THAI AIRWAYS INTERNATIONAL PCL

http://www.thaiairways.com/aboutthai/investorrelations/en/investor.html THAI AIRWAYS INTERNATIONAL PCL Maybank Kim Eng Securities (Thailand) PCL The New Myanmar and Investment Opportunities in Thailand and India February 16, 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 geopolitical, economic and noncontrollable 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 herein 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

Company Facts Major Shareholders Major Shareholders HSBC (SINGAPORE) NOMINEES PTE LTD, 0.87% NORBAX INC., 13, 1.05% THE BANK OF NEW YORK MELLON, 1.33% GOVERNMENT SAVING BANK 2.39% NVDR, 4.57% STATE STREET BANK AND TRUST COMPANY, 0.72% VAYUPAK (KTAM), 7.56% OTHERS, 22.92% VAYUPAK (MFC), 7.56% MINISTRY OF FINANCE, 51.03% As of Mar 11 Thailand s National Flag Carrier 51% directly, 68% indirectly owned by the Royal Thai Government Market Capitalization: 1,397 MUSD (As of Jan 2012) 3 Investor Relations Department

Company Facts Business Unit 4 Investor Relations Department

Company Facts Airline Portfolio Premium Services Airline 55% 49% 49% 49% 49% Thailand 5 Investor Relations Department

Customer Breakdown By Nationality By Purpose of trip Others 48% European 22% Thai 30% Personal Trip 15% Business 39% Holiday 46% (As of 3Q/2011) 6 Investor Relations Department

Factors Affecting Aviation Business Factors of Concern 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 Jan.Sept. 2011 MTHB USD mn. Equiv. % Change (YoY) Assets 277,044 8,894 1.5% Total Revenue 147,371 4,731 + 9.3% Net Profit (Exclude FX) 1,484 48 132.0% 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% # of Aircraft 89* Destinations Served 72 Countries Served 35 *Excluding 6 B 737400 leased to Nok Air 8 Investor Relations Department

Operating Summary Units 4Q/2011 4Q/2010 % % Change Jan.Dec. 2011 Jan.Dec. 2010 Change Passenger Production MASK 19,953 19,734 +1.1% 78,533 75,600 +3.9% Passenger Traffic MRPK 12,968 14,569 11.0% 55,267 55,676 0.7% Cabin Factor % 65.0 73.8 12.0% 70.4 73.6 4.4% Passenger Yield* THB/km 2.75 (JanDec) 2.57 (JanDec) +7.0% 2.75 2.57 +7.0% Freight Production MADTK 1,210 1,288 6.1 4,919 4,708 +4.5% Freight Traffic MRFTK 669 778 14.0 2,766 2,895 4.4% Freight Factor % 55.3 60.4 8.5 56.2 61.5 8.6% Freight Yield* THB/km 9.89 (JanDec) 9.50 (JanDec) +4.1% 9.89 9.50 +4.1% Avg. Fuel Cost USD/gallon (E) 3.14 2.39 +31.4 (E) 3.12 2.25 +38.7% Note : Yield includes fuel surcharge 9 Investor Relations Department

Financial Performance EBIT, EBITDA and Net Profit (9M/10 & 9M/11) Units : THB mn Factors Impacting 9M/11 Results Impact from Middle east unrest, Japan Earthquake & European economic weakness Fuel cost is approximately 41% higher YoY 4.2% increase in # of PAX carried EBIT EBITDA NET PROFIT NET PROFIT (Exclude FX) Fuel surcharge coverage less than 100% from weak demand FX loss THB 3,325 mn. 10 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) 125.6 USD/BBL (Jan.Dec. 11) Higher 39.4% YoY Oct07 Jan08 Apr08 Jul08 Oct08 Jan09 Apr09 Jul09 Oct09 Jan10 Apr10 Jul10 Oct10 Jan11 Apr11 Jul11 Oct11 Jan12 11 Investor Relations Department Jul07 Jan07 Apr07 Oct06 Jul06 Apr06 Jan06

Revenue By Class By Area Jan.Nov. 2012 First class 1.6% Business class 21.1% Premium economy class 1.2% Australia 10.7% Europe 30.6% North Pacific 2.4% Africa 0.8% Domestic 9.3% Economy class 76.1% Middle East 1.5% Northern 26.4% Southern 7.6% W estern 8.2% IndoChina 2.4% Passenger revenue* = 138,345 MTHB * Schedule flight only 12 Investor Relations Department

# of PAX By Class By Area Jan.Nov. 2012 Non Revenue 3.1% First class 0.3% Economy class 87.6% Business class 8.7% Premium economy class 0.3% Northern 25.6% Middle East 1.3% W estern 9.9% Australia 5.8% Europe 13.1% North Pacific 0.7% Domestic 29.2% Africa 0.4% NonSchedule 0.3% Southern 8.9% IndoChina 4.8% Total passengers in 2011 = 16.8 mn. Total passengers in 2010 = 16.8 mn. 13 Investor Relations Department

Competitors Have Increased Significantly Traditional full service airlines Newly established full service airlines Low Cost Carriers 14 Investor Relations Department

Market Share of LCCs Up Dramatically Domestic Market Regional Market Mn Passengers 15 Market Share Avg. Growth Rate (20032010) Mn Passengers 25 Market Share Avg. Growth Rate (20032010) 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 15 Investor Relations Department

New Strong Competitors from Middle East Middle East HUB Emirates Qatar Etihad 16 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 17 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 18 Investor Relations Department

Overarching Strategic Plan 2011 2012 20132017 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 19 Investor Relations Department

Strategic Roadmap Overall Strategic Roadmap Core Value Strategic Transformation Areas Ultimate Goal Striving together towards a strong and sustainable THAI Customeroriented Competitive 1 2 3 4 5 6 7 Corporate Portfolio Strategy Customer Value Strategy Route Network and Fleet Strategy Commercial Strategy Corporate Social Responsibility Strategy IT Strategy Efficiency, Flight Safety and Fuel Management Strategy Restore THAI to be the pride of Thailand around the world, as a leading Asian carrier that is consistently among the top 3 carriers in Asia and top 5 in the world Dynamic 8 9 Human Capital & Organization Effectiveness Strategy Financial Strategy for overall customer experience 20 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 widebody aircraft will be evaluated as opportunities arise 21 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 valueformoney carrier LOW to MEDIUM Domestic focus with some added value and maintaining very low cost 22 Investor Relations Department

THAI Smile s Strategies 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 (2012F18F) 2018 11 23 Investor Relations Department

Nok Air & THAI Smile Route Routes Network and Network Fleet Strategy Nok Air base at DMK, operates only domestic pointtopoint. 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 Seoul Bangkok DMK Roi Et Buri Ram Ubon Ratchathani Shenzhen Amedabad HongKong Luang Prabang Macau Yangon Danang Hyderabad Bangkok Kochi Phuket Penang Kullalumpur Singapore Surat Thani Phuket Nakon Si Thammarat Trang Hat Yai Narathiwat 24 Investor Relations Department

Competition for THAI Smile Lowcost carriers Regional FSC Fullservice carriers 25 Investor Relations Department

Building Connectivity Strength THAI is developing shorthaul and regional network strength to capture connecting traffic from Europe, Australia, and the Middle East Selected Kangaroo routes for the ME carriers and THAI (2009) London THAI Emirates Sapporo Etihad Qatar Bahrain Fukuoka Nagoya Tokyo Haneda Gulf Doha Abu Dhabi Dubai Bangkok Three tier product strategy to strengthen regional connectivity Singapore Cost competitiveness is key to developing a robust regional connection to Southeast Asia from Europe, Australia and the Middle East Perth Sydney Brisbane Melbourne 26 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 checkin with home print boarding pass EService Royal Orchid Plus Premium Lounges 27 Investor Relations Department

Statistic on Internet Checkin Ticket Sales Via Internet Checkin 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 5.47 5.35 3.75 3.65 1.78 1.87 Jan Feb Mar Apr May Year 2009 Year 2010 Year 2011 Year 2009 Year 2010 Year 2011 0 % 5.46 3.66 1.97 5.93 4.10 2.15 5.66 4.09 2.31 6.15 4.63 2.67 6.23 4.86 6.57 6.71 28 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 Jun Jul Aug Sep Oct Nov Dec

Statistic on use of EServices Checkin via Mobile (http://m.thaiairways.com) # of PAX 4,000 3,812 3,811 3,353 3,500 3,310 3,088 3,000 2,500 2,309 2,321 2,368 2,000 1,813 1,500 1,136 1,300 1,000 500 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 29 Investor Relations Department

Current Fleet Current Fleet: 89 Aircraft 51% of O 9% of OL 40% of FL O=Owned OL=Operating lease FL=Financial lease (Note: Approximately) Aircraft Type A300600 Exc. 2 of ATR72 4 of 737400 leased to Nok First Business Premium Economy Economy Total 36R1 6 N.A. 46 N.A. 201 247 3452 5 N.A. 28 N.A. 232 260 A340500 3452 4 N.A. 60 42 113 215 1 O, 3 FL A340600 3461 6 8 60 N.A. 199 267 6 FL A330300 3302 12 N.A. 42 N.A. 263 305 3303 10 N.A. 36 N.A. 263 299 B737400 7341 5 N.A. 12 N.A. 137 149 2 FL, 3 OL B747400 7442 6 14 50 N.A. 325 389 7443 10 10 40 N.A. 325 375 B777200 7723 8 N.A. 30 N.A. 279 309 6 O, 2 OL B777200ER 77E1 6 N.A. 30 N.A. 262 292 6 FL B777300 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 B777300ER 7739 5 8 30 N.A. 274 312 5 OL Total 89 40 532 42 3,528 4,142 39 O, 38 FL, 12 OL 11 O 10 O, 10 FL,2 OL 11 O, 5 FL 6 FL (Note: N.A.. = Not available) 30 Investor Relations Department

Aircraft Utilization Aircraft Utilization Hours / Day / Aircraft 13.0 12.5 12.6 12.3 12.4 12.0 11.5 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 31 Investor Relations Department

Aircraft Delivery Plan NEW A/C DELIVERY 2011 2012 2013 2014 2015 2016 2017 TOTAL A380800 3 (FL) 3 (FL) 6 B777300ER 2 (OL) 6 (OL) 3 (FL) 3 (FL) 14 B777300ER (Jet Airways) 1+1 (OL) 2 A330300 5+2 (FL) 3 (FL) 2 (FL) 12 A350900 2 (FL) + 2 (OL) 2 (FL) + 6 (OL) 12 B7879 2 (OL) 2 B7878 4 (OL) 2 (OL) 6 A320 4 (OL) 2 (OL) 2 (FL) 3 (FL) 11 TOTAL 9 12 13 9 8 4 10 65 Note : OL = Operating lease FL = Financial lease 32 Investor Relations Department

Phase Out Plan PHASEOUT PLAN 2011 2012 2013 2014 2015 2016 2017 TOTAL B747400 2* 2 2 6 B777300ER (Jet Airways) 5 5 A340500 2 2 4 A340600 2 2 2 6 B777200 2 2 A330300 3 3 A300600 2 4 2 3 2 13 B737400 3** 1** 2 3 9 ATR72 2 2 TOTAL 4 11 14 5 7 2 7 50 Note : * To be converted to cargo planes ** Return from Nok Air 33 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 34 Investor Relations Department

Upgrades and Retrofit Schedule # of Aircraft First Business Economy Tentative Completion B747400 No. 712 6 Retrofitted Retrofitted Jun. Dec. 2011* (Four have been completed) B747400 No. 1318 6 Apr.Oct. 2012 B777200 No. 1 1 Retrofitted Dec. 2011 * B777200 No. 28 7 Retrofitted Mar. Dec. 2012* * Note: Completion of retrofit has been postponed due to flooding @ Don Mueang but will likely be completed by 2012 35 Investor Relations Department

Aircraft lease to Supplement Capacity Leased 3 B777300ER aircraft from Jet Airways for 3 years Another 2 B777300ER leased from Jet Airways Used on European flights and to replace routes where older A330300 aircraft flies in the region First Class Seats Business Class Seats High level of Privacy Economy Class Seats 36 Investor Relations Department

New Aircraft A330 & A380 New Airbus A330300 Royal First class New Airbus A380800 Royal Silk Class Royal Silk Class Economy Class Economy Class 37 Investor Relations Department

New InFlight Entertainment Interactive Full Audio Video on Demand (AVOD) in all classes* (* Except A330300, A300600 and B737400) 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 EMeal EMeal Menu Menu EDuty EDuty Free Free Shopping Shopping EMagazine EMagazine Seat Seat Chat Chat EDuty Free Shopping EMeal 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 EDuty Free Shopping Travel Travel Destination Destination Information Information 38 Investor Relations Department

Route Network and Fleet Route Network Strategy Fleet Strategy Develop Bangkok and Thailand as main hubs by implementing more direct flights into Thailand, focus on frequency increment and hub connectivity Enhance network strength in key markets to maintain leading market positioning and build network strength around homeland Expand network in secondary routes, operating by narrow body aircraft with light premium service Establish THAI LCC to compete in price sensitive market Leverage alliances and strategic partners to expand network and cover all market segments Increase flight schedule flexibility in respond demand dynamic, seasonality, and competitive environment Develop more direct flight to HKT as main destination Improve fleet efficiency to lower maintenance and fuel expenses, reduce environmental impact and increase asset utilization Secure longterm fleet delivery positions to ensure continuous supply to support sustainable growth Implement fleet simplification in longterm to reduce operating costs and improve operating efficiency Match aircraft size with demand and competition Design proper seat configuration to gain competitive advantage 39 Investor Relations Department

World Route Network THAI Route Network Route (as Dec. 11) Countries Cities Freq./Week Intercontinental 15 20 148 Regional 19 41 439 40 Investor Relations Department

Domestic Route Network THAI 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 BANGKOK Freq./Week 283 THAI Nok Air (Code Share) SAMUI SURAT THANI PHUKET KRABI HAT YAI 41 Investor Relations Department

Increase direct flights from BKK to secondary market and increasing over all connectivity but will adjust capacity to reflect demand Suspension routes New Flights Opening Winter Program BKKBrussel v.v. BKKBelgium v.v. (As from 17NOV11) BKKCopenhagenPhuket (As from 11NOV11) BKKOsaka v.v. (As from 16NOV11) HKTSeoul v.v. BKKSingapore v.v. Flight Resumption BKKBeijing v.v. BKKKathmandu v.v. 3 Flights / Week 3 Flights / Week 3 Flights / Week 3 Flights / Week 3 Flights / Week 7 Flights / Week 4 Flights / Week 3 Flights / Week 2011 Route Network Changes Route Adjustment BKKPhuketPerth v.v. BKKTokyoPhuket BKKChiang MaiPhuketBKK Additional Frequency BKKOslo v.v. BKKPerth v.v. BKKXiamen v.v. BKKChengdu v.v. BKKNagoya v.v. (As from 01JAN12) BKKMumbai v.v. BKKGayaVaranasi v.v. (30OCT 31DEC11) Effective Oct. 30, 2011 Mar. 24, 2012 HKTPerth v.v. BKKNarita v.v. BKKChiang MaiPhuket v.v. 5 to 7 Flights / Week 4 to 7 Flights / Week 3 to 4 Flights / Week 4 to 5 Flights / Week 10 to 11 Flights / Week 6 to 13 Flights / Week 4 to 7 Flights / Week BKKHat Yai v.v. 7 Flights / Week 42 Investor Relations Department

THAI Phuket Route Network Sector (as 31 OCT 11) Copenhagen Phuket Phuket Hong Kong vv. Phuket Seoul vv. Phuket Perth vv. Phuket Bangkok vv. Freq./Week 3 DAILY 3 3 67 43 Investor Relations Department

IT Development Infrastructure Redesign and Migrate to Cloud EPayment Gateway Mobile Capability Data Management Enterprise Resource Planning (ERP) Internal Cooperation ECollaboration / Knowledge management Revenue Enhancement CRM / Cross Function Database 44 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 45 Investor Relations Department

Fuel Management Hedging combined with fuel surcharge greatly mitigates fuel price fluctuation risk Monthly fuel hedging 20082011 % of consumption by month Percentage of Fuel Surcharge & Hedging Coverage Jan08 Feb08 Mar08 Apr08 May08 Jun08 Jul08 Aug08 Sep08 Oct08 Nov08 Dec08 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 Aprl10 May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 July11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 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% Jan08 Feb08 Mar08 Apr08 May08 Jun08 Jul08 Aug08 Sep08 Oct08 Nov08 Dec08 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 Apr10 May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12 Jul12 Aug12 Sep12 Oct12 Nov12 Dec12 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% 46 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% 47 Investor Relations Department

Improvements in Dynamism Project Uphold the principles of Good Corporate Governance Changes Made Ensuring transparency in all areas of operations Whistle Blower Policy Expedite decision making Invest in IT Performancebased Culture Reduce steps to improve decision process IT capability improves not only efficiency, decision making but also enhances customer satisfaction Senior management having clear cut KPIs and compensation is measured accordingly Pushing KPI s down the management rungs Geared for BUs to enhance efficiency in decision process & management Signed Service Level Agreements Structural change to enhance flexibility but also responsibility 48 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 Outstanding in reserve 2,507 49 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 Net Interest Bearing Debt to Equity (Times) 5 4 3 2 1 Stable Capital Structure 3.04 2.66 1.81 1.75 1.30 1.45 0 2008 2009 2010 Q1/11 Q2/11 Q3/11 50 Investor Relations Department

Summary of Cost Reduction Estimation Cost Reduction Approach Budgeted Cost Reduction (MTHB) 1. Personnel expense reduction (already approved) 1,016.59 2. Personnel expense reduction (in process) 314.53 3. Other costs (to be commenced) 4,609.63 4. Further expense reduction from Flight Operation 161.20 Total Budgeted Cost Reduction Target 6,101.95 51 Investor Relations Department

Continued Cost Reduction MTHB 140,000 130,000 126,045 131,195 120,000 125,393 126,723 114,427 110,000 106,174 105,320 100,000 103,006 99,352 90,000 2007 (Restate) 2008 2009 2010 Total Expense (Ex. Fuel, FX) Total Expense (Ex. Fuel) Total Expense (Ex. Fuel, Bonus and MSP) * Ex. = Exclude 52 Investor Relations Department

Financial Performance 53 Investor Relations Department

Performance Summary (9M/2010 & 9M/2011) THAI and its subsidiaries Financial Performance JanSep (Units : MTHB) 2011 2010 Total Revenue 147,371 134,854 Total Expense 144,871 125,570 Foreign currency exchange (Gain) 3,325 7,317 Share of profit of investments by the equity method 142 226 Profit (Loss) before finance costs, income tax 683 16,827 Financial Cost 4,195 3,922 Net tax expense (income) 99 907 Net profits (loss) 4,779 11,998 54 Investor Relations Department

Operating / Total Revenue (9M/2010 & 9M/2011) Financial Performance Units : MTHB 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 107 5,590 2,641 20,007 105,898 9M'10 Operating Revenue *Operating Rev. up 9.81% 611 1,978 20,586 117,629 9M'11 325 6,229 Passenger Freight Mail Other activities Interest income Other income 625 Total Revenue % to Revenue % Change Tot. Rev. Passenger 11.08 79.82 Freight 13.97 13.97 Mail 2.16 0.42 Other activities 11.44 4.23 Interest income 203.57 0.22 Other income 25.12 1.34 Total Income 9.28 100.00 *Excludes Interest & Other income Operating revenue 9M/10 = 132,106 MTHB Operating revenue 9M/11 = 145,069 MTHB Total revenue 9M/10 = 134,854 MTHB Total revenue 9M/11 = 147,371 MTHB 55 Investor Relations Department

Financial Performance 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Operating / Total Expense (9M/2010 & 9M/2011) Units : MTHB 15,326 6,835 3,774 6,772 14,013 42,033 2,748 4,148 14,916 8,623 4,083 7,119 15,333 56,894 22,459 22,898 9M'10 9M'11 Personnel Fuel and Oil Flight Service Expense Inventory&Supply Crew Expense Aircraft Maintenance Depreciation Operating Expense **Operating Exp. Up 15.04% Lease of a/c ** Excludes FX & Impairment losses Operating expense 9M/10 = 125,004 MTHB Operating expense 9M/11 = 143,812MTHB Total Expense % Change % of Expense YoY Tot. Exp. Personnel expense 1.95 15.45 Fuel and oil 35.35 38.39 Flight service expense 9.42 10.35 Inventories and supplies 5.13 4.80 Crew expense 8.18 2.75 Maintenance/overhaul 26.16 5.82 Depreciation/amortisation 2.68 10.06 Aircraft lease/spare parts 50.90 2.80 Other expense 230.50 9.58 Total Expense 25.32 100.00 Total expense 9M/10 = 118,253 MTHB Total expense 9M/11 = 148,195 MTHB 56 Investor Relations Department

Financial Performance Ratios 9M/2010 & 9M/2011 Ratios units 9M/10 9M/11 Earnings Per Share (THB) 6.99 2.20 Book Value per Share (THB) 36.56 31.41 Price / Book Value (Times) 1.15 0.64 EBIT (MTHB) 7,331 341 EBITDA (MTHB) 22,658 15,257 EBITDAR (MTHB) 25,406 19,404 Operating Profit Margin (%) 5.5 0.2 Net Profit Margin (%) 9.1 3.3 EBITDA Margin (%) 17.2 10.5 Interest Bearing Debt to Equity (Times) 1.9 2.0 Net Interest Bearing Debt to Equity (Times) 1.4* 1.7* Interest Coverage (Times) 5.8 3.6 * (Interest Bearing Debt Cash and Cash Equivalent) / Equity 57 Investor Relations Department

Financial Performance 9% Foreign Currency Exposure Revenue & Expense as of Nov2011, Outstanding Borrowings as of Dec2011 Unit : MTHB Revenue Expense Surplus Outstanding Borrowings or Deficit Before Swap After Swap Amount % Amount % Amount Amount % Amount % USD BASED 67,279 39 104,926 67 37,647 1,273 1 1,273 1 USD 18,172 98,023 Others (1) 49,107 6,903 EUR BASED 49,245 28 12,128 8 37,117 46,595 33 46,595 33 EUR 15,695 6,035 Others (2) 33,550 6,093 JPY 15,822 9 4,213 3 11,609 11,301 8 15,680 11 THB 42,160 24 35,906 23 6,254 83,181 58 78,897 55 TOTAL 174,506 100.00 157,173 100.00 17,333 142,350 100 142,445 100 24% Revenue Expense Outstanding 1% 28% 39% 2% 8% 23% 67% 58 Investor Relations Department USD BASED EUR BASED JPY THB 58% 33% 8%

Financial Performance TG continued to be net long Euro & Yen (MTHB) 50,000 USD EUR JPY THB 40,000 37,117 30,000 24,524 20,000 10,000 6,254 0 10,000 4,187 885 2010 2011 20,000 30,000 40,000 37,647 50,000 Jan Nov 2010 Jan Nov 2011 59 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% 60 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) 61 Investor Relations Department

Industry Outlook Thailand Passengers Forecast Thailand Passengers (Millions) 70 60 Passenger from / to Thailand Forecast 20112022 IATA International Passenger Forecast 2010 2011 2012 2013 2014 CAGR20112014 (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 62 2012 2013 2014 2015 2016 2017 2018 Investor 2019 2020 Relations 2021 Department 2022

Appendix 63 Investor Relations Department

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 64 Investor Relations Department

Operating Statistics Passenger (Million) Year 2009 Year 2010 Year 2011 (%) 75.2 77.2 76.8 71.1 62.2 65.1 71.3 76.1 74.3 75.1 74.0 77.0 69.9 74.8 65.7 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 68.1 8,000 6,000 4,000 2,000 100.0 80.0 60.0 40.0 20.0 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 Apr10 May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 ASK RPK C/F YoY (Month) QoQ (Quarter) YoY (Quarter) YoY (Year) Dec'11 Dec'10 YoY% Q4'11 Q3'11 QoQ% Q4'11 Q4'10 YoY% 2011 2010 YoY% MASK 6,806 6,756 0.7 19,953 19,837 0.6 19,953 19,734 1.1 78,533 75,598 3.9 MRPK 4,632 5,085 8.9 12,968 14,681 11.7 12,968 14,569 11.0 55,267 55,678 0.7 Cabin factor% 68.1 75.3 9.6 65.0 74.0 12.2 65.0 73.8 12.0 70.4 73.7 4.4 65 Investor Relations Department

Operating Statistics Freight Year 2009 Year 2010 Year 2011 (Million) (%) 40.2 44.5 49.7 46.1 47.9 51.8 50.6 52.4 58.8 59.3 61.8 58.3 54.4 60.5 55.1 54.2 56.3 56.1 54.3 55.2 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 80.0 60.0 40.0 200 20.0 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 Apr10 May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 ADTK RFTK F/F YoY (Month) QoQ (Quarter) YoY (Quarter) YoY (Year) Dec'11 Dec'10 YoY% Q4'11 Q3'11 QoQ% Q4'11 Q4'10 YoY% 2011 2010 YoY% MADTK 411 428 4.0 1,210 1,224 1.1 1,210 1,288 6.1 4,917 4,708 4.4 MRFTK 223 248 10.1 669 675 0.9 669 778 14.0 2,765 2,895 4.5 Freight factor% 54.3 57.9 6.4 55.3 55.1 0.3 55.3 60.4 8.5 56.2 61.5 8.6 66 Investor Relations Department

Operating Statistics Passenger Yield (Including Fuel Surcharge) (THB/Km) Passenger Yield (Excluding Fuel Surcharge) (THB/Km) 3.00 2.22 2.26 2.42 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 2.30 2.72 2.73 2.87 2.49 2.63 2.82 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 2.78 3.00 2.50 2.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 2.00 1.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 67 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 7.01 6.91 6.94 6.62 6.96 7.02 7.13 7.44 6.77 7.47 7.51 6.86 6.67 7.18 6.75 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 8.71 9.08 9.45 8.02 9.10 9.85 8.50 9.30 9.65 9.17 9.89 10.09 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 8.00 7.00 6.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2009 Year 2010 Year 2011 68 Investor Relations Department

60 50 40 30 20 10 0 Current price 22.5 THB / share 19Oct10 19Nov10 19Dec10 19Jan11 19Feb11 19Mar11 19Apr11 19May11 19Jun11 19Jul11 19Aug11 19Sep11 19Oct11 19Nov11 19Dec11 19Jan12 69 Investor Relations Department 19Jul10 19Aug10 19Sep10 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 19Mar10 19Apr10 19May10 19Jun10 19Jan10 19Feb10

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 AsiaPacific Airline 3rd for Best Business Class 3rd for Best Economy Class 2nd for Best FrequentFlyer Programme 3rd for Best Airline Lounge in AsiaPacific 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 70 Investor Relations Department Best Asian carrier