TRANSFORMATION. Briefing. Thai Airways International PCL. 5 February 2015

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1 Thai Airways International PCL 5 February 2015 TRANSFORMATION Briefing

2 Operating Environment

3 Environment Changes SEA was Asia s hub Middle East emerging as the new World hub Longer range aircraft technology changing face of competition Service quality - Thai Touch is being challenged Lower wages substituted by technology Competitors are growing in size and number

4 Entry of New Low Cost Carriers

5 Rapid Growth by LCCs SOUTHEAST ASIA FLEET GROWTH Southeast Asia fleet size (# aircraft) ANNOUNCED FLEET ORDERS, SELECT CARRIERS Announced fleet orders (# aircraft) 2.5K 2, K CAGR (13-25) 600 ~990 new aircraft, mostly narrow body 2.0 Widebody 5% , K Narrowbody 6% Lion AirAsia/ AirAsiaX Viet- Jet Tiger Nok Emirates Etihad S Note: Jetstar includes Jetstar Airways and Jetstar Asia, excludes Jetstar Pac., Jetstar JP, Jetstar HK; VietJet excludes Thai VietJet; Nok excludes NokScoot Source: THAI fleet order data; Boeing; CAPA; Airline Monitor; Business Standard

6 THAI s Quarterly Performance 10B THAI AIRWAYS QUARTERLY EBIT (THB) 4B 5 2B 1B -2B -2B 0-2B -2B -5-6B -10 Loss 9,210 MTHB -4B -11B -15 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Total: 24 months Source: THAI quarterly reports

7 World Ranking Down?

8 Many Loss Making Routes Accumulated Contribution Profit Loss } Loss... 0 Number of THAI Routes 100

9 Many Aircraft Families & Types A380 (6) 800 (6) A A A B747 (12) 400 (12) A A A A340 (6) 600 (6) B (14) B (17) 200 (8) 200ER (6) 300 (6) 300ER (11) A330 (22) 300 (22) B A320 A ER ER B747 B B A ER B B B ER 800 B787 (4) 8 (4) B B737 (2) 400 (2) A320 (17) 200 (17) 9 FAMILIES, 11 TYPES OF AC 6 FAMILIES, 9 TYPES OF AC 6 FAMILIES, 8 TYPES OF AC 5 FAMILIES, 5 TYPES OF AC Fleet size: 100 Fleet size: 130 Fleet size: 161 Fleet size: 97 Note: THAI includes THAI Smile fleet, Cathay Pacific includes Dragonair, Singapore Airlines includes Silkair; no cargo aircraft is included for any carrier Source: THAI Fleet Information Dec 2014, Airlines Annual Reports

10 Operating Efficiency Low aircraft utilization - 11 hours High cost, high unit cost, and lower productivity Redundant operations, slow decision making process Low staff morale

11 Transformation Goals Re-emerge as a national carrier bearing the pride of the Thai People Ensure sustainable growth and profit Be ranked among the top 3 airlines in the world

12 TRANSFORMATION STAGES 1 Stop the Bleeding Immediately cut loss-making routes Frequency or capacity reduction Improve revenue management 2 Strength Building Reduce per-unit cost Enhance efficiency Enhance revenue generating capability 3 Sustainable Growth Leverage growth on rejuvenated organization strength Drive for long-term sustainable profitability

13 THAI S TRANSFORMATION PLAN Network Strategies Fleet Strategies Commercial Strategies Operations and Cost Control Strategies Organisation Strategies Portfolio Strategies

14 1 Network Strategies Non-Profit Routes Profitable Routes Discontinue/ Likely to be discontinued Undecided Maintain and make profitable Strengthen profitability No potential for profit Consistently lossmaking Consistently lossmaking Potential for turning around Currently lossmaking but high potential for making profit Currently profitable

15 Impact from Transformation Accumulated Contribution 0 Number of THAI Routes 100

16 2 Fleet Strategies Reduce Fleet Size From 102 to less than 90 aircraft From 9 families, 11 types to 6 families, 8 types Sale of 22 aircraft already grounded

17 3 Commercial Strategies Enhance revenue management/ maintain service quality Improve sales, diversify distribution channels and broaden customer base Improve customer service excellence and consistency

18 Impact from Transformation Accumulated Contribution 0 Number of THAI Routes 100

19 4 Operations & Cost Strategies Reduce non-fuel cash cost 5 Organization Strategies Flatten organization 6 Portfolio Strategies Adopt systematic approach to manage core and non-core businesses

20 Impact from Transformation Accumulated Contribution 0 Number of THAI Routes 100

21 Transformation Guidelines Establish Corporate Transformation Management Office Members represented by all relevant departments Establish clear scope, targets and timeline Establish clear accountabilities

22 Transformation Outcome Before After Financial difficulty Uncertain future Low staff morale TRANSFORMATION th/imgres? Financial stability Sustainable profitability A company of opportunities

23 Airline Transformation Successes From worst to first in the industry Japan Airlines Roars Back Lufthansa Is Back On Course

24 Transformation Supported by Sufficient Liquidity Standby ECP support from MoF Raised THB 6 bn in BE paper at year-end 2014 Raised THB 4 bn in 5, 7, 10 year bonds (2014) - 3 times oversubscribed Planned raising of THB 15 bn in debentures (2015)

25 TRANSFORMATION Thank You

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