its auditor to express an opinion regarding the connected transaction to support C FGEKUKQP QH VJG #WFKV %QOOKVVGG CPF QT VJG $QCTF CPF QT UJCTGJQNFGTU CU VJG ECUG OC[ DG VQ GPUWTG VJCV VJG VTCPUCEVKQP is necessary and reasonable by taking into consideration the Companyâ&#x20AC;&#x2122;s interest. Nok Air will disclose connected VTCPUCEVKQPU KP VJG #PPWCN 4GRQTV (QTO CPF PQVGU VQ HKPCPEKCN UVCVGOGPVU CNTGCF[ CWFKVGF D[ VJG %QORCP[ÂżU CWFKVQT

Policy for Prevention of Conflict of Interest The Board has formulated a policy for prevention of conflict of interest on the principle that any business decision is to be executed on the basis of the best interest of the Company only and any action that could lead to a conflict of interest shall be avoided at all costs where those relating to the matter or having an interest in the matter under the review must notify the Company of his relationship or interest in the transaction and will not be involved in a decision-making process, nor shall they be authorized to approve the transaction.

In addition, directors and executives are to submit a meeting agenda expected to cause a conflict of interest between the Company and any major shareholder to the Audit Committee in advance. If the Audit Committee finds the transaction as either of the following: (1) a connected transaction - the Audit Committee is to request the Board to EQORN[ YKVJ VJG 0QVKHKECVKQP QH VJG 5'6 4G &KUENQUWTG QH KPHQTOCVKQP CPF CEVKQP QH NKUVGF EQORCPKGU TGNCVKPI VQ EQPPGEVGF VTCPUCEVKQPU $ ' QT C EQPHNKEV QH KPVGTGUV VJG #WFKV %QOOKVVGG KU VQ KPHQTO VJG $QCTF QH &KTGEVQTU KUUWGU of possible conflict of interest and the directorâ&#x20AC;&#x2122;s name who could have a conflict of interest for the Board and the director VQ UVTKEVN[ EQORN[ YKVJ 5GEVKQP QH VJG 2WDNKE .KOKVGF %QORCP[ #EV In addition, if an executive or a company director is of the view that a transaction is clearly qualified as either a connected transaction or a transaction with a conflict of interest and he intends to comply with the Notification of VJG 5'6 4G &KUENQUWTG QH KPHQTOCVKQP CPF CEVKQP QH NKUVGF EQORCPKGU TGNCVKPI VQ EQPPGEVGF VTCPUCEVKQPU $ '

CPF QT 5GEVKQP QH VJG 2WDNKE .KOKVGF %QORCP[ #EV 4G #DUVGPVKQP QH FKTGEVQTU YKVJ FKTGEV QT KPFKTGEV KPVGTGUV JG UJG may submit the agenda directly to the Board of Directors without first seeking the Audit Committeeâ&#x20AC;&#x2122;s opinion.

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Investor Relations (IR) Policy 0QM #KT JCU CRRQKPVGF VJG +PXGUVQT 4GNCVKQPU GORNQ[GGU VQ EQOOWPKECVG YKVJ KPXGUVQTU UJCTGJQNFGTU KPUVKVWVKQPCN investors and minor shareholders. The Company will organize a regular analystâ&#x20AC;&#x2122;s meeting to analyze operation results and will release corporate information both financial and general to shareholders, securities analysts, credit rating CIGPEKGU CPF QVJGT RWDNKE DQFKGU VJTQWIJ XCTKQWU EJCPPGNU YJKEJ KPENWFG TGRQTVKPI VQ VJG 5'6 CPF VJG 5'% CU YGNN CU KVU YGDUKVG +P CFFKVKQP 0QM #KT JCU RNCEGF C RTKQTKV[ VQ C TGIWNCT FKUENQUWTG QH KVU KPHQTOCVKQP KP 6JCK CPF 'PINKUJ to ensure that shareholders constantly receive the information through its website. Information on the website, be it 0QM #KTÂżU XKUKQP OKUUKQP HKPCPEKCN UVCVGOGPVU 24 PGYU CPPWCN TGRQTV QTICPK\CVKQP UVTWEVWTG CPF GZGEWVKXGU UJCTGJQNFKPI TCVKQ CPF OCLQT UJCTGJQNFGTU KU EQPUVCPVN[ WRFCVGF +P VJG %QORCP[ EQOOWPKECVGF CPF RTQXKFGF KPHQTOCVKQP to various parties as follows. žÌáÏÚÏáß %QORCP[ XKUKV Analyst meeting 4QCFUJQY Opportunity Day

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1

1

Auditorâ&#x20AC;&#x2122;s Fee +P VJG %QORCP[ÂżU CWFKVQT HGG VQVCNGF $CJV OKNNKQP YKVJ PQ QVJGT UGTXKEG HGG

Personnel #U QH ,CPWCT[ VJG %QORCP[ JCF VJG HQNNQYKPI GORNQ[GGU KPENWFKPI GZGEWVKXGU

2KNQV %TGY /CKPVGPCPEG UVCHH )TQWPF UGTXKEG UVCHH *GCF 1HHKEG UVCHH (NKIJV QRGTCVKQP UVCHH Total

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1,406

Employeeâ&#x20AC;&#x2122;s Remunerations (Excluding Five Executives) &WTKPI (KUECN ;GCT VJG %QORCP[ RCKF VJG HQNNQYKPI VQ GORNQ[GGU CPF GZGEWVKXGU KP C HQTO QH UCNCT[ and bonus:

5CNCT[ CPF DQPWU %QOOKUUKQP 1VJGT DGPGHKVU Total

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946.0

¯­Ž¹ ÂĽĂ&#x160;압옝 ¿äÍáŒ

1,187.2

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$O*9Z;LlTEO*_GWhD*-W@ ýĆėČĔúģ÷ňéĔ÷øĔĨèâĐèúěüčĬĕĆĐèğĈĘĨąèëĘā ğĄĚħĐĊĔüúĘħ âĆâðĕåĄ âĔýýĆėČĔúĎĈĔâúĆĔāąŋéĔ÷âĕĆâĐèúěü ģúąāĕöėëąŋ éĬĕâĔ÷ ġ÷ąĄĘĊøĔ ùěþĆēčèåŋğāĚĐħ čŇèğčĆėĄâĕĆĐĐĄãĐèāüĔâèĕüĢüĆēąēąĕĊ čĆňĕèĎĈĔâþĆēâĔüĢĎňâýĔ āüĔâèĕüĠĈēåĆĐýåĆĔĊ ĢüâĆöĘúĐĘħ Đâéĕâèĕü ğâČĘąöĐĕąě ĎĆĚĐğčĘąëĘĊėø üĐâéĕâüĘĨâĐèúěüčĬĕĆĐèğĈĘĨąèëĘāąĔèğþŎüĠĆèéĜèĢéúĬĕĢĎňāüĔâèĕüúĬĕèĕüâĔýýĆėČĔúğþŎüĆēąēğĊĈĕüĕü âŇĐĢĎňğâė÷åĊĕĄčĔĄāĔüûŋúĘħ÷ĘĆēĎĊŇĕèüĕąéňĕèĠĈēĈĜâéňĕè ìęħèëŇĊąĢĎňþĆēčėúûėăĕāĢüâĕĆúĬ ĕèĕü÷ĘãęĨü ġ÷ąĢüþĿ ýĆėČĔúģ÷ňéŇĕą ğèėüčĄúýğãňĕâĐèúěüčĬĕĆĐèğĈĘĨąèëĘā éĬĕüĊü Ĉňĕüýĕú

;aD<TD$TE@S4;T<Z'GT$E ýěåĈĕâĆùĚĐğþŎüþŌééĔąčĬĕåĔîĢüâĕĆÿĈĔâ÷ĔüĢĎňýĆėČĔúğøėýġøĐąŇĕèąĔħèąĚü ýĆėČĔúģ÷ňøĆēĎüĔâùęèåĊĕĄčĬĕåĔîĢüâĕĆ÷ĜĠĈĠĈē āĔõüĕúĆĔāąĕâĆýěååĈĐąŇĕèøŇĐğüĚħĐè ğāĚħĐğčĆėĄčĆňĕèċĔâąăĕāãĐèāüĔâèĕüĠĈēğčĆėĄčĆňĕèĊĔõüûĆĆĄĐèåŋâĆ čĬĕĎĆĔýāüĔâèĕüúĔħĊģþ ýĆėČĔúéĔ÷ĢĎňĄĘâĕĆĀŀâĐýĆĄğþŎüþĆēéĬĕúěâþĿ čĬĕĎĆĔýýěåĈĕâĆúĘħĄĘåĊĕĄëĬĕüĕîğêāĕē÷ňĕü ğëŇü üĔâýėü āüĔâèĕüăĕåāĚĨü ĠĈēĊėċĊâĆ ýĆėČĔúâĬĕĎü÷ĢĎňĄĘâĕĆĐýĆĄĐąŇĕè čĄĬħĕğčĄĐ ğāĚħĐğčĆėĄčĆňĕèåĊĕĄĆĜňĠĈēåĊĕĄëĬĕüĕîğêāĕē÷ňĕüĢüâĕĆþñėýĔøėèĕü üĔâ ýėü ĠüĊúĕèâĕĆčĆĆĎĕýěåĈĕâĆâĕĆýėü ìęħèþĆēâĐýģþ÷ňĊąåĆĜâĕĆýėüĠĈēüĔâýėü ĄĘ÷ĔèüĘĨ ÿĜňåĊýåěĄĐĕâĕċąĕü %CRVCKP ýĆėČĔúĄĘüġąýĕąĊŇĕéňĕèýěåĈĕâĆúĘħĄĘþĆēčýâĆöŋúĕèâĕĆýėüúĘħčĜè ġ÷ąĄėģ÷ňâĬ ĕĎü÷Đĕąě

ãĐèüĔâýėüģĊňģĄŇğâėüúĘħ þĿ ĐąŇĕèčĕąâĕĆýėüĐĚħü éęèúĬĕĢĎňýĆėČĔúĄĘġĐâĕčĊŇĕéňĕèýěåĈĕâĆúĘħğâČĘąöĐĕąěâŇĐüâĬĕĎü÷

ĎĆĚĐğâČĘąöĐĕąěéĕâčĕąâĕĆýėüĐĚħü ìęħèĄĘåĊĕĄčĕĄĕĆùĠĈēþĆēčýâĕĆöŋâĕĆýėüúĘħčĜè ĠøŇąĔèčĕĄĕĆùúĬĕâĕĆýėüģ÷ň

ĠĈēąĔ è ĄĘ åě ö čĄýĔ øė ø Ň ĕ èĥ åĆýùň Ċ üøĕĄúĘħ â ĆĄâĕĆýė ü āĈğĆĚ Đ üâĬ ĕ Ďü÷ üĐâéĕâüĘĨ ý Ćė ČĔ ú ąĔ è čĆĆĎĕüĔ â ýė ü ÿĜ ň ë Ň Ċ ą

ĄĘþĆēčýâĕĆöŋúĕèâĕĆýėüčĜè ĄĘåěöčĄýĔøėåĆýùňĊü ĠĈēÿŇĕüâĕĆøĆĊéčĐýøĕĄĄĕøĆòĕüčĕâĈ Ąĕ÷ĬĕğüėüâĕĆĀŀâĐýĆĄ

ğāĚħĐğĈĚħĐüòĕüēãęĨüğþŎüÿĜňåĊýåěĄĐĕâĕċąĕü üĔâýėüÿĜňëŇĊą %Q 2KNQV ýĆėČĔúĄĘâĕĆčĐýåĔ÷ğĈĚĐâüĔâýėüÿĜňëŇĊąøĕĄĊĕĆē øĕĄåĊĕĄøňĐèâĕĆýěåĈĕâĆâĕĆýėüãĐèýĆėČĔú

ġ÷ąāėéĕĆöĕøĕĄåĊĕĄğĎĄĕēčĄâĔýéĬĕüĊüğåĆĚħĐèýėüúĘħğāėħĄãęĨü ġ÷ąÿĜňúĘħģ÷ňĆĔýčėúûėĢüâĕĆğãňĕčĐýğāĚħĐğþŎüüĔâýėüãĐèýĆėČĔú

éēøňĐèéýþĆėîîĕøĆĘãęĨüģþĢüčĕãĕúĘħğĎĄĕēčĄâĔýâĕĆğþŎüüĔâýėü ĠĈēøňĐèéýĎĈĔâčĜøĆâĕĆýėüéĕâčùĕýĔüâĕĆýėü

úĔèĨ ĢüĠĈēøŇĕèþĆēğúċúĘâħ ĆĄâĕĆýėüāĈğĆĚĐüĆĔýĆĐè øĈĐ÷éüøňĐèĄĘĢýĐüěîĕøãĔýãĘğħ åĆĚĐħ èýėü %QOOGTEKCN 2KNQV .KEGPUG

ĠĈēğĐâčĕĆĆĔýĆĐèâĕĆøĆĊéčěãăĕāčĬĕĎĆĔýÿĜúň ĕĬ èĕüĢüĐĕâĕċ ÷ĔèüĔüĨ ÿĜúň ğĘħ ãňĕčĐýéēĄĘúèĔĨ üĔâýėüéĕâăĕåĆĕëâĕĆĠĈēğĐâëü

ğþŎüéĬĕüĊüĄĕâĢüĠøŇĈēåĆĔĨèãĐèâĕĆčĐý üĔâýėüúĘħģ÷ňĆĔýâĕĆåĔ÷ğĈĚĐâĠĈňĊ éēøňĐèğãňĕĆĔýâĕĆĀŀâĐýĆĄøĕĄĎĈĔâčĜøĆúĘħâĆĄâĕĆýėüāĈğĆĚĐüâĬĕĎü÷÷ĔèüĘĨ ĎĈĔâčĜøĆúĔħĊģþčĬĕĎĆĔýüĔâýėüāĕöėëąŋ ĎĈĔâčĜøĆğêāĕēĠýýğåĆĚħĐèýėüúĘħéēøňĐèúĬĕâĕĆýėü ĎĈĔâčĜøĆĢüâĕĆýĆėĎĕĆéĔ÷âĕĆĆēĎĊŇĕèÿĜňúĘħþñėýĔøėâĕĆýėüĠĈēÿĜňúĘħčüĔýčüěüâĕĆýėü %TGY 4GUQWTEG /CPCIGOGPV

ĎĆĚĐ %4/ ğĄĚĐħ ÿŇĕüĎĈĔâčĜøĆúĕè÷ňĕüăĕåāĚüĨ ĠĈňĊ üĔâýėüğĎĈŇĕüĘéĨ ēøňĐèğãňĕĆĔýâĕĆĀŀâĐýĆĄĢüčŇĊüãĐèăĕåĐĕâĕċøŇĐģþ ìęèħ þĆēâĐý÷ňĊą âĕĆĀŀâýėüâĔýğåĆĚħĐèýėüéĬĕĈĐè 5KOWNCVQT âĕĆĀŀâýėüâĔýğåĆĚħĐèýėüéĆėè ġ÷ąúĔĨèĎĄ÷üĘĨéēĄĘåĆĜâĕĆýėüğþŎüÿĜňĆĔýÿė÷ëĐý ĠĈē÷ĬĕğüėüâĕĆ øĕĄĆēğýĘąýþñėýĔøėãĐèýĆėČĔúÿĜňčĆňĕèğåĆĚħĐèýėü ġ÷ąâĆĄâĕĆýėüāĈğĆĚĐüéēğþŎüÿĜňøĆĊéčĐýĢüúěâãĔĨüøĐü üĔâýėüãĐèýĆėČĔúøňĐèğþŎüÿĜňúĘħāĆňĐĄĆĔýâĕĆøĆĊéčĐýøĈĐ÷ğĊĈĕúĔĨèéĕâĎüŇĊąèĕü÷ňĕüĄĕøĆòĕüâĕĆýėüãĐèýĆėČĔú úĔĨèéĕâ ğéňĕĎüňĕúĘħãĐèâĆĄâĕĆýėüāĈğĆĚĐü üĐâğĎüĚĐģþéĕââĕĆú÷čĐýåĊĕĄčĕĄĕĆù÷ňĕüâĕĆýėüúĘħøňĐèĄĘâĕĆøĆĊéčĐýúěâĥ ğ÷ĚĐü ĎĕâģĄŇÿŇĕüĢüãĔĨüøĐüĢ÷ãĔĨüøĐüĎüęħè üĔâýėüÿĜňüĔĨüéēģĄŇģ÷ňĆĔýĐüěîĕøĢĎňúĬĕâĕĆýėü ĠĈēøňĐèâĈĔýģþğãňĕâĆēýĊüâĕĆâĕĆğĆĘąüâĕĆĀŀâ øĕĄúĘħýĆėČĔúâĬĕĎü÷éüÿŇĕüĠĈňĊ éęèģ÷ňĆýĔ ĐüěîĕøĢĎňúĬĕâĕĆýėüğëŇüğ÷ėĄģ÷ň

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Provident Fund 0QM #KT UGV WR VJG RTQXKFGPV HWPF QP ,WN[ YKVJ 5%$ #UUGV /CPCIGOGPV %Q .VF 5%$#/ YKVJ CP QDLGEVKXG to promote employeeâ&#x20AC;&#x2122;s savings in the long run and to provide security to employees and their families upon resignation, retirement or death. The provident fund is also an incentive for workers to stay with the Company which will result KP C IQQF NCDQT TGNCVKQPU DGVYGGP VJG GORNQ[GT CPF KVU GORNQ[GGU VJCV EQWNF GPJCPEG YQTM GHHKEKGPE[ +P 0QM #KT RCKF OKNNKQP $CJV VQ VJG RTQXKFGPV HWPF

Human Resource Development Policy *WOCP TGUQWTEG KU C ETKVKECN HCEVQT VJCV CNNQYU 0QM #KT VQ ITQY KP C UWUVCKPCDNG OCPPGT 4GCNK\KPI VJG KORQTVCPEG of continued development and care of its human resources to enhance their potential and to promote the airlineâ&#x20AC;&#x2122;s corporate culture, Nok Air organizes regular trainings on an annual basis.

For specialized personnel such as pilot, ground staff and engineer, Nok Air has constantly organized training to sharpen their expertise and specialty.

Pilot Nok Airâ&#x20AC;&#x2122;s recruitment guideline of flight personnel who consists of certified flight instructor and pilot is as follows.

Captain: Nok Air has a policy to hire personnel with intensive flight experiences without setting the pilotâ&#x20AC;&#x2122;s ceiling

CIG CV PQ OQTG VJCP [GCTU NKMG QVJGT CKTNKPGU VJG UVTCVGI[ YJKEJ CNNQYU VJG %QORCP[ VQ JKTG RKNQVU YJQ JCXG GCTN[ TGVKTGF or who has already retired from other airlines but are still able to fly and possess all qualifications as required by Department of Civil Aviation thanks to their expertise and experiences. In addition, Nok Air also recruits co-pilots, with intensive flight experiences, who are fully qualified and pass international standard requirements for further training to be promoted as captain.

Co-pilot: Nok Air organizes a co-pilot examination based on demands for its flight personnel where the consideration is based on the increasing number of aircraft. Qualified persons who are entitled to sit in an examination to be Nok Airâ&#x20AC;&#x2122;s pilot has to be an undergraduate in a field appropriate to become a pilot, complete a flight training from domestic and overseas flight institutes certified by Department of Civil Aviation and possess a commercial pilot license and a health certificate for airborne personnel. As a result, this attracts a large number of pilots from the public and private sectors in each examination.

Selected pilots will be required to attend the training required by Department of Civil Aviation as follows: )GPGTCN VTCKPKPI HQT EQOOGTEKCN RKNQVU Specific training based on the aircraft model to pilot %TGY TGUQWTEG OCPCIGOGPV %4/ VTCKPKPI Once passing the ground training courses, these pilots will have to attend the airborne training which include simulator training and training with actual aircraft, all of which is responsible by certified flight instructors and carried out in accordance with the rules and regulations of aircraft manufacturers subject to the examination of Department of Civil Aviation in every step.

Nok Airâ&#x20AC;&#x2122;s pilot is to be ready for any auditing at all times whether from the Companyâ&#x20AC;&#x2122;s aviation standard department or from Department of Civil Aviation aside from the test of aviation capability held every six month. If failing to pass the test CV CP[ UVGR VJG RKNQV YQPÂżV DG CNNQYGF VQ HN[ CPF YKNN JCXG VQ TGVWTP VQ C TGXKGY VTCKPKPI CU TGSWKTGF D[ VJG HKTO WPVKN JG she passes the test before being airborne again.

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üĐâğĎüĚĐéĕââĕĆğĆĘąüâĕĆĀŀâĢü÷ňĕüâĕĆýėüĠĈňĊ üĔâýėüìęħèùĚĐĊŇĕğþŎüýěåĈĕâĆúĘħĄĘåŇĕãĐèýĆėČĔú éēģ÷ňĆĔýâĕĆāĔõüĕøŇĐģþ ĢüčĕãĕĐĚħüĥ ÷ňĊą ġ÷ąĄĘġåĆèâĕĆğãňĕĆĔýâĕĆĐýĆĄĎĈĔâčĜøĆøŇĕèĥ ãĐèýĆėČĔúúĘħâĬĕĎü÷ġ÷ąĀłĕąýěååĈ ğëŇü ĎĈĔâčĜøĆ÷ňĕüýĆėĎĕĆéĔ÷âĕĆ ÷ňĕüåĊĕĄğþŎüÿĜňüĬĕ ĠĈēĐĚħüĥ ğāĚħĐĄĘéě÷þĆēčèåŋĢĎňüĔâýėüãĐèýĆėČĔúğþŎüüĔâýėüĐĕëĘāĐąŇĕèĠúňéĆėè āüĔâ èĕüøňĐüĆĔýýüğåĆĚħĐèýėü ĈĜâ ğĆĚĐ āüĔâèĕüøňĐüĆĔýýüğåĆĚħĐèýėüúĘħģ÷ňĆĔýåĔ÷ğĈĚĐâĢĎĄŇúěâåüéĬĕğþŎüøňĐèÿŇĕüâĕĆĐýĆĄ÷ňĕüâĕĆýĆėâĕĆĈĜâåňĕ ÷ňĕüåĊĕĄĆĜňøŇĕèĥ ğâĘħąĊâĔýğåĆĚħĐèýėü ĠĈēåĊĕĄþĈĐ÷ăĔąĢüâĆöĘğâė÷ğĎøěêěâğêėüøŇĕèĥ ìęħèâĕĆĐýĆĄ÷ĔèâĈŇĕĊéēéĔ÷ãęĨüġ÷ąĢëňčùĕüúĘħĠĈēĐěþâĆöŋãĐè âĕĆýėüģúą ğüĚħĐèéĕâýĆėČĔúąĔèģĄŇĄĘüġąýĕąĈèúěüčĆňĕèċĜüąŋĀŀâĐýĆĄĈĜâğĆĚĐ üĐâéĕâüĔĨüýĆėČĔúâĬ ĕĎü÷ĢĎňāüĔâèĕüøňĐüĆĔýúěâåü ãĐèýĆėČĔúøňĐèĐýĆĄĎĈĔâčĜøĆ÷ĔèâĈŇĕĊğþŎüþĆēéĬĕúěâþĿ ĠĈēúĔĨèüĘĨýĆėČĔúĄĘüġąýĕąğčĆėĄčĆňĕèåĊĕĄĆĜňåĊĕĄčĕĄĕĆù÷ňĕüĐĚħüĥ ĢĎňâĔý āüĔâèĕüøňĐüĆĔýýüğåĆĚħĐèýėüãĐèýĆėČĔú ġ÷ąĄěŇèğüňüĢĎňĀŀâèĕüĎĆĚĐú÷ĈĐèèĕüâĔýĠÿüâĐĚħüãĐèýĆėČĔú ğāĚħĐĢĎňĄĘúĔâČēåĊĕĄĆĜňğāėħĄğøėĄ ĠĈēčĕĄĕĆùþñėýĔøėèĕüĐĚħüģ÷ňĎĈĔèéĕâĎĄ÷ĐĕąěčĔîîĕâĕĆğþŎüāüĔâèĕüøňĐüĆĔýýüğåĆĚħĐèýėüâĔýýĆėČĔú ĊėċĊâĆ ýĆėČĔúĄĘâĕĆåĔ÷ğĈĚĐâĊėċĊâĆúĘħĄĘþĆēčýâĕĆöŋøĆèúĕè÷ňĕüâĕĆìŇĐĄýĬ ĕĆěèğåĆĚħĐèýėüģĄŇüňĐąâĊŇĕ þĿ ĠĈēĄĘĢýĐüěîĕø üĕąëŇĕèăĕåāĚĨü÷ėüþĆēğăú éĕââĆĄâĕĆýėüāĈğĆĚĐü ĊėċĊâĆéēøňĐèÿŇĕüâĕĆĀŀâĐýĆĄ ĎĈĔâčĜøĆĎĈĔâ ģ÷ňĠâŇ ĎĈĔâčĜøĆ *WOCP (CEVQT ìęħèğâĘħąĊãňĐèâĔýâĕĆéĔ÷âĕĆåĊĕĄþĈĐ÷ăĔą úĔħĊģþĠĈēåĊĕĄğčĘħąèúĘħéēğâė÷ĐěýĔøėğĎøěĢüâĕĆúĬĕèĕüéĕâøĔĊýěååĈ ĠĈēĎĈĔâčĜøĆ 6[RG .KEGPUG %QWTUG ğþŎüâĕĆĐýĆĄčĬ ĕĎĆĔý âĕĆìŇĐĄýĬĕĆěèğåĆĚħĐèýėüĢüĠøŇĈēþĆēğăúéęèčĕĄĕĆùúĬĕâĕĆìŇĐĄýĬĕĆěèğåĆĚħĐèýėüþĆēğăúüĔĨüģ÷ň úĔĨèüĘĨ ĊėċĊâĆâĕĆýėüúĘħùĚĐĢýĐüěîĕø âĕĆìŇĐĄýĬĕĆěèéĬĕğþŎüéēøňĐèĄĘâĕĆğãňĕĐýĆĄĎĈĔâčĜøĆ $TWUJ 7R ğþŎüþĆēéĬĕúěâ þĿ ĊėċĊâĆéēģĄŇčĕĄĕĆùğìĦüĢýčĄåĊĆğ÷ėüĐĕâĕċ ãĐèĐĕâĕċąĕüüâĠĐĆŋģ÷ňéüâĊŇĕéēģ÷ňĆĔýâĕĆĐüěĄĔøėğþŎüĈĕąĈĔâČöŋĐĔâČĆéĕâĀłĕąĆĔâČĕĄĕøĆòĕüâĕĆìŇĐĄýĬĕĆěèĐĕâĕċąĕü

% O@V@T96 T;`E**T; ö ĊĔüúĘħ ûĔüĊĕåĄ ýĆėČĔúģĄŇĄĘãňĐāėāĕúúĕè÷ňĕüĠĆèèĕü

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Aside from the flight training, pilot who is considered the Companyâ&#x20AC;&#x2122;s valuable resource, will also be trained in other fields such as leadership management and others which are the Companyâ&#x20AC;&#x2122;s own training courses as required D[ VJG *WOCP 4GUQWTEGU &GRCTVOGPV YKVJ CP RWTRQUG VQ VWTP VJG %QORCP[ÂżU RKNQV KPVQ C TGCN RTQ Crews All newly-recruited crews will be required to attend the customer service training, training about aircraft information and safety procedures during emergency training, all of which are held at Thai Airwaysâ&#x20AC;&#x2122; premise using Thaiâ&#x20AC;&#x2122;s facilities since Nok Air has no policy to invest in its own crew training center. In addition, Nok Air requires all crews to attend this training annually. The Company also has a policy to enhance other types of knowledge for its air hostesses by having them interned or working with other departments within the firm to nurture additional skills and to be able to work in other fields when the contract with the Company as cabin crews expires.

Engineer Nok Air selects maintenance engineers with no fewer than five years of direct experiences in aircraft maintenance YJQ CNUQ RQUUGUUGU VJG ITQWPF GPIKPGGT NKEGPUG %NCUU HTQO &GRCTVOGPV QH %KXKN #XKCVKQP Nok Airâ&#x20AC;&#x2122;s engineer is to complete two main training courses; namely, the Human Factor Training Course which is related to general safety management and accident risk from human factor; and the Type License Course which trains engineers to repair and maintain a particular type of aircraft for its airworthiness. Flight engineer possessing CP CKTETCHV OCKPVGPCPEG NKEGPUG KU VQ CVVGPF VJG DTWUJ WR EQWTUG GXGT[ VYQ [GCTU 'PIKPGGT YKNN PQV DG CDNG VQ UKIP Nok Airâ&#x20AC;&#x2122;s airworthiness certificate unless otherwise approved in writing by the Aircraft Maintenance Standard Department.

Labor Dispute #U QH &GEGODGT 0QM #KT JCF PQ NCDQT FKURWVG

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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Board of Directors Profile =ERIS7V'5R$EEC$TE<EþKS9

1. ;TDOBV@E BTKIS:; *

=ER:T;$EEC$TE`GR$EEC$TE

Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ ĎĈĔâčĜøĆ &KTGEVQT #EETGFKVCVKQP 2TQITCO &#2 ĆěŇü čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& þĆėîîĕġú %JGOKECN 'PIKPGGTKPI 7PKXGTUKV[ QH 9KUEQPUKP 75# þĆėîîĕġú 2TQFWEVKQP 7PKXGTUKV[ QH 9KUEQPUKP 75# þĆėîîĕøĆĘ ğåĄĘĊėċĊâĆĆĄ ğâĘąĆøėüėąĄĐĔü÷Ĕý éěďĕĈèâĆöŋĄĎĕĊėúąĕĈĔą čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè

þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü

þĆēûĕüâĆĆĄâĕĆĠĈēâĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü þĆēûĕüâĆĆĄâĕĆ ýĆėČĔú ĊěõėċĔâ÷ėī åĈėüėâ ĐėüğøĐĆŋâĆěʼnþ éĬĕâĔ÷ þĆēûĕüâĆĆĄâĕĆ ýĆėČúĔ ĠĐþčĈĕğéü éĬĕâĔ÷ úĘħþĆęâČĕ ĄĜĈüėûėìėğĄüøŋģúą þĆēûĕüâĆĆĄâĕĆýĆėĎĕĆĠĈēâĆĆĄâĕĆ ýĆėČĔú ğĐğāĦâìŋğìĈŇĕ éĬĕâĔ÷ þĆēûĕüâĆĆĄâĕĆýĆėĎĕĆĠĈēâĆĆĄâĕĆ ýĆėČĔú čąĕĄģýġĐģìğĐüìŋ éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú ĐèåŋâĕĆğăčĔëâĆĆĄ ğĄĐĆŋĆėğĐĐĆŋëĘĊĊĔøùě éĬĕâĔ÷ úĘħþĆęâČĕ ýĆėČĔú úěüĈ÷ĕĊĔĈąŋ éĬĕâĔ÷ þĆēûĕüâĆĆĄâĕĆýĆėĎĕĆ ĠĈēâĆĆĄâĕĆ ýĆėČĔú Ĉėüğ÷ň þĆēğúċģúą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆĐĬĕüĊąâĕĆ čùĕýĔüþľġøĆğĈĘąĄĠĎŇèþĆēğúċģúą âĆĆĄâĕĆ ýĆėČĔú ýĘğĐčúĘ ĐėĈĕčġøğĄĐĆŋč éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú ģúąāĈĕčøėâĠĈēğåĄĘăĔöôŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú âĆěèğúāìėüûėøėâčŋ éĬĕâĔ÷ âĆĆĄâĕĆĐėčĆē ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü

üĕąĐăėāĆ ăĕČĊĔûüŋ ĈĕĐĐâéĕâøĬĕĠĎüŇèþĆēûĕüâĆĆĄâĕĆĢüĊĔüúĘħ ûĔüĊĕåĄ ĠĈēúĘħþĆēëěĄåöēâĆĆĄâĕĆýĆėČĔúģ÷ňĄĘĄøėĠøŇèøĔĨèĢĎňâĈĔýğãňĕ÷ĬĕĆèøĬĕĠĎüŇèâĆĆĄâĕĆ øĔĨèĠøŇĊĔüúĘħ ĄâĆĕåĄ

ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

1. Mr. Apiporn Pasawat* Chairman and Director

#IG ;GCTU EDUCATION &KTGEVQT #EETGFKVCVKQP 2TQITCO &#2 6JCK +PUVKVWVG QH &KTGEVQTU / 5 %JGOKECN 'PIKPGGTKPI 7PKXGTUKV[ QH 9KUEQPUKP 75# /$# 2TQFWEVKQP 7PKXGTUKV[ QH 9KUEQPUKP 75# $CEJGNQT¿U &GITGG %JGOKECN 'PI 5GEQPF %NCUU *QPQT %JWNCNQPIMQTP 7PKXGTUKV[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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¯. ;TD;V@;: PR$WCW $EEC$TE

Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ ĎĈĔâčĜøĆ &KTGEVQT %GTVKHKECVKQP 2TQITCO čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆ #WFKV %QOOKVVGG 2TQITCO čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆ /QPKVQTKPI VJG +PVGTPCN #WFKV (WPEVKQP čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆ /QPKVQTKPI VJG 3WCNKV[ QH (KPCPEKCN 4GRQTVKPI čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆ /QPKVQTKPI VJG 5[UVGO QH +PVGTPCN %QPVTQN CPF 4KUM /CPCIGOGPV čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČúĔ ģúą +1& ĎĈĔâčĜøĆ /QPKVQTKPI (TCWF 4KUM /CPCIGOGPV čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& þĆēâĕċüĘąýĔøĆ $TGXGV F¿ #FOKPKUVTCVKQP 2WDNKSWG éĕâ 'EQNG 0CVKQPCNG F¿ #FOKPKUVTCVKQP '0# þĆēğúċĀĆĔħèğċč ĎĈĔâčĜøĆ &TCHVKPI QH 6GZVU CPF #FOKPKUVTCVKXG éĕâ + + # 2 čĕûĕĆöĆĔòĀĆĔħèğċč ĎĈĔâčĜøĆâĕĆāĔč÷ě 2WDNKE 2TQEWTGOGPV éĕâ + + # 2 čĕûĕĆöĆĔòĀĆĔħèğċč ĎĈĔâčĜøĆüĔââðĎĄĕąâćČðĘâĕ ĆěŇüúĘħ čĬĕüĔâèĕüåöēâĆĆĄâĕĆâćČðĘâĕ ĎĈĔâčĜøĆüĔâýĆėĎĕĆĆē÷ĔýčĜè ÿĜňüĬĕúĘħĄĘĊėčĔąúĔċüŋ ĆěŇüúĘħ čĬĕüĔâèĕü â ā ĎĈĔâčĜøĆâĕĆþŃĐèâĔüĆĕëĐĕöĕéĔâĆăĕåĆĔòĆŇĊĄğĐâëü þĆĐ ĆěŇüúĘħ ĊėúąĕĈĔąþŃĐèâĔüĆĕëĐĕöĕéĔâĆ ĊþĐ ĎĈĔâčĜøĆÿĜňýĆėĎĕĆĆē÷ĔýčĜè÷ňĕüĊėúąĕâĕĆāĈĔèèĕü ĆěŇüúĘħ čùĕýĔüĊėúąĕâĕĆāĈĔèèĕü þĆėîîĕøĆĘ üėøėċĕčøĆýĔöôėø ĄĎĕĊėúąĕĈĔąûĆĆĄċĕčøĆŋ & 5 7 &TQKV FW 6TCXCKN ĄĎĕĊėúąĕĈĔąþĕĆĘč ++ þĆēğúċĀĆĔħèğċč & 5 7 5QEKQNQIKG FW &TQKV ĄĎĕĊėúąĕĈĔąþĕĆĘč ++ þĆēğúċĀĆĔħèğċč & ' # 5QEKQNQIKG FW &TQKV ĄĎĕĊėúąĕĈĔąþĕĆĘč ++ þĆēğúċĀĆĔħèğċč čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü

âĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ģúąĠĈü÷ŋ āĆėĊėğĈé åĕĆŋ÷ éĬĕâĔ÷

ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

¯. Mr. Niphon Hakimi Director

#IG ;GCTU EDUCATION Director Certification Program, Thai Institute of Directors (IOD) Audit Committee Program, Thai Institute of Directors (IOD) Monitoring the Internal Audit Function (MIA), Thai Institute of Directors (IOD) /QPKVQTKPI VJG 3WCNKV[ QH (KPCPEKCN 4GRQTVKPI /(4 6JCK +PUVKVWVG QH &KTGEVQTU +1& /QPKVQTKPI VJG 5[UVGO QH +PVGTPCN %QPVTQN CPF 4KUM /CPCIGOGPV /+4 6JCK +PUVKVWVG QH &KTGEVQTU /QPKVQTKPI (TCWF 4KUM /CPCIGOGPV /(/ 6JCK +PUVKVWVG QH &KTGEVQTU +1& $TGXGV F¿ #FOKPKUVTCVKQP 2WDNKSWG 'EQNG 0CVKQPCNG F¿ #FOKPKUVTCVKQP '0# (TCPEG 4GRWDNKE &TCHVKPI QH 6GZVU CPF #FOKPKUVTCVKXG 2TQITCO + + # 2 (TCPEG 4GRWDNKE 2WDNKE 2TQEWTGOGPV 2TQITCO + + # 2 (TCPEG 4GRWDNKE Legal Counsel Program class 1, Office of the Juridical Council 6JG %KXKN 5GTXKEG 'ZGEWVKXG 2TQITCO 8KUKQPCT[ .GCFGTUJKR ENCUU 1HHKEG QH VJG %KXKN 5GTXKEG %QOOKUUKQP 6JG ,QKPV 5VCVG 2TKXCVG 5GEVQT %QWTUG ,52 %NCUU 0CVKQPCN &GHGPEG %QNNGIG 6JG 'ZGEWVKXG 2TQITCO KP Á'PGTI[ .KVGTCE[ HQT C 5WUVCKPCDNG (WVWTGÂ %NCUU 6JCKNCPF 'PGTI[ #ECFGO[ $CEJGNQT QH .CYU 6JCOOCUCV 7PKXGTUKV[ & 5 7 .CDQWT .CY 7PKXGTUKV[ QH 2CTKU ++ 2CPVJGQP #UUCU 7PKXGTUKV[ (TCPEG & 5 7 5QEKQNQI[ .CY 7PKXGTUKV[ QH 2CTKU ++ 2CPVJGQP #UUCU 7PKXGTUKV[ (TCPEG & ' # 5QEKQNQI[ .CY 7PKXGTUKV[ QH 2CTKU ++ 2CPVJGQP #UUCU 7PKXGTUKV[ (TCPEG SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV

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3. ;TDLCJS$6Vk a-7VES7;RJVEV $EEC$TE

Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ &KTGEVQT %GTVKHKECVKQP 2TQITCO &%2 ĆěŇüúĘħ čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& #WFKV %QOOKVVGG 2TQITCO #%2 ĆěŇüúĘħ čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆâĕĆþŃĐèâĔüĆĕëĐĕöĕéĔâĆ ĊþĐ ĆěŇüúĘħ ĊėúąĕĈĔąþŃĐèâĔüĆĕëĐĕöĕéĔâĆ ĊþĐ ĎĈĔâčĜøĆÿĜňýĆėĎĕĆâĆēýĊüâĕĆąěøėûĆĆĄĆē÷ĔýčĜè ýąč ĆěŇüúĘħ čùĕýĔüāĔõüĕãňĕĆĕëâĕĆĀłĕąøěĈĕâĕĆċĕĈąěøėûĆĆĄ ĎĈĔâčĜøĆûĆĆĄĕăėýĕĈãĐèÿĜňýĆėĎĕĆ þĿ čùĕýĔüāĆēþâğâĈňĕ ĎĈĔâčĜøĆüĔâýĆėĎĕĆĆē÷ĔýčĜè÷ňĕüâĕĆāĔõüĕûěĆâėéĐěøčĕĎâĆĆĄĠĈēâĕĆĈèúěü ĊûĐ ĆěüŇ úĘ ħ čùĕýĔüĊėúąĕâĕĆûěĆâėéĠĈēĐěøčĕĎâĆĆĄ (IBID) þĆėîîĕġú āĔõüýĆėĎĕĆċĕčøĆĄĎĕýĔöôėø ĆĔòþĆēċĕčüċĕčøĆŋ čùĕýĔüýĔöôėøāĔõüýĆėĎĕĆċĕčøĆŋ þĆėîîĕøĆĘ ċėĈþċĕčøĆýĔöôėø ĆĔòċĕčøĆŋ ĄĎĕĊėúąĕĈĔąğâČøĆċĕčøĆŋ čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü

âĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü ÿĜňĐĬĕüĊąâĕĆ čĬĕüĔâèýþĆēĄĕö ĆĐèÿĜňĐĬĕüĊąâĕĆ čĬĕüĔâèýþĆēĄĕö úĘħþĆęâČĕ čĬĕüĔâèýþĆēĄĕö

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3. Mr. Somsak Chotrattanasiri Director

#IG ;GCTU EDUCATION &KTGEVQT %GTVKHKECVG 2TQITCO &%2 %NCUU 6JCK +PUVKVWVG QH &KTGEVQTU +1& #WFKV %QOOKVVGG 2TQITCO #%2 %NCUU 6JCK +PUVKVWVG QH &KTGEVQTU +1& 0CVKQPCN &GHGPEG 2TQITCO %NCUU 0CVKQPCN &GHGPEG %QNNGIG 0&% 6JG 2TQITCOOG HQT 5GPKQT 'ZGEWVKXG QP %TKOKPCN ,WUVKEG #FOKPKUVTCVKQP %NCUU 0CVKQPCN #ECFGO[ QH %TKOKPCN Justice, Office of the Judiciary %QTRQTCVG )QXGTPCPEG 2TQITCO HQT &KTGEVQTU CPF 5GPKQT 'ZGEWVKXG QH 5VCVG 'PVGTRTKUG CPF 2WDNKE 1TICPK\CVKQP

-KPI 2TCLCFJKRQM¿U +PUVKVWVG 'ZGEWVKXG /CPCIGOGPV YKVJ $WUKPGUU &GXGNQROGPV CPF +PXGUVOGPV %QWTUG %NCUU +PUVKVWVG QH $WUKPGUU CPF +PFWUVTKCN Development (IBID) Master of Public Administration, National Institute of Development Administration (NIDA) $CEJGNQT QH #TVU 2QNKVKECN 5EKGPEGU -CUGVUCTV 7PKXGTUKV[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV 2TGUGPV

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4. _EYOOT$TJ_O$ C;7EW +lT_EWD* $EEC$TE

Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ ĎĈĔâčĜøĆâĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆčĬĕĎĆĔýâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆĆē÷ĔýčĜèãĐèĆĔòĊėčĕĎâėéĠĈēĐèåŋâĕĆĄĎĕëü čùĕýĔüāĔõüĕâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆĆē÷ĔýčĜèăĕåĆĔò 2&+ ĆěŇü ĎĈĔâčĜøĆ #PVK %QTTWRVKQP HQT 'ZGEWVKXG 2TQITCO #%'2 ĆěŇü čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆ .GCFGTUJKR 5WEEGUUKQP 2TQITCO .52 ĆěŇü ĄĜĈüėûėčùĕýĔüĊėéĔąĠĈēāĔõüĕĐèåŋâĆăĕåĆĔò +4&2 ĎĈĔâčĜøĆ $WUKPGUU .GCFGT &GXGNQROGPV 2TQITCO þĿ 7PKXGTUKV[ QH 1ZHQTF 7 þĆėîîĕýĆėĎĕĆûěĆâėé÷ěČðĘýĔöôėøâėøøėĄċĔâ÷ėī čĕãĕâĕĆéĔ÷âĕĆ ĄĎĕĊėúąĕĈĔąğúåġüġĈąĘĆĕëĄèåĈøēĊĔüĐĐâ þĆėîîĕøĆĘ ĊėúąĕċĕčøĆýĔöôėø čĕãĕĊėċĊâĆĆĄğåĆĚħĐèâĈ ġĆèğĆĘąüüĕąğĆĚĐĐĕâĕċ čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü

âĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ģúąčĄĕąĈŋĠĐĆŋğĊąŋ éĬĕâĔ÷ ĆĐèâĆĆĄâĕĆÿĜĐň ĕĬ üĊąâĕĆĢĎîŇčĕąâĈąěúûŋĐèåŋâĆĠĈēāĔõüĕĐąŇĕèąĔèħ ąĚü ýĆėČúĔ âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ýĆėâĕĆğëĚĨĐğāĈėèâĕĆýėüâĆěèğúā éĬĕâĔ÷ ĄĎĕëü ĆĐèâĆĆĄâĕĆÿĜňĐĬĕüĊąâĕĆĢĎîŇĀłĕąëŇĕè ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ÷ĐüğĄĚĐè ĐėüğøĐĆŋğüëĔħüĠüĈ ĠĐĆŋāĐĆŋø ġđğøĦĈ éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú ġĆèĠĆĄúŇĕĐĕâĕċąĕüčěĊĆĆöăĜĄė éĬĕâĔ÷

ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

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4. Flight Lieutenant Montree Jumrieng Director

#IG ;GCTU EDUCATION %QTRQTCVG )QXGTPCPEG HQT &KTGEVQTU CPF 5GPKQT 'ZGEWVKXGU QH 5VCVG 'PVGTRTKUGU CPF 2WDNKE 1TICPK\CVKQP %QWTUG 2WDNKE &KTGEVQT +PUVKVWVG 2&+ -KPI 2TCLCFJKRQM¿U +PUVKVWVG #PVK %QTTWRVKQP HQT 'ZGEWVKXG 2TQITCO #%'2 6JCK +PUVKVWVG QH &KTGEVQTU .GCFGTUJKR 5WEEGUUKQP 2TQITCO .52 +PUVKVWVG QH 4GUGCTEJ CPF &GXGNQROGPV HQT 2WDNKE 'PVGTRTKUGU +4&2 $WUKPGUU .GCFGT &GXGNQROGPV 2TQITCO 7PKXGTUKV[ QH 1ZHQTF 7 *QPQTCT[ &GITGG /CPCIGOGPV 4CLCOCPICNC 7PKXGTUKV[ QH 6GEJPQNQI[ 6JCP[CDWTK $CEJGNQT QH 5EKGPEG /GEJCPKECN 'PIKPGGTKPI 4Q[CN 6JCK #KT (QTEG #ECFGO[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV

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5. _EYOOT$TJa9 LZE@G OVJET*$[E 5 ODZ:DT $EEC$TE

Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ þĆėîîĕġú ĊėċĊâĆĆĄĐĕâĕċąĕü (QTV 9QTVJ 7PKXGTUKV[ 75# þĆėîîĕġú âĕĆýĆėĎĕĆéĔ÷âĕĆ čùĕýĔüýĔöôėøýĆėĎĕĆûěĆâėéċċėüúĆŋĠĎŇèéěďĕĈèâĆöŋĄĎĕĊėúąĕĈĔą þĆėîîĕøĆĘ ĊėúąĕċĕčøĆýĔöôėø čĕãĕĊėċĊâĆĆĄĐĕâĕċąĕü ġĆèğĆĘąüüĕąğĆĚĐĐĕâĕċ čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü

âĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü ĆĐèâĆĆĄâĕĆÿĜňĐĬĕüĊąâĕĆĢĎîŇčĕąâĕĆāĕöėëąŋ ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆÿĜňéĔ÷âĕĆĀłĕąåĆĔĊâĕĆýėü ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü ÿĜňĐĬĕüĊąâĕĆĀłĕąĊĕèĠÿüâĕĆøĐýčüĐèăĕĊēêěâğêėüĠĈēĊėâćøė ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü

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5. Flying Officer Suraphon Israngura Na Ayuthya Director

#IG ;GCTU EDUCATION /CUVGT QH 5EKGPEG KP #KTETCHV 'PIKPGGTKPI (QTV 9QTVJ 7PKXGTUKV[ 75# /CUVGT QH 5EKGPEG KP /CPCIGOGPV 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTCVKQP QH %JWNCNQPIMQTP 7PKXGTUKV[ $CEJGNQT QH 5EKGPEG KP #KTETCHV 'PIKPGGTKPI 4Q[CN 6JCK #KT (QTEG #ECFGO[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV RTGUGPV

&KTGEVQT 0QM #KTNKPGU 2%.

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6. ;TDa-'-SD = TD*' $EEC$TE

Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ þĆėîîĕġú %KXKN 'PIKPGGTKPI 7PKXGTUKV[ QH &GVTQKV 75# þĆėîîĕøĆĘ %KXKN 'PIKPGGTKPI 7PKXGTUKV[ QH &GVTQKV 75# þĆėîîĕøĆĘ #TEJKVGEVWTG /CR¯C +PUVKVWVG QH 6GEJPQNQI[ /CPKNC 2JKNKRRKPGU čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü þŌééěýĔü

âĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü þĆēûĕüâĆĆĄâĕĆ ýĆėČĔú čĕąâĕĆýėüüâčâĜʼnø éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú åĆĔĊâĕĆýėüăĜğâĦø éĬĕâĔ÷ þĆēûĕüâĆĆĄâĕĆ ýĆėČĔú åĆĔĊâĕĆýėüăĜğâĦø éĬĕâĔ÷ ĆĐèâĆĆĄâĕĆÿĜňĐĬĕüĊąâĕĆĢĎîŇĐĕĊěġččĕąâĕĆāĕöėëąŋĠĈēĆĔâČĕâĕĆâĆĆĄâĕĆÿĜňĐĬĕüĊąâĕĆĢĎîŇ ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ģúąčĄĕąĈŋĠĐĆŋğĊąŋ éĬĕâĔ÷ ĆĐèâĆĆĄâĕĆÿĜňĐĬĕüĊąâĕĆĢĎîŇĐĕĊěġččĕąâĈąěúûŋĠĈēāĔõüĕûěĆâėé ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü þĆēûĕüâĆĆĄâĕĆ ýĆėČĔú ĊėèčĠþü ğìĐĆŋĊėčğìč éĬĕâĔ÷ ĆĐèâĆĆĄâĕĆÿĜňĐĬĕüĊąâĕĆĢĎîŇčĕąâĈąěúûŋĠĈēāĔõüĕûěĆâėé ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü ĆĐèþĆēûĕüâĆĆĄâĕĆ ýĆėČĔú ġĆèĠĆĄúŇĕĐĕâĕċąĕüčěĊĆĆöăĜĄė éĬĕâĔ÷ ÿĜňĐĬĕüĊąâĕĆĢĎîŇġåĆèâĕĆčěĊĆĆöăĜĄė ýĆėČĔú âĕĆýėüģúą éĬĕâĔ÷ ĄĎĕëü

ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

6. MR. CHOÈCHAI PANÖAÖONG Director

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þŌééěýĔü

þŌééěýĔü

âĆĆĄâĕĆĐėčĆē ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü ÿĜňĐĬĕüĊąâĕĆ čŇĊüýĆėĎĕĆâĐèúěüĠĈēāĔõüĕĆēýýġåĆèčĆňĕèāĚĨüòĕü čĬĕüĔâèĕüýĆėĎĕĆĎüĘĨčĕûĕĆöē âĆēúĆĊèâĕĆåĈĔè âĆĆĄâĕĆĐėčĆēĠĈēâĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú ýĔøĆâĆěèģúą éĬĕâĔ÷ ĄĎĕëü ğċĆČòâĆëĬĕüĕîâĕĆëŇĊąĆĕëâĕĆčĬĕüĔâğĈãĕûėâĕĆüĕąâĆĔòĄüøĆĘ čĬĕüĔâüĕąâĆĔòĄüøĆĘ

üĕąāĈë ĎěøēğéĆėî ĈĕĐĐâéĕâøĬĕĠĎüŇèâĆĆĄâĕĆĢüĊĔüúĘħ ĄâĆĕåĄ

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

´. Mr. Paroche Hutachareon* Independent Director

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µ. Mr. Pimol Srivikorn

Chairman of Audit Committee and Independent Director

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âĆĆĄâĕĆøĆĊéčĐýĠĈēâĆĆĄâĕĆĐėčĆē ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ âĆĆĄâĕĆøĆĊéčĐý ĠĈēâĆĆĄâĕĆĐėčĆē ýĆėČĔú ĄėĈĈŋåĐü čøĘĈ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ğĐčāĘģĐ ĈĘğâėĨĈ åĐüìĔĈøėĨè éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú ğĐìĘ ğĊėĆŋĈģĊ÷ŋ éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú ĈėĂĊėħèĠĈü÷ŋ ĠåþþľøĐĈ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú čąĕĄāĆĘğĄĘąĆŋ ğìĐĆŋĊėč éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú úĦĐþ ğāĐĆŋĂĐĆŋĄĄėħè åĐĆŋþĐğĆëĔħü éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú čĬĕüĔââðĎĄĕąčĕâĈ čąĕĄāĆĘğĄĘąĆŋ éĬĕâĔ÷ čĄĕëėâčăĕüėøėýĔîîĔøėĠĎŇèëĕøė

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9. Mr. Apichart Chirabandhu

Audit Committee and Independent Director

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âĆĆĄâĕĆĐėčĆē âĆĆĄâĕĆøĆĊéčĐý ĠĈēâĆĆĄâĕĆýĆėĎĕĆåĊĕĄğčĘąħ è ýĆėČúĔ čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆĐėčĆēĠĈēþĆēûĕüâĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú ûüĕåĕĆğĐğĐĦüĠì÷ ģúą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆĐėčĆēĠĈēâĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú ĐĕåğüąŋþĆēâĔüëĘĊėø éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆĐėčĆēĠĈēâĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú ĐĕåğüąŋþĆēâĔüăĔą éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆĐėčĆēĠĈēâĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú ĊěõėċĔâ÷ėī åĈėüėâ ĐėüğøĐĆŋâĆěʼnþ éĬĕâĔ÷ âĆĆĄâĕĆĐėčĆēĠĈēâĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú Đĕåğüąŋ ĠåþþľøĐĈ éĬĕâĔ÷ ĆĐèâĆĆĄâĕĆÿĜňéĔ÷âĕĆ âĈěŇĄýĆėČĔú ąĜüėģúą úĘħþĆęâČĕ ýĆėČĔú ÿĕĠ÷è Đėü÷ĔčúĆĘ éĬĕâĔ÷ ĄĎĕëü úĘħþĆęâČĕ ýĆėČĔú þĜüìĘğĄüøŋģúą éĬĕâĔ÷ ĄĎĕëü ÿĜňĐĬĕüĊąâĕĆčĬĕüĔâèĕüâĕĆğèėü ýĆėČĔú þĜüìĘğĄüøŋģúą éĬĕâĔ÷ ĄĎĕëü

ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

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1­. Mr. Padungdeí Indralak

Audit Committee and Independent Director

#IG ;GCTU EDUCATION &KTGEVQT #EETGFKVCVKQP 2TQITCO &#2 6JCK +PUVKVWVG QH &KTGEVQTU $CEJGNQT QH 'EQPQOKEU /QPGVCT[ CPF (KUECN 'EQPQOKEU %JWNCNQPIMQTP 7PKXGTUKV[ 2QUVITCFWCVG &KRNQOC KP 'EQPQOKE &GXGNQROGPV 0QTVJ .QPFQP 2QN[VGEJPKE 7SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV

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

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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Executive Officer Profile =ERIS7V>[ <EþMTE<EþKS9

;TD@T9W LTELV;

$EEC$TE`GR=ER:T;_+ TM; T9Wg<EVMTE Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ ĎĈĔâčĜøĆ &KTGEVQT #EETGFKVCVKQP 2TQITCO &#2 ĆěŇü čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& þĆėîîĕġú čĚħĐčĕĆĄĊĈëüĠĈēĊė÷ĘġĐ #OGTKECP 7PKXGTUKV[ 75# þĆėîîĕøĆĘ ýĆėĎĕĆûěĆâėé ĊėúąĕċĕčøĆŋĠĈēåĐĄāėĊğøĐĆŋ %NCTM 7PKXGTUKV[ 75# čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ĆňĐąĈē ö ĊĔüúĘħ ûĔüĊĕåĄ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü þŌééěýĔü

âĆĆĄâĕĆĠĈēþĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆøĆĊéčĐý ýĆėČĔú ģĄğüĐĆŋ ĐėüğøĐĆŋğüëĔħüĠüĈ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú þńĐþğþŃ åĐüìĔĈĠúüøŋ éĬĕâĔ÷

ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

Mr. Patee Sarasin

Director and Chief Executive Officer (Authorized Directors) #IG ;GCTU EDUCATION &KTGEVQT #EETGFKVCVKQP 2TQITCO &#2 6JCK +PUVKVWVG QH &KTGEVQTU /CUVGT¿U &GITGG #OGTKECP 7PKXGTUKV[ 75# $CEJGNQT¿U &GITGG %NCTM 7PKXGTUKV[ 75# SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED

#U QH &GEGODGT FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV 2TGUGPV 2TGUGPV

&KTGEVQT CPF %JKGH 'ZGEWVKXG 1HHKEGT 0QM #KTNKPGU 2%. /GODGT QH #WFKV %QOOKVVGG /KPQT +PVGTPCVKQPCN 2%. &KTGEVQT 2QRRG %QPUWNVCPV %Q .VF

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

;TD= DR DO6C5W

EO*=ER:T;_+ TM; T9Wg<EVMTE Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ ĎĈĔâčĜøĆ &KTGEVQT %GTVKHKECVKQP 2TQITCO &%2 ĆěŇü čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& +PVGPUKXG $WUKPGUU 2TQITCO éěďĕĈèâĆöŋĄĎĕĊėúąĕĈĔą þĆėîîĕøĆĘ $WUKPGUU #FOKPKUVTCVKQP $QUVQP 7PKXGTUKV[ 75# čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü þŌééěýĔü

ĆĐèþĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü þĆēûĕüğéňĕĎüňĕúĘħýĆėĎĕĆ ýĆėČĔú čĕąâĕĆýėüüâčâĜʼnø éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú āĕģĆġì éĬĕâĔ÷

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

Mr. Piya Öodmani

Deputy Chief Executive Officer #IG ;GCTU EDUCATION &KTGEVQT %GTVKHKECVKQP 2TQITCO &%2 6JCK +PUVKVWVG QH &KTGEVQTU +PVGPUKXG $WUKPGUU 2TQITCO %JWNCNQPIMQTP 7PKXGTUKV[ $CEJGNQT QH $WUKPGUU #FOKPKUVTCVKQP $QUVQP 7PKXGTUKV[ 75# SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV 2TGUGPV 2TGUGPV

&GRWV[ %JKGH 'ZGEWVKXG 1HHKEGT 0QM #KTNKPGU 2%. %JKGH 'ZGEWVKXG 1HHKEGT 0QM 5EQQV #KTNKPGU %Q .VF &KTGEVQT 2CTCKUQ %Q .VF

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

;T*LTI;IGIEE5 B[ =ER_LEV2 =ER:T;_+ TM; T9WgLTD$TE_*V; Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ ĎĈĔâčĜøĆ 'ZGEWVKXG &GXGNQROGPV 2TQITCO '&2 ĆěŇüúĘħ čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& ĎĈĔâčĜøĆ &KTGEVQT %GTVKHKECVKQP 2TQITCO &%2 ĆěŇüúĘħ čĄĕåĄčŇèğčĆėĄčùĕýĔüâĆĆĄâĕĆýĆėČĔúģúą +1& þĆėîîĕġú ýĆėĎĕĆûěĆâėéĄĎĕýĔöôėø /$# čùĕýĔüýĔöôėøýĆėĎĕĆûěĆâėéċċėüúĆŋĠĎŇèéěďĕĈèâĆöŋĄĎĕĊėúąĕĈĔą þĆėîîĕøĆĘ åĆěċĕčøĆýĔöôėø éěďĕĈèâĆöŋĄĎĕĊėúąĕĈĔą čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü

þĆēûĕüğéňĕĎüňĕúĘħčĕąâĕĆğèėü ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü ĆĐèþĆēûĕüĀłĕąâĕĆéĔ÷âĕĆ ýĆėČĔú ģĄğüĐĆŋ ĐėüğøĐĆŋğüëĔħüĠüĈ éĬĕâĔ÷ ĄĎĕëü ÿĜňéĔ÷âĕĆĀłĕąüĔâĈèúěüčĔĄāĔüûŋ ýĆėČĔú ģĐĐĕĆŋāĘìĘ éĬĕâĔ÷ ĄĎĕëü

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

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Ms. Nuanwan Bhuprasert Chief Financial Officer Age 51 (Years) EDUCATION 'ZGEWVKXG &GXGNQROGPV 2TQITCO '&2 6JCK +PUVKVWVG QH &KTGEVQTU &KTGEVQT %GTVKHKECVKQP 2TQITCO &%2 6JCK +PUVKVWVG QH &KTGEVQTU /CUVGT QH $WUKPGUU #FOKPKUVTCVKQP 5CUKP )TCFWCVG +PUVKVWVG QH $WUKPGUU #FOKPKUVTCVKQP QH %JWNCNQPIMQTP 7PKXGTUKV[ $CEJGNQT &GITGG QH 'FWECVKQP %JWNCNQPIMQTP 7PKXGTUKV[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV

%JKGH (KPCPEKCN 1HHKEGT 0QM #KTNKPGU 2%.

5JCTGF 5GTXKEGU 8KEG 2TGUKFGPV /KPQT +PVGTPCVKQPCN 2%. +PXGUVQT 4GNCVKQPU 8KEG 2TGUKFGPV +42% 2%.

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;TDDO6-TD LZ9:V:;$[G

=ER:T;_+ TM; T9WgLTD$TE@T5V-D Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ þĆėîîĕġú âðĎĄĕą $QPP 7PKXGTUKV[ )GTOCP[ þĆėîîĕøĆĘ âðĎĄĕą $QPP 7PKXGTUKV[ )GTOCP[ čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü þŌééěýĔü

þĆēûĕüğéňĕĎüňĕúĘħčĕąâĕĆāĕöėëąŋ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü âĆĆĄâĕĆ ýĆėČĔú ĐēåĊĕĆĘčŋ éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú âĔĈĂņ ĐĐĂ čąĕĄğĐĦâìŋğāĆč éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú āĕģĆġì éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú âĜʼn÷ ģúĄčŋ ĆĘčĐĆŋø éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú čěúûėûüâĜĈ éĬĕâĔ÷ âĆĆĄâĕĆ ýĆėČĔú ģúą ğĊĦý ĄĕčğøĐĆŋ éĬĕâĔ÷

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

Mr. Öodchai Sudhidhanakul Chief Commercial Officer #IG ;GCTU EDUCATION /CUVGT &GITGG .CY $QPP 7PKXGTUKV[ )GTOCP[ $CEJGNQT &GITGG .CY $QPP 7PKXGTUKV[ )GTOCP[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV 2TGUGPV

%JKGH %QOOGTEKCN 1HHKEGT 0QM #KTNKPGU 2%. &KTGEVQT #SWCTKU %Q .VF &KTGEVQT )WNH QH 5KCO 'ZRTGUU %Q .VF &KTGEVQT 2CTCKUQ %Q .VF &KTGEVQT )QQF 6KOG 4GUQTV %Q .VF &KTGEVQT 5WFJKFJCPCMWN %Q .VF &KTGEVQT 6JCK 9GDOCUVGT %Q .VF

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$S=7S;LEEb+ <Z CT

=ER:T;_+ TM; T9WgLTD=1V<S7V$TE Đĕąě þĿ åěöĊěõėúĕèâĕĆċęâČĕ þĆėîîĕøĆĘ ĊėúąĕċĕčøĆýĔöôėø ġĆèğĆĘąüüĕąğĆĚĐ čĔ÷čŇĊüâĕĆùĚĐĎěňüĢü ýĄé čĕąâĕĆýėüüâĠĐĆŋ ģĄŇĄĘ åĊĕĄčĔĄāĔüûŋúĕèåĆĐýåĆĔĊĆēĎĊŇĕèâĆĆĄâĕĆĠĈēÿĜňýĆėĎĕĆ ģĄŇĄĘ þĆēčýâĕĆöŋúĬĕèĕüĢüĆēąē þĿąňĐüĎĈĔè þŌééěýĔü

þĆēûĕüğéňĕĎüňĕúĘħčĕąþñėýĔøėâĕĆ ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü

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ETD*T;=ER+lT= ¯²²´ ¾ññøäï Ïèóòõ÷ ¯­®±

Captain Saníai Boonma Chief Operating Officer #IG ;GCTU EDUCATION $CEJGNQT QH 5EKGPEG 4Q[CN 6JCK 0CXCN #ECFGO[ SHAREHOLDING NOK AIRLINES PUBLIC COMPANY LIMITED None FAMILY RELATION TO EXECUTIVE MEMBER None WORK EXPERIENCE IN THE PAST 5 YEARS 2TGUGPV

%JKGH 1RGTCVKPI 1HHKEGT 0QM #KTNKPGU 2%.

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ETD$TEERMI T*$S;

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âĕĆìŇĐĄýĬĕĆěè ýĆėČĔúģ÷ňĊŇĕéňĕèâĕĆýėüģúąĢüâĕĆìŇĐĄýĬĕĆěè ğåĆĚħĐèýėüúĘħğëŇĕĄĕéĕââĕĆýėüģúą ĠĈēúĘħğëŇĕéĕâăĕąüĐâ

âĕĆğëŇĕğåĆĚħĐèýėü ĢüþĿ ýĆėČĔú ģĄŇĄĘâĕĆğëŇĕğåĆĚħĐèýėü éĕâ ýĄé âĕĆýėüģúą

åŇĕĢëňéŇĕąãĐèýĆėČĔú

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ģĄŇĄĘ

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čĬĕĎĆĔý÷ňĕüâĕĆìŇĐĄýĬĕĆěè âĕĆýėüģúąéĔ÷ğþŎüğāĘąè ÿĜþň ĆēâĐýâĕĆğāĘąèģĄŇâĆĘħ ĕąĢüþĆēğúċģúąúĘĄħ ĢĘ ýĐüěîĕø ĢüâĕĆìŇĐĄýĬĕĆěèğåĆĚĐħ èýėü ýĆėČúĔ éęèéĬĕğþŎüøňĐèĢëňýĆėâĕĆ éĕââĕĆýėüģúą ĐĘâúĔĨèĆĕåĕåŇĕìŇĐĄýĬĕĆěè÷ĔèâĈŇĕĊâĦğþŎü

ýĆė ČĔ ú ģ÷ň åĚ ü ğåĆĚħ Đ èýė ü ğëŇ ĕ éĕââĕĆýė ü ģúąúĔĨ è ĎĄ÷ øĔĨèĠøŇģøĆĄĕčúĘħ ãĐèþĿ ĠĈē÷ĬĕğüėüâĕĆğëŇĕéĕâ ÿĜňĢĎňğëŇĕăĕąüĐâúĔĨèĎĄ÷

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úĘħþĆēëěĄåöēâĆĆĄâĕĆøĆĊéčĐýåĆĔĨèúĘħ ğĄĚħĐĊĔüúĘħ âěĄăĕāĔüûŋ ģ÷ňāėéĕĆöĕãňĐĄĜĈĆĕąâĕĆĆēĎĊŇĕèâĔüãĐèýĆėČĔúĢüĆĐýþĿ þĆēâĐýâĔýâĕĆčĐýùĕĄãňĐĄĜĈøŇĕèĥ éĕâĀłĕąýĆėĎĕĆãĐèýĆėČĔúâĔýýěååĈ üėøėýěååĈúĘħĐĕéĄĘåĊĕĄãĔ÷Ġąňè ĆĊĄúĔĨèčĐýúĕüãňĐĄĜĈøĕĄúĘħĆēýěĢüĎĄĕąğĎøěþĆēâĐýèýâĕĆğèėüãĐèÿĜňčĐýýĔîëĘĠĈňĊğĎĦüĊŇĕ ĆĕąâĕĆĆēĎĊŇĕèâĔüãĐèýĆėČĔú âĔýýěååĈĎĆĚĐüėøėýěååĈúĘħĐĕéĄĘåĊĕĄãĔ÷ĠąňèĠĈēğâė÷ãęĨüĢüĆĐýþĿ ğþŎüĆĕąâĕĆúĘħğþŎüģþğāĚħĐâĕĆ÷ĬĕğüėüûěĆâėéøĕĄþâøėãĐèýĆėČĔúĠĈēğþŎüģþøĕĄğèĚħĐüģãâĕĆåňĕúĔħĊģþ ĢüĈĔâČöēğ÷ĘąĊâĔü âĔýúĘħĊėîïĜëüéēāęèâĆēúĬĕâĔýåĜŇčĔîîĕúĔħĊģþĢüčùĕüâĕĆöŋğ÷ĘąĊâĔü ÷ňĊąĐĬĕüĕéøŇĐĆĐèúĕèâĕĆåňĕúĘħþĆĕċéĕâĐėúûėāĈĢüâĕĆúĘħåĜŇčĔîîĕĐĘâĀłĕąĄĘčùĕüēğþŎüýěååĈúĘħĐĕéĄĘåĊĕĄãĔ÷Ġąňè

#TO¿U .GPIVJ $CUKU ĠĈēģĄŇĄĘâĕĆùŇĕąğúÿĈþĆēġąëüŋĆēĎĊŇĕèýĆėČĔúĠĈēýěååĈ üėøėýěååĈúĘħĐĕéĄĘåĊĕĄãĔ÷Ġąňè úĔĨèüĘĨ ĆĕąâĕĆĆēĎĊŇĕèâĔüãĐèýĆėČĔúĢüþĿ ĄĘĆĕąĈēğĐĘą÷÷ĔèøŇĐģþüĘĨ

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Relationship Ă&#x2020; 6*#+ KU 0QM #KTÂżU OCLQT UJCTGJQNFGT #U QH &GEGODGT KV JGNF QH 0QM #KTÂżU shares.

Nature of business THAI is a full service airline operator.

THAI Airways International PCL. ( THAI )

Ă&#x2020;ùçÏÚÏçøäïĂ&#x2021;øþÏÜáÏÌ Ă?èþÜòù úÏáÍ ä óòáèùáÏäï ÌòùÊïÏÌá òÊ ÏùáèþèÜá

1.2 Maintenance The Company hired THAI to maintain both aircraft leased from THAI and from an overseas lessor. #KTETCHV OCKPVGPCPEG GZRGPUGU

1.1 Lease of aircraft +P VJG %QORCP[ NGCUGF PQ CKTETCHV from THAI.

1. Expenditures

Ă&#x2018;þäùÜäÌáÏòù

0QPG

Ă&#x2018;þäùÜäÌáÏòù Ă&#x201C;äïøè ÂĽĂ&#x160;압옝 ¿äÍጠ¯­Ž° ¯­Ž¹

THAI is among a few operators in Thailand who possesses the aircraft maintenance permit and thatâ&#x20AC;&#x2122;s why Nok Air has to rely upon THAIâ&#x20AC;&#x2122;s service. Besides, the maintenance charge is in accordance with market prices. At present, Nok Air continues to use the spare part maintenance service as well as lease maintenance equipment from THAI for use with its aircrafts leased from the overseas lessor.

Nok Air had returned all the aircraft leased from 6*#+ UKPEG 3 +V PQY NGCUGU CNN VJG CKTETCHV from an overseas lessors.

Ă&#x2039;èÌèÜÜÏáߏĂ?äáÏòùäïÏáß òÊ áÍè áþäùÜäÌáÏòù Ă&#x152;óÏùÏòù òÊ áÍè žøçÏá Ă&#x20AC;òððÏááèè

6JG #WFKV %QOOKVVGG 0Q FCVGF (GDTWCT[ TGXKGYGF EQPPGEVGF VTCPUCEVKQP KPHQTOCVKQP QH VJG %QORCP[ KP CU YGNN CU KPSWKTGF VJG KPHQTOCVKQP QH EQPPGEVGF VTCPUCEVKQPU DGVYGGP VJG HKTO CPF KPFKXKFWCNU LWTKUVKE RGTUQPU YKVJ C RQVGPVKCN EQPHNKEV QH KPVGTGUV HTQO VJG %QORCP[ÂżU OCPCIGOGPV DGHQTG TGXKGYKPI VJG KPHQTOCVKQP CU UVCVGF KP VJG CWFKVQTÂżU PQVGU VQ VJG HKPCPEKCN UVCVGOGPVU 9KVJ VJKU VJG %QOOKVVGG KU QH VJG XKGY VJCV EQPPGEVGF VTCPUCEVKQPU DGVYGGP 0QM #KT CPF KPFKXKFWCNU LWTKUVKE RGTUQPU YKVJ C RQUUKDNG EQPHNKEV QH KPVGTGUV VCMKPI RNCEG FWTKPI YGTG GZGEWVGF HQT QTFKPCT[ EQWTUG QH DWUKPGUU CPF KP CEEQTFCPEG YKVJ IGPGTCN DWUKPGUU EQPFKVKQPU 6JG VTCPUCEVKQPU were having the same nature as normal people would do with contractual parties under the same circumstance and at an armâ&#x20AC;&#x2122;s length basis in case the other party could pose C RQVGPVKCN EQPHNKEV QH KPVGTGUV +P CFFKVKQP PQ RTQHKV JCU DGGP VTCPUHGTTGF DGVYGGP VJG %QORCP[ CPF KPFKXKFWCNU LWTKUVKE RGTUQPU YKVJ C RQVGPVKCN EQPHNKEV QH KPVGTGUV &GVCKNU QH 0QM #KTÂżU EQPPGEVGF VTCPUCEVKQPU KP CTG CU HQNNQYU

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ĠĈēģ÷ňĄĘâĆĆĄâĕĆøĔĊĠúüéĕâ âĕĆýėüģúąúĘĈħ ĕĐĐâĢüĆēĎĊŇĕèþĿ ģ÷ňĠâŇ üĕąčĆéĔâĆ ğâČĄčěĊĆĆö üĕąġëåëĔą þŌîîĕąèåŋ

Æ ö ĊĔüúĘħ ûĔüĊĕåĄ âĕĆýėüģúą ģ÷ňčèŇ øĔĊĠúüğãňĕĄĕğþŎüâĆĆĄâĕĆýĆėČúĔ ģ÷ňĠâŇ üĕąüėāüûŋ đēâĘĄĘ üĕąčĄċĔâ÷ėī ġëøėĆĔøüēċėĆė Ć Đ ĄüøĆĘ éĬĕğĆĘąè Ć ú čěĆāĈ ĐėċĆĕèâĜĆ ö Đąěûąĕ

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åŇĕĢëňéŇĕąĐĚħüĥ ýĆėČĔúĄĘåŇĕĢëňéŇĕąĐĚħüĥ éĕââĕĆĢëňýĆėâĕĆ âĕĆýėüģúą ğëŇü åŇĕĀŀâĐýĆĄ åŇĕğýĘąĨ þĆēâĔüăĔą ğþŎüøňü åŇĕĢëňéŇĕąĐĚħüĥ

ģĄŇĄĘ

åŇĕìŇĐĄýĬĕĆěèĆĔâČĕğåĆĚħĐèýėü

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åŇĕýĆėâ ĕĆăĕåāĚĨü÷ėüĠĈēåŇĕĐĕĎĕĆčĬĕĎĆĔý ÿĜňġ÷ąčĕĆ üĔâ ýėü ĠĈēĈĜâ ğĆĚĐ åŇĕýĆėâĕĆăĕåāĚĨü÷ėüĢüčùĕüĘìęħèÿĜňĢĎňýĆėâĕĆ øĕĄčĔîîĕĢĎňýĆėâĕĆăĕåāĚĨü÷ėüøĕĄþâøė ãĐèýĆėČĔúĄĘĐěþâĆöŋģĄŇğāĘąèāĐ åŇĕýĆėâĕĆăĕåāĚĨü åŇĕĐĕĎĕĆčĬĕĎĆĔýÿĜġň ÷ąčĕĆ üĔâýėü ĠĈēĈĜâğĆĚĐ åŇĕĆùčĬĕĎĆĔýÿĜňġ÷ąčĕĆ

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ĆĕąâĕĆ÷ĔèâĈŇĕĊğþŎüĆĕąâĕĆúĘéħ ĕĬ ğþŎüĢüâĕĆ÷ĬĕğüėüûěĆâėé ãĐèýĆėČĔú ĠĈēåŇĕýĆėâĕĆğþŎüģþøĕĄĆĕåĕøĈĕ÷

ĆĕąâĕĆ÷ĔèâĈŇĕĊğþŎüĆĕąâĕĆúĘéħ ĕĬ ğþŎüĢüâĕĆ÷ĬĕğüėüûěĆâėé ãĐèýĆėČĔú ĠĈēåŇĕýĆėâĕĆ÷ĔèâĈŇĕĊâĦğþŎüģþøĕĄĆĕåĕ øĈĕ÷

ģþøĕĄĆĕåĕøĈĕ÷ þŌééěýĔüýĆėČĔú ąĔèåèĄĘâĕĆĢëňýĆėâĕĆ âĕĆìŇĐĄýĬĕĆěè ĐēģĎĈŇ ĠĈēğëŇĕĐěþâĆöŋğāĚħĐâĕĆìŇĐĄâĔý âĕĆýėüģúąĢüčŇĊüãĐèğåĆĚĐħ èýėüúĘğħ ëŇĕéĕâăĕąüĐâ÷ňĊą

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In addition, the following directors representing THAI resigned KP /T 5QTCLCM -CUGOUWXCP Mr. Chokchai Panyayong

Ă&#x2020; #U QH &GEGODGT THAI sent the following persons as Nok Airâ&#x20AC;&#x2122;s directors: Mr. Niphon Hakami Mr. Somsak Chotrattanasiri Flt. Lt. Montree Jumrieng Flg. Off. Suraphon Israngura Na Ayuthya

Ă&#x2020;ùçÏÚÏçøäïĂ&#x2021;øþÏÜáÏÌ Ă?èþÜòù úÏáÍ ä óòáèùáÏäï ÌòùÊïÏÌá òÊ ÏùáèþèÜá

1.4 Other expenses Nok Air had other expenses from using THAI Airways Internationalâ&#x20AC;&#x2122;s service such as training costs, insurance premiums etc.

1VJGT GZRGPUGU

0QPG

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1.3 Ground handling fee and food expenses for passengers, pilots and crews This is the ground handling fee at station where the service provider under the ground service agreement with whom Nok Air has executed fails to have enough equipment to provide such service. )TQWPF JCPFNKPI HGG (QQF GZRGPUGU HQT RCUUGPIGTU pilots and crews 6TCPUHGT DWU HQT RCUUGPIGTU

Ă&#x2018;þäùÜäÌáÏòù

The items are necessary transactions for the Companyâ&#x20AC;&#x2122;s business. The service fees paid are in accordance with the market prices.

The items are necessary transactions for the Companyâ&#x20AC;&#x2122;s business. The service fees paid are in accordance with the market prices.

Ă&#x2039;èÌèÜÜÏáߏĂ?äáÏòùäïÏáß òÊ áÍè áþäùÜäÌáÏòù Ă&#x152;óÏùÏòù òÊ áÍè žøçÏá Ă&#x20AC;òððÏááèè

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Ćĕąģ÷ňĐĚħüĥ ýĆėČĔúĢĎňýĆėâĕĆăĕåāĚĨü )TQWPF *CPFNKPI ĠĈēĢĎňýĆėâĕĆüĕąëŇĕèăĕåāĚĨü÷ėü

.KEGPUG 'PIKPGGT ĠâŇâĕĆýėüģúą Ćĕąģ÷ňéĕââĕĆĢĎňýĆėâĕĆ

ğéňĕĎüĘĨâ ĕĆåňĕ

ĈĜâĎüĘĨâ ĕĆåňĕ

ăĕĆēåĬĨĕþĆēâĔü åŇĕğëŇĕ åŇĕýĆėâ ĕĆ øĕĄčĔîîĕ

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åŇĕøĔĪĊġ÷ąčĕĆ ýĆėČĔúĢĎňýĆėâĕĆãüčŇèúĕèĐĕâĕċĠâŇÿĜňġ÷ąčĕĆ ãĐèâĕĆýėüģúąøĕĄčĔîîĕâĕĆúĬĕâĕĆýėüĆŇĊĄ

%QFG 5JCTG #ITGGOGPV ĠĈēčĔîîĕġĐü ÿĜňġ÷ąčĕĆĆēĎĊŇĕèâĔü 2CUUGPIGT 6TCPUHGT Agreement) Ćĕąģ÷ňåŇĕġ÷ąčĕĆ

Ćĕąģ÷ňãĐèýĆėČĔú

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âĕĆýėüģúąģ÷ňĊŇĕéňĕèĢĎňýĆėČĔúğāĚħĐĢĎňýĆėâĕĆăĕåāĚĨü ĢüúŇ ĕ ĐĕâĕċąĕüúĘħ â ĕĆýė ü ģúąĢĎň ý Ćė â ĕĆĠøŇ ģ ĄŇ ĄĘ āüĔâèĕüþĆēéĬĕãĐèøüğĐè úĔĨèüĘĨ ĐĔøĆĕåŇĕýĆėâĕĆğþŎüģþ øĕĄĆĕåĕøĈĕ÷

ýĆė ČĔ ú ģ÷ň úĬ ĕ čĔ î îĕâĕĆýė ü ĆŇ Ċ Ą %QFG 5JCTG #ITGGOGPV âĔ ý âĕĆýė ü ģúą ğāĚħ Đ ğāėħ Ą ëŇ Đ èúĕèĢü âĕĆéĬĕĎüŇĕąøĔĪĊġ÷ąčĕĆãĐèýĆėČĔú üĐâéĕâüĔĨüĆĕåĕ éĬĕĎüŇĕąøĔĪĊ÷ĔèâĈŇĕĊãĐèýĆėČĔúâĦĄėģ÷ňøĕĬħ âĊŇĕĐĔøĆĕĆĕåĕ éĬ ĕ ĎüŇ ĕ ąøĔĪ Ċ ãĐèÿĜ ň ġ ÷ąčĕĆĆĕąĐĚħ ü čŇ Ċ üčĔ î îĕġĐü ÿĜ ň ġ ÷ąčĕĆĆēĎĊŇ ĕ èâĔ ü 2CUUGPIGT 6TCPUHGT #ITGGOGPV âĦğþŎüģþğāĚħĐâĕĆġĐüÿĜňġ÷ąčĕĆĆēĎĊŇĕè čĕąâĕĆýėüĢüâĆöĘğâė÷âĕĆąâğĈėâĎĆĚĐğâė÷åĊĕĄĈŇĕëňĕ ãĐèğúĘħąĊýėü

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Ă&#x2020;ùçÏÚÏçøäïĂ&#x2021;øþÏÜáÏÌ Ă?èþÜòù úÏáÍ ä óòáèùáÏäï ÌòùÊïÏÌá òÊ ÏùáèþèÜá

2.2 Other incomes Nok Air provides the ground handling service CPF VJG .KEGPUG 'PIKPGGT service to THAI. 5GTXKEG TGXGPWG

3. Account payables

4. Account receivables

)WCTCPVGG HQT NGCUG UGTXKEG HGGU WPFGT the agreement

Ă&#x2018;þäùÜäÌáÏòù Ă&#x201C;äïøè ÂĽĂ&#x160;압옝 ¿äÍጠ¯­Ž° ¯­Ž¹

2.1 Passenger revenues Nok Air provides an air transport service to THAIâ&#x20AC;&#x2122;s passengers under the Code Share Agreement and the Passenger Transfer Agreement.

2CUUGPIGT TGXGPWG

2. Incomes

Ă&#x2018;þäùÜäÌáÏòù

THAI has hired Nok Air to provide the ground handling service at airports to which the airline flies but has no staff of its own there. The service fee is in accordance with the market prices.

Nok Air has signed the Code Share Agreement with THAI to add onto its existing ticket sales and distribution channels. In addition, sales prices of these tickets are not lower than what it sells to other passengers. The Passenger Transfer Agreement is executed to transfer passengers between airlines in case of flight cancellation or delay.

Ă&#x2039;èÌèÜÜÏáߏĂ?äáÏòùäïÏáß òÊ áÍè áþäùÜäÌáÏòù Ă&#x152;óÏùÏòù òÊ áÍè žøçÏá Ă&#x20AC;òððÏááèè

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åĊĕĄčĔĄāĔüûŋ âĕĆýėüģúą ìęħèğþŎüÿĜňùĚĐĎěňüĆĕąĢĎîŇãĐè ýĆėČĔúĠĈēéĔ÷ğþŎüÿĜňĄĘĐĬĕüĕéåĊýåěĄ ĢüģúąģĂĈúŋğúĆüüėħè ġ÷ąùĚĐĎěňü ĆňĐąĈē ĢüģúąģĂĈúŋğúĆüüėħè

ĈĔâ ČöēûěĆâė é ģúąģĂĈúŋğúĆüüėħèĢĎňýĆėâĕĆĀŀâĐýĆĄ ýěåĈĕâĆ÷ňĕüâĕĆýėü

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åĊĕĄčĔĄāĔüûŋ âĕĆýėüģúą ìęħèğþŎüÿĜňùĚĐĎěňüĆĕąĢĎîŇ ãĐèýĆėČĔúĠĈēéĔ÷ğþŎüÿĜňĄĘĐĬĕüĕéåĊýåěĄ ĢüĠĐĆŋāĐĆŋø ġđğøĦĈ ġ÷ąùĚĐĎěňüĆňĐąĈē ĢüĠĐĆŋāĐĆŋø ġđğøĦĈ

ĈĔâ ČöēûěĆâė é ĠĐĆŋāĐĆŋø ġđğøĦĈğéňĕãĐèĠĈēþĆēâĐý ûěĆâėéġĆèĠĆĄ ĐĄĕĆĘ ÷ĐüğĄĚĐè ĠĐĆŋāĐĆŋø ìęħèøĔĨèĐąĜŇĢâĈňâĔý úŇĕĐĕâĕċąĕüüĕüĕëĕøė÷ĐüğĄĚĐè

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ĆĕąâĕĆ÷ĔèâĈŇĕĊğþŎüĆĕąâĕĆúĘéħ ĬĕğþŎüĢüâĕĆ÷ĬĕğüėüûěĆâėé ãĐèýĆėČĔú ĐĘâúĔĨèĎĕâýĆėČĔú÷ĬĕğüėüâĕĆğĐè ýĆėČĔúéēĄĘ åŇĕĢëňéŇĕąúĘħčĜèâĊŇĕ

ýĆė ČĔ ú ğĈĚ Đ âĢëň ý Ćė â ĕĆĎň Đ èāĔ â ĠĈēĎň Đ èéĔ ÷ ğĈĘĨ ą èéĕâ ĠĐĆŋāĐĆŋø ġđğøĦĈ ğāĚħĐğþŎüúĘħāĔâĢĎňāüĔâèĕüéĕâčùĕüĘ øŇĕèéĔèĎĊĔ÷úĘħğ÷ėüúĕèğãňĕĄĕþðėýĔøėèĕüĠĈēĀŀâĐýĆĄúĘħ úŇĕĐĕâĕċąĕüüĕüĕëĕøė÷ĐüğĄĚĐè ğüĚĐħ èéĕâġĆèĠĆĄ÷ĔèâĈŇĕĊ ğþŎüġĆèĠĆĄĠĎŇèğ÷ĘąĊúĘħĐąĜŇĢâĈňğåĘąèâĔýúŇĕĐĕâĕċąĕü üĕüĕëĕøė÷ĐüğĄĚĐè ìęħèĄĘúĕèğ÷ėüğëĚħĐĄġ÷ąøĆèģþąĔ è ĐĕåĕĆÿĜ ň ġ ÷ąčĕĆĠĈēĐĐĂĂľ ċ čĬ ĕ üĔ â èĕüãĐèýĆė ČĔ ú ĐĔüéēğþŎüâĕĆĐĬĕüĊąåĊĕĄčē÷ĊâčýĕąĠĈēþĆēĎąĔ÷ åŇ ĕ Ģëň é Ň ĕ ąĢüâĕĆğ÷ė ü úĕèĢĎň Ġ âŇ ā üĔ â èĕüãĐèýĆė ČĔ ú üĐâéĕâüĘĨéĕââĕĆğþĆĘąýğúĘąýĆĕåĕâĔýġĆèĠĆĄĐĚħüĥ ĢüýĆėğĊöĢâĈňğåĘąèāýĊŇĕĠĐĆŋāĐĆŋø ġđğøĦĈĄĘĆĕåĕøĬĕħ úĘčħ ÷ě

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Relationship THAI Airways International PCL., which is Nok Airâ&#x20AC;&#x2122;s major shareholder, is having a controlling interest in THAI Flight Training Co., Ltd. in which KV JQNFU QH 6*#+ (NKIJV 6TCKPKPIÂżU shares.

Nature of business THAI Flight Training offers training to aviation personnel.

THAI Flight Training Co., Ltd.

Relationship THAI Airways International PCL., which is Nok Airâ&#x20AC;&#x2122;s major shareholder, is having a controlling interest KP #KTRQTV *QVGN KP YJKEJ KV JQNFU of Airport Hotelâ&#x20AC;&#x2122;s shares.

Nature of business Airport Hotel owns and runs the Amari Donmueang Airport located close to the Donmueang Airport.

Donmueang International Airport Hotel ( Airport Hotel )

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Service fee 6TCKPKPI HGG

Room rates Nok Air rents rooms from the Airport Hotel for staff who travel to work and train at the Bangkok Station 4QQO CPF DCPSWGV GZRGPUGU 2C[CDNGU VQ TQQO TCVGU

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This item is necessary for the Companyâ&#x20AC;&#x2122;s business.

If it operated on its own, the expenses would be higher.

Nok Air chooses to rent rooms and banquet service from the Airport Hotel for staff who come to work and train at the Donmueang International Airport as itâ&#x20AC;&#x2122;s the only hotel with a direct walkway linking to the airportâ&#x20AC;&#x2122;s passenger terminal and Nok Airâ&#x20AC;&#x2122;s office which not only facilitates staff but also saves travel expenses. Besides, the Airport Hotel offers lower room rates compared with others in the nearby area.

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Ćĕąģ÷ňãĐèýĆėČĔú

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Relationship THAI Airways International PCL., which is Nok Airâ&#x20AC;&#x2122;s major shareholder, is having a controlling interest in Thai Smile Airways Co., Ltd. in which it JQNFU QH 6JCK 5OKNG #KTYC[UÂż shares.

Nature of business This is a budget airline under THAI #KTYC[U +PVGTPCVKQPCN )TQWR QHHGTKPI a new alternative for customers looking for a short-haul budget flight.

Thai Smile Airways Co., Ltd. ( Thai Smile )

0QPG

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2. Other revenues 0QM #KT RTQXKFGU VJG )TQWPF *CPFNKPI UGTXKEG CPF VJG .KEGPUG 'PIKPGGT UGTXKEG to Thai Smile Airways Co., Ltd. 5GTXKEG TGXGPWG

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1. Ticket revenue Nok Air provides an air transport service to Thai Smile Airways Co., Ltd.â&#x20AC;&#x2122;s passengers under the Passenger Transfer Agreement.

2CUUGPIGT TGXGPWG

Revenues

Ă&#x2039;äáøþè òÊ Ă&#x2018;þäùÜäÌáÏòù

Thai Smile Airways has hired Nok Air to provide the ground handling service at airports to which Thai Smile Airways flies but has no staff of its own there. The service fee is in accordance with the market prices.

Nok Air has signed the Passenger Transfer Agreement with Thai Smile Airways to transfer passengers if any between the two airlines in case of flight cancellation or delay at a price agreed in advance.

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Management Discussion and Analysis 'lTO:V<TD`GR$TEIþ_'ETRM >G$TE6lT_;V;*T;

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ĆĊĄăĕČĘĄĜĈåŇĕğāėħĄ ĄĘÿĈøĔĨèĠøŇĊĔüúĘħ âĆâðĕåĄ úĔĨèüĘĨğþŎüâĕĆþĆĔýğāėħĄåŇĕûĆĆĄğüĘąĄğþŎüåĆĔĨèĠĆâüĔýøĔĨèĠøŇ ýĆėČĔúğþľ÷úĬĕâĕĆĢüþĿ ýĆėČĔúğāėħĄĐĔøĆĕåŇĕûĆĆĄğüĘąĄâĕĆëĬĕĆēåŇĕġ÷ąčĕĆÿŇĕüýĔøĆğåĆ÷ėøéĕâ ýĕúğþŎü ýĕúøŇĐÿĜňġ÷ąčĕĆ

ĆĊĄăĕČĘĄĜĈåŇĕğāėħĄ ĄĘÿĈøĔĨèĠøŇĊĔüúĘħ Ąėùěüĕąü

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Milestones in ¯­14 1. Delivery of new aircrafts

0QM #KT VQQM FGNKXGT[ QH HQWT $QGKPI PGY IGPGTCVKQP KP /CTEJ ,WN[ 1EVQDGT CPF &GEGODGT 0QM #KT VQQM FGNKXGT[ QH HQWT 3 0GZV)GP KP #WIWUV 5GRVGODGT CPF 0QXGODGT #U QH GPF QH 0QM #KT JCF C VQVCN QH CKTETCHVU KP KVU Ă?GGV YJKEJ YCU FKXKFGF KPVQ GKIJVGGP /) YKVJ CP CXGTCIG CIG QH [GCTU VYQ #64 YKVJ CP CXGTCIG CIG QH [GCTU CPF HQWT 3 0GZV)GP YKVJ CP CXGTCIG CIG QH [GCT

ÂŻ. New flight routes Nok Air has continuously expanded domestic route as its strategy to be the most coverage airline for domestic. +P VJG EQORCP[ KPVTQFWEGF PGY TQWVG

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,GV 0) (subsequently increased to three)

&QP /WCGPI .CORCPI 8 8 1EVQDGT

6WTDQRTQR 3 0GZV)GP (subsequently increased to three)

3. New Service

1P 5GRVGODGT 0QM #KT NCWPEJGF CP KPVGTNKPG VKEMGV UCNGU UGTXKEG HQT VJG Ă&#x152;TUV VKOG YKVJ 5EQQV #KTNKPG in a total of eight routes between Singapore and Chiangmai, Chiangrai, Hat Yai, Nakhon Si Thammarat, 2JWMGV 6TCPI 7DQP 4CVEJCVJCPK CPF 7FQP 6JCPK RTQXKPEGU 5VCTVKPI HTQO 1EVQDGT 0QM #KT KU #UKCÂżU Ă&#x152;TUV CKTNKPG VQ RTQXKFG C HTGG 9K (K QPDQCTF UGTXKEG The installation was completed and ready for use in two Nok aircrafts; namely, Nok Busarakam and 0QM 5CPQQM 6JG TGUV YKNN DG GSWKRRGF YKVJ VJKU HCEKNKVKGU KP

4. Raising revenue from fees Nok Air has targeted to raise the proportion of the revenue from fees and to adjust its fees to be in line with those of other airlines in the market.

0QM #KT KPETGCUGF C EJCPIG HGG QH CKT VKEMGV HTQO DCJV VQ DCJV RGT RCUUGPIGT RGT VTCPUCEVKQP

8#6 KPENWFGF GHHGEVKXG HTQO ,WN[ 6JG EJCPIG HGG JCU PGXGT DGGP TCKUGF UKPEG 0QM #KT UVCTVKPI

KP 0QM #KT KPETGCUGU C ETGFKV ECTF RTQEGUUKPI HGG HTQO DCJV VQ DCJV RGT RCUUGPIGT

8#6 KPENWFGF GHHGEVKXG HTQO ,WPG

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$TEIV_'ETRM 6 T;ETDc6 (cC EIC<EVKS9D OD) ÿĈâĕĆ÷ĬĕğüėüèĕüýĆėČĔúãĐè ýĆėČĔú čĕąâĕĆýėüüâĠĐĆŋ éĬĕâĔ÷ ĄĎĕëü čĬĕĎĆĔýþĿ ĄĘĆĕąĈēğĐĘą÷čĆěþģ÷ň÷ĔèüĘĨ ĎüŇĊą Ĉňĕüýĕú ¯²²³ +lT;I;

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E ODGR

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Ćĕąģ÷ň Ćĕąģ÷ňéĕâåŇĕġ÷ąčĕĆ Ćĕąģ÷ňéĕââĕĆĢĎňýĆėâĕĆ Ćĕąģ÷ňĐĚħü ĆĊĄĆĕąģ÷ň

åŇĕĢëňéŇĕą øňüúěüåŇĕġ÷ąčĕĆĠĈēâĕĆĢĎňýĆėâĕĆ åŇĕĢëňéŇĕąĢüâĕĆãĕą åŇĕĢëňéŇĕąĢüâĕĆýĆėĎĕĆ øňüúěüúĕèâĕĆğèėü ĆĊĄåŇĕĢëňéŇĕą

âĬĕģĆøŇĐĎěňüāĚĨüòĕü ýĕú

éĬĕüĊüĎěüň čĕĄĔîùĔĊğêĈĘąħ ùŇĊèüĬĕĨ ĎüĔâ

ĈňĕüĎěüň

âĬĕģĆâŇĐüăĕČĘğèėüģ÷ň åŇĕĢëňéŇĕąăĕČĘğèėüģ÷ň âĬ ĕ ģĆ ãĕ÷úěü čĬĕĎĆĔýþĿ âĬĕģĆ ãĕ÷úěü åöėøċĕčøĆŋþĆēâĔüăĔą ăĕČĘğèėüģ÷ňğâĘħąĊâĔýĐèåŋþĆēâĐýãĐè âĬĕģĆ ãĕ÷úěü ğýĦ÷ğčĆĦéĐĚħü âĬ ĕ ģĆğýĦ÷ğčĆĦéĆĊĄčĬĕĎĆĔýþĿ

ĐĔøĆĕčŇĊüúĕèûěĆâė é Ćĕąģ÷ňøŇĐĎüŇĊą 7PKV 4GXGPWG

Ćĕąģ÷ňåŇĕġ÷ąčĕĆøŇĐÿĜňġ÷ąčĕĆøŇĐâėġĈğĄøĆ Ćĕąģ÷ňøŇĐþĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ

M; ID

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ýĕú ÿĜňġ÷ąčĕĆ âĄ ýĕú úĘħüĔħè âĄ

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Revenue Analysis (Excluding Subsidiaries) 0QM #KTNKPGU 2WDNKE %QORCP[ .KOKVGF QRGTCVKPI RGTHQTOCPEG HQT VJG [GCT &GVCKNU CTG CU HQNNQYU 7PKV /KNNKQP $CJV ¯­Ž° žðòøùá

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¢

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Revenues 2CUUGPIGT TGXGPWGU 1VJGT UGTXKEG TGXGPWGU 1VJGT KPEQOG Total revenues

11,315

100.0

12,296

100.0

981

8.7

Expenses 1RGTCVKPI GZRGPUG CPF EQUVU QH UGTXKEGU 5CNGU GZRGPUGU #FOKPKUVTCVKXG GZRGPUGU (KPCPEKCN EQUVU Total expenses

10,215

90.3

12,706

103.3

2,491

24.4

1,066

9.4

(410)

(3.3)

(1,477)

(138.5)

#EVWCTKCN RTQHKV NQUU

+PEQOG VCZ TGNCVKPI VQ EQORQPGPVU QH QVJGT

comprehensive profit (loss) Comprehensive profit for the year 1,075

9.5

(399)

(3.2)

(1,474)

(137.1)

2TQHKV DGHQTG KPEQOG VCZ +PEQOG VCZ GZRGPUGU Profit (loss) for the year

'CTPKPIU RGT UJCTG $CJV

9GKIJVGF CXGTCIG PWODGT QH QTFKPCT[ UJCTG (million shares)

Business Ratios (Unit Revenue) Unit 2CUUGPIGT ;KGNF $CJV 2CUUGPIGT -O 4GXGPWG RGT #XCKNCDNG 5GCV -KNQOGVGT 4#5- $CJV UGCV MO

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% OC[G$TE>GV7 þĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ #XCKNCDNG 5GCV -KNQOGVGTU #5- ĢüþĿ ğāėħĄãęĨüğþŎü ĈňĕüúĘħüĔħè ⥠ĎĆĚĐğāėħĄãęĨüĆňĐąĈē ğĄĚħĐğúĘąýâĔýþĿâŇĐüĎüňĕ éĕââĕĆğāėħĄéĬĕüĊüĀĜèýėüģĐāŇü $QGKPI 0GY )GPGTCVKQP éĬĕüĊü ĈĬĕ ĠĈēĀĜèýėüĢýāĔ÷ 3 0GZV)GP éĬĕüĊü ĈĬĕ ìęħèğþŎüğåĆĚħĐèýėüĢĎĄŇúĔĨèĎĄ÷ ġ÷ąüĬĕģþğāėħĄåĊĕĄùĘħãĐèğúĘħąĊýėüĢüğčňüúĕèýėüğ÷ėĄ ĆĊĄùęèãąĕąğčňüúĕèýėüĢĎĄŇ čĬĕĎĆĔýéĬĕüĊüğúĘħąĊýėüĢüþĿ ğāėħĄãęĨüğþŎü ğúĘħąĊýėü éĕâ ğúĘħąĊýėüĢüþĿâŇĐü ĎĆĚĐğāėħĄãęĨüĆňĐąĈē ÷ňĕüĐĔøĆĕâĕĆĢëňğåĆĚħĐèýėüøŇĐĈĬĕøŇĐĊĔü #KTETCHV WVKNK\CVKQP ĢüþĿ čĬĕĎĆĔýğåĆĚħĐèýėüģĐāŇüĐąĜŇúĘħ ëĔħĊġĄè ğāėħĄãęĨü éĕâ ëĔħĊġĄèğĄĚħĐğúĘąýâĔýþĿâŇĐüĎüňĕ čŇĊüğåĆĚħĐèýėüĢýāĔ÷ĐąĜŇúĘħ ëĔħĊġĄè ğāėħĄãęĨüéĕâ ëĔħĊġĄè ÷ňĕüþĆėĄĕöâĕĆãüčŇèÿĜňġ÷ąčĕĆ 4GXGPWG 2CUUGPIGT -KNQOGVGTU 42- ğāėħĄãęĨüğþŎü ĈňĕüúĘħüĔħè ⥠ĎĆĚĐğāėħĄãęĨü ĆňĐąĈē ğĄĚħĐğúĘąýâĔýþĿâŇĐüĎüňĕ úĔĨèüĘĨéĕâþĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ #5- úĘħğāėħĄãęĨüĄĕââĊŇĕþĆėĄĕöâĕĆãüčŇèÿĜňġ÷ąčĕĆ

42- úĬĕĢĎňĐĔøĆĕčŇĊüâĕĆýĆĆúěâÿĜňġ÷ąčĕĆĐąĜŇúĘħĆňĐąĈē Ĉ÷ĈèéĕâþĿ ìęħèĐąĜŇúĘħĆňĐąĈē

ETDc6 ĠĄň Ċ Ň ĕ ýĆė ČĔ ú éēčĕĄĕĆùĆĔ â ČĕĐĔ ø ĆĕâĕĆýĆĆúě â ÿĜ ň ġ ÷ąčĕĆĢĎň Đ ąĜ Ň ğ ĎüĚ Đ Ćē÷Ĕ ý Ćň Đ ąĈē ĠøŇ â ĕĆĠãŇ è ãĔ ü ÷ň ĕ üĆĕåĕ ĠĈēâĕĆĐĐâġþĆġĄëĔħ ü âĆēøě ň ü ąĐ÷ãĕąğāĚħ Đ ĆĔ â ČĕčŇ Ċ üĠýŇ è úĕèâĕĆøĈĕ÷ úĬ ĕ ĢĎň Ć ĕąģ÷ň å Ň ĕ ġ÷ąčĕĆøŇ Đ ÿĜ ň ġ ÷ąčĕĆøŇ Đ âė ġ ĈğĄøĆ

2CUUGPIGT ;KGNF ĐąĜúŇ Ęħ ýĕú úĘüħ èĔħ ⥠Ĉ÷ĈèĆňĐąĈē éĕâþĿâĐŇ üĎüňĕ čŇĊüĆĕąģ÷ňøĐŇ þĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜġň ÷ąčĕĆ 4#5- ğúŇĕâĔý ýĕú úĘħüĔħè ⥠Ĉ÷ĈèĆňĐąĈē éĕâþĿâŇĐüĎüňĕ éĕâĐĔøĆĕâĕĆğøėýġøãĐèéĬĕüĊüÿĜňġ÷ąčĕĆúĘħğāėħĄãęĨüĄĕââĊŇĕĐĔøĆĕâĕĆĈ÷ĈèãĐèÿĈøĐýĠúüøŇĐÿĜňġ÷ąčĕĆ 2CUUGPIGT [KGNF úĬĕĢĎňþĿ ýĆėČĔúĄĘĆĕąģ÷ňéĕâåŇĕġ÷ąčĕĆ Ĉňĕüýĕú ğāėħĄãęĨüĆňĐąĈē ğĄĚħĐğúĘąýâĔýþĿ ĐąŇĕèģĆâĦ÷Ę ýĆėČĔúģ÷ňāąĕąĕĄ ğāėħ Ą Ćĕąģ÷ň å Ň ĕ ûĆĆĄğüĘ ą Ąġ÷ąâĕĆüĬ ĕ ğčüĐýĆė â ĕĆøŇ ĕ èĥ úĘħ ğ âĘħ ą ĊğüĚħ Đ èâĔ ý âĕĆğ÷ė ü úĕèúĕèĐĕâĕċĠĈēâĕĆğāėħ Ą ĐĔ ø ĆĕåŇ ĕ ýĆė â ĕĆ ğāĚħĐĢĎňčĐ÷åĈňĐèâĔýăĕĊēøĈĕ÷ ġ÷ąĆĕąģ÷ňéĕââĕĆĢĎňýĆėâĕĆĠĈēĆĕąģ÷ňĐĚħüĐąĜŇúĘħ Ĉňĕüýĕú ğāėħĄãęĨüùęèĆňĐąĈē čŇĊüĎüęħè ĄĕéĕââĕĆþĆĔýğāėħĄĐĔøĆĕåŇĕûĆĆĄğüĘąĄâĕĆğþĈĘħąüĠþĈèâĕĆğ÷ėüúĕè ĆĊĄùęèâĕĆþĆĔýğāėħĄĐĔøĆĕåŇĕûĆĆĄğüĘąĄâĕĆëĬĕĆēåŇĕġ÷ąčĕĆ ÿŇĕüýĔøĆğåĆ÷ėø üĐâéĕâüĘĨþĆėĄĕöâĕĆãüčŇèÿĜňġ÷ąčĕĆ 42- úĘħĄĕâãęĨüąĔèëŇĊąğāėħĄĆĕąģ÷ňéĕââĕĆĢĎňýĆėâĕĆĐĘâúĕèĎüęħè ğëŇü Ćĕąģ÷ň åŇ ĕ üĬĨ ĕ ĎüĔ â čĔ Ą ăĕĆēčŇ Ċ üğâė ü Ćĕąģ÷ň é ĕâåŇ ĕ þĆēâĔ ü ăĔ ą âĕĆğ÷ė ü úĕè Ćĕąģ÷ň é ĕâýĆė â ĕĆğëĚħ Đ ĄøŇ Đ âĕĆğ÷ė ü úĕèġ÷ąĆùġ÷ąčĕĆ ĠĈēğĆĚĐğĆĦĊ ğĆĚĐğĂĐĆŋĆĘħ (N[¿P¿4KFG ĠĈē (N[¿P¿(GTT[ Ćĕąģ÷ňéĕââĕĆéĬĕĎüŇĕąĐĕĎĕĆ ğåĆĚħĐè÷ĚħĄĠĈēčėüåňĕúĘħĆēĈęâ ğþŎüøňü úĬĕĢĎňĆĕąģ÷ň éĕââĕĆĢĎňýĆėâĕĆğāėħĄãęĨüéĕâëŇĊèğ÷ĘąĊâĔüþĿúĘħĠĈňĊĄĕĐąĜŇúĘħ Ĉňĕüýĕú ĎĆĚĐğāėħĄãęĨüĆňĐąĈē čŇĊüĆĕąģ÷ňĆĊĄğúŇĕâĔý Ĉňĕüýĕú ğāėħĄãęĨüĆňĐąĈē

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Revenue Information +P CNVJQWIJ RCUUGPIGT [KGNF YCU FQYP VJG PWODGT QH RCUUGPIGTU KPETGCUGF CV C JKIJGT TCVG VJCP VJG RTGXKQWU year which prompted Nok Air to enjoy higher passenger revenues. Meanwhile, revenues from service and other TGXGPWGU CNUQ KPETGCUGF KP RTQRQTVKQP VQ VJG 4GXGPWG 2CUUGPIGT -KNQOGVGTU 42- CU YGNN CU C JKMG QH EGTVCKP UGTXKEG HGGU +P 0QM #KT IGPGTCVGF VQVCN TGXGPWGU QH $CJV OKNNKQP YJKEJ YCU JKIJGT VJCP C [GCT CIQ 6JKU YCU FKXKFGF KPVQ $CJV OKNNKQP QH RCUUGPIGT TGXGPWGU QT QH VJG VQVCN TGXGPWGU YJKNG VJG TGOCKPKPI $CJV OKNNKQP YCU HTQO QVJGT UGTXKEG TGXGPWGU CPF QVJGT TGXGPWGU VQVCNKPI QH VJG VQVCN TGXGPWGU

Production information +P VJG #XCKNCDNG 5GCV -KNQOGVGTU #5- TQUG VQ OKNNKQP UGCVU MKNQOGVGT EQORCTGF VQ C [GCT CIQ VJCPMU NCTIGN[ VQ VJG KPVTQFWEVKQP VQ VJG HNGGV QH HQWT $QGKPI 0GY )GPGTCVKQP CPF HQWT VWTDQRTQR 3 0GZV)GP all of which were brand-new, to increase the frequency of current routes and to serve newly-opened routes. The flight PWODGT KP TQUG VQ HNKIJVU HTQO HNKIJVU C [GCT GCTNKGT 6JG LGV #KTETCHV 7VKNK\CVKQP TCVG KP YCU CV JQWTU EQORCTKPI VQ JQWTU QH VJG RTGXKQWU [GCT YJKNG VJG VWTDQRTQR CKTETCHV WVKNK\CVKQP TCVG YCU WR VQ JQWTU XGTUWU JQWTU C [GCT CIQ 6JG 4GXGPWG 2CUUGPIGT -KNQOGVGTU 42- KPETGCUGF VQ OKNNKQP UGCVU MKNQOGVGT YJKEJ KPETGCUGF HTQO VJG RTGXKQWU [GCT #U VJG #5- ITGY CV VJG JKIJGT TCVG VJCP VJG ITQYVJ TCVG QH 42- VJG ECDKP HCEVQT YCU FQYP HTQO ¿U VQ UVC[ CV

Revenues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the firm tried to increase fee revenues by offering flight-related services and by raising service fees to reflect the market EQPFKVKQP 5GTXKEG TGXGPWGU CPF QVJGT KPEQOGU UVQQF CV OKNNKQP DCJV QT C LWOR D[ CU OCP[ CU RCTV QH YJKEJ YCU FWG VQ CP KPETGCUG QH VJG VKEMGV EJCPIG HGG CPF VJG ETGFKV ECTF RTQEGUUKPI HGG +P CFFKVKQP VJG JKIJGT 4GXGPWG 2CUUGPIGT -KNQOGVGTU 42- RCTVN[ EQPVTKDWVGF VQ JKIJGT UGTXKEG KPEQOGU TGUWNVGF HTQO GZEGUU DCIICIG EJCTIGU KPEQOGU HTQO VTCXGN KPUWTCPEG (N[¾P¿4KFG CPF (N[¿P¿(GTT[ TGXGPWGU CPF UCNGU TGXGPWGU HTQO HQQF DGXGTCIGU CU YGNN CU IKHVU CPF UQWXGPKTU #U C TGUWNV UGTXKEG KPEQOG HQT [GCT KPETGCUGF VQ OKNNKQP DCJV QT KPETGCUG HTQO RTGXKQWU [GCT YJKNG VJG VQVCN TGXGPWG HQT YCU OKNNKQP DCJV QT KPETGCUG HTQO RTGXKQWU [GCT

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øňüúěüÿĔüĠþĆĐĚħü åŇĕìŇĐĄýĬĕĆěèğåĆĚħĐèýėü åŇĕûĆĆĄğüĘąĄčüĕĄýėü åŇĕĢëňéŇĕąâĕĆýĆėâĕĆčüĕĄýėü åŇĕğëŇĕğåĆĚħĐèýėüĠýýğĎĄĕĈĬĕ øňüúěüÿĔüĠþĆĐĚħüĥ

ĆĊĄøňüúěüÿĔüĠþĆ

øňüúěüåèúĘħ åŇĕğëŇĕ÷ĬĕğüėüèĕüğåĆĚħĐèýėü åŇĕĢëňéŇĕąğâĘħąĊâĔýāüĔâèĕü åŇĕþĆēâĔüăĔąğåĆĚħĐèýėü åŇĕĢëňéŇĕąĢüâĕĆĆĔýĠĈēåĚüğåĆĚħĐèýėü øňüúěüåèúĘħĐĚħüĥ

ĆĊĄøňüúěüåèúĘħ

åŇĕĢëňéŇĕąĢüâĕĆãĕąĠĈēýĆėĎĕĆ

ĆĊĄåŇĕĢëňéŇĕąĢüâĕĆ÷Ĭĕğüėüèĕü

ĐňøĆĕčŇĊüúĕèûěĆâėé øňüúěüøŇĐĎüŇĊą 7PKV %QUV

øňüúěüøŇĐþĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ %#5- øňüúěüÿĔüĠþĆøŇĐþĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ 8% #5- øňüúěüÿĔüĠþĆģĄŇĆĊĄåŇĕĢëňéŇĕąüĬĨĕĄĔüøŇĐþĆėĄĕö âĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ 8% GZE HWGN #5- åŇĕĢëňéŇĕąüĬĨĕĄĔüøŇĐþĆėĄĕüâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ (WGN #5- øňüúěüåèúĘħøŇĐþĆėĄĕöâĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ (% #5- åŇĕĢëňéŇĕąĢüâĕĆãĕąĠĈēýĆėĎĕĆøŇĐþĆėĄĕö âĕĆÿĈėø÷ňĕüÿĜňġ÷ąčĕĆ 5) # #5-

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Expenses and Profit Analysis (Excluding Subsidiaries) Operating Cost Structure

ยฏยญยฎยฐ รฐรฌรฏรฏรฌรฒรฑ รฅรครซรท

ยข

Variable Costs (WGN %QUV

Other Variable Costs #KTETCHV OCKPVGPCPEG #KTRQTV HGG 0CXKICVKQP )TQWPF JCPFNKPI &KURCVEJ #KTECTHV %JCTVGT 1VJGT XCTKCDNG EQUVU

Total Variable costs

7,421

72.6

9,159

72.1

1,738

23.4

Fixed Cost #KTETCHV QRGTCVKPI NGCUG 2GTUQPPGN 5VCVKQP GZRGPUG #KTETCHV KPUWTCPEG HGGU #KTETCHV FGNKXGT[ CPF 4GFGNKXGT[ 1VJGT (KZGF %QUV

Total Fixed Cost

2,057

20.1

2,771

21.8

713

34.6

737

7.2

774

6.1

37

5.0

10,215

100.0

12,704

100.0

2,489

24.4

SG&A Total Operating Expenses

ยฏยญยฎยฑ รฐรฌรฏรฏรฌรฒรฑ รฅรครซรท ยข

ร รซรครฑรชรจ รฐรฌรฏรฏรฌรฒรฑ รฅรครซรท ยข

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Expenses Information +P 0QM #KT¿U VQVCN GZRGPUGU KPETGCUGF HTQO VJG UCOG RGTKQF C [GCT CIQ VQ UVCPF CV million baht due largely to the expansion of its fleet and the number of passengers carried. *KIJGT GZRGPUGU KP YGTG OCKPN[ FWG VQ VJG EQUVU QH RCUUGPIGT CPF UGTXKEGU YJGTG XCTKCDNG EQUV 8% TQUG VQ OKNNKQP DCJV EQORCTGF VQ VJG UCOG RGTKQF VJG RTGXKQWU [GCT /QUV XCTKCDNG EQUVU YGTG VJG EQUVU QH ,GV # CKTETCHV OCKPVGPCPEG HGGU CPF HNKIJV UGTXKEG HGGU 5KOKNCTN[ VJG CKTNKPG¿U HKZGF EQUV CNUQ LWORGF VQ OKNNKQP DCJV OQUV QH YJKEJ YGTG VJG EQUVU VQ NGCUG CKTETCHV CPF URCTG RCTVU CPF VJG EQUVU QH RKNQVU CPF ETGYU which mainly rose in proportion to the airline’s expanded fleet. Meanwhile, sales and administrative expenses increased VQ OKNNKQP DCJV 6JG HKTO TGEQTFGF CRRTQZKOCVGN[ OKNNKQP DCJV HKPCPEKCN GZRGPUGU TGUWNVGF HTQO C UJQTV VGTO loan borrowed as its working capital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¿U VQVCN GZRGPUGU KP UQCTGF VQ OKNNKQP DCJV OQUV QH YJKEJ YCU FWG VQ GZRGPUGU FKTGEVN[ related to the increase of flight number and the expansion of its fleet; namely, the cost of fuel, aircraft maintenance, lease of aircrafts and spare parts and costs of pilots and crews.

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the previous year.

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<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

'lTO:V<TD`GR$TEIV_'ETRM 2T;R9T*$TE_*V; LV;9ES@D ĎüŇĊą Ĉňĕüýĕú

*<$TE_*V;_,@TR$V+$TE ¯²²³ ¯²²´

*<$TE_*V;EIC ¯²²´

LV;9ES@D

čėüúĆĔāąŋĎĄěüğĊĘąü ğèėüč÷ĠĈēĆĕąâĕĆğúĘąýğúŇĕğèėüč÷ ğèėüĈèúěüëĔħĊåĆĕĊ ĈĜâĎüĘĨâĕĆåňĕ ĈĜâĎüĘĨĐĚħü čėüåňĕåèğĎĈĚĐ čėüúĆĔāąŋĎĄěüğĊĘąüĐĚħü

ĆĊĄčėüúĆĔāąŋĎĄěüğĊĘąü

čėüúĆĔāąŋģĄŇĎĄěüğĊĘąü ğèėüĈèúěüĢüýĆėČĔúąŇĐą ğèėüĈèúěüĆēąēąĕĊ ğèėüĢĎňâĜňąĚĄĆēąēąĕĊ čŇĊüþĆĔýþĆěèĐĕåĕĆğëŇĕĠĈēĐěþâĆöŋ čėüúĆĔāąŋģĄŇĄĘøĔĊøü čěúûė čėüúĆĔāąŋăĕČĘğèėüģ÷ňĆĐâĕĆøĔ÷ýĔîëĘ ğèėüþĆēâĔüĠĈēğèėüĄĔ÷éĬĕğâĘħąĊâĔýğåĆĚħĐèýėü čėüúĆĔāąŋģĄŇĎĄěüğĊĘąüĐĚħü ĆĊĄčėüúĆĔāąŋģĄŇĎĄěüğĊĘąü ĆĊĄčėüúĆĔāąŋ

ยฎยฒยถ

ETD*T;=ER+lT= ยฏยฒยฒยด ยพรฑรฑรธรครฏ ร รจรณรฒรตรท ยฏยญยฎยฑ

Financial Position Analysis Assets 7PKV /KNNKQP $CJV

ร รจรณรครตรครทรจ ร รฌรฑรครฑรฆรฌรครฏ ร รทรครทรจรฐรจรฑรทรถ

ยฏยญยฎยฐ ยฏยญยฎยฑ

ร รฒรฑรถรฒรฏรฌรงรครทรจรง ร รฌรฑรครฑรฆรฌรครฏ ร รทรครทรจรฐรจรฑรท ยฏยญยฎยฑ

Assets

Current Assets %CUJ CPF %CUJ 'SWKXCNGPVU 6GORQTCT[ +PXGUVOGPVU 6TCFG 4GEGKXCDNGU 1VJGT 4GEGKXCDNGU +PXGPVQTKGU 1VJGT %WTTGPV #UUGVU

Total Current Assets

6,024

Non-Current Assets Investment in Subsidiaries .QPI 6GTO +PXGUVOGPVU .QPI 6GTO .QCP VQ C 4GNCVGF %QORCP[ .GCUGJQNF +ORTQXGOGPVU CPF 'SWKROGPV +PVCPIKDNG #UUGVU 0GV &GHGTTGF 6CZ #UUGVU #KTETCHV &GRQUKV CPF 2TGRC[OGPVU +PVCPIKDNG #UUGVU 0GV Total Non-Current Assets Total Assets

3,871 5

5,184

248

2,066

1,385

6,272

5,937

6,569

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M;WhLV;`GRL I;%O*>[ 8YOMZ ; ĎüŇĊą Ĉňĕüýĕú

*<$TE_*V;_,@TR$V+$TE ¯²²³ ¯²²´

*<$TE_*V;EIC ¯²²´

M;WhLV;

ĎüĘĨčėüĎĄěüğĊĘąü ğéňĕĎüĘĨâĕĆåňĕ ğéňĕĎüĘĨĐĚħü ăĕČĘğèėüģ÷ňåňĕèéŇĕą þĆēĄĕöâĕĆĎüĘĨčėüåŇĕìŇĐĄýĬĕĆěèğåĆĚħĐèýėü þĆēĄĕöâĕĆĎüĘĨčėüâĕĆĢëňčėúûėþĆēġąëüŋĆĕąâĕĆčŇèğčĆėĄâĕĆãĕą ĎüĘĨčėüĎĄěüğĊĘąüĐĚħü

ĆĊĄĎüĘĨčėüĎĄěüğĊĘąü

ĎüĘĨčėüģĄŇĎĄěüğĊĘąü þĆēĄĕöâĕĆĎüĘĨčėüåŇĕìŇĐĄýĬĕĆěèğåĆĚħĐèýėü ăĕĆēÿĜâāĔüÿĈþĆēġąëüŋāüĔâèĕü ĎüĘĨčėĨüģĄŇĎĄěüğĊĘąüĐĚħü

ĆĊĄĎüĘĨčėüģĄŇĎĄěüğĊĘąü

ĆĊĄĎüĘĨčėü

L I;%O*>[ 8YOMZ ;

úěüé÷úēğýĘąü ĎěňüčĕĄĔî Ďěňü ĄĜĈåŇĕĎěňüĈē ýĕú čŇĊüğâėüĄĜĈåŇĕĎěňüčĕĄĔî âĬĕģĆčēčĄ éĔ÷čĆĆĠĈňĊ čĬĕĆĐèøĕĄâðĎĄĕą ąĔèģĄŇģ÷ňéĔ÷čĆĆ čĔ÷čŇĊüøĬħĕéĕââĕĆğþĈĘħąüĠþĈèčĔ÷čŇĊüâĕĆùĚĐĎěňüĢüýĆėČĔúąŇĐą ĆĊĄčŇĊüãĐèýĆėČĔúĢĎîŇ čŇĊüģ÷ňğčĘąúĘħģĄŇĄĘĐĬĕüĕéåĊýåěĄ

ĆĊĄčŇĊüãĐèÿĜňùĚĐĎěňü

ĆĊĄĎüĘĨčėüĠĈēčŇĊüãĐèÿĜňùĚĐĎěňü

Ž³Ž

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

Liabilities And Shareholderâ&#x20AC;&#x2122;s Equity 7PKV /KNNKQP $CJV

Ă?èóäþäáè Ă&#x192;ÏùäùÌÏäï Ă?áäáèðèùáÜ

¯­Ž° ¯­Ž¹

Ă&#x20AC;òùÜòïÏçäáèç Ă&#x192;ÏùäùÌÏäï Ă?áäáèðèùá ¯­Ž¹

Liabilities

Current Liabilities 6TCFG RC[CDNGU 1VJGT 2C[CDNGU +PEQOG 6CZGU 2C[CDNG 2TQXKUKQPU QP CKTETCHV OCKPVGPCPEG 2TQXKUKQPU QP RTQOQVKQP RTKXKNGIG 1VJGT EWTTGPV NKCDKNKVKGU

Total Current Liabilities

1,572

1,880

1,989

Non-Current Liabilities 2TQXKUKQPU QP CKTETCHV OCKPVGPCPEG 'ORNQ[GG DGPGHKVU QDNKICVKQP 1VJGT 0QP EWTTGPV .KCDKNKVKGU

Total Non-Current Liabilities

156

219

231

1,728

2,099

2,220

Total Liabilities

Shareholderâ&#x20AC;&#x2122;s Equity

Share Capital 1TFKPCT[ 5JCTG QH $CJV GCEJ 2TGOKWO QP UJCTG ECRKVCN 4GVCKPGF 'CTPKPIU Appropriated .GICN 4GUGTXG 7PCRRTQRTKCVGF &GHKEKV HTQO %JCPIG KP 5JCTGJQNFKPI KP C 5WDUKFKCT[ Total Owners of the Parent 0QP EQPVTQNNKPI +PVGTGUVU

Total Shareholdersâ&#x20AC;&#x2122; Equity

4,543

3,838

4,349

Total Shareholdersâ&#x20AC;&#x2122; Equity and Liabilities

6,272

5,937

6,569

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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2T;R$TE_*V; ö ûĔ ü ĊĕåĄ ýĆė ČĔú ĠĈēýĆėČĔú ąŇĐ ąĄĘčėüúĆĔ ā ąŋĆĊĄ Ĉň ĕ üýĕú ğāėħ ĄãęĨüéĕâčėĨüþĿ ĆňĐ ąĈē ġ÷ąĠýŇèğþŎüčėüúĆĔāąŋĎĄěüğĊĘąü Ĉňĕüýĕú čėüúĆĔāąŋģĄŇĎĄěüğĊĘąü Ĉňĕüýĕú åė÷ğþŎüčĔ÷čŇĊüĆňĐąĈē ĠĈē ãĐèčėüúĆĔāąŋĆĊĄøĕĄĈĬĕ÷Ĕý čėüúĆĔāąŋčŇĊüĢĎîŇğþŎüğèėüč÷ĠĈēğèėüĈèúěüëĔħĊåĆĕĊčĬĕĎĆĔýğþŎüčăĕāåĈŇĐèúĕèâĕĆğèėüğāĚħĐâĕĆĈèúěü ĠĈēğþŎüğèėüúěüĎĄěüğĊĘąüčĬĕĎĆĔýâėéâĕĆ ġ÷ą ö čėĨüþĿ ğèėüč÷ĠĈēğèėüĈèúěüëĔħĊåĆĕĊĐąĜŇúĘħ ĈňĕüýĕúĈ÷ĈèĆňĐąĈē éĕâčėĨüþĿ čŇĊüĢĎîŇùĜâüĬĕģþëĬĕĆēğèėüþĆēâĔüğâĘħąĊâĔýğåĆĚħĐèýėüìęħèĐąĜŇĢüčŇĊüãĐèčėüúĆĔāąŋĎĄěüğĊĘąüĠĈēģĄŇĎĄěüğĊĘąüĆĊĄ Ĉňĕüýĕú ğāėħĄãęĨüĆňĐąĈē ġ÷ąğþŎüğèėüþĆēâĔüčĬĕĎĆĔýĀĜèýėüģĐāŇü $QGKPI 0GY )GPGTCVKQP éĬĕüĊü ĈĬĕ éēúąĐąĆĔýĄĐýĢüþĿ ĠĈēĀĜèýėüĢýāĔ÷ 3 0GZV)GP éĬĕüĊü ĈĬĕ ìęħèéēĆĔýĄĐýĢüğ÷ĚĐüâĔüąĕąü ĢüģøĆĄĕčúĘħ þĿ åöēâĆĆĄâĕĆýĆėČĔúĄĘĄøėĈèúěüĢü ýĆėČĔú Ġāü ĠĐĄ ĐėüğøĐĆŋğüëĔħüĠüĈ ģĂĈŋú ğúĆüüėħè ğìĦüğøĐĆŋ

þĆēğúċģúą éĬĕâĔ÷ ğāĚħĐ÷ĬĕğüėüûěĆâėéċĜüąŋĀŀâĐýĆĄčĬĕĎĆĔýüĔâýėü ġ÷ąýĆėČĔúùĚĐĎěňüĆňĐąĈē ĄĜĈåŇĕğèėüĈèúěüþĆēĄĕö Ĉňĕüýĕú úĬĕĢĎňĢüþĿüĘĨ ýĆėČĔúĄĘğèėüĈèúěüĆēąēąĕĊğāėħĄãęĨüğþŎü Ĉňĕüýĕú üĐâéĕâüĘĨ ýĆėČĔúąĔèĄĘâĕĆĢĎňğèėüâĜňąĚĄĆēąēąĕĊ ĠâŇýĆėČĔú üâĄĔħèåĔħè éĬĕâĔ÷ ĄĜĈåŇĕ Ĉňĕüýĕú úĔĨèüĘĨ ýĆėČĔúğãňĕĈèúěüĢüýĆėČĔú čĕąâĕĆýėüüâčâĜʼnø éĬĕâĔ÷ ìęħè÷ĬĕğüėüûěĆâėéčĕąâĕĆýėü ĆĕåĕþĆēĎąĔ÷ĆēĎĊŇĕèþĆēğúċ ÿŇĕüâĕĆĈèúěüĢüýĆėČĔú üâĄĔħèåĔħè éĬĕâĔ÷ ĎüĘĨčėüãĐèýĆėČĔúğúŇĕâĔý Ĉňĕüýĕú ğāėħĄãęĨüéĕâčėĨüþĿ ĆňĐąĈē éĕâĆĕąģ÷ňåŇĕġ÷ąčĕĆĆĔýĈŇĊèĎüňĕğþŎüĎĈĔâ øĕĄâĕĆãąĕąøĔĊãĐèûěĆâėé čŇĊüğéňĕĎüĘĨâĕĆåňĕğāėħĄãęĨüøĕĄąĐ÷ãĕą úĔĨèüĘĨ ö čėĨüþĿ ýĆėČĔúąĔèåèģĄŇĄĘĎüĘĨčėüúĘħĄĘăĕĆē÷ĐâğýĘĨą (Interest-bearing debt) ýĆėČĔúĄĘčŇĊüãĐèÿĜňùĚĐĎěňüĆĊĄ Ĉňĕüýĕú Ĉ÷ĈèĆňĐąĈē éĕâčėĨüþĿ čĕğĎøěĎĈĔâĄĕéĕâÿĈãĕ÷úěüğýĦ÷ğčĆĦé éĕââĕĆ÷ĬĕğüėüèĕüþĿ ĄĜĈåŇĕ Ĉňĕüýĕú ĠĈēâĕĆéŇĕąğèėüč÷þŌüÿĈčĬĕĎĆĔýÿĈþĆēâĐýâĕĆþĿ ĢüģøĆĄĕč þĿ ĄĜĈåŇĕ Ĉňĕüýĕú úĬĕĢĎňâĬĕģĆčēčĄĢüčŇĊüúĘħąĔèģĄŇģ÷ňéĔ÷čĆĆĈ÷Ĉèéĕâ Ĉňĕüýĕú ö čėĨüþĿâŇĐüĎüňĕ ğþŎü Ĉňĕüýĕú ö čėĨüþĿ čŇĊüúěüúĘħĐĐâĠĈēëĬĕĆēĠĈňĊ ĆĊĄùęèčŇĊüğâėüĄĜĈåŇĕĎěňüĠĈēâĬĕģĆčēčĄčŇĊüúĘħčĬĕĆĐèøĕĄâðĎĄĕąąĔèģĄŇğþĈĘħąüĠþĈè éĕâčėĨüþĿ üĐâéĕâüĘĨĢüþĿ ýĆėČĔúĄĘâĕĆĆĔýĆĜňčŇĊüģ÷ňğčĘąúĘħģĄŇĄĘĐĬĕüĕéåĊýåěĄéĕââĕĆĈèúěüĢüýĆėČĔúąŇĐąĆēĎĊŇĕèþĿ ĆĊĄ Ĉňĕüýĕú

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Financial Position #U QH &GEGODGT 0QM #KT CPF KVU UWDUKFKCTKGU JCF C VQVCN CUUGV QH OKNNKQP DCJV TGRTGUGPVKPI C KPETGCUG HTQO GPF QH 6JKU EQWNF DG HWTVJGT UGRCTCVGF KPVQ OKNNKQP DCJV YQTVJ QH EWTTGPV CUUGVU CPF OKNNKQP DCJV YQTVJ QH PQP EWTTGPV CUUGVU YJKEJ CEEQWPVGF HQT CPF QH VJGKT VQVCN CUUGVU respectively. Most assets meanwhile were cash and short term investments for use as liquidity, for investment RWTRQUG CPF CU VJG CKTNKPGÂżU YQTMKPI ECRKVCN #U QH GPF QH ECUJ CPF VGORQTCT[ KPXGUVOGPVU UVQQF CV OKNNKQP DCJV YJKEJ YCU FQYP HTQO GPF QH 1H VJKU C VQVCN QH OKNNKQP DCJV YCU RCKF CU CKTETCHV RTG FGNKXGT[ RC[OGPV CKTETCHV KP EWTTGPV CPF PQP EWTTGPV CUUGVU YJKEJ YCU WR 6JKU YCU VJG IWCTCPVGG HQT UGXGP LGV CKTETCHV

$QGKPI 0GY )GPGTCVKQP YKVJ FGNKXGT[ UEJGFWNG DGVYGGP CPF HQT VYQ VWTDQRTQR 3 0GZV)GP CKTETCHV UEJGFWNGF HQT FGNKXGT[ KP 5GRVGODGT +P 3 0QM #KTÂżU $QCTF QH &KTGEVQTU TGUQNXGF VQ KPXGUV KP 2CP #O +PVGTPCVKQPCN (NKIJV 6TCKPKPI %GPVGT (Thailand) Co., Ltd. to run a training center for pilots in which Nok Air holds 15% of the investment fund totaling about OKNNKQP DCJV #U C TGUWNV KP VJKU [GCT KVU NQPI VGTO KPXGUVOGPV KPETGCUGF VQ OKNNKQP DCJV +P CFFKVKQP VJG HKTO NGPV OKNNKQP DCJV NQPI VGTO NQCP VQ 0QM /CPI -CPI %Q .VF YJKEJ CEVU CU C XGJKENG HQT 0QM #KT VQ KPXGUV KP NokScoot Airline Co., Ltd. a low-cost international long-haul airline. +VU NKCDKNKVKGU VQVCNGF OKNNKQP DCJV YJKEJ KPETGCUGF HTQO GPF QH OQUV QH YJKEJ YGTG OCKPN[ passenger revenues received in advance, in line with its business expansion. Meanwhile, account receivables rose RTQRQTVKQPCNN[ VQ KPETGCUKPI UCNGU #U QH GPF QH VJG HKTO FKF PQV JCXG CP[ KPVGTGUV DGCTKPI FGDV 0QM #KTÂżU UJCTGJQNFGTUÂż GSWKV[ VQVCNGF OKNNKQP DCJV QT C FGENKPG D[ HTQO GPF QH FWG OCKPN[ VQ VJG EQORTGJGPUKXG NQUU HTQO KVU QRGTCVKQP KP YQTVJ OKNNKQP DCJV CPF FKXKFGPF RC[OGPV YQTVJ OKNNKQP DCJV HQT KVU RGTHQTOCPEG FWTKPI 3 #U C TGUWNV KVU WPCRRTQRTKCVGF TGVCKPGF GCTPKPIU FKRRGF HTQO OKNNKQP DCJV CU QH GPF QH VJG RTGXKQWU [GCT VQ TGOCKP CV OKNNKQP DCJV CU QH GPF QH /GCPYJKNG VJG ECRKVCN CNTGCF[ KUUWGF CPF paid-up, share premium and retained earnings which were also statutory reserves remained unchanged from end of $GUKFGU KP 0QM #KT TGEQIPK\GF OKNNKQP DCJV PQP EQPVTQNNKPI KPVGTGUVU QH VJG UWDUKFKCTKGU FWTKPI VJG [GCT

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ğèėüč÷čěúûėģ÷ňĄĕ Ģëňģþ éĕââėéâĆĆĄ÷Ĭĕğüėüèĕü

ğèėüč÷čěúûėģ÷ňĄĕ Ģëňģþ éĕââėéâĆĆĄĈèúěü

ğèėüč÷čěúûėģ÷ňĄĕ Ģëňģþ éĕââėéâĆĆĄéĔ÷Ďĕğèėü

ÿĈâĆēúýéĕâĐĔøĆĕĠĈâğþĈĘħąüĢüğèėüč÷ĠĈēĆĕąâĕĆğúĘąýğúŇĕğèėüč÷ ğèėüč÷ĠĈēĆĕąâĕĆğúĘąýğúŇĕğèėüč÷ğāėħĄãęĨü Ĉ÷Ĉè čěúûė

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čĬĕĎĆĔýþĿ ýĆėČĔúĠĈēýĆėČĔúąŇĐąĄĘâĆēĠčğèėüč÷ĢëňģþĢüâėéâĆĆĄ÷Ĭĕğüėüèĕü Ĉňĕüýĕú âĆēĠčğèėüč÷ģ÷ňĄĕ éĕââėéâĆĆĄĈèúěü Ĉňĕüýĕú âĆēĠčğèėüč÷ģ÷ňĄĕéĕââėéâĆĆĄéĔ÷Ďĕğèėü Ĉňĕüýĕú ĠĈēÿĈâĆēúýéĕâĐĔøĆĕĠĈâğþĈĘħąü ğèėüøĆĕøŇĕèþĆēğúċ Ĉňĕüýĕú úĬĕĢĎňĄĘğèėüč÷ĠĈēĆĕąâĕĆğúĘąýğúŇĕğèėüč÷ ö ĊĔüúĘħ ûĔüĊĕåĄ éĬĕüĊü Ĉňĕüýĕú âĆēĠčğèėüč÷čěúûėĢëňģþĢüâėéâĆĆĄ÷Ĭĕğüėüèĕü Ĉňĕüýĕú ĄĕéĕâÿĈãĕ÷úěüâŇĐüăĕČĘğèėüģ÷ňøĕĄèýâĬĕģĆãĕ÷úěü Ĉňĕüýĕú þĆĔýþĆěè÷ňĊąĆĕąâĕĆúĘħģĄŇĢëŇğèėüč÷ĠĈēģĄŇĢëŇâėéâĆĆĄ÷Ĭ ĕğüėüèĕü úĬĕĢĎňĄĘÿĈãĕ÷úěüéĕââĕĆ÷ĬĕğüėüèĕüâŇĐü âĕĆğþĈĘħąüĠþĈèĢüčėüúĆĔāąŋĠĈēĎüĘĨčėü÷ĬĕğüėüèĕüğúŇĕâĔý Ĉňĕüýĕú čĬĕĎĆĔýĆĕąâĕĆğþĈĘħąüĠþĈèčĬĕåĔîãĐèâĆēĠčğèėüč÷ éĕââėéâĆĆĄâĕĆ÷Ĭĕğüėüèĕüģ÷ňĠâŇ ğèėüþĆēâĔüĠĈēğèėüĄĔ÷éĬĕğâĘħąĊâĔýğåĆĚħĐèýėüğāėħĄãęĨüĆĊĄ Ĉňĕüýĕú øĕĄĠÿüâĕĆãąĕąĀĜèýėü ğåĆĚħĐèýėüģĐāŇüĠĈēĀĜèýėüĢýāĔ÷ Ćĕąģ÷ňåŇĕġ÷ąčĕĆĆĔýĈŇĊèĎüňĕğāėħĄãęĨü Ĉňĕüýĕú ĈĜâĎüĘĨâĕĆåňĕĠĈēĈĜâĎüĘĨĐĚħüĥ ğāėħĄãęĨüĆĊĄ Ĉňĕüýĕú ğéňĕĎüĘĨâĕĆåňĕĠĈēåŇĕĢëňéŇĕąåňĕèéŇĕąğāėħĄãęĨüĆĊĄ Ĉňĕüýĕú ìęħèğþŎüģþøĕĄâĕĆğøėýġøãĐèûěĆâėé ĠĈēğèėüč÷éŇĕą åŇĕìŇĐĄýĬĕĆěèğåĆĚĐħ èýėüĄĜĈåŇĕ Ĉňĕüýĕú øĕĄãüĕ÷ĀĜèýėüúĘĢħ ĎîŇãüęĨ ĠĈēâĕĆüĬĕğåĆĚĐħ èýėüğãňĕìŇĐĄýĬĕĆěèøĕĄĆēąēâĕĆýėü % %JGEM âĆēĠčğèėüč÷ĆĔýĢüâėéâĆĆĄĈèúěü Ĉňĕüýĕú čŇĊüĢĎîŇĄĕéĕâğèėüč÷ĆĔýåĚüčĬĕĎĆĔýğèėüĈèúěüëĔħĊåĆĕĊĄĜĈåŇĕ Ĉňĕüýĕú üĐâéĕâüĘĨąĔèĄĘğèėüč÷ĆĔýéĕâ÷ĐâğýĘĨąĆĔýúĘħ Ĉňĕüýĕú čĬĕĎĆĔýğèėüč÷úĘħĢëňģþĢüâėéâĆĆĄĈèúěüģ÷ňĠâŇ ğèėüč÷éŇĕąğāĚħĐ ìĚĨĐĐěþâĆöŋĠĈēčėüúĆĔāąŋģĄŇĄĘøĔĊøü Ĉňĕüýĕú ĠĈēğèėüč÷éŇĕąčĬĕĎĆĔýğèėüĈèúěüĆēąēąĕĊ Ĉňĕüýĕú ĠýŇèğþŎüğèėüĈèúěü ĢüýĆėČĔú Ġāü ĠĐĄ ĐėüğøĐĆŋğüëĔħüĠüĈ ģĂĈŋú ğúĆüüėħè ğìĦüğøĐĆŋ þĆēğúċģúą éĬĕâĔ÷ĆĊĄ ĈňĕüýĕúĠĈēğèėüĈèúěüğāėħĄğøėĄ ĢüýĆėČĔú ĊėúąěâĕĆýėüĠĎŇèþĆēğúċģúą éĬĕâĔ÷ ĄĜĈåŇĕ Ĉňĕüýĕú úĬĕĢĎňþŌééěýĔüýĆėČĔúĄĘčĔ÷čŇĊüâĕĆùĚĐĎěňüĢüýĆėČĔú÷ĔèâĈŇĕĊ ğāėħĄãęĨüğþŎüĆňĐąĈē åė÷ğþŎüĄĜĈåŇĕğèėüĈèúěüĆĊĄ Ĉňĕüýĕú čĬĕĎĆĔýâĆēĠčğèėüč÷úĘħģ÷ňĄĕéĕââėéâĆĆĄéĔ÷Ďĕğèėü Ĉňĕüýĕú ģ÷ňĠâŇ âĕĆéŇĕąğèėüþŌüÿĈčĬĕĎĆĔýĆĐýÿĈþĆēâĐýâĕĆ þĿ ĢüģøĆĄĕčúĘħ þĿ ĄĜĈåŇĕ Ĉňĕüýĕú ĢüãöēúĘħýĆėČĔúĄĘğèėüč÷ĆĔýåŇĕĎěňüãĐèýĆėČĔúąŇĐąéĕâčŇĊüģ÷ňğčĘąúĘħģĄŇĄĘĐĬĕüĕé åĊýå쥥ĜĈåŇĕ Ĉňĕüýĕú úĔĨèüĘĨ ĢüëŇĊèģøĆĄĕčúĘħ ĠĈē ãĐèþĿüĘĨ ýĆėČĔúĄĘâĕĆâĜňąĚĄğèėüĆēąēčĔĨüéĕâčùĕýĔüâĕĆğèėüĠĈēģ÷ňéŇĕąåĚü ğèėüâĜň÷ĔèâĈŇĕĊğĆĘąýĆňĐąĠĈňĊ úĬĕĢĎňĄĘğèėüč÷ĆĔýĠĈēğèėüč÷éŇĕąéĕââĕĆâĜňąĚĄğèėüĆēąēčĔĨüĄĜĈåŇĕğúŇĕâĔüåĚĐ Ĉňĕüýĕú čĬĕĎĆĔýğèėüâĜň ÷ĔèâĈŇĕĊ ýĆėČĔúéŇĕą÷ĐâğýĘĨąþĆēĄĕö Ĉňĕüýĕú

ยฎยณยฒ

ETD*T;=ER+lT= ยฏยฒยฒยด ยพรฑรฑรธรครฏ ร รจรณรฒรตรท ยฏยญยฎยฑ

Financial Liquidity Analysis Statements of Cash Flow 7PKV /KNNKQP $CJV

%CUJ (NQY HTQO 1RGTCVKPI #EVKXKVKGU 0GV %CUJ (NQY HTQO +PXGUVKPI #EVKXKVKGU 0GV %CUJ (NQYU HTQO (KPCPEKPI CEVKXKVKGU 0GV 'HHGEV HTQO 'ZEJCPIG 4CVG KP %CUJ CPF %CUJ 'SWKXCNGPVU Increase (Decrease) in Cash and Cash Equivalents - Net

ร รจรณรครตรครทรจ ร รฌรฑรครฑรฆรฌรครฏ ร รทรครทรจรฐรจรฑรทรถ

ยฏยญยฎยฐ ยฏยญยฎยฑ

1,155 (441)

ร รฒรฑรถรฒรฏรฌรงรครทรจรง ร รฌรฑรครฑรฆรฌรครฏ ร รทรครทรจรฐรจรฑรท ยฏยญยฎยฑ

733

+P 0QM #KT CPF UWDUKFKCTKGU TGEQTFGF OKNNKQP DCJV PGV ECUJ WUGF KP QRGTCVKPI CEVKXKVKGU OKNNKQP DCJV PGV ECUJ RTQXKFGF D[ KPXGUVKPI CEVKXKVKGU OKNNKQP DCJV PGV ECUJ RTQXKFGF D[ HKPCPEKPI CEVKXKVKGU CPF OKNNKQP DCJV GHHGEV HTQO GZEJCPIG TCVG EJCPIGU #U QH &GEGODGT 0QM #KTยฟU ECUJ CPF ECUJ GSWKXCNGPVU VQVCNGF OKNNKQP DCJV 6JG COQWPV QH OKNNKQP DCJV PGV ECUJ WUGF KP QRGTCVKPI CEVKXKVKGU YCU C TGUWNV QH NQUU DGHQTG KPEQOG VCZ WPFGT VJG UVCVGOGPV QH RTQHKV CPF NQUU VQVCNKPI OKNNKQP DCJV CFLWUVGF VQ TGEQPEKNG RTQHKV YKVJ PQP ECUJ CPF PQP QRGTCVKPI KVGOU YJKEJ TGUWNVGF KP C NQUU HTQO QRGTCVKPI CEVKXKVKGU DGHQTG EJCPIGU KP QRGTCVKPI CUUGVU CPF NKCDKNKVKGU VQVCNKPI OKNNKQP DCJV /CKP KVGOU CHHGEVKPI VJG PGV ECUJ WUGF KP QRGTCVKPI CEVKXKVKGU YCU VJG IWCTCPVGG CPF FGRQUKV QP CKTETCHV VQVCNKPI million baht based on Nok Airโ s plan to expand its jet and turboprop fleet. Moreover, business expansion also affected QP KPETGCUG KP WPGCTPGF RCUUGPIGT TGXGPWGU QH OKNNKQP DCJV KPETGCUG KP VTCFG CPF QVJGT TGEGKXCDNGU QH OKNNKQP DCJV KPETGCUG KP VTCFG CEEQWPVU RC[CDNG CPF CEETWGF GZRGPUGU QH OKNNKQP DCJV CU YGNN CU OKNNKQP DCJV worth of cash paid as the aircraft maintenance fee due to its bigger fleet and the aircraft maintenance C-Check.

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ยฟU UJCTGJQNFKPI TCVKQ KP VJKU CGTQPCWVKECN UGTXKEG EQORCP[ VQ TKUG VQ QT C VQVCN QH OKNNKQP DCJV KPXGUVOGPV XCNWG 1H OKNNKQP DCJV PGV ECUJ RTQXKFGF D[ HKPCPEKPI CEVKXKVKGU OKNNKQP DCJV YCU RCKF CU C FKXKFGPF HQT VJG QRGTCVKPI TGUWNV KP 3 #V VJG QVJGT GPF YJKNG 0QM #KT TGIKUVGTGF OKNNKQP DCJV ECUJ KPEQOG HTQO PQP EQPVTQNNKPI KPVGTGUVU QH KVU UWDUKFKCTKGU FWTKPI 3 CPF 3 QH VJG UCOG [GCT KV JCF DQTTQYGF C UJQTV VGTO NQCP HTQO C HKPCPEKCN institution but subsequently repaid the entire loan, prompting its cash income and cash expense from the short-term NQCP VQ TGOCKP VJG UCOG YJKEJ YCU OKNNKQP DCJV /GCPYJKNG 0QM #KT RCKF CRRTQZKOCVGN[ OKNNKQP DCJV YQTVJ of interest for the short-term loan.

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OS7ETL I;9T*$TE_*V;

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ĆēąēğĊĈĕâĕĆéĬĕĎüŇĕąøĔĪĊĈŇĊèĎüňĕ

ĆēąēğĊĈĕâĕĆëĬĕĆēĎüĘ Ĩ ĊèéĆğèėüč÷(5)

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ĆňĐąĈē ĆňĐąĈē ĆňĐąĈē ĆňĐąĈē ĆňĐąĈē

ĐĔøĆĕčŇĊüĠč÷èþĆēčėúûėăĕāĢüâĕĆ÷Ĭĕğüėüèĕü ĐĔøĆĕÿĈøĐýĠúüéĕâčėüúĆĔāąŋ(11) ĐĔøĆĕÿĈøĐýĠúüéĕâčėüúĆĔāąŋùĕĊĆ

ĐĔøĆĕĎĄěüãĐèčėüúĆĔāąŋ

ĆňĐąĈē ĆňĐąĈē ğúŇĕ

ĐĔøĆĕčŇĊüĊėğåĆĕēĎŋüġąýĕąúĕèâĕĆğèėü ĐĔøĆĕčŇĊüĎüĘĨčėüøŇĐčŇĊüãĐèÿĜňùĚĐĎěňü

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âĬĕģĆčěúûėøŇĐĎěňü

ğúŇĕ ğúŇĕ ĆňĐąĈē ýĕú

ĎĄĕąğĎøě (1) ĆēąēğĊĈĕâĕĆğâĦýĎüĘĨğêĈĘħą åĚĐ ĐĔøĆĕčŇĊüĎĄěüğĊĘąüĈĜâĎüĘĨâĕĆåňĕ

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ĆēąēğĊĈĕâĕĆéĬĕĎüŇĕąøĔĪĊĈŇĊèĎüňĕ åĚĐ Ćĕąģ÷ňĆĔýĈŇĊèĎüňĕ Ćĕąģ÷ňĎĈĔâĆĊĄ Z

ĆēąēğĊĈĕâĕĆëĬĕĆēĎüĘĨ åĚĐ ĐĔøĆĕčŇĊüĎĄěüğĊĘąüğéňĕĎüĘĨ (5) ĊèéĆğèėüč÷ åĚĐ ĆēąēğĊĈĕğâĦýĎüĘĨ ĆēąēğĊĈĕâĕĆéĬĕĎüŇĕąčėüåňĕ ĆēąēğĊĈĕâĕĆéĬĕĎüŇĕąøĔĪĊĈŇĊèĎüňĕ ĆēąēğĊĈĕâĕĆëĬĕĆēĎüĘĨ

ĐĔøĆĕâĬĕģĆéĕââĕĆ÷ĬĕğüėüèĕüâŇĐüøňüúěüüĬĨĕĄĔüğëĚĨĐğāĈėè åĚĐ âĬĕģĆéĕââĕĆ÷Ĭĕğüėüèĕü øňüúěüüĬĨĕĄĔüğëĚĨĐğāĈėè Ćĕąģ÷ňĆĊĄ

ĐĔøĆĕâĬĕģĆéĕââĕĆ÷Ĭĕğüėüèĕü åĚĐ âĬĕģĆéĕââĕĆ÷Ĭĕğüėüèĕü Ćĕąģ÷ňĆĊĄ

ĐĔøĆĕâĬĕģĆ '$+6&#4 åĚĐ âĬĕģĆéĕââĕĆ÷Ĭĕğüėüèĕü åŇĕğëŇĕ÷ĬĕğüėüèĕüğåĆĚħĐèýėü åŇĕğëŇĕğåĆĚħĐèýėüĠýýğĎĄĕĈĬĕ Ćĕąģ÷ňĆĊĄ

ĐĔøĆĕâĬĕģĆčěúûė åĚĐ âĬĕģĆãĕ÷úěüčěúûė Ćĕąģ÷ňĆĊĄ

ĐĔøĆĕÿĈøĐýĠúüÿĜňùĚĐĎěňü åĚĐ âĬĕģĆãĕ÷úěüčěúûė čŇĊüãĐèÿĜňùĚĐĎěňüğêĈĘħą (11) ĐĔøĆĕÿĈøĐýĠúüéĕâčėüúĆĔāąŋ åĚĐ âĬĕģĆãĕ÷úěüčěúûė čŇĊüãĐèčėüúĆĔāąŋğêĈĘħą

ĐĔøĆĕÿĈøĐýĠúüéĕâčėüúĆĔāąŋùĕĊĆ åĚĐ âĬĕģĆãĕ÷úěüčěúûė åŇĕğčĚħĐĄĆĕåĕ ĐěþâĆöŋčěúûėğêĈĘħą

ĐĔøĆĕĎĄěüãĐèčėüúĆĔāąŋ åĚĐ Ćĕąģ÷ňĆĊĄ čŇĊüãĐèčėüúĆĔāąŋğêĈĘħą

ĐĔøĆĕčŇĊüĎüĘĨčėüøŇĐčŇĊüãĐèÿĜňùĚĐĎěňü åĚĐ ĆĊĄĎüĘĨčėü ĆĊĄčŇĊüãĐèÿĜňùĚĐĎěňü (15) ĐĔøĆĕčŇĊüåĊĕĄčĕĄĕĆùëĬĕĆēăĕĆēÿĜâāĔü åĚĐ âĬĕģĆéĕââĕĆ÷Ĭĕğüėüèĕü åŇĕğëŇĕ÷ĬĕğüėüèĕüğåĆĚħĐèýėü åŇĕğëŇĕ÷ĬĕğüėüèĕüğåĆĚħĐèýėü

ĐĔøĆĕâĕĆéŇĕąğèėüþŌüÿĈ åĚĐ ğèėüþŌüÿĈéŇĕą âĬĕģĆãĕ÷úěüčěúûė

âĬĕģĆčěúûėøŇĐĎěňü åĚĐ âĬĕģĆčěúûė éĬĕüĊüĎěňüčĕĄĔîğêĈĘħąùŇĊèüĬĨĕĎüĔâ

èýâĕĆğèėüĆĊĄ

ยฎยณยด

ETD*T;=ER+lT= ยฏยฒยฒยด ยพรฑรฑรธรครฏ ร รจรณรฒรตรท ยฏยญยฎยฑ

Financial Ratio

ร รทรจรฐรถ

ยพรธรงรฌรทรจรง ร ร ยฏยญยฎยฐ

ยฏยญยฎยฑยง

EFFICIENCY RATIOS 4GVWTP QP #UUGVU(11) 4GVWTP QP (KZGF #UUGVU

Asset Turnover

6KOG

FINANCIAL RATIO &GDV VQ 'SWKV[ 4CVKQ

%QXGTCIG 1DNKICVKQPU 4CVKQ(15) Dividend Payout

Net Profit per Share

6KOG 6KOG

$CJV

LIQUIDITY RATIOS Average Collection Period(1) Average Holding Period

Period of Ticket Distribution in Advance

Disbursement Period

Cash Cycle(5) PROFITABILITY RATIOS Operating Profit Margin Before Fuel

Operating Profit Margin

'$+6&#4 2TQHKV /CTIKP

Net Profit Margin

4GVWTP QP 'SWKV[

Note:

(1)

ร รฑรฌรท

ยฏยญยฎยฏ

&C[ &C[ 6KOG &C[ &C[

#XGTCIG %QNNGEVKQP 2GTKQF KU #EEQWPV 4GEGKXCDNG 6WTPQXGT 4CVKQ #XGTCIG *QNFKPI 2GTKQF KU +PXGPVQT[ 6WTPQXGT

2GTKQF QH 6KEMGV &KUVTKDWVKQP KP #FXCPEG KU 7PGCTPGF 4GXGPWG 6QVCN /CKP 4GXGPWG Z

&KUDWTUGOGPV 2GTKQF KU #EEQWPV 2C[CDNG 6WTPQXGT 4CVKQ (5) %CUJ %[ENG KU %QNNGEVKQP 2GTKQF *QNFKPI 2GTKQF 2GTKQF QH 6KEMGV &KUVTKDWVKQP KP #FXCPEG &KUDWTUGOGPV 2GTKQF

1RGTCVKPI 2TQHKV /CTIKP $GHQTG (WGN %QUV KU 1RGTCVKPI 2TQHKV (WGN %QUV 6QVCN 4GXGPWG

1RGTCVKPI 2TQHKV /CTIKP KU 1RGTCVKPI 2TQHKV 6QVCN 4GXGPWG

'$+6&#4 2TQHKV /CTIKP KU 1RGTCVKPI 2TQHKV .GCUG QH #KTETCHV 1RGTCVKQP .GCUG QH #KTETCHV EJCTVGTGF (NKIJV 6QVCN 4GXGPWG

0GV 2TQHKV /CTIKP KU 0GV 2TQHKV CPF .QUU 6QVCN 4GXGPWG

4GVWTP QP 'SWKV[ KU 0GV 2TQHKV CPF .QUU #XGTCIG 'SWKV[ (11) 4GVWTP 1P #UUGVU KU 0GV 2TQHKV CPF .QUU #XGTCIG VQVCN #UUGVU

4GVWTP QP (KZGF #UUGVU KU 0GV 2TQHKV CPF .QUU &GRTGEKCVKQP #XGTCIG 0GV 'SWKROGPV

#UUGV 6WTPQXGT KU 6QVCN 4GXGPWG #XGTCIG VQVCN #UUGVU

&GDV VQ 'SWKV[ 4CVKQ KU 6QVCN .KCDKNKVKGU 6QVCN 'SWKV[ (15) %QXGTCIG 1DNKICVKQP 4CVKQ KU 1RGTCVKPI 2TQHKV .GCUG QH #KTETCHV 1RGTCVKQP .GCUG QH #KTETCHV 1RGTCVKQP

&KXKFGPF 2C[QWV KU &KXKFGPF (WPF 0GV 2TQHKV CPF .QUU

0GV 2TQHKV 2GT 5JCTG KU 0GV 2TQHKV 9GKIJVGF #XGTCIG %QOOQP 5JCTGU

%QPUQNKFCVGF (KPCPEKCN 5VCVGOGPVU

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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Report of the Board of Directors’ Responsibilities for Financial Statement ETD*T;'ITCES<>V6-O<%O*'5R$EEC$TE<EþKS9 7 OETD*T;9T*$TE_*þ;

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OBV@E BTKIS:;

=ER:T;'5R$EEC$TE<EVKS9

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ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

The Board of Directors is responsible for separate financial statements and consolidated financial statements of VJG %QORCP[ CPF UWDUKFKCTKGU CU YGNN CU HKPCPEKCN KPHQTOCVKQP RWDNKUJGF KP VJG #PPWCN 4GRQTV 6JG HKPCPEKCN UVCVGOGPVU HQT VJG [GCT GPFGF &GEGODGT YGTG RTGRCTGF QP VJG DCUKU QH VJG )GPGTCNN[ #EEGRVGF #EEQWPVKPI 2TKPEKRNGU

)##2 KP 6JCKNCPF YJGTG CP CRRTQRTKCVG CEEQWPVKPI RQNKE[ JCF DGGP UGNGEVGF CPF EQPUVCPVN[ EQORNKGF YKVJ FKUETGVKQP carefully exercised and estimates reasonably made. In addition, critical information was adequately disclosed in notes to the financial statements to reflect the financial status, operation results and cash flow with transparency and accuracy so as to benefit shareholders and investors at large. The financial statements have already been audited by certified public accountants of Deloitte Touche Tohmatsu Chaiyos Advisory Co., Ltd. which unconditionally expressed its opinion.

During the auditing, the Company provided information and documents for the auditor to audit and express his opinions on the basis of the accounting standards.

The Board of Directors has set up and maintained appropriate and efficient risk management, internal control, internal audit and supervisions systems to ensure that accounting information is accurate, comprehensive and adequate to safeguard the Companyâ&#x20AC;&#x2122;s assets, prevent risk and avoid corruption or unusual action in a material sense.

The Board of Directors has appointed the Audit Committee of which the entire members are independent directors to supervise the review of the accounting policy and quality of the financial reporting. The Audit Committeeâ&#x20AC;&#x2122;s other tasks include reviewing the internal control, internal audit and thoroughly and adequately disclosing connected transaction information in an appropriate manner. The Audit Committeeâ&#x20AC;&#x2122;s opinions have been expressed in the Audit Committeeâ&#x20AC;&#x2122;s TGRQTV CNUQ RWDNKUJGF KP VJG #PPWCN 4GRQTV The Board of Directors is of the opinion that the Companyâ&#x20AC;&#x2122;s overall internal control system is adequate and sound and thus is reasonably convincing that the separate financial statements and the consolidated financial statements of VJG %QORCP[ CPF UWDUKFKCTKGU HQT VJG [GCT VJCV GPFGF &GEGODGT CTG VTWUVYQTVJ[ TGNKCDNG CPF KP EQORNKCPEG YKVJ VJG )##2 CU YGNN CU TGNGXCPV NCYU CPF TGIWNCVKQPU

Apiporn Pasawat

Chairman of the Board

Patee Sarasin

Chief Executive Officer

<EþKS9 LTD$TE<V;;$`OE +lT$S6 ¥CMT-;¦ Ëòî ¾ìõïìñèö Íøåïìæ Àòðóäñü Éìðì÷èç

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Report of the Audit Committee ETD*T;'5R$EEC$TE7EI+LO<

_EWD; 9 T;>[ 8YOMZ ; <EVKS9 LTD$TE<V;;$`OE +lT$S6 (CMT-;) åöēâĆĆĄâĕĆøĆĊéčĐýãĐèýĆėČĔúĒ þĆēâĐý÷ňĊąâĆĆĄâĕĆĐėčĆē úŇĕü þĆēâĐý÷ňĊą üĕąāėĄĈ ċĆĘĊėâĆĄŋ þĆēûĕü âĆĆĄâĕĆøĆĊéčĐý üĕąÿ÷ěèğ÷ë ĐėüúĆĈĔâČöŋ ĠĈēüĕąĐăėëĕøė éĘĆēāĔüûěŋ ğþŎüâĆĆĄâĕĆøĆĊéčĐý ìęħèĄĘåěöčĄýĔøėøĆèøĕĄğâöôŋ úĘħâĬĕĎü÷ĢüþĆēâĕċãĐèčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ĠĈēģ÷ňþñėýĔøėĎüňĕúĘħĠĈēåĊĕĄĆĔýÿė÷ëĐý åĆýùňĊüøĕĄúĘģħ ÷ňĆýĔ ĄĐýĎĄĕąéĕâåöēâĆĆĄâĕĆãĐèýĆėČúĔ øĕĄúĘģħ ÷ňâĕĬ Ďü÷ģĊňĢüâðýĔøĆãĐèåöēâĆĆĄâĕĆøĆĊéčĐý ĠĈēčĐ÷åĈňĐè âĔýãĐèčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈēøĈĕ÷ĎĈĔâúĆĔāąŋ ĠĈēþĆēâĕċãĐèøĈĕ÷ĎĈĔâúĆĔāąŋĠĎŇèþĆēğúċģúą ĢüĆĐýþĿýĔîëĘčėĨüčě÷ĊĔüúĘħ ûĔüĊĕåĄ åöēâĆĆĄâĕĆøĆĊéčĐýģ÷ňĄĘâĕĆþĆēëěĄâĔýĀłĕąýĆėĎĕĆ ÿĜňøĆĊéčĐýăĕąĢü ĠĈēÿĜňčĐýýĔîëĘéĬĕüĊü åĆĔĨè âĕĆğãňĕĆŇĊĄþĆēëěĄãĐèâĆĆĄâĕĆøĆĊéčĐýĠøŇĈēúŇĕüéēþĆĕâðĐąĜŇĢüøĕĆĕèĠč÷èéĬĕüĊüåĆĔĨè âĕĆğãňĕĆŇĊĄþĆēëěĄĢüčŇĊüġåĆèčĆňĕèğèėüúěüĠĈēâĕĆéĔ÷âĕĆ âĕĆþñėýĔøėèĕüãĐèåöēâĆĆĄâĕĆøĆĊéčĐýĄĘčĕĆēčĬĕåĔî čĆěþģ÷ň÷ĔèüĘĨ čĐýúĕüèýâĕĆğèėüģøĆĄĕčĠĈēèýâĕĆğèėüþĆēéĬĕþĿ ĆŇĊĄâĔýÿĜčň ĐýýĔîëĘĠĈēÿĜýň ĆėĎĕĆġ÷ąčĐýùĕĄĠĈēĢĎňåĬĕĠüēüĬĕ

ĠĈēãňĐåė÷ğĎĦüúĘħğþŎüþĆēġąëüŋ ğāĚħĐĢĎňĄĔħüĢéĊŇĕâĕĆéĔ÷úĬĕèýâĕĆğèėü ĄĘåĊĕĄùĜâøňĐè åĆýùňĊü ğëĚħĐùĚĐģ÷ň ĠĈēğþŎüģþøĕĄ

ĄĕøĆòĕüýĔîëĘúĘħĆýĔ ĆĐèúĔħĊģþ ĆĊĄúĔĨèĄĘâĕĆğþľ÷ğÿąãňĐĄĜĈúĘħğāĘąèāĐ ğĎĄĕēčĄ čĐýúĕüþĆēčėúûėăĕāĠĈēþĆēčėúûėÿĈãĐèĆēýýåĊýåěĄăĕąĢü âĕĆýĆėĎĕĆåĊĕĄğčĘħąè ĠĈēĆēýýâĕĆøĆĊéčĐýăĕąĢü

ãĐèýĆėČĔúĒ ĆŇĊĄâĔýĎüŇĊąèĕüøĆĊéčĐýăĕąĢü ÿĜňýĆėĎĕĆ ĠĈēÿĜňčĐýýĔîëĘ øĈĐ÷éüčĐýúĕüĄĕøĆâĕĆĠĈēĠüĊúĕè

âĕĆþŃĐèâĔüâĕĆúěéĆėøĢüčĕąèĕüøŇĕèĥ ĊŇĕĄĘåĊĕĄğāĘąèāĐĠĈēğĎĄĕēčĄâĔýčăĕāâĕĆ÷ĬĕğüėüûěĆâėé čĐýúĕüåĊĕĄğāĘ ą èāĐĠĈēğĎĄĕēčĄãĐèĆēýýâĕĆåĊýåě Ą ăĕąĢü ġ÷ąåöēâĆĆĄâĕĆøĆĊéčĐýģ÷ň āė é ĕĆöĕ

ĢĎňĄĘâĕĆĊŇĕéňĕèýĆėČĔú āĘĠĐü÷ŋĠĐĈ ĐėüğúĐĆŋüĐĈ ĐĐ÷ėú éĬĕâĔ÷ 2 . ìęħèğþŎüýĆėČĔúúĘħĢĎňýĆėâĕĆ÷ňĕüâĕĆøĆĊéčĐýăĕąĢü

ġ÷ąúĘħ 2 . ģĄŇĄĘčŇĊüģ÷ňğčĘąĢ÷ĥ âĔýýĆėČĔú ğāĚħĐĢĎňâĕĆøĆĊéčĐýăĕąĢüğþŎüģþĐąŇĕèĄĘþĆēčėúûėăĕāĠĈēþĆēčėúûėÿĈ

åöēâĆĆĄâĕĆøĆĊéčĐýéēğþŎ ü ÿĜ ň āė é ĕĆöĕĠÿüâĕĆøĆĊéčĐýăĕąĢüþĆēéĬĕ þĿ ĆĕąèĕüÿĈâĕĆøĆĊéčĐýăĕąĢü

øė÷øĕĄÿĈâĕĆøĆĊéčĐýăĕąĢüâĔýĀłĕąýĆėĎĕĆĐąŇĕèøŇĐğüĚħĐè āĆňĐĄúĔĨèĢĎňåĬĕĠüēüĬĕĠĈēĠüĊúĕèâĕĆøĆĊéčĐýăĕąĢü éĕâĆĕąèĕüâĕĆøĆĊéčĐýăĕąĢüãĐèýĆėČĔú åöēâĆĆĄâĕĆøĆĊéčĐýğĎĦüĊŇĕĆēýýåĊýåěĄăĕąĢüãĐèýĆėČĔú

ĄĘåĊĕĄğĎĄĕēčĄĠĈēğāĘąèāĐ čĐýúĕüĠĈēĢĎňåĊĕĄğĎĦüøŇĐĆĕąâĕĆúĘħğâĘħąĊġąèĎĆĚĐĆĕąâĕĆúĘħĄĘåĊĕĄãĔ÷ĠąňèúĕèÿĈþĆēġąëüŋ ĆĊĄùęèâĕĆğþľ÷ğÿąãňĐĄĜĈ

÷ĔèâĈŇĕĊ øĕĄãňĐâĬĕĎü÷ãĐèøĈĕ÷ĎĈĔâúĆĔāąŋĠĎŇèþĆēğúċģúąĠĈēčĬĕüĔâèĕüåöēâĆĆĄâĕĆâĬĕâĔýĎĈĔâúĆĔāąŋĠĈē

øĈĕ÷ĎĈĔâúĆĔāąŋ āėéĕĆöĕâĕĆþñėýøĔ èė ĕüãĐèÿĜčň ĐýýĔîëĘĢüþĿúÿĘħ ĕŇ üĄĕĠĈēåŇĕøĐýĠúüãĐèÿĜčň ĐýýĔîëĘ ġ÷ąāėéĕĆöĕéĕâåĊĕĄĆĜúň ĕèûěĆâėé

þĆēčýâĕĆöŋ åĊĕĄğĎĄĕēčĄãĐèåŇĕøĐýĠúüĠĈēåĊĕĄğþŎüĐėčĆēãĐèÿĜňčĐýýĔîëĘ éęèĠøŇèøĔĨèüĕąüėøė éęèüėéüėĆĔü÷Ćŋ

ÿĜ ň č ĐýýĔ î ëĘ ĆĔ ý Đüě î ĕøúēğýĘ ą üğĈãúĘħ ĠĈē ĎĆĚ Đ üĕąċě ă Ąė ø Ć ğøëēĄüøĆĘ âě Ĉ ÿĜ ň č ĐýýĔ î ëĘ ĆĔ ý Đüě î ĕø

úēğýĘąüğĈãúĘħ ĠĈē ĎĆĚĐ üĕąğāėħĄċĔâ÷ėī ĊèċŋāĔëĆþâĆöŋ ÿĜňčĐýýĔîëĘĆĔýĐüěîĕøúēğýĘąüğĈãúĘħ ĢüüĕĄãĐè

ýĆėČĔú ÷ĘĈĐąúŋ úĜňë ġûĄĔúčě ģëąąċ čĐýýĔîëĘ éĬĕâĔ÷ ğþŎüÿĜňčĐýýĔîëĘãĐèýĆėČĔú øŇĐĐĘâĊĕĆēĎüęħè ġ÷ąéēüĬĕğčüĐ

øŇĐåöēâĆĆĄâĕĆýĆėČĔúĒ ğāĚħĐãĐĐüěĄĔøėøŇĐúĘħþĆēëěĄÿĜňùĚĐĎěňüčĕĄĔîþĆēéĬĕþĿ øŇĐģþ éĕââĕĆþñė ýĔ øė ÷Ĕ è âĈŇ ĕ Ċãň ĕ èøň ü åöēâĆĆĄâĕĆøĆĊéčĐýĄĘ å ĊĕĄğĎĦ ü ġ÷ąčĆě þ ĊŇ ĕ ĢüþĿ åöēâĆĆĄâĕĆýĆė ČĔ ú åöēâĆĆĄâĕĆýĆėĎĕĆ øĈĐ÷éüĀłĕąéĔ÷âĕĆãĐèýĆėČĔúĄĘéĆėąûĆĆĄĠĈēåĊĕĄĄěŇèĄĔħüĢüâĕĆþñėýĔøėĎüňĕúĘħğāĚħĐĢĎňýĆĆĈěğþŃĕĎĄĕąúĘħøĔĨèģĊň ĐąŇĕèĄĘåěöăĕāğąĘħąèĄĚĐĐĕëĘā ġ÷ąĢĎňåĊĕĄčĬ ĕåĔîĐąŇĕèąėħèøŇĐâĕĆ÷Ĭ ĕğüėüèĕüúĘħĄĘþĆēčėúûėăĕāĠĈēþĆēčėúûėÿĈ ġþĆŇèĢčĠĈē øĆĊéčĐýģ÷ň ĄĘĆēýýâĕĆýĆėĎĕĆåĊĕĄğčĘħąè ĠĈēâĕĆåĊýåěĄăĕąĢüúĘħğĎĄĕēčĄĠĈēĆĔ÷âěĄğāĘąèāĐ

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Dear Shareholders of Nok Airlines Public Company Limited, The Audit Committee consists of three independent directors; namely, Mr. Pimol Srivikorn who is the committee chairman, Mr. Padungdej Indralak and Mr. Apichart Chirabandhu, both of whom are committee members. The three have CNN SWCNKHKECVKQPU CU CPPQWPEGF KP VJG PQVKHKECVKQP QH VJG 1HHKEG QH VJG 5GEWTKVKGU CPF 'ZEJCPIG %QOOKUUKQP 5'% CPF they have duly performed duties and fulfilled responsibilities as entrusted by the Board based on the Audit Committeeâ&#x20AC;&#x2122;s %JCTVGT YJKEJ KU CNUQ KP NKPG YKVJ VJCV QH VJG 1HHKEG QH VJG 5'% CPF VJG PQVKHKECVKQP QH VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF 5'6 &WTKPI VJG (KUECN ;GCT VJCV GPFGF &GEGODGT VJG #WFKV %QOOKVVGG JCF UKZ OGGVKPIU YKVJ VJG OCPCIGOGPV the internal auditor and the auditor. The attendance of each member of the Audit Committee is disclosed in the meeting attendance table under the â&#x20AC;&#x153;Capital Structure and Managementâ&#x20AC;? topic.

The Audit Committeeâ&#x20AC;&#x2122;s tasks can be summarized in essence as follows.

6Q TGXKGY VJG SWCTVGT HKPCPEKCN UVCVGOGPVU CPF VJG HKPCPEKCN UVCVGOGPVU VQIGVJGT YKVJ VJG CWFKVQT CPF the management by inquiring and offering fruitful advices and opinions to ensure that the financial statements

CTG CEEWTCVG EQORTGJGPUKXG CPF TGNKCDNG CU YGNN CU CNKIP YKVJ VJG )GPGTCNN[ #EEGRVGF #EEQWPVKPI 2TKPEKRNGU

)##2 YJKNG FKUENQUKPI CFGSWCVG CPF RTQRGT KPHQTOCVKQP 6Q TGXKGY VJG GHHKEKGPE[ CPF GHHGEVKXGPGUU QH VJG KPVGTPCN EQPVTQN TKUM OCPCIGOGPV CPF KPVGTPCN CWFKVKPI U[UVGOU together with Nok Airâ&#x20AC;&#x2122;s Internal Audit Department, the management and the auditor; to review anti-corruption preventive measures and guidelines to see if they are adequate and sound for the business.

6Q TGXKGY VJG CFGSWCE[ CPF UQWPFPGUU QH VJG KPVGTPCN EQPVTQN U[UVGO YJKEJ KP VJKU TGICTF VJG #WFKV %QOOKVVGG has decided to hire P&L Internal Audit Co., Ltd., (â&#x20AC;&#x153;P&Lâ&#x20AC;?), who offers an internal auditing service and has no interest in the firm, to ensure effective and efficient internal auditing. The Audit Committee reviews an annual internal auditing plan as well as a report of internal auditing results. It also constantly monitors internal audit results with the management and offers advices and directions regarding the internal auditing.

Based on the internal auditing report, the Audit Committee is of the opinion that Nok Airâ&#x20AC;&#x2122;s internal auditing system is adequate and sound.

6Q TGXKGY CPF IKXG CFXKEG TGICTFKPI EQPPGEVGF VTCPUCEVKQPU QT VTCPUCEVKQPU YKVJ C EQPHNKEV QH KPVGTGUV CPF

VQ FKUENQUG UWEJ KPHQTOCVKQP DCUGF QP VJG 5'6ÂżU CPF VJG 5'%ÂżU TGSWKTGOGPVU 5. To review the auditorâ&#x20AC;&#x2122;s performance during the past year, his remunerations based on the auditorâ&#x20AC;&#x2122;s business knowledge and experiences, fairness of his remunerations and his independence. Mr. Niti Chungnijniran,

%GTVKHKGF 2WDNKE #EEQWPVCPV .KEGPUG 0Q CPF QT /T 5WRCOKV 6GEJCOQPVTKMWN %GTVKHKGF 2WDNKE #EEQWPVCPV

.KEGPUG 0Q CPF QT /T 2GTOUCM 9QPIRCVEJCTCRCMQTP %GTVKHKGF 2WDNKE #EEQWPVCPV .KEGPUG 0Q on behalf of Deloitte Touche Tohmatsu Chaiyos Advisory Co., Ltd., will continue being our auditor for another term.

6JKU YKNN DG RTQRQUGF VQ VJG $QCTF QH &KTGEVQTU YJQ YKNN NCVGT UGGM CP CRRTQXCN HTQO VJG #PPWCN )GPGTCN Shareholdersâ&#x20AC;&#x2122; Meeting. $CUGF QP VJG HQTGIQKPI CEVKQP VJG #WFKV %QOOKVVGG KU QH VJG QRKPKQP VJCV KP VJG $QCTF QH &KTGEVQTU VJG 'ZGEWVKXG $QCTF QH &KTGEVQTU CPF VJG %QORCP[ÂżU OCPCIGOGPV FKF JCXG EQOOKVOGPV CPF GVJKEU KP VJGKT RGTHQTOCPEGU to fulfil business goals in a qualified and professional manner where they truly underlined the importance of an efficient and effective, transparent and accountable operation. In addition, sound and prudent risk management and internal control systems were adequately put in place.

(Mr. Pimol Srivikorn)

Chairman of the Audit Committee

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Corporate Social Responsibility (CSR) $V+$EEC_@čĎOLS*'C

øĈĐ÷ĆēąēğĊĈĕ þĿĢüâĕĆ÷ĬĕğüėüûěĆâėéúĘħÿŇĕüĄĕ üĐâéĕââĕĆ÷ĬĕğüėüûěĆâėéăĕąĢøňĎĈĔâéĆėąûĆĆĄĠĈēâĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆ úĘħ÷ĘĠĈňĊ ýĆėČĔúąĔèģ÷ňĢĎňåĊĕĄčĬĕåĔîâĔýğĆĚħĐèãĐèåĊĕĄĆĔýÿė÷ëĐýøŇĐčĔèåĄ ġ÷ąåĬĕüęèùęèÿĜňĄĘčŇĊüģ÷ňğčĘąúěâĀłĕą ìęħèĆĊĄùęèÿĜňùĚĐĎěňü ýĆėČúĔ åĜåŇ ĕň ĈĜâåňĕ āüĔâèĕüãĐèýĆėČúĔ ĠĈēčĔèåĄġ÷ąĆĊĄ ğāĚĐħ ĄěèŇ čĜâŇ ĕĆğøėýġøúĘąħ èĔħ ąĚüãĐèýĆėČúĔ ĠĈēģ÷ňåĕĬ üęèùęèĠüĊúĕèåĊĕĄĆĔýÿė÷ëĐý øŇĐčĔèåĄãĐèâėéâĕĆúĘħéĔ÷úĬĕġ÷ąøĈĕ÷ĎĈĔâúĆĔāąŋĠĎŇèþĆēğúċģúą ãňĐ ġ÷ąĢüþĿ úĘħÿŇĕüĄĕ ýĆėČĔúĄĘġåĆèâĕĆúĘħčĬĕåĔî÷ĔèøŇĐģþüĘĨ

'ITCES<>V6-O<7 O>[ <EVaB' ĢüþĿ úĘħÿŇĕüĄĕ ýĆėČĔúģ÷ňüĬĕāĕÿĜňġ÷ąčĕĆčĜŇéě÷ĎĄĕąþĈĕąúĕèøŇĕèĥ ÷ňĊąåĊĕĄþĈĐ÷ăĔą ġ÷ąĄěŇèğüňüâĕĆĢĎňýĆėâĕĆ úĘħĄĘåěöăĕā čē÷Ċâčýĕą ĠĈēåĬ ĕüęèùęèåĊĕĄāęèāĐĢéčĜèčě÷ãĐèÿĜňýĆėġăåğþŎüčĬ ĕåĔî ýĆėČĔúģĄŇğāĘąèĠåŇþñėýĔøėøĕĄčėúûėãĐè ÿĜňġ÷ąčĕĆøĕĄþĆēâĕċâĆēúĆĊèåĄüĕåĄ ġ÷ąâĆöĘğúĘħąĊýėüģĄŇþâøė Đĕúė čăĕāĐĕâĕċģĄŇğĐĚĨĐĐĬĕüĊąĢĎňčĕĄĕĆùğ÷ėüúĕèģ÷ňčĬĕĎĆĔý ğčňüúĕèĢüþĆēğúċ úĕèýĆėČĔúéēģ÷ňĐĬĕüĊąåĊĕĄčē÷ĊâĢĎňÿĜňġ÷ąčĕĆĢĎňģ÷ňğ÷ėüúĕèùęèéě÷ĎĄĕąþĈĕąúĕèĐąŇĕèþĈĐ÷ăĔąøĕĄ âĬĕĎü÷âĕĆğ÷ėĄ÷ňĊąúĕèğĈĚĐâĐĚħüĥ Đĕúė ğúĘħąĊýėüĢüéĔèĎĊĔ÷ĢâĈňğåĘąè ĎĆĚĐéĔ÷ĢĎňÿĜňġ÷ąčĕĆğ÷ėüúĕèġ÷ąúĕèĆùġ÷ąĄėģ÷ňğâĦýåŇĕĢëňéŇĕą ğāėħĄğøėĄĠøŇĐąŇĕèĢ÷ üĐâéĕâüĘĨýĆėČĔúģ÷ňåĬĕüęèùęèåĊĕĄĆĔýÿė÷ëĐýøŇĐÿĜňýĆėġăåġ÷ąğčĄĐĄĕ ġ÷ąýĆėČĔúģ÷ňĄĘâĕĆāĔõüĕâĆēýĊüâĕĆĢĎňýĆėâĕĆ ğāĚħĐĢĎňğâė÷åĊĕĄåĈŇĐèøĔĊĢüâĕĆøĐýčüĐèøŇĐåĊĕĄåė÷ğĎĦü ãňĐğčüĐĠüē ĎĆĚĐãňĐĆňĐèğĆĘąüãĐèÿĜňýĆėġăå ġ÷ąĄĘâĕĆéĔ÷øĔĨèġåĆèâĕĆ Á01- %CTG ĠĈē Á0QM (GGFDCEM ğāĚĐħ ĆĔýãňĐĆňĐèğĆĘąüúĕè÷ňĕüâĕĆýĆėâĕĆéĕâÿĜġň ÷ąčĕĆéĕâĎĈĕâĎĈĕąëŇĐèúĕè ğāĚĐħ üĬĕĄĕĊėğåĆĕēĎŋ ĠĈēāĔõüĕâĕĆýĆėâĕĆĢĎňĄĘþĆēčėúûėăĕāĠĈēøĆèâĔýåĊĕĄøňĐèâĕĆãĐèÿĜňġ÷ąčĕĆąėħèãęĨü üĐâéĕâüĘĨýĆėČĔú ąĔèģ÷ňğãňĕĆŇĊĄâėéâĆĆĄâĔýëěĄëüĢüèĕüâėéâĆĆĄúĕè÷ňĕüĊĔõüûĆĆĄĢüëěĄëüøŇĕèĥ úĔħĊþĆēğúċĐąŇĕèøŇĐğüĚħĐè ğþŎüþĆēéĬĕúěâþĿ ğčĄĚĐüĎüęħèğþŎüčĄĕëėâãĐèëěĄëüüĔĨüĥ Đĕúė âĕĆğãňĕĆŇĊĄâėéâĆĆĄèĕüþĆēğāöĘèĕüĠĎŇþĆĕčĕúÿęĨè úĘħéĔèĎĊĔ÷čâĈüåĆ èĕüþĆēğāöĘĠĎŇğúĘąüāĆĆČĕ úĘħéĔèĎĊĔ÷ĐěýĈĆĕëûĕüĘ ğþŎüøňü

ETD*T;=ER+lT= ¯²²´ žùùøäï �èóòþá ¯­Ž¹

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Throughout its decade of business operation, aside from conducting the business under the principle of corporate governance, Nok Air remains committed to social responsibility taking into consideration the interest of all stakeholders including shareholders, suppliers, customers, employees and the society at large while having a sustainable ITQYVJ CU KVU DQVVQO NKPG %54 CEVKXKVKGU YCU GZGEWVGF CNQPI VJG NKPG QH GKIJV RTKPEKRNGU KPVTQFWEGF D[ VJG 5VQEM 'ZEJCPIG QH 6JCKNCPF 5'6 +P 0QM #KT WPFGTVQQM VJG HQNNQYKPI RTQLGEVU

Responsibility to Consumers +P 0QM #KT UCHGN[ HNKGF QWT RCUUGPIGTU VQ VJGKT FGUVKPCVKQPU 9G HQEWUGF CV SWCNKV[ CPF EQOHQTVCDNG UGTXKEGU with consumerâ&#x20AC;&#x2122;s satisfaction as our goal. We not only complied with the Ministry of Transportationâ&#x20AC;&#x2122;s announcements on the rights of passengers in case of irregularity flights, for example, delayed flight due to adverse weather condition that prevented passengers from travel as their schedules, but we ensured that passengers finally reached their destinations through alternative means either by flying them to nearby airports or by arranging transfer bus free of charge.

4GCNK\KPI KVU TGURQPUKDKNKV[ VQ EQPUWOGTU 0QM #KT EQPVKPWGF VQ GPJCPEG KVU UGTXKEG RTQEGUUGU VQ KPETGCUG CIKNKV[ YJGP responding to customerâ&#x20AC;&#x2122;s comments, grievances and opinions. The â&#x20AC;&#x153;Nok Careâ&#x20AC;? and â&#x20AC;&#x153;Nok Feedbackâ&#x20AC;? projects were set up to add more channels for the airline to receive complaints from passengers so that services can be improved to accurately answer to their eclectic needs.

In addition, Nok Air participated in cultural activities at various communities nationwide on a regular basis as part of the communityâ&#x20AC;&#x2122;s members. Among a few, the airline joined the annual bee wax castle parade at Sakon Nakhon Province CPF VJG $WFFJKUV .GPV ECPFNG RCTCFG JGNF KP 7DQP 4CVEJCVJCPK 2TQXKPEG

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'ITCES<>V6-O<7 OLS*'C ĢüþĿ úĘħÿŇĕüĄĕ ýĆėČĔúģ÷ň÷ĬĕğüėüġåĆèâĕĆ Á01- )KXGU .KHG ÷ĊèĢéëŇĊąģ÷ňĎüęħèëĘĊėø ìęħèğþŎüġåĆèâĕĆúĘħýĆėČĔú éĔ÷úĬĕĐąŇĕèøŇĐğüĚħĐèĄĕğþŎüþĿúĘħ ġ÷ąĄĘĊĔøùěþĆēčèåŋĎĈĔâğāĚħĐĆē÷ĄúěüýĆėéĕåčĄúýğãňĕĄĜĈüėûėğ÷ĦâġĆåĎĔĊĢéĢüāĆēĐěþùĔĄăŋãĐè čĄğ÷ĦéāĆēğéňĕāĘħüĕèğûĐ ğéňĕĂŃĕâĔĈąĕöėĊĔõüĕ âĆĄĎĈĊèüĆĕûėĊĕčĆĕëüåĆėüúĆŋ ĈĔâČöēâĕĆ÷ĬĕğüėüâĕĆãĐèġåĆèâĕĆüĘĨåĚĐ ÿĜňúĘħčüĢé ĆŇĊĄýĆėéĕåčĄúýúěüčĕĄĕĆùìĚĨĐāĊèâěîĠéúĘħĆēĈęâ Á01- )KXGU .KHG ĢüĆĕåĕāĊèĈē ýĕú ġ÷ąĆĕąģ÷ňéĕââĕĆãĕąúĔĨèĎĄ÷ ģĄŇĎĔâåŇĕĢëňéŇĕą éēùĜâüĬĕğãňĕčĄúýúěüâĔýĄĜĈüėûėğ÷ĦâġĆåĎĔĊĢéĒ ìęħèĢüĠøŇĈēþĿ āĊèâěîĠééēùĜâÿĈėøéĬĕüĊüéĬĕâĔ÷ğāĘąè ëėĨü ìęħèĢüþĿ Ćĕąģ÷ňúĔĨèĎĄ÷éĕââĕĆãĕąāĊèâěîĠéúĘħĆēĈęâ Á01- )KXGU .KHG ùĜâüĬĕģþýĆėéĕåĢĎňâĔýĄĜĈüėûėğ÷ĦâġĆåĎĔĊĢéĒ ġ÷ąčĕĄĕĆùëŇĊąğ÷ĦâúĘħĄĘþŌîĎĕġĆåĎĔĊĢéāėâĕĆĠøŇâĬĕğüė÷ģ÷ňâĊŇĕ åü üĐâéĕâüĘĨ ýĆėČĔúąĔèĄĘġåĆèâĕĆúĘħčüĔýčüěüâėéâĆĆĄâĕĆğĆĘąüĆĜňĠĈēğčĆėĄčĆňĕèþĆēčýâĕĆöŋüĐâĎňĐèğĆĘąüčĬĕĎĆĔýğ÷ĦâüĔâğĆĘąü Đĕúė ġåĆèâĕĆüâğĆĘąüĆĜňġ÷ąåĊĕĄĆŇĊĄĄĚĐãĐèāüĔâèĕüüâĠĐĆŋ ğāĚħĐčüĔýčüěüĐěþâĆöŋĠĈēčėħèãĐèúĘħéĕĬ ğþŎüøŇĐâĕĆğĆĘąüĆĜň âĕĆċęâČĕ ĆĊĄùęèâĕĆ÷ĬĕĆèëĘĊėøĢĎňâĔýüňĐèĥ ĢüāĚĨüúĘħĎŇĕèģâĈ ĠĈēġåĆèâĕĆüâĄĐèģâĈ ğāĚħĐëŇĊąøŇĐąĐ÷âĕĆğĆĘąüĆĜňãĐèğ÷ĦâüĔâğĆĘąüĢüāĚĨüúĘħëěĄëü ĎŇĕèģâĈĄĕúĔċüċęâČĕĠĈēúĬĕâėéâĆĆĄčĆňĕèğčĆėĄþĆēčýâĕĆöŋ úĔĨèâĕĆģ÷ňãęĨüğåĆĚħĐèýėü âĕĆģ÷ňčĔĄÿĔčüĬĨĕúēğĈ ĆĊĄùęèúĔċüċęâČĕ øĕĄāėāėûăĔöôŋøŇĕèĥ ĠĈēġåĆèâĕĆĢüāĆēĆĕë÷ĬĕĆė ìęħèčĆňĕèåĊĕĄþĆēúĔýĢéĠĈēåĊĕĄúĆèéĬĕúĘħ÷ĘâĔýüňĐèĥ ğþŎüĐąŇĕèĄĕâ

'ITCES<>V6-O<7 O`E**T; ĢüþĿ úĘħÿŇĕüĄĕ ýĆėČĔúģ÷ňĢĎňåĊĕĄčĬĕåĔîøŇĐāüĔâèĕüìęħèĄĘčŇĊüčĬĕåĔîĠĈēğþŎüúĆĔāąĕâĆúĘħĄĘåŇĕúĘħčě÷ĢüâĕĆ÷Ĭĕğüėüèĕü ãĐèýĆėČĔú ġ÷ąýĆėČĔúğĈĦèğĎĦüùęèåĊĕĄčĬĕåĔîĢü÷ňĕüåĊĕĄþĈĐ÷ăĔąĢüâĕĆúĬĕèĕü ìęħèĄĘÿĈčĬĕåĔîøŇĐåĊĕĄþĈĐ÷ăĔąãĐèÿĜňġ÷ąčĕĆ ĄĘâĕĆĢĎňåĊĕĄĆĜň÷ňĊąâĕĆĀŀâĐýĆĄĎĈĔâčĜøĆčĬĕĎĆĔýāüĔâèĕüĢĎĄŇ ĎĔĊĎüňĕèĕü ĠĈēÿĜňýĆėĎĕĆ øĈĐ÷éüĄĘâĕĆéĔ÷úĬĕ 5CHGV[ $WNNGVKP ğāĚħĐčŇèğčĆėĄåĊĕĄþĈĐ÷ăĔąĆĕąğ÷ĚĐü ğāĚħĐčĚħĐčĕĆĢĎňāüĔâèĕüúĆĕýĐąŇĕèúĔħĊùęè ÷ňĕüâĕĆčĆĆĎĕĠĈēåĔ÷ğĈĚĐâýěåĈĕâĆ ýĆėČĔú ĢĎňåĊĕĄčĬĕåĔîâĔýâĆēýĊüâĕĆčĆĆĎĕĠĈēåĔ÷ğĈĚĐâğāĚħĐĢĎňģ÷ňĄĕìęħèýěåĈĕâĆúĘħĄĘåěöăĕā ğĎĄĕēčĄâĔýèĕüĠĈēĊĔõüûĆĆĄãĐèüâĠĐĆŋ üĐâéĕâüĘĨýĆėČĔúğþľ÷ġĐâĕčĆĔýýěååĈúĘħāėâĕĆĢĎňğãňĕĄĕĆŇĊĄèĕüâĔýýĆėČĔú÷ňĊą üĐâéĕâüĘĨýĆėČĔúąĔèĢĎňåĊĕĄčĬĕåĔîâĔýâĕĆāĔõüĕåĊĕĄĆĜň åĊĕĄåė÷ ĠĈēéėøĢéãĐèāüĔâèĕü ġ÷ąýĆėČĔúģ÷ňúýúĊüĎĈĔâčĜøĆ ĐýĆĄğāĚĐħ ğčĆėĄčĆňĕèúĔâČē āĔõüĕåĊĕĄĆĜ ň åĊĕĄåė÷ ĠĈēåĊĕĄčĕĄĕĆùãĐèāüĔâèĕüĢüĠøŇĈēĆē÷ĔýøĬĕĠĎüŇè øĕĄ 6TCKPKPI 4QCFOCR úĘħĊĕèĠÿüĠĈēĐĐâĠýýģĊňĢüĠøŇĈēþĿ ġ÷ąğêāĕē÷ňĕüâĕĆýĆėĎĕĆéĔ÷âĕĆčĬĕĎĆĔýĆē÷ĔýĎĔĊĎüňĕèĕü ÿĜňýĆėĎĕĆĆē÷Ĕýøňü éüùęèĆē÷ĔýčĜè øĈĐ÷éüĢĎňåĊĕĄčĬĕåĔî÷ňĕüâĕĆčĚħĐčĕĆăĕąĢüĐèåŋâĆĐąŇĕèøŇĐğüĚħĐè ĆĊĄùęèĄĘâĕĆéĔ÷âėéâĆĆĄøŇĕèĥ ĢĎňâĔýāüĔâèĕüøĈĐ÷úĔĨèþĿ ğāĚħĐāĔõüĕĠĈēğāėħĄåĊĕĄÿĜâāĔüãĐèāüĔâèĕüĢĎňĄĕâąėħèãęĨü ğëŇü üâčüěâ âėéâĆĆĄ QWVKPI üâãüģâŇ ĠãŇèãĔüĠý÷ĄėüøĔü üââĆĘĩ÷

þĆēâĊ÷ĆňĐèğāĈè 0QM 3WQVGU čĚħĐčĕĆĠüĊåė÷ÿĜňýĆėĎĕĆ üâĆĜňğĆĚħĐè ĢĎňåĊĕĄĆĜňğĆĚħĐèâĕĆčĚħĐčĕĆ üâĆĔâüâ čĚħĐčĕĆğúåüėåâĕĆğāėħĄ åĊĕĄÿĜâāĔü ğþŎüøňü čĬĕĎĆĔýāüĔâèĕüĢĎĄŇ ğüňüâĕĆĐýĆĄĎĈĔâčĜøĆåĊĕĄĆĜāň üĚĨ òĕü÷ňĕüûěĆâėéâĕĆýėü $CUKE #KTNKPG -PQYNGFIG ğāĚĐħ ĢĎňāüĔâèĕüĢĎĄŇ úĆĕýùęèåĊĕĄğþŎüĄĕ ĠüĊġüňĄãĐèûěĆâėéâĕĆýėü ĢĎňĄåĘ ĊĕĄĆĜ ň åĊĕĄğãňĕĢé ĠĈēúĆĕýùęèĐèåŋþĆēâĐýãĐèûěĆâėéâĕĆýėü ĠĈēåĊĕĄčĔĄāĔüûŋ ĆēĎĊŇĕèûěĆâėéâĕĆýėüâĔýĐěøčĕĎâĆĆĄâĕĆýėü ĠĈēüĬĕāüĔâèĕüĢĎĄŇğąĘħąĄëĄĆēýýĠĈēãĔĨüøĐüâĕĆúĬĕèĕüéĆėè ăĕąĢüčùĕüĘ÷ĐüğĄĚĐè ĀłĕąþñėýĔøėâĕĆýėü ĠĈēĀłĕąìŇĐĄýĬĕĆěèĐĕâĕċąĕü ğāĚħĐğĆĘąüĆĜňĆēýýĠĈēãĔĨüøĐüâĕĆúĬĕèĕü ĐĘâúĔĨèýĆėČĔúąĔèĄĘġåĆèâĕĆ ÁüâĎŇĊèĢąÂ ĠĈē ÁüâĢâĈňëė÷ ğāĚħĐğþľ÷ëŇĐèúĕèĢĎňāüĔâèĕüčĕĄĕĆùčĚħĐčĕĆ ĠĈâğþĈĘħąü åĊĕĄåė÷ğĎĦü čĐýùĕĄãňĐčèčĔąâĔýĀłĕąúĆĔāąĕâĆĄüěČąŋģ÷ňġ÷ąøĆèĐĘâ÷ňĊą åĊĕĄþĈĐ÷ăĔą âĕĆāĔõüĕ åĊĕĄÿĜâāĔü âĕĆčĚħĐčĕĆ åĚĐ åĊĕĄĆĔýÿė÷ëĐýĎĈĔâúĘħýĆėČúĔ ĄěŇèĄĔħü øĔĨèĢéĐąŇĕèğøĦĄúĘħ ğāĚħĐāüĔâèĕü ãĐèüâĠĐĆŋúěâåü

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Responsibility to the Society +P 0QM #KT EQPVKPWGF KVU Ă 0QM )KXGU .KHG *GCTVU ECP UCXG 1PG .KHGĂ&#x201A; ECORCKIP HQT VJG UGXGPVJ EQPUGEWVKXG [GCT 6JG RTQLGEV CKOU VQ TCKUG HWPF HQT VJG %JKNFTGP YKVJ *GCTV &KUGCUG (QWPFCVKQP WPFGT VJG RCVTQPCIG QH * 4 * 2TKPEGUU )CN[CPK 8CFJCPC -TQO .WCPI 0CTCFJKYCU 4CLCPCICTKPFTC +PVGTGUVGF RWDNKE EQWNF DW[ VJG Ă 0QM )KXGU .KHGĂ&#x201A; MG[ EJCKP CV DCJV CRKGEG YJGTG CNN UCNGU RTQEGGFU YGPV VQ VJG (QWPFCVKQP YKVJ PQ GZRGPUG FGFWEVKQP 'CEJ [GCT QPN[ MG[ EJCKPU CTG GZENWUKXGN[ OCFG +P VJKU RTQLGEV GHHGEVKXGN[ JGNRGF QXGT MKFU YJQ YGTG DQTP YKVJ JGCTV FKUGCUG +P CFFKVKQP 0QM #KT EQPFWEVGF QWV QH ENCUUTQQO NGCTPKPI CEVKXKVKGU 6JG Ă 0QM 4KGP 4QQĂ&#x201A; 0QM .GCTPKPI RTQLGEV YJKEJ was a result of collaboration among Nok Air employees gave away learning materials and other necessary items to needy UVWFGPVU KP TGOQVG CTGCU 6JG Ă 0QM /QPI -NCKĂ&#x201A; 0QM YKVJ 8KUKQP RTQLGEV VQQM WPFGTRTKXKNGIGF EJKNFTGP VQ TKFG CKTRNCPG JCXG fun at the sea or visit museums and royal projects to have first-hand experience and plant sweet memory in their heart.

Responsibility to Employees +P 0QM #KT TGOCKPGF EQOOKVVGF VQ GORNQ[GGU YJQ CTG VJG OQUV XCNWCDNG TGUQWTEG KP QWT DWUKPGUU 4GCNK\KPI the importance of the workplace safety as this is closely related to passengerâ&#x20AC;&#x2122;s safety, Nok Air conducted training for new staff, supervisors and executives. A safety bulletin was issued on a monthly basis and communicated to employees to promote safety. We also highlighted the importance of our recruitment process to reach out to quality personnel that suited Nok Airâ&#x20AC;&#x2122;s corporate culture. We also hired the disable as part of our workforce. +P CFFKVKQP 0QM #KT WPFGTNKPGF VJG KORQTVCPEG QH UMKNN KFGC CPF OKPF FGXGNQROGPV QH GORNQ[GGU 4GXKGYKPI training courses to enhance skills and capacity were available to employees at each position based on the training roadmap planned and designed annually especially with regard to management training for supervisor, junior management and senior executives. Corporate communication were strongly focused. Besides, year-round corporate activities were organized to nurture DQPFU COQPI GORNQ[GGU 6JG[ KPENWFGF 0QM 5CPWM 0QM (WP QWVKPI CEVKXKV[ 0QM -QP )CK 0QM 5JWVVNGEQEM DCFOKPVQP OCVEJGU 0QM )TGGF 0QM 5ETGCOU UKPIKPI EQPVGUV 0QM 3WQVGU EQOOWPKECVKPI KFGCU YKVJ UGPKQT OCPCIGOGPV 0QM 4QQ 4WGPI 0QM 7PFGTUVCPFU 6GCEJKPI EQOOWPKECVKQP VGEJPKSWGU CPF 0QM 4WM 0QM 0QM .QXGU 0QM .GCTPKPI how to communicate to enhance relationship).

New staff were required to attend the basic airline knowledge training to learn the industryâ&#x20AC;&#x2122;s background as well as C TGNCVKQPUJKR DGVYGGP VJG CKTNKPGU DWUKPGUU CPF VJG CXKCVKQP KPFWUVT[ HQT C DGVVGT Ă&#x152;TUV VKOG WPFGTUVCPFKPI 0QM #KTÂżU new staff were taken to witness work procedures in an actual work environment at the Don Muaeng International Airport, the Flight Operation Department and the Aircraft Maintenance Department.

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Designed by Plan Grafik Co., Ltd. Tel.: +66 (0) 2237 0080 #200

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Nok Airlines Public Company Limited 17th Ãï«© Ïäíäñäîäõñ ¿øìïçìñê© ° Ðòø÷ë Ðä÷ëòõñ Ïòäç© Öäññäúä© Ðä÷ëòõñ© ¿äñêîòî ®­®¯­ Ñèï« ¨³³ ¥­¦ ¯³¯´ ¯­­­ Ãäû ¨³³ ¥­¦ ¯¯µ² ³¶±±

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Investor Relations Department www.nokair.com/ir Tel.: +66 (0) 2627 2678, +66 (0) 2627 2748