THAI AIRWAYS INTERNATIONAL PCL

http://www.thaiairways.com/about-thai/investor-relations/en/investor.html THAI AIRWAYS INTERNATIONAL PCL March 2012 1 Investor Relations Department

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

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

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

Business Overview Business Units Cargo Handling Catering Total Rev. 2,544 MTHB/Year (External Rev. 35.3 % ) Staff 1,679 Persons Outsource 1,158 Persons Production 57,660 Meal/day Total Rev. 6,030 MTHB/Year (External Rev. 30.7 %) 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. 34.8 % ) Staff 4,328 Persons Outsource 3,437 Persons 5 Investor Relations Department

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

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

Snap Shot 2011 MTHB USD mn. Equiv. % Change (YoY) Assets 274,445 8,630-7.5% Total Revenue 194,342 6,111 + 5.5% Net Profit (Exclude FX) - 5,489-173 - 172.7% 2011 Jan.-Dec. % Change YoY Passenger carried (Million) 18.4 +1.3% Million Revenue Passenger Kilometers (MRPK) 55,267-0.7% Freight carried (tons) 689,640-3.4% Million Revenue Freight Ton Kilometers (MRFTK) 2,766-4.4% 2011 # of Aircraft 89* Destinations Served 72 Countries Served 35 *Excluding 6 B 737-400 leased to Nok Air 8 Investor Relations Department

Operation Summary Units Feb./2012 Feb./2011 % Change Passenger Production MASK 6,318 6,098 +3.6% Passenger Traffic MRPK 4,992 4,731 +5.5% Cabin Factor % 79.0 77.6 1.8% Passenger carried Million 1,653 1,570 5.3% Passenger Yield* THB/km 2.72 2.78-2.1% Freight Production MADTK 391 403 +4.2% Freight Traffic MRFTK 214 232 +0.6% Freight Factor % 54.7 57.7-3.4% Freight carried Tons 54,707 51,390 +6.5% Freight Yield* THB/km 9.77 9.42 +3.7% Avg. Fuel Price** USD/BBL 128.5 (E) 110.9 +15.3% Note : *Yield includes fuel surcharge **Into-plane price 9 Investor Relations Department

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

# of PAX By Class By Area JAN. 2012 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. 2012 = 1.75 mn. Total passengers in JAN. 2011 = 1.71 mn. 11 Investor Relations Department

Revenue By Class By Area Jan.-Dec. 2011 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

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

Market Share of LCCs Up Dramatically Domestic Market Regional Market Mn Passengers 15 Market Share Avg. Growth Rate (2003-2010) Mn Passengers 25 Market Share Avg. Growth Rate (2003-2010) 10 5 16.2% Others LCCs 15.0% 45.2% 7.4% 32.4% 20 15 10 55.7% 2.1% Others LCCs 47.6% 19.1% 4.4% 46.8% 83.8% THAI Airways 39.8% -2.3% 5 42.2% THAI Airways 33.2% 3.2% 0 0 2003 2010 2003 2010 14 Investor Relations Department

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

THAI surrounded by LCC LCC Fleet Order AirAsia 106 284 Cebu Pacific 33 55 Indigo 43 232 Jetstar 79 32 Lion Air 65 360 Pacifi c Silk Air 19 - SpiceJet 34 44 Pacifi c Tiger Airways 17 - Total 396 1,007 Note: Fleets shown only effected to THAI Leased aircraft not included 16 Investor Relations Department

Competitors Fleet Expansion Plan Competitors Fleet and Expansion Plan Number 400 350 Awaiting delivery Existing 300 250 200 150 100 A380 50 0 Emirates Qatar Etihad Singapore Cathay Malaysia Vietnam THAI Existing/Awaiting delivery 15/75 -/5 -/10 11/8 - -/6 -/4 -/6 17 Investor Relations Department

Overarching Strategic Plan 2011 2012 2013-2017 Ensure strength and stability 2009 2010 Strengthen internal organization Build operational stability Build strategic competitiveness Seek growth opportunities - Emphasize Customer Value - Ensure Competitiveness - Ensure Dynamism 18 Investor Relations Department

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

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

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

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 2012 4 2013 6 Positioning Differentiation Character Value Affordable Light Premium Good Price High Value BRAND Trendy Friendly Worthy Reliable Enjoyable Valuable 2014 2015 2016 2017 8 11 11 11 Fleet Plan (2012F-18F) 2018 11 22 Investor Relations Department

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

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

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

Current Fleet Aircraft Type A300-600 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. 201 247 36R3 5 N.A. 28 N.A. 232 260 A340-500 3452 4 N.A. 60 42 113 215 1 O, 3 FL A340-600 3461 6 8 60 N.A. 199 267 6 FL A330-300 3302 12 N.A. 42 N.A. 263 305 3303 8 N.A. 36 N.A. 263 299 3304 3 N.A. 36 N.A. 263 299 B737-400 7341 5 N.A. 12 N.A. 137 149 2 FL, 3 OL B747-400 7442 6 14 50 N.A. 325 389 7443 6 10 40 N.A. 325 375 7444 4 10 40 N.A. 325 375 B777-200 7723 8 N.A. 30 N.A. 279 309 6 O, 2 OL B777-200ER 77E1 6 N.A. 30 N.A. 262 292 6 FL B777-300 Version # of Aircraft # of Seat 7732 5 N.A. 34 N.A. 330 364 7732 TKE 1 N.A. 34 N.A. 325 359 Financial Method B777-300ER 7739 5 8 30 N.A. 274 312 5 OL Total 90 50 608 42 4,116 4,816 39 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 737-400 leased to Nok (N.A.. = Not available) 26 Investor Relations Department

Aircraft Utilization Aircraft Utilization Hours / Day / Aircraft 13.0 12.5 12.0 11.5 12.6 12.0 12.3 12.4 11.8 11.5 11.3 11.4 11.2 11.3 11.3 11.4 11.6 11.0 10.5 10.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 2010 2011 2012 27 Investor Relations Department

Aircraft Delivery Plan NEW A/C DELIVERY 2012 2013 2014 2015 2016 2017 TOTAL A380-800 3 (FL) 3 (FL) - - - - 6 B777-300ER 2 (OL) 6 (OL) 3 (FL) 3 (FL) - - 14 A330-300 3 (FL) 2 (FL) - - - - 5 A350-900 - - - - 2 (FL)I + 2 (OL)R 2 (FL)I + 6 (OL)R 12 B787-9 - - - - - 2 (OL) 2 B787-8 - - 4 (OL) 2 (OL) - - 6 A320 4 (OL) 2 (OL) 2 (FL) 3 (FL) - - 11 TOTAL 12 13 9 8 4 10 56 Note : OL FL I R = Operating lease = Financial lease = Intercontinental = Regional 28 Investor Relations Department

Phase Out Plan PHASE-OUT PLAN 2012 2013 2014 2015 2016 2017 TOTAL B747-400 2 2 - - 2 2 8 B777-300ER (Jet Airways) - 5 - - - - 5 A340-500 2 2 - - - - 4 B777-200 - - - - - 4 4 A330-300 2 3 5 A300-600 4 2 3 2 - - 11 B737-400 3* 1* 2 3 - - 9 ATR-72-2* - - - - 2 TOTAL 11 14 5 5 4 9 48 Note : *Return from Nok Air 29 Investor Relations Department

Fleet Strategy Through 2017 2011 2012 2013 2014 2015 2016 2017 TOTAL # of Aircraft 89 93 95 99 100 102 105 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 * 12.0 10.0 11.0 10.0 9.7 9.4 9.2 9.8 9.3 8.0 6.0 4.0 2.0 0.0 2011 2012 2013 2014 2015 2016 2017 * Approximately 30 Investor Relations Department

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 2012-2017 Save 5,823 MTHB Maintenance cost per ATK decrease 3.2% from 2012-2017 Save 3,460 MTHB Litre / ATK THB / ATK 1.40 0.30 0.29 0.28 CAGR 1.3 % 1.35 1.30 1.35 1.3 CAGR 3.2 % 0.27 0.26 0.25 0.266 0.265 0.263 0.261 0.259 0.256 0.246 1.25 1.20 1.23 1.2 1.21 0.24 1.15 1.15 0.23 1.10 1.11 0.22 0.21 1.05 0.20 2011 2012 2013 2014 2015 2016 2017 % Change 0.2-0.7-1.0-0.5-1.3-4.1 Fuel Consumption per ATK Improvement 1.00 2011 2012 2013 2014 2015 2016 2017 % Change -3.9-5.2-2.7 0.9-4.7-3.5 Maintenance Cost per ATK Improvement 31 Investor Relations Department

Upgrades and Retrofit Schedule # of Aircraft First Business Economy Tentative Completion B747-400 No. 7-12 6 Retrofitted Retrofitted Jun. - Dec. 2011* (Four have been completed) B747-400 No. 13-18 6 Apr.-Oct. 2012 B777-200 No. 1 1 Retrofitted Dec. 2011 * B777-200 No. 2-8 7 Retrofitted Mar. Dec. 2012* * Note: Completion of retrofit has been postponed due to flooding @ Don Mueang but will likely be completed by 2012 32 Investor Relations Department

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

New Aircraft A330 & A380 New Airbus A330-300 Royal First class New Airbus A380-800 Royal Silk Class Royal Silk Class Economy Class Economy Class 34 Investor Relations Department

New Generation Aircraft: A350 & B787 A350 53 % Composite Lower fuel burn (Compare to today generation) Lower maintenance costs (Compare to today generation) Family A350-1000 A350-900 A350-800 B787 50 % Composite Lower fuel burn (Compare to today generation) Lower maintenance costs (Compare to today generation) Family B787-9 B787-8 35 Investor Relations Department

New In-Flight Entertainment Interactive Full Audio Video on Demand (AVOD) in all classes* (* Except A330-300, A300-600 and B737-400) Entertainment - - Movies: Movies: 100 100 titles titles - - Short Short program: program: 150 150 programs programs - - CD CD Album: Album: 500 500 albums albums - - Games: Games: 60 60 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 Email Email - - 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

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

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

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

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

World Route Network THAI s s Route Network Route (as Dec. 11) Total International Countries 34 Cities 61 Freq./Week 587 41 Investor Relations Department

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

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. 67 43 Investor Relations Department

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

Statistic on e-service Ticket Sales Via Internet Check-in via Internet 14 12 10 8 6 4 2 0 % 11.44 8.69 8.77 8.89 8.58 8.76 7.79 7.78 7.77 7.63 8.03 7.32 7.26 6.76 5.8 5.97 5.69 6.01 6.03 5.16 5.31 5.34 4.8 4.98 5.00 4.51 4.68 4.15 4.26 4.15 3.55 3.34 3.28 3.81 3.25 3.63 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DEC 8 7 6 5 4 3 2 1 0 % 5.47 5.35 3.75 3.65 Year 2009 Year 2010 Year 2011 Year 2009 Year 2010 Year 2011 1.78 1.87 5.46 3.66 1.97 5.93 4.10 2.15 5.66 4.09 2.31 6.15 4.63 2.67 Jan Feb Mar Apr May Jun Jul 6.23 4.86 6.57 6.71 7.49 45 Investor Relations Department 2.8 6.5 4.90 2.86 5.08 3.26 6.5 5.16 3.36 5.36 3.45 5.95 4.01 Aug Sep Oct Nov Dec

Statistic on e-service Check-in via Mobile (http://m.thaiairways.com) # 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 1,000 57 201 373 294 499 407 0 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 46 Investor Relations Department

Risk Mitigation 47 Investor Relations Department

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

200.00 160.00 120.00 80.00 40.00 0.00 Rising Fuel Cost Price of Jet Fuel (USD/BBL) (Singapore Spot Price) Iran still a hot potato 125.6 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-12 49 Investor Relations Department Jul-07 Jan-07 Apr-07 Oct-06 Jul-06 Apr-06 Jan-06

Fuel Management Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk Monthly fuel hedging 2008-2011 - % 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

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

CO 2 emission improvement Carbon emission in Europe will be averagely reduced by -1.5 % (2012-2017) 2017) CO 2 (Kgs / ATK) CAGR 1.5% 0.73 0.68 0.63 0.6685 0.6750 0.6513 0.6447 0.6447 0.6313 0.6107 0.58 0.53 0.48 0.43 0.38 0.33 0.28 0.23 2011 2012 2013 2014 2015 2016 2017 % Change 0.97-3.51 1.01 0.01 2.07 3.26 52 Investor Relations Department

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 1,465 53 Investor Relations Department

Financial Performance 54 Investor Relations Department

Performance Summary (Year 2010 & Year 2011) THAI and its subsidiary Financial Performance (Units : MTHB) 2010 2011 Total Revenue 184,270 194,342 Total Expense -171,553-194,175 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

Financial Performance EBIT, EBITDA and Net Profit (Year 2010 & Year 2011) Units : MTHB 30,000 20,000 10,000 - -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

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 : : 400 400 MTHB MTHB Flood Flood Support Support : : 902 902 MTHB MTHB Vacation Vacation Comp. Comp. : : -1,042-1,042 MTHB MTHB Anti-trust Anti-trust reserve reserve -1,606.9 MTHB Freighter -961.4 MTHB Belly Ground Services 390.8 MTHB Cargo Handling 471 MTHB 925 MTHB 57 Investor Relations Department

Financial Performance Operating / Total Revenue (Year 2010 & Year 2011) Operating Revenue Total Revenue Units : MTHB 220,000 200,000 180,000 185 160,000 *Operating Rev. up 5.76% 3,497 7,496 27,391 839 2,634 27,245 710 8,259 847 Revenue % Change Tot. Rev. Passenger 6.75 79.57 Freight 0.53 14.01 140,000 120,000 Mail 0.96 0.44 100,000 80,000 60,000 40,000 144,862 154,646 Other activities 10.17 4.25 Interest income 284.05 0.37 20,000 0 FY 2010 FY 2011 Other income - 24.67 1.36 Total Income 5.47 100.00 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

Operating / Total Expense (Year 2010 & Year 2011) Financial Performance Units : MTHB 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 4,331 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 - 10.18 15.33 Fuel and oil 35.16 37.78 Flight service expense 7.15 10.10 Inventories and supplies - 0.04 4.47 Crew expense 7.71 2.71 Maintenance/overhual 20.92 5.78 Depreciation/amortisation - 1.22 9.88 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 25.37 2.68 Other expense 149.73 11.27 Total Expense 20.67 100.00 Total expense Year 2010 = 167,613 MTHB Total expense Year 2011 = 202,259 MTHB 59 Investor Relations Department

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) 1,595.35 2. Estimated personnel cost reduction under negotiation 578.76 3. Cost reduction from strategic initiatives 4,248.13 4. Cost reduction from DO s additional measures 161.2 Total estimated cost reduction 6,583.44 Note: Excluded estimated cost reduction from some projects that are specified as percentage 60 Investor Relations Department

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 20.9 20 15 10 8.72 5 3.8 0 2008 2009 2010 16.8 2011 Obtained Revolving Credit Lines 8,000 MTHB Debenture issued in in May May 13, 13, 2011 5 4 3 2 1 Stable Capital Structure Net Interest Bearing Debt to Equity (Times) 3.0 2.7 1.3 1.5 1.8 1.8 2.0 0 2008 2009 2010 Q1/11 Q2/11 Q3/11 Q4/11 61 Investor Relations Department

Financial Performance Ratios Year 2010 & Year 2011 Ratios units 2010 2011 Earnings Per Share (THB) 8.1-4.7 Book Value per Share (THB) 37.9 28.9 Price / Book Value (Times) 1.3 0.7 P/E Ratio (Times) 6.1-4.3 Return on Total Assets (%) 5.2-3.6 Return on Total Equity (%) 23.8-14.6 EBIT (MTHB) 7,831.0-2,782.0 EBITDA (MTHB) 28,067.0 17,207.0 EBITDAR (MTHB) 32,398.0 22,637.0 IBD to Equity (Times) 1.9 2.2 Net IBD to Equity* (Times) 1.4 2.0 Debt Service Coverage** (Times) 0.9 0.5 Interest Coverage (Times) 5.4 3.0 EBITDA Margin (%) 15.5 9.0 Operating Profit Margin (%) 4.3-1.5 Net Profit Margin (%) 8.2-5.3 * (Interest Bearing Debt Cash and Cash Equivalent) / Equity ** EBITDAR TAX / Interest + Rent + Long Term Debt Repayment 62 Investor Relations Department

60 50 40 30 20 10 0 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-12 63 Investor Relations Department 1-Aug-10 1-Sep-10 Thai Political Unrest A+ Rating Price Volatility from External Events Peaked at 57.75 THB Unrest in Middle East Earthquake and Tsunami in Japan Flood Crisis in Thailand 138.69 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

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

Key Take Aways Diversifying & improving on e-channels to improve efficiency & better suit customer needs Converting 2 B747-400 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

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

Looking Ahead Cabin Factor Actual Estimated Booking Budget 90.0 80.0 70.0 74.8 73.0 73.6 70.4 77.3 79.0 76.1 74.9 71.7 60.0 50.0 2008 2009 2010 2011 Jan-12 Feb-12 Mar-12 Apr-12 2012 B* * B = Budget Freighter Factor 70.0 Actual Estimated Budget 66.0 62.0 58.0 54.0 50.0 46.0 61.5 60.1 59.3 55.2 54.7 52.1 54.0 49.7 2008 2009 2010 2011 Jan-12 Feb-12 Mar-12 2012 B* 67 Investor Relations Department

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 2012. 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 Q4 2011 were all abnormal quarters impacted by unfortunate events Barring any abnormal events, Q2 through Q4 2012 should have normalized operating environment thus should lend to improved year-on-year overall financial performance 68 Investor Relations Department

Appendix 69 Investor Relations Department

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 73,291 38 114,442 66-41,151 1,273 1 1,273 1 USD 19,932 106,935 Others (1) 53,359 7,507 EUR BASED 54,037 28 13,510 8 40,527 46,595 33 46,595 33 EUR 17,126 6,804 Others (2) 36,911 6,706 JPY 17,369 9 4,651 3 12,718 11,301 8 15,680 11 THB 45,995 24 40,104 23 5,891 83,181 58 78,897 55 TOTAL 190,692 100.00 172,707 100.00 17,985 142,350 100 142,445 100 9% 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

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 5,891 0-10,000-4,193 2010 2011-1,475-20,000-30,000-40,000-50,000 Jan Dec 2010-41,151 Jan Dec 2011 71 Investor Relations Department

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

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

Awards and Accolades Achieved Top 5 in the World and Targeting Top 3 in Asia The World s Top Ten Airlines Skytrax 2011 2010 2009 Skytrax 2011 Best Airline Seat - Economy Class Best On Board Catering Economy Class 1 2 3 4 5 6 3 4 2 2 1 3 4 1 9 10 6 7 Business Traveler s Award 2011 2nd 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 7 5 8 7 9-10 8 8 6-5 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

Industry Outlook Thailand Passengers (Millions) 70 60 Passenger from / to Thailand Forecast 2011-2022 IATA International Passenger Forecast 2010 2011 2012 2013 2014 CAGR2011-2014 (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 5.4% 50.9M 4.3% 49.8M 40 30 20 10 20.7M 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 06/07 2008 2009 2010 F F F F F F F F F F F F 2011 75 2012 2013 2014 2015 2016 2017 2018 Investor 2019 2020 Relations 2021 Department 2022

Operating Statistics Passengers Carried Q4/11 = 4.5 million (decreased 6.9% YoY) ( 000) 7,000 5,000 4,684 Year 2009 Year 2010 5,088 5,167 4,589 4,114 4,414 3,662 4,833 4,923 Year 2011 4,201 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 2011 190,000 167,341 166,155 179,329 180,341 188,109 172,749 174,570 175,708 168,199 160,000 130,000 113,735 124,819 140,889 100,000 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

Operating Statistics Passenger (Million) Year 2009 Year 2010 Year 2011 Year 2012 (%) 75.2 77.2 76.8 71.1 62.2 65.1 71.3 76.1 74.3 75.1 74.0 77.0 65.7 69.9 74.8 61.0 82.0 82.3 78.8 72.1 56.7 65.3 76.3 74.6 73.1 74.3 71.8 75.3 77.8 77.6 73.0 71.8 61.9 65.7 77.2 77.3 68.1 79.0 8,000 6,000 4,000 2,000 100.0 80.0 60.0 40.0 20.0 - - 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% 2011 2010 YoY% MASK 6,318 6,098 3.6 19,953 19,837 0.6 19,953 19,734 1.1 78,533 75,600 3.9 MRPK 4,992 4,731 5.5 12,968 14,681-11.7 12,968 14,569-11.0 55,267 55,676-0.7 Cabin factor% 79.0 77.6 1.8 65.0 74.0-12.2 65.0 73.8-12.0 70.4 73.6-4.4 77 Investor Relations Department

Operating Statistics Freight (Million) 40.2 44.5 49.7 46.1 47.9 51.8 50.6 52.4 58.8 59.3 55.1 54.2 56.1 56.3 54.7 49.7 54.3 55.2 61.8 58.3 54.4 60.5 63.9 62.4 66.9 65.0 61.3 60.4 62.2 62.5 60.8 57.9 53.7 56.6 60.1 58.0 57.8 57.7 600 400 Year 2009 Year 2010 Year 2011 Year 2012 (%) 80.0 60.0 40.0 200 20.0 - - 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% 2011 2010 YoY% MADTK 391 376 4.2 1,210 1,224-1.1 1,210 1,288-6.1 4,917 4,708 4.4 MRFTK 214 213 0.6 669 675-0.9 669 778-14.0 2,765 2,895-4.5 Freight factor% 54.7 56.6-3.4 55.3 55.1 0.3 55.3 60.4-8.5 56.2 61.5-8.6 78 Investor Relations Department

Operating Statistics Passenger Yield (Including Fuel Surcharge) Passenger Yield (Excluding Fuel Surcharge) (THB/Km) 3.00 2.22 2.26 2.42 2.38 2.05 2.16 2.42 2.08 2.07 2.36 2.13 2.23 2.41 1.90 2.03 2.35 1.81 1.99 2.21 1.92 2.01 2.19 2.05 2.11 2.29 1.85 1.97 2.22 2.02 2.12 2.32 2.14 2.16 2.34 2.35 2.29 2.31 2.49 2.63 2.72 2.73 2.87 2.87 2.82 2.72 2.54 2.54 2.70 2.56 2.68 2.82 2.32 2.44 2.78 2.21 2.42 2.64 2.30 2.45 2.63 2.44 2.55 2.75 2.27 2.40 2.70 2.51 2.56 2.81 2.64 2.60 2.81 2.84 2.72 2.82 (THB/Km) 3.00 2.50 2.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year 2012 2.00 1.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year 2012 79 Investor Relations Department

Operating Statistics Freight Yield (Including Fuel Surcharge) (THB/Km) Freight Yield (Excluding Fuel Surcharge) (THB/Km) 7.72 7.33 7.08 7.02 7.01 6.91 6.94 6.62 6.96 7.02 7.13 7.44 6.77 7.47 7.51 6.86 6.67 6.75 7.18 6.98 7.30 6.84 6.69 6.89 6.75 7.01 7.37 6.96 7.08 7.12 6.85 7.48 7.42 6.94 7.53 7.01 7.02 9.74 9.66 9.70 10.11 8.71 9.08 9.45 9.77 8.02 9.10 9.85 8.50 9.30 9.65 9.17 9.89 8.19 9.65 8.90 9.53 10.01 8.61 9.30 9.82 8.88 9.84 10.00 9.04 9.37 9.80 9.35 9.65 10.01 9.43 9.44 10.15 10.00 9.00 8.00 7.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 Year 2012 8.00 7.00 6.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 80 Year 2011 Year 2012 Investor Relations Department