THAI AIRWAYS INTERNATIONAL PCL

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1 THAI AIRWAYS INTERNATIONAL PCL March Investor Relations Department

2 DISCLAIMER The information contained herein is intended to represent the Company s operating and financial position at a given point in time and may also contain forward looking information which only reflects expectations based on the prevailing geo-political, economic and non-controllable factors. Such information has been obtained from sources believed to be most reliable and the means in analyzing and preparation of such information for disclosure are based on approved practices and principles in the investment industry. The views are based on assumptions subject to various risks and uncertainties and no assurance is made as to whether such future events will occur, that projections will be achieved, or that the assumptions here-in are correct. Consequently no assurance is made as to the accuracy or completeness of information presented in this document. This document should not be construed as an investment guide or as an offer or solicitation of an offer to buy or sell the Company s equity shares. 2 Investor Relations Department

3 Business Overview THAI Airways International PLC. Business Units Ground Services Total Revenue 194,342 MTHB (2011) Passenger and excess baggage ~ 80 % Freight and mail ~ 15 % Other activities ~ 5 % 55% 49% 49% 49% 49% Thailand Budget Airline Tour Eurng Luang 3 Investor Relations Department

4 Business Overview Core Business Air Transportation Technical Department Able to Maintain Over 90% of Aircraft Availability Staff: 4,436 persons Outsource: 347 persons 4 Investor Relations Department

5 Business Overview Business Units Cargo Handling Catering Total Rev. 2,544 MTHB/Year (External Rev % ) Staff 1,679 Persons Outsource 1,158 Persons Production 57,660 Meal/day Total Rev. 6,030 MTHB/Year (External Rev %) Staff 1,952 Persons Outsource 1,898 Persons THAI Smile THAI Ground Services หน วยธ รก จการบ น ราคาประหย ด Ticket Sale: 1 April 2012 Inauguration: 1 July 2012 Ground Service Ground Support Equipment Total Rev. 7,567 MTHB/Year (External Rev % ) Staff 4,328 Persons Outsource 3,437 Persons 5 Investor Relations Department

6 Company Facts Major Shareholders Major Shareholders HSBC (SINGAPORE) NOMINEES PTE LTD, 1.13% STATE STREET BANK EUROPE LIMITED, 0.81% OTHERS, 22.31% Thailand s National Flag Carrier THE BANK OF NEW YORK MELLON- CGT TAXABLE, 1.15% 51% directly, 68% indirectly owned by the Royal Thai Government STATE STREET BANK AND TRUST COMPANY, 1.91% MINISTRY OF FINANCE, 51.03% Market Capitalization: GOVERNMENT SAVING FUND 2.13% 1,795 MUSD THAI NVDR, 4.03% VAYUPAK (KTAM), 7.75% VAYUPAK (MFC), 7.75% (As of Mar 2012) As of Mar 12 6 Investor Relations Department

7 Headwinds Factors Affecting Aviation Business Natural Disasters Rate of Economic Growth Rapid Rise in Fuel Price FX Fluctuation New Aircraft Technology /Trend Competition from LCCs / Traditional Airlines/ New Full Network Carriers THAI is taking precautionary actions to mitigate all risk factors ASEAN Open Sky and Liberalization Policy EU Carbon Emissions Guideline Availability of Aircraft Financing Availability of New Aircraft Acquisition, Aging Fleet & Seat Global Politics Health 7 Investor Relations Department

8 Snap Shot 2011 MTHB USD mn. Equiv. % Change (YoY) Assets 274,445 8, % Total Revenue 194,342 6, % Net Profit (Exclude FX) - 5, % 2011 Jan.-Dec. % Change YoY Passenger carried (Million) % Million Revenue Passenger Kilometers (MRPK) 55, % Freight carried (tons) 689, % Million Revenue Freight Ton Kilometers (MRFTK) 2, % 2011 # of Aircraft 89* Destinations Served 72 Countries Served 35 *Excluding 6 B leased to Nok Air 8 Investor Relations Department

9 Operation Summary Units Feb./2012 Feb./2011 % Change Passenger Production MASK 6,318 6, % Passenger Traffic MRPK 4,992 4, % Cabin Factor % % Passenger carried Million 1,653 1, % Passenger Yield* THB/km % Freight Production MADTK % Freight Traffic MRFTK % Freight Factor % % Freight carried Tons 54,707 51, % Freight Yield* THB/km % Avg. Fuel Price** USD/BBL (E) % Note : *Yield includes fuel surcharge **Into-plane price 9 Investor Relations Department

10 Air travel is very sensitive to external events 10 Investor Relations Department

11 # of PAX By Class By Area JAN Business 9.3% Economy 87.3% Non Revenue 2.6% Premium economy 0.4% First class 0.3% W estern 9.8% Southern 7.1% Australia 6.4% Europe 13.8% ME&AF&others 2.2% Indo-China 4.4% Northern 23.8% North Pacific 0.6% Domestic 31.8% Total passengers in JAN = 1.75 mn. Total passengers in JAN = 1.71 mn. 11 Investor Relations Department

12 Revenue By Class By Area Jan.-Dec First class 1.6% Business class 21.1% Premium economy class 1.1% Australia 10.7% Europe 30.4% North Pacific 2.4% Africa 0.8% Domestic 9.2% Economy class 76.1% Northern 26.4% Indo-China 2.4% Middle East 1.5% Southern 7.9% Western 8.2% Passenger revenue* = 151,164 MTHB * Schedule flight only 12 Investor Relations Department

13 Competitors Have Increased Significantly Traditional full service airlines Newly established full service airlines Low Cost Carriers 13 Investor Relations Department

14 Market Share of LCCs Up Dramatically Domestic Market Regional Market Mn Passengers 15 Market Share Avg. Growth Rate ( ) Mn Passengers 25 Market Share Avg. Growth Rate ( ) % Others LCCs 15.0% 45.2% 7.4% 32.4% % 2.1% Others LCCs 47.6% 19.1% 4.4% 46.8% 83.8% THAI Airways 39.8% -2.3% % THAI Airways 33.2% 3.2% Investor Relations Department

15 New Strong Competitors from Middle East Middle East HUB Emirates Qatar Etihad 15 Investor Relations Department

16 THAI surrounded by LCC LCC Fleet Order AirAsia Cebu Pacific Indigo Jetstar Lion Air Pacifi c Silk Air 19 - SpiceJet Pacifi c Tiger Airways 17 - Total 396 1,007 Note: Fleets shown only effected to THAI Leased aircraft not included 16 Investor Relations Department

17 Competitors Fleet Expansion Plan Competitors Fleet and Expansion Plan Number Awaiting delivery Existing A Emirates Qatar Etihad Singapore Cathay Malaysia Vietnam THAI Existing/Awaiting delivery 15/75 -/5 -/10 11/8 - -/6 -/4 -/6 17 Investor Relations Department

18 Overarching Strategic Plan Ensure strength and stability Strengthen internal organization Build operational stability Build strategic competitiveness Seek growth opportunities - Emphasize Customer Value - Ensure Competitiveness - Ensure Dynamism 18 Investor Relations Department

19 Synthesizing Environmental Factors into Strategies Environment and Competition Analysis Core Values Corporate Strategies Lost Customer 1 Corporate Portfolio Aging Fleet and Seats New Product Trend Unmodernized ICT Customeroriented 2 3 Customer Value Route Network and Fleet Aircraft Technology 4 Commercial Yield Cost Competitive 5 Corporate Social Responsibility Fuel 6 IT Competition Rules and Regulations 7 Strategic Cost Management Crisis Operation Dynamic 8 Human Capital and Organization Effectiveness Funding Foreign Exchange 9 Financial 19 Investor Relations Department

20 Strategy to close THAI s business gap THAI Smile to complement THAI s product offering Brand positioning matrix for THAI and affiliated companies Product Offering Premium full service Premium 3 class Premium 2 class Premium regional (wide body) 2 Class 2 Class Launch July 2012 No frills THAI LCC Stage length small* big connecting Regional Intercontinental Domestic Note: * NOK focuses on DMK only; ** Possibilities surrounding expanding fleet to include wide-body aircraft will be evaluated as opportunities arise 20 Investor Relations Department

21 THAI s Portfolio Product by Cost Base Brand Brand positioning Cost base Premium network carrier MEDIUM to HIGH Minor improvements could be made in cost efficiency Regional carrier LOW to MEDIUM Low cost base achieved through aspects of LCC model, such as single aircraft type, new fleet, etc. Domestic value-for-money carrier LOW to MEDIUM Domestic focus with some added value and maintaining very low cost 21 Investor Relations Department

22 THAI Smile A New Chapter THAI Smile s first flight will commence on July 1st, 2012 after receiving first brand new aircraft in June 2012 Brand new narrow body aircraft # of aircraft Positioning Differentiation Character Value Affordable Light Premium Good Price High Value BRAND Trendy Friendly Worthy Reliable Enjoyable Valuable Fleet Plan (2012F-18F) Investor Relations Department

23 Nok Air & THAI Smile Routes Network Nok Air base at DMK, operates only domestic point-to-point. Mae Hong Son Chiangmai THAI Smile base at BKK, operates in domestic and regional secondary routes and synchronize with TG network. Mae Sot Nan Loei Phitsanulok Udon Thani Sakon Nakhon Nakon Phanom Kaohsiung Macau Shenzhen Roi Et Buri Ram Ubon Ratchathani Kaohsiung Bangkok DMK Surabaya Surat Thani Phuket Nakon Si Thammarat Trang Hat Yai Narathiwat 23 Investor Relations Department 23

24 Competition for THAI Smile Low-cost carriers Regional FSC Full-service carriers 24 Investor Relations Department

25 Building Customer Value Ongoing enhancement and improvement in products and services at all touch points and the use of KPIs to ensure consistent quality service Food & Beverage Minimize Time for Baggage Claim Increase Selection of Entertainment Call Center Internet check-in with home print boarding pass E-Service Royal Orchid Plus Premium Lounges 25 Investor Relations Department

26 Current Fleet Aircraft Type A Current Fleet: 90 Aircraft *51% of O *9% of OL *40% of FL O=Owned OL=Operating lease FL=Financial lease (*Approximately) First Business Premium Economy Economy Total 36R1 6 N.A. 46 N.A R3 5 N.A. 28 N.A A N.A O, 3 FL A N.A FL A N.A. 42 N.A N.A. 36 N.A N.A. 36 N.A B N.A. 12 N.A FL, 3 OL B N.A N.A N.A B N.A. 30 N.A O, 2 OL B ER 77E1 6 N.A. 30 N.A FL B Version # of Aircraft # of Seat N.A. 34 N.A TKE 1 N.A. 34 N.A Financial Method B ER N.A OL Total ,116 4, O, 38 FL, 13 OL 11 O 10 O, 10 FL, 3 OL 11 O, 5 FL 6 FL Exclude. 2 of ATR-72 4 of leased to Nok (N.A.. = Not available) 26 Investor Relations Department

27 Aircraft Utilization Aircraft Utilization Hours / Day / Aircraft Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Investor Relations Department

28 Aircraft Delivery Plan NEW A/C DELIVERY TOTAL A (FL) 3 (FL) B ER 2 (OL) 6 (OL) 3 (FL) 3 (FL) A (FL) 2 (FL) A (FL)I + 2 (OL)R 2 (FL)I + 6 (OL)R 12 B (OL) 2 B (OL) 2 (OL) A320 4 (OL) 2 (OL) 2 (FL) 3 (FL) TOTAL Note : OL FL I R = Operating lease = Financial lease = Intercontinental = Regional 28 Investor Relations Department

29 Phase Out Plan PHASE-OUT PLAN TOTAL B B ER (Jet Airways) A B A A B * 1* ATR-72-2* TOTAL Note : *Return from Nok Air 29 Investor Relations Department

30 Fleet Strategy Through TOTAL # of Aircraft Total Seats in operation 26,691 28,249 29,570 30,972 31,581 32,391 33,660 Seat Growth 5.8% 5.8% 3.8% 8.7% 2.0% 2.6% 3.9% 4.7% Age Fleet Age * * Approximately 30 Investor Relations Department

31 Efficiency Derived from New Aircraft New aircraft will bring cost benefits in terms of fuel per ATK and maintenance cost per ATK Fuel efficiency improve ~-1.3% per year from Save 5,823 MTHB Maintenance cost per ATK decrease 3.2% from Save 3,460 MTHB Litre / ATK THB / ATK CAGR 1.3 % CAGR 3.2 % % Change Fuel Consumption per ATK Improvement % Change Maintenance Cost per ATK Improvement 31 Investor Relations Department

32 Upgrades and Retrofit Schedule # of Aircraft First Business Economy Tentative Completion B No Retrofitted Retrofitted Jun. - Dec. 2011* (Four have been completed) B No Apr.-Oct B No. 1 1 Retrofitted Dec * B No Retrofitted Mar. Dec. 2012* * Note: Completion of retrofit has been postponed due to Don Mueang but will likely be completed by Investor Relations Department

33 The New Look Synchronization with Touches of Thai and Green concept Cabin interior, On-board products & services master design by Priestmangoode 33 Investor Relations Department

34 New Aircraft A330 & A380 New Airbus A Royal First class New Airbus A Royal Silk Class Royal Silk Class Economy Class Economy Class 34 Investor Relations Department

35 New Generation Aircraft: A350 & B787 A % Composite Lower fuel burn (Compare to today generation) Lower maintenance costs (Compare to today generation) Family A A A B % Composite Lower fuel burn (Compare to today generation) Lower maintenance costs (Compare to today generation) Family B787-9 B Investor Relations Department

36 New In-Flight Entertainment Interactive Full Audio Video on Demand (AVOD) in all classes* (* Except A , A and B ) Entertainment - - Movies: Movies: titles titles - - Short Short program: program: programs programs - - CD CD Album: Album: albums albums - - Games: Games: games games - - USB USB plug plug and and play play Onboard Services - - E-Meal E-Meal Menu Menu - - E-Duty E-Duty Free Free Shopping Shopping - - E-Magazine E-Magazine - - Seat Seat Chat Chat E-Duty Free Shopping E-Meal Menu Connectivity - - Voice Voice Call Call - - SMS SMS Text Text Messaging Messaging - - GPRS GPRS Internet Internet Access Access Infotainment - - About About THAI THAI - - Airport Airport Information Information - - Window Window on on Thailand Thailand E-Duty Free Shopping - - Travel Travel Destination Destination Information Information 36 Investor Relations Department

37 Food and Beverage Chef gallery More varieties, more menus Introduce special occasion menus Online Pre-order meal for First and Business class 37 Investor Relations Department

38 ROP: Royal Orchid Plus New Loyalty System Global Tour Management System ROP Consumer Mile & Ancillary Services Market & Customer Analysis Better understand market outlook and customer profile in each market 38 Investor Relations Department

39 CSR : Corporate Social Responsibilities Clear CSR s Policy & Process integrate to all process & all touch points Social Contribution Flood Donation CSR Project Society Support Youth Sports program Academic Olympics Environment Engagement CSR Communication & Sustainability Report Carbon Footprint Bio Jet Fuel 39 Investor Relations Department

40 Route Network and Fleet Route Network Strategy Fleet Strategy Develop Bangkok and Thailand as main hub by implementing more direct flights into Thailand, focus on increasing frequency and hub connectivity Enhance network strength in key markets to maintain leading market positioning and build network strength around home base Expand network to secondary regional routes, operating narrow body aircraft with light premium service Establish THAI LCC to compete in price sensitive market Leverage of alliances and strategic partners to expand network and cover all market segments Increase flight schedule flexibility in response to demand dynamic, seasonality and competitive environment Develop HKT into a 2 nd key point of interest Improve fleet efficiency to lower maintenance and fuel expense, reduce environmental impact and increase asset utilization Secure long-term fleet delivery positions to ensure young & fuel efficient fleet and support growth Implement fleet simplification over the longterm to reduce operating cost and improve operating efficiency Match aircraft size with demand and competition Design proper seat configuration to maximize competitive advantage 40 Investor Relations Department

41 World Route Network THAI s s Route Network Route (as Dec. 11) Total International Countries 34 Cities 61 Freq./Week Investor Relations Department

42 Domestic Route Network THAI s s Route Network MAE HONG SON CHIANG RAI CHIANG MAI UDON THANI PHITSANULOK KHON KAEN NAKHON PHANOM Route (as Dec. 11) Domestic BURIRAM UBON RATCHATHANI Cities 10 Freq./Week 283 BANGKOK THAI Nok Air (Code Share) SAMUI SURAT THANI PHUKET KRABI HAT YAI 42 Investor Relations Department

43 THAI s Phuket Route Network Sector (as 31 OCT 11) Freq./Week Copenhagen Phuket 3 Phuket Hong Kong vv. DAILY Phuket Seoul vv. 3 Phuket Perth vv. 3 Phuket Bangkok vv Investor Relations Department

44 IT Development Infrastructure Redesign and Migrate to Cloud E-Payment Gateway Mobile Capability Data Management Enterprise Resource Planning (ERP) Internal Cooperation E-Collaboration / Knowledge management Revenue Enhancement CRM / Cross Function Database 44 Investor Relations Department

45 Statistic on e-service Ticket Sales Via Internet Check-in via Internet % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DEC % Year 2009 Year 2010 Year 2011 Year 2009 Year 2010 Year Jan Feb Mar Apr May Jun Jul Investor Relations Department Aug Sep Oct Nov Dec

46 Statistic on e-service Check-in via Mobile ( # of PAX 6,000 5,437 5,000 3,812 3,811 4,000 3,000 3,310 3,088 2,321 2,368 2,309 3,353 3,472 2,000 1,136 1,300 1,813 1, Jul- 10 Aug- 10 Sep- 10 Oct- 10 Nov- 10 Dec- 10 Jan- 11 Feb- 11 Mar- 11 Apr- 11 May- 11 Jun- 11 Jul- 11 Aug- 11 Sep- 11 Oct- 11 Nov- 11 Dec- 11 Jan Investor Relations Department

47 Risk Mitigation 47 Investor Relations Department

48 Fuel Management Minimum 20% fuel hedging requirement to mitigate risk of rapid fuel cost rise Minimum 20% fuel hedging requirement to mitigate risk of rapid fuel cost rise Hedging Volume >80% Board Authority >60<=80% Fuel Price Risk Management Committee (President, EVP Finance & Accounting, VP, Director and Department) >30<=60% VP, Director and Department Level Decision >20<30% <=20% Board Authority 1m 2m 3m 4m 5m 6m 7m 8m 9m 10m 11m 12m 13m 14m 15m 16m 17m 18m >18 months Contract Period 48 Investor Relations Department

49 Rising Fuel Cost Price of Jet Fuel (USD/BBL) (Singapore Spot Price) Iran still a hot potato USD/BBL (Jan.-Dec. 11) 39% Higher YoY Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan Investor Relations Department Jul-07 Jan-07 Apr-07 Oct-06 Jul-06 Apr-06 Jan-06

50 Fuel Management Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk Monthly fuel hedging % of consumption by month Percentage of Fuel Surcharge & Hedging Coverage Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Aprl10 May10 Jun10 Jul10 Aug10 Sep10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 July-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 57% 65% 62% 56% 51% 51% 61% 65% 69% 72% 72% 63% 82% 74% 123% 131% 116% 102% 91% 77% 78% 118% 112% 102% 110% 104% 98% 94% 116% 106% 111% 103% 109% 101% 102% 98% 87% 88% 95% 95% 97% 103% 96% 97% 97% 118% 163% 143% 199% Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 0% 0% 0% 0% 3% 3% 3% 7% 17% 38% 41% 44% 44% 35% 27% 20% 23% 13% 13% 17% 49% 20% 27% 30% 44% 44% 44% 47% 47% 47% 51% 51% 51% 50% 50% 56% 69% 69% 69% 69% 69% 69% 80% 80% 80% 80% 80% 80% 73% 73% 73% 75% 75% 75% 78% 78% 78% 68% 68% 68% 50 Investor Relations Department

51 Emissions Control IATA Carbon Offset Program 1 st airline THAI is the first Asian airline with IATA to find means to offset fuel burn Carbon Footprint Emissions Trading 2012 Monetary Value Amount of Shortfall Carbon Credit ~200 MTHB Determined the carbon footprint of 2 meals and provided labeling declaring carbon quantity for customers as their choice CERs 60% EUAs 40% 51 Investor Relations Department

52 CO 2 emission improvement Carbon emission in Europe will be averagely reduced by -1.5 % ( ) 2017) CO 2 (Kgs / ATK) CAGR 1.5% % Change Investor Relations Department

53 Pending Legal Issues EC US Cargo DOJ US Cargo Class Action Korea Rescinded all charges against THAI Stopped further proceedings Settled by paying USD 3.5 mn Pending charges is for KW 2.85 mn MTHB In 2008 Put in reserve 4,290 In 2010 Wrote back 1,783 In 2011 Wrote back 1,042 Outstanding in reserve 1, Investor Relations Department

54 Financial Performance 54 Investor Relations Department

55 Performance Summary (Year 2010 & Year 2011) THAI and its subsidiary Financial Performance (Units : MTHB) Total Revenue 184, ,342 Total Expense -171, ,175 Foreign currency exchange (Loss) 9,106-2,428 Financial Cost 5,166 5,656 Profit (Loss) before finance costs, income tax 16,657-7,917 Net tax expense (income) -1,865-2,245 Net profits (loss) 14,744-10,197 * Net profit (loss) include non-controlling interests 55 Investor Relations Department

56 Financial Performance EBIT, EBITDA and Net Profit (Year 2010 & Year 2011) Units : MTHB 30,000 20,000 10, ,000-20,000 7,831-2,782 28,067 17,207 14,744 7,551-10,197-5,489 EBIT EBITDA NET PROFIT NET PROFIT (Exclude FX Year 2010 Year 2011 & tax impact) Factors Impacting Year 2011 Results Fuel cost 39% higher than last year Impact from earthquake hitting Japan US & European economic slowdown Flooding in Thailand THB relatively weaker Impact from deferred tax expenses 2,407 MTHB 56 Investor Relations Department

57 Net Profit of Core Business & Business Unit Core Business -3,540 MTHB Business Units -781 MTHB -2,177 MTHB Total Net Net Loss 4,321 MTHB* MTHB* *Exclude *Exclude : : 2,428 2,428 MTHB MTHB FX FX Loss Loss : : 2,407 2,407 MTHB MTHB Deferred Deferred Tax Tax : : MTHB MTHB Flood Flood Support Support : : MTHB MTHB Vacation Vacation Comp. Comp. : : -1,042-1,042 MTHB MTHB Anti-trust Anti-trust reserve reserve -1,606.9 MTHB Freighter MTHB Belly Ground Services MTHB Cargo Handling 471 MTHB 925 MTHB 57 Investor Relations Department

58 Financial Performance Operating / Total Revenue (Year 2010 & Year 2011) Operating Revenue Total Revenue Units : MTHB 220, , , ,000 *Operating Rev. up 5.76% 3,497 7,496 27, ,634 27, , Revenue % Change Tot. Rev. Passenger Freight , ,000 Mail ,000 80,000 60,000 40, , ,646 Other activities Interest income ,000 0 FY 2010 FY 2011 Other income Total Income Passenger Freight Mail Other activities Interest income Other income *Excludes Interest & Other income - Operating revenue Year 2010 = 180,589 MTHB - Operating revenue Year 2011 = 190,997 MTHB Total revenue Year 2010 = 184,270 MTHB Total revenue Year 2011 = 194,342 MTHB 58 Investor Relations Department

59 Operating / Total Expense (Year 2010 & Year 2011) Financial Performance Units : MTHB 200, , , , , ,000 80,000 60,000 40,000 20, ,331 20,236 9,675 5,092 9,046 19,064 56,519 Operating Expense **Operating Exp. Up 12.69% 5,429 19,989 11,698 5,485 9,042 20,427 76,388 34,525 31,009 FY 2010 FY 2011 Total Expense % Change % of Expense YoY Tot. Exp. Personnel expense Fuel and oil Flight service expense Inventories and supplies Crew expense Maintenance/overhual Depreciation/amortisation Personnel Fuel and Oil Flight Service Expense Inventory&Supply Crew Expense Aircraft Maintenance Depreciation Lease of a/c ** Excludes FX, Impairment losses and Share of profit of investments by the equity method - Operating expense Year 2010 = 176,488 MTHB - Operating expense Year 2011 = 198,892 MTHB Aircraft lease/spare parts Other expense Total Expense Total expense Year 2010 = 167,613 MTHB Total expense Year 2011 = 202,259 MTHB 59 Investor Relations Department

60 Estimated Cost Reduction The company is rigorously controlling and reducing expenses to achieve full efficiency and sustainability Cost Reduction Approach 1. Implemented personnel cost reduction (EMM resolution) Estimated Cost Reduction (MTHB) 1, Estimated personnel cost reduction under negotiation Cost reduction from strategic initiatives 4, Cost reduction from DO s additional measures Total estimated cost reduction 6, Note: Excluded estimated cost reduction from some projects that are specified as percentage 60 Investor Relations Department

61 Improved Capital Structure Improved Cash Position Raised 15,000 MTHB in in new new equity Received additional borrowing from financial institutions % of Cash to Total Revenue Obtained Revolving Credit Lines 8,000 MTHB Debenture issued in in May May 13, 13, Stable Capital Structure Net Interest Bearing Debt to Equity (Times) Q1/11 Q2/11 Q3/11 Q4/11 61 Investor Relations Department

62 Financial Performance Ratios Year 2010 & Year 2011 Ratios units Earnings Per Share (THB) Book Value per Share (THB) Price / Book Value (Times) P/E Ratio (Times) Return on Total Assets (%) Return on Total Equity (%) EBIT (MTHB) 7, ,782.0 EBITDA (MTHB) 28, ,207.0 EBITDAR (MTHB) 32, ,637.0 IBD to Equity (Times) Net IBD to Equity* (Times) Debt Service Coverage** (Times) Interest Coverage (Times) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) * (Interest Bearing Debt Cash and Cash Equivalent) / Equity ** EBITDAR TAX / Interest + Rent + Long Term Debt Repayment 62 Investor Relations Department

63 Current price (1Mar12) 26 THB / share 1-Oct-10 1-Nov-10 1-Dec-10 1-Jan-11 1-Feb-11 1-Mar-11 1-Apr-11 1-May-11 1-Jun-11 1-Jul-11 1-Aug-11 1-Sep-11 1-Oct-11 1-Nov-11 1-Dec-11 1-Jan-12 1-Feb-12 1-Mar Investor Relations Department 1-Aug-10 1-Sep-10 Thai Political Unrest A+ Rating Price Volatility from External Events Peaked at THB Unrest in Middle East Earthquake and Tsunami in Japan Flood Crisis in Thailand USD/BBL (Apr. 11) Iceland Volcano Eruption European Economic Crisis 1-Mar-10 1-Apr-10 1-May-10 1-Jun-10 1-Jul-10 1-Jan-10 1-Feb-10

64 Key Take Aways THAI remains in fairly good shape despite difficulties in 2011 Taking drastic actions to improve competitiveness Right sizing aircraft with demand to improve on cost & margins 5% capacity shift from long-haul to shorter sectors improving yields & margins Thai Smile to build up regional connectivity & enhance competitiveness Targeting further cuts in operating cost to lower unit cost New aircraft & retrofitting to commonise product to increase fuel efficiency, improve customer value & enhance pricing power Seeking secondary city pairs to serve from Bangkok to diversify market & improve yields Developing Phuket as second point of interest to diversify market & improve yields 64 Investor Relations Department

65 Key Take Aways Diversifying & improving on e-channels to improve efficiency & better suit customer needs Converting 2 B aircraft to lower cost of cargo operations instead of leasing freighter aircraft Investing in upgrading IT backbone & peripheral modules with SAP at the core of ERP Business units are increasingly being measured more independently on their stand alone performance Launched Wingspan to enhance THAI s HR cost competitiveness through outsourcing staff requirement 65 Investor Relations Department

66 Key Take Aways Mitigating risks Significantly higher amount of fuel hedging through 2012 Pro-active management of liquidity & FX exposure Studying means to manage FX exposure more effectively Maintaining at least 12% cash & committed credit lines to total revenue ratio in face of global uncertainty Growth in capacity kept at a reasonable pace Studying alternative funding options to ensure flexibility Developing long-term fleet plan to ensure availability of aircraft for fleet renewal & growth 66 Investor Relations Department

67 Looking Ahead Cabin Factor Actual Estimated Booking Budget Jan-12 Feb-12 Mar-12 Apr B* * B = Budget Freighter Factor 70.0 Actual Estimated Budget Jan-12 Feb-12 Mar B* 67 Investor Relations Department

68 Looking Ahead Looking Ahead into 2012 Much stronger travel demand for first 2 months with cabin factors averaging 77.3% & 79.0% for January & February Higher level and longer period of hedging provides protection in face of Middle East uncertainty Financial performance in first 2 months of 2012 is much improved than the 4 th quarter 2011 Q2 through Q were all abnormal quarters impacted by unfortunate events Barring any abnormal events, Q2 through Q should have normalized operating environment thus should lend to improved year-on-year overall financial performance 68 Investor Relations Department

69 Appendix 69 Investor Relations Department

70 Foreign Currency Exposure (As of DEC. 2011) Revenue Expense Surplus Outstanding Borrowings or Deficit Before Swap After Swap Amount % Amount % Amount Amount % Amount % USD BASED 73, , ,151 1, ,273 1 USD 19, ,935 Others (1) 53,359 7,507 EUR BASED 54, , ,527 46, , EUR 17,126 6,804 Others (2) 36,911 6,706 JPY 17, , ,718 11, , THB 45, , ,891 83, , TOTAL 190, , , , , % 24% Revenue Expense Outstanding 28% 39% 3% 8% 23% 66% Financial Performance 58% 1% Unit : MTHB 33% 8% 70 Investor Relations Department USD BASED EUR BASED JPY THB

71 Financial Performance TG continued to be net long Euro & Yen (MTHB) 50,000 40,000 30,000 USD EUR JPY THB 27,180 40,527 20,000 10,000 9,529 12,718 5, ,000-4, ,475-20,000-30,000-40,000-50,000 Jan Dec ,151 Jan Dec Investor Relations Department

72 Financial Performance Proportion of Fixed and Float (As of Dec. 2011) Before Swap After Swap Fixed 29% Float 71% Fixed 47% Float 53% Percentage of TOTAL (TOTAL = 142,350 MTHB) Percentage of TOTAL (TOTAL = 142,444 MTHB) Cost of funding = 3.78% Cost of funding = 3.92% 72 Investor Relations Department

73 Financial Performance Proportion of Total Borrowing Before Swap (As of Dec. 2011) After Swap Medium Term Note 0.9% Debenture 19.6% Medium Term Note 0.9% Debenture 19.5% Financial Lease 40.7% Term Loan 38.9% Financial Lease 40.6% Term Loan 38.9% Percentage of Total (Total of on Balance Sheet = 142,350 MTHB) Percentage of Total (Total of on Balance Sheet = 142,444 MTHB) 73 Investor Relations Department

74 Awards and Accolades Achieved Top 5 in the World and Targeting Top 3 in Asia The World s Top Ten Airlines Skytrax Skytrax 2011 Best Airline Seat - Economy Class Best On Board Catering Economy Class Business Traveler s Award nd for Best Airline 2nd for Best Asia-Pacific Airline 3rd for Best Business Class 3rd for Best Economy Class 2nd for Best Frequent-Flyer Programme 3rd for Best Airline Lounge in Asia-Pacific Norwegian Grand Travel Award 2011 Best Intercontinental Airline TTG Award 2011 Best Business Class Best Southeast Asian carrier Skytrax 2010 Best Airline Lounge First Class Best Airport Services Source: Skytrax Go Asia Award 74 Investor Relations Department Best Asian carrier

75 Industry Outlook Thailand Passengers (Millions) Passenger from / to Thailand Forecast IATA International Passenger Forecast CAGR (As September 2010) World 7.9% 4.9% 5.4% 5.4% 5.4% 5.3% Asia Pacific 11.6% 7.2% 6.9% 6.5% 6.1% 6.7% Actual Estimate TG Forecast 4.3% 62.8M % 50.9M 4.3% 49.8M M 16.1M 7.5M 4.7M Inter. 5.6% Reg. 6.2% Dom. 7.5% Intercont. 3.5% 27.3M 21.7M 10.8M 5.5M 4.2% 3.7% 4.3% 6.1% 33.5M 26.0M 13.3 M 7.5M 36.8M 29.0M 13.9 M 7.7M 5.4% 3.9 % 5.3% 40.3M 17.8M 10.5M 3.3 % 4.3% 21.0M 13.0M 0 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/ F F F F F F F F F F F F Investor Relations 2021 Department 2022

76 Operating Statistics Passengers Carried Q4/11 = 4.5 million (decreased 6.9% YoY) ( 000) 7,000 5,000 4,684 Year 2009 Year ,088 5,167 4,589 4,114 4,414 3,662 4,833 4,923 Year ,201 4,771 4,502 3,000 1,000 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Freight Carried Q4/11 = 175,708 tons (decreased 6.6% YoY) (Tons) Year 2009 Year 2010 Year , , , , , , , , , , , , , , , ,000 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 76 Investor Relations Department

77 Operating Statistics Passenger (Million) Year 2009 Year 2010 Year 2011 Year 2012 (%) ,000 6,000 4,000 2, Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 ASK RPK C/F YoY (Month) QoQ (Quarter) YoY (Quarter) YoY (Year) Feb'12 Feb'11 YoY% Q4'11 Q3'11 QoQ% Q4'11 Q4'10 YoY% YoY% MASK 6,318 6, ,953 19, ,953 19, ,533 75, MRPK 4,992 4, ,968 14, ,968 14, ,267 55, Cabin factor% Investor Relations Department

78 Operating Statistics Freight (Million) Year 2009 Year 2010 Year 2011 Year 2012 (%) Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 ADTK RFTK F/F YoY (Month) QoQ (Quarter) YoY (Quarter) YoY (Year) Feb'12 Feb'11 YoY% Q4'11 Q3'11 QoQ% Q4'11 Q4'10 YoY% YoY% MADTK ,210 1, ,210 1, ,917 4, MRFTK ,765 2, Freight factor% Investor Relations Department

79 Operating Statistics Passenger Yield (Including Fuel Surcharge) Passenger Yield (Excluding Fuel Surcharge) (THB/Km) (THB/Km) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year Investor Relations Department

80 Operating Statistics Freight Yield (Including Fuel Surcharge) (THB/Km) Freight Yield (Excluding Fuel Surcharge) (THB/Km) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year Year 2011 Year 2012 Investor Relations Department

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