Nok Airlines Public : No Right Adjustment of NOK-W1

-Translation -

REF: No. PE 001/2020

17 January 2020

Subject: Notification on No Right Adjustment of the Warrants to purchase ordinary shares of Nok Airlines Public Company Limited No.1 (NOK-W1)

To:President

The Stock Exchange of Thailand

Reference is made to the resolution of the Board of Directors' meeting of Nok Airlines Public Company Limited (the "Company") No. 12/2019 dated December 12, 2019 which passed a resolution to increase the registered capital by issuing new ordinary shares for the amount of 888,147,358 shares at a par value of 1 Baht per share, a total of 888,147,358 Baht, and to allot newly issued ordinary shares for such amount in proportion to their shareholding (Rights Offering) at the subscription ratio of 3.5 existing shares being entitled to 1 new ordinary share, at an offering price of 2.50 Baht per share.

Since the newly issued shares price is not lower than 90 per cent of the weighted average market price of the ordinary shares of the last 15 consecutive business days prior to the first day on which an investor will not be granted the right to subscribe to newly issued ordinary shares. The first date on which the SET posts an XR sign is January 20, 2020.

There will not be adjustment of the right and the exercise priceof the warrants to purchase the ordinary shares of the Company according to the Rights and Obligations of the Issuer and Holders of the Warrant to Purchase the Ordinary Shares of Nok Airlines Public Company Limited No.1 (NOK-W1).

Exercise Price : 3.18574 Baht per share

Exercise Ratio : 1 unit of Warrant to 1.56950 ordinary shares

Please be informed accordingly. Yours Faithfully,

- Wutthiphum Jurangkool - Mr. Wutthiphum Jurangkool Chief Executive Officer