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0

Company Presentation

CONFIDENTIAL

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These materials are strictly confidential and may not be copied, published, distributed or transmitted to any other person. These materials are incomplete without

reference to, and should be viewed solely in conjunction with, the oral briefing provided by Asia Aviation Public Company Limited (the "Company").

These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities,

nor shall part, or all, of these materials or their distribution form the basis of, or be relied on in connection with, any contract or investment decision or

commitment in relation to any securities whatsoever.

This presentation is solely for use at the presentation to potential investors and is taking place in anticipation of the possible initial public offering of the shares of

the Company (the “Offering”). This presentation does not constitute an invitation to participate in the underwriting syndicate or management group of the

proposed offering. No part of this presentation, nor the fact of its presentation, should form the basis of, or be relied on in connection with, any offer, contract,

commitment or investment decision whatsoever and it does not constitute a recommendation regarding the securities of the Company.

These materials are strictly confidential and must not be reproduced, disclosed or distributed, in whole or in part, to third parties. No action has been or will be

taken in any jurisdiction outside Thailand that would permit a public offer of securities or the possession, circulation or distribution of this presentation or any

other material relating to the Company or the proposed offering in any jurisdiction where action for the purpose is required. The distribution of this presentation

may be restricted by law in certain jurisdictions and persons in whose possession this presentation comes should inform themselves about, and observe any

such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdictions.

This presentation may not be taken, published, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Japan or the People's

Republic of China. This presentation is not an offer of securities for sale into the United States, Canada, Japan, the People's Republic of China, or in any

jurisdiction in, or to any person to whom, it is unlawful to make such an offer under applicable laws.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration or in a transaction not subject to, the registration

requirements under the United States Securities Act of 1933 (the “Securities Act”). Any public offering of securities to be made in the United States would be

made by means of a prospectus that could be obtained from the Company or the selling shareholders and that would contain detailed information about the

Company and management, as well as financial statements. The Company has not registered and does not intend to register any part of the offering under the

Securities Act or the securities law of any state in the United States or to conduct a public offering of any securities in the United States.

This presentation is dated the day it is given. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall,

under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The third party information and

statistical data in this presentation have been obtained from sources the Company believes to be reliable but in no way are warranted by the Company or the

selling shareholders as to accuracy or completeness. This presentation may not contain all material information concerning the Company and the information set

forth in these materials is subject to change without notice and may only be finalized at the time of the Offering in an offering memorandum and any supplement

thereto to be published in respect of the Offering. Any decision to participate in the Offering must be made solely on the basis of information contained in that

offering memorandum and supplement (if any), which information may be different from that found in this presentation. Neither CIMB Securities (Thailand) Co.,

Ltd., CIMB Bank (L) Limited, Credit Suisse (Singapore) Limited, or Thanachart Securities Public Company Limited (together, the “Underwriters”) nor the

Company or the selling shareholders is under any obligation to update or keep current the information contained herein. No reliance may be placed for any

purposes whatsoever on the information set forth in these materials or on its completeness or on any other material discussed at this presentation. The contents

of these materials have not been verified by the Underwriters. Accordingly, none of the Underwriters, their respective directors, officers or affiliates makes any

representation or warranty, express or implied, regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors or

omissions in, any information contained in this presentation, and nothing in this presentation is, or shall be relied upon as, a promise or representation by any of

them. None of the Company, the selling shareholders or the Underwriters or any of their respective members, directors, officers, employees or affiliates or any

other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or

otherwise arising in connection therewith.

Disclaimer

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Disclaimer (cont’d)

These materials contain forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are

expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of

which are beyond the Company’s control which may cause the actual results, financial condition, performance, or achievements of the Company or industry

results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given

these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. These

forward-looking statements speak only as at the date of this presentation, and none of the Company, the selling shareholders or any of their respective agents,

employees or advisors intends or has any duty or obligation to update or revise these forward-looking statements to reflect new information, future events or

developments or otherwise.

None of the Company, the selling shareholders and the Underwriters makes any representation, warranty or prediction that the results anticipated by such

forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not

be viewed as the most likely or standard scenario.

This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending this presentation you

acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your

own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

By attending this presentation, you agree to keep this presentation and the information herein confidential and to not remove this document, or any materials

provided in connection herewith, from the conference room where such documents are provided without express consent from the Company or the Underwriters.

You agree further not to photograph, copy or otherwise reproduce these materials during the presentation or while in the conference room.

Participants shall return this presentation and all other materials provided in connection herewith to the Company at the completion of the presentation.

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3

Offering summary

• Thailand initial public offering

• International institutional placement under Reg S

• 1,212.5 million shares

• 25% of enlarged share capital

Offering

structure

• Minimum 180 days post listing for Issuer and Vendors

• SET Lock-Up: 55% of the enlarged capital cannot be sold for one year from first trading day

− Up to 25% of locked-up shares can be sold after the period of the first six months

− The remaining 75% of locked-up shares can be sold after 12 months

Lock up

• Stock Exchange of Thailand (SET) Listing

venue

Use of

proceeds(1)

• Primary: to fund subscription for rights issue of Thai AirAsia (“TAA”), of which US$47m will be used by TAA for aircraft procurement from 2012 to 2014 and the remainder for general corporate purposes

• Secondary: to repay existing financial obligations

Issuer • Asia Aviation Public Company Limited (“AAV”) Current shareholding structure

Thai AirAsia (Opco)

Management

Asia Aviation (Listco)

100%

51%

AirAsia Berhad

AirAsia Investment

100%

49%

Post-IPO shareholding structure

AirAsia Berhad Management

Thai AirAsia (Opco)

Public

100%

45%

60% 40%

55%

Listco

Asia Aviation (Listco)

AirAsia Investment

Primary proceeds raised by AAV in IPO to partially fund rights issue to increase stake in TAA to 55%

Vendors • Thai AirAsia management team(1)

Note: (1) Comprises Mr. Tassapon Bijleveld, Mr. Pornanan Gerdprasert, Mr. Tanapat Ngamplang, Mr. Preechaya Rasametanin, M. L. Bovornovadep Devakula and Mr. Santisuk Klongchaiya.

Primary /

secondary

• Primary: ~15.5% of enlarged capital

• Secondary: ~9.5% of enlarged capital

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4

Big Lot summary

Post-IPO shareholding structure

AirAsia Berhad Management

Thai AirAsia (Opco)

Public

100%

45%

[60]% [40]%

55%

Listco

Asia Aviation (Listco)

AirAsia Investment

Big Lot Transaction

Thai Management Mil. Shares %

1 Mr. Tassapon Bijleveld 400.1 8.2%

2 Mr. Pornanan Gerdprasert 72.8 1.5%

3 Mr. Tanapat Ngamplang 72.8 1.5%

4 Mr. Preechaya Rasametanin 72.8 1.5%

5 M. L. Bovornovadep Devakula 72.8 1.5%

6 Mr. Santisuk Klongchaiya 36.4 0.8%

Total 727.5 15%

Rationale • To unlock the pledged shares with Credit Suisse as part of the loan repayment from “Management Buyout” (MBO) took place 5 years ago

• Baht 3.70 per share (same as IPO price) Price

5

Company overview

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Introduction to our business

Company overview

Route network

Thai AirAsia provides high frequency air transportation services through an extensive route network

Source: Company information.

from Phuket

from Bangkok

from Chiang Mai

Bangkok

Chiang Mai

Singapore

Bali

Hong Kong Macau

Shenzhen

Guangzhou

Hanoi

Udon Thani

Ho Chi Minh City

Kuala Lumpur

Phuket

Surat Thani

Krabi

Narathiwat

Hatyai

Penang

Nakhon Si Thammarat

Ubon Ratchathani

Chiang Rai

Yangon

New Delhi

Kolkata

Phnom Penh

CAMBODIA

VIETNAM

CHINA

INDIA

MYANMAR

THAILAND

LAOS

MALAYSIA

INDONESIA

Leading low cost carrier (“LCC”) in Thailand

− 63.8% of total LCC domestic and international passengers carried of AOT airports

− 12.7% of total passengers carried at AOT airports

TAA operates 24 Airbus A320 as of Feb 2012 aircraft from three hubs in Thailand (Bangkok, Phuket, Chiang Mai), with plans to open new hubs in Hatyai and Udon Thani in 2013 and 2014 respectively

− 11 domestic destinations and 14 international destinations in eight countries currently

− Only airline in Thailand with a hub outside Bangkok, enabling it to operate domestic flights that by-pass Bangkok

Low cost business model is built on these key characteristics

− Point to point operations within 4 hours

− Modern single aircraft type fleet

− High aircraft utilisation

− Extensive route network

− Low cost internet ticket sales

Strong strategic partnership with AirAsia Berhad (“AAB”), who will own 45% of TAA through AirAsia Investment after the planned offering

− 68 destinations in 15 countries within the AAB, TAA and PT Indonesia AirAsia (“IAA”) network

− Benefits from the AirAsia Group’s bargaining power, cross-selling opportunities, and brand equity

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7

Our history and key milestones

2010

2011

Began services from Bangkok to

Phuket, Chiang Mai,

Singapore and Macau

Launched second hub

in Phuket

Received first Airbus A320

aircraft

2009

2004

Operates 24 aircraft to reach 14

international and 11

domestic destinations

Launched third hub in Chiang Mai and Chiang

Mai – Singapore

route Launched the Phuket –

Bali route

Revamped entire fleet to Airbus A320

aircraft

Moved Bangkok hub

to Suvarnabhumi International

Airport

Commenced flights to Shenzhen

2007

2012

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8

Our fleet

Uniform fleet of A320 aircraft helps minimize costs and maximize flight scheduling flexibility

Homogenous A320 fleet Fleet expansion over time

Source: Company information.

24 aircraft as of February 2012 (including one spare)

− All aircraft are leased from AirAsia Mauritius, with terms between nine and 12 years

One of the youngest, with an average age of 2 years 4 months as of 31 Dec 2011

Advantages of homogenous A320 fleet

− Proven track record and reliability in short haul, high frequency operations

− Able to fit 180 seats (vs. 148 seats for B737-300)

− Reduced costs for spare parts and type-rating training

− Simplified route planning and increased flexibility for flight scheduling arrangements

In the future, TAA plans to:

− Increase current fleet to 48 aircraft by FY2016E by procuring aircraft through AAB

− Increase aircraft utilisation to more than 12 block hours per day (currently 11.5 block hours per day for the year ended 31 Dec 2011) 6

912 12

8 8

38

12

1922

27

33

38

43

48

-

10

20

30

40

50

60

2004

2005

2006

2007

2008

2009

2010

2011

2012E

2013E

2014E

2015E

2016E

Boeing Airbus

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9

Financial summary of TAA (in THBm) FY2009A FY2010A FY2011A

Revenues 9,281.2 12,098.7 16,157.6

EBITDAR 1,674.2 4,577.9 5,003.0

EBITDA (38.2) 2,377.3 2,275.3

Operating profit (loss) (170.1) 2,254.1 2,203.7

Net income (loss) (170.5) 2,011.0 2,020.1

YoY revenue growth n.a. 30.4% 33.5%

EBITDAR margin 18.0% 37.8% 31.0%

EBITDA margin n.a. 19.6% 14.1%

Net income margin n.a. 16.6% 12.5%

Performance summary of TAA

Key operational and financial summary

Expansion of Thai AirAsia’s operations over the last three years has translated into profitability over the last two years

Source: Company information.

Key operating statistics of TAA FY2009A FY2010A FY2011A

Passengers carried (millions) 5.0 5.7 6.9

ASK (millions) 6,511 7,605 9,199

RPK (millions) 4,921 5,923 7,389

Load factor 76% 78% 80%

Average fare (THB) 1,520 1,791 1,849

RASK (THB) 1.43 1.59 1.76

CASK (THB) 1.51 1.39 1.58

CASK ex-fuel (THB) 0.99 0.87 0.89

Number of aircraft at period end 20 19 22

Ancillary services revenue per passenger (THB) 179 296 383

Financials of TAA are currently proportionately consolidated into accounts on a historical basis. Post IPO AAV will fully consolidate TAA in financials

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10

One of the largest and fastest growing aviation markets in the world

Leading low cost carrier in Thailand

Successful track record of growth

Established competitive cost structure and well positioned to expand margins

1

2

3

4

Key investment highlights

Strong partnership with AirAsia Group 5

Capital structure provides future financing flexibility 6

Experienced management team with a proven track record 4 7

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7.8 8.6 9.5 10.1 10.8 10.011.7 11.5

13.8 14.5 14.5 14.115.9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

11

One of the largest and fastest growing aviation markets in the world

TAA provides investors with direct exposure to the large and rapidly growing Thai aviation market

1

Second biggest airline market in Southeast Asia

(revenue paying passenger-km in billions)

87.7

57.251.6 47.0

28.121.1 18.0

3.0

Sin

gapore

Thaila

nd

Mala

ysia

Indonesia

Phili

ppin

es

Vie

tnam

Cam

bodia

Laos

Source: SAP Group, 2010 ICAO annual report.

Supported by Thai tourism industry

(number of international tourist arrivals in millions)

SARS

Bird flu Closure of

Suvarnabhumi Airport

H1N1 outbreak and invasion by red mob

of East Asia Summit

Tsunami

Source: SAP Group.

8,423

4,9923,015

2,0071,174 984 814

43,117

Sin

gapore

Mala

ysia

Thaila

nd

Indonesia

Phili

ppin

es

Vie

tnam

Laos

Cam

bodia

Third highest GDP per capita in Southeast Asia

(US$)

Source: ICAO 2010 annual report, SAP Group.

Passenger growth rates within Southeast Asia

(RPKs CAGR from 1985 to 2010)

14.7%

6.9% 6.2% 5.8% 5.4% 5.3% 4.6% 4.1%2.8%

Chin

a

South

east

Asia

South

Asia

Oceania

Euro

pe

South

Am

erica

Mid

dle

East

Nort

heast

Asia

Nort

h

Am

erica

Source: SAP Group, The Boeing Company.

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12

Leading low cost carrier in Thailand 2

Most comprehensive network among LCCs in Thailand. As at 31 Dec 11, TAA operated in:

− 11 domestic destinations

− 14 international destinations

− Three hubs

Leading market share(1) in Thailand

− LCCs: 63.8% of total domestic and international passengers at AOT airports

− All airlines: 12.7% of total domestic and international passengers at AOT airports

Only LCC with regular domestic and international operations originating from Suvarnabhumi Airport(2)

Only LCC in Thailand with hubs outside Bangkok, which enables it to operate flights which bypass Bangkok

Route network

Source: Company information. (1) According to SAP industry report. For the year ended 30 Sep 2010. (2) During the floods in Thailand in November, NOK Air temporarily moved its base of operations to Suvarnabhumi Airport.

from Phuket

from Bangkok

from Chiang Mai

Bangkok

Chiang Mai

Singapore

Bali

Hong Kong Macau

Shenzhen

Guangzhou

Hanoi

Udon Thani

Ho Chi Minh City

Kuala Lumpur

Phuket

Surat Thani

Krabi

Narathiwat

Hatyai

Penang

Nakhon Si Thammarat

Ubon Ratchathani

Chiang Rai

Yangon

New Delhi

Kolkata

Phnom Penh

CAMBODIA

VIETNAM

CHINA

INDIA

MYANMAR

THAILAND

LAOS

MALAYSIA

INDONESIA

TAA’s comprehensive route network has allowed it to capture a sizeable portion of Thailand’s aviation market

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13

Passenger revenue and average fares

7,58210,260

13,008

1,5201,791 1,849

0

5,000

10,000

15,000

20,000

25,000

FY2009A FY2010A FY2011A

(500)

0

500

1,000

1,500

2,000

Revenue (THBm) Average fare (THB)

2.9 3.3 4.0

2.12.4

2.95.0

5.7

6.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

FY2009A FY2010A FY2011A

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Domestic International

4,9215,923

7,389

76%

80%78%

1,000

3,000

5,000

7,000

9,000

11,000

13,000

FY2009A FY2010A FY2011A

60%

65%

70%

75%

80%

RPKs (m) Load factor

6,5117,605

9,199

3,000

5,000

7,000

9,000

11,000

13,000

15,000

FY2009A FY2010A FY2011A

0.3

5.3

10.3

15.3

20.3

25.3

ASKs (m) Ave. no. of operating aircraft

18.0 15.6 19.4

Successful track record of growth driven by route expansion, fleet growth and growing passenger volume

ASKs and aircraft

RPKs and load factors

Passengers

Solid fundamentals underpin revenue growth for TAA

3

Source: Company information. Source: Company information.

Source: Company information. Source: Company information.

31.0% p.a.

18.9% p.a. 22.5% p.a.

17.5% p.a.

(millions)

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Non-fuel costs are controlled

1.581.39

1.51

0.890.870.99

0.00

1.00

2.00

FY2009A FY2010A FY2011A

CASK CASK ex-fuel

Source: Company information.

(THB)

7.046.35

5.534.84

4.353.69

Jetstar SpiceJet Tiger Airways Cebu Pacific Thai AirAsia AirAsia Berhad

EBITDAR margin

1,674

4,578 5,003

18.0%

37.8%31.0%

FY2009A FY2010A FY2011A

EBITDAR (THBm) EBITDAR margin

Established competitive cost structure and well positioned to expand margins

Competitive CASKs compared to regional LCC peers

TAA has demonstrated an ability to control its costs and keep its costs in line with its peers…

(US cents)

4

Source: Company information.

Source: SAP Group industry report, for the latest financial year ending as at 30 Sep 2011.

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15

9.6%

13.9%16.3%

FY2009A FY2010A FY2011A

893

1,687

2,627

179

296383

0

1,000

2,000

3,000

4,000

5,000

6,000

FY2009A FY2010A FY2011A

(500)

(400)

(300)

(200)

(100)

0

100

200

300

400

500

Ancillary income (THBm) Ancillary income per pax (THB)

Established competitive cost structure and well positioned to expand margins (cont’d)

Competitive base fares…

…drive passenger volumes…

…and ancillary services revenue

Ancillary services as a % of revenue

… and ability to generate higher ancillary income from passengers, which allows TAA to expand margins further as ancillary services require minimal costs

4

1,520

1,7911,849

FY2009A FY2010A FY2011A

Source: Company information. Source: Company information.

(in millions)

10.3% p.a.

Source: Company information. Source: Company information.

2.9 3.3 4.0

2.12.4

2.95.0

5.7

6.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

FY2009A FY2010A FY2011A

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Domestic International

17.5% p.a.

71.5% p.a.

(THB)

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16

Strong partnership with AirAsia Group

TAA’s partnership with the AirAsia Group gives it access to unique, profitable opportunities, allowing it to capture market share, and attract new passengers

5

Malaysia Business Leadership Masterclass Global CEO of the Year

Centre for Asia Pacific Aviation (CAPA)

Airline Of The Year (2009)

TTG Travel Awards 2009 Best Asian Low-Cost Carrier

Skytrax World's Best Low Cost Airline (2009,2010, 2011)

Access to cost synergies and feeder network One of the most recognized brands in aviation with representation on various global sporting platforms

Access to AirAsia Group feeder network which allows customers to connect to 68 cities in 15 countries (within AAB, TAA and IAA networks)

Ability to share in bulk purchase opportunities, such as the recent 200 Airbus A320 NEO aircraft deal valued at US$18.2 bn, which was the largest aircraft order in Airbus history

Sponsor of F1 Team Catherham

Sponsor of EPL team Queens Park Rangers

Sponsor of English Referees in the EPL

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17

Capital structure provides future financing flexibility

We believe Thai AirAsia’s strong EBITDAR growth, coupled with manageable leverage, will provide strong cash flows and enable the Company to take advantage of growth opportunities, effectively compete and

provide itself financial protection against any temporary deterioration in business conditions

6

243 1840.4

FY2009A FY2010A FY2011A

Strong EBITDAR growth…

… coupled with slower aircraft rental expense growth

…low total debt…

… and finance costs (1)

1,674

4,5785,003

FY2009A FY2010A FY2011A

(THBm)

Source: Company information. Note: (1) Includes interest on loans, overdrafts and finance lease payments.

(THBm)

4 203

513

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

FY2009A FY2010A FY2011A

(THBm) (THBm)

72.9% p.a.

26.2% p.a.

2,2012,728

1,712

FY2009A FY2010A FY2011A

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18

Joined in 2007

Previously the General Manager of Warner Music (Thailand) and Marketing Manager of Reebok Wongpaitoon Footwear Plc

Holds a Bachelor of Business Administration degree from Assumption University

Holds a Master of Science degree from Thammasat University

Joined in 2003

Previously the Director of Flight Operation for Phuket Airline Co. Ltd

Holds a Bachelor of Science Degree from Royal Thai Air Force Academy

Holds a Bachelor of Arts degree from Sukhothai Tammathirat Open University

Holds a Master of Business Administration degree from Kirk University

Experienced management team with a proven track record

Majority of senior management has been with Thai AirAsia since inception

7

18

Joined in 2003

Previously was Managing Director of Warner Music (Thailand) Ltd.

Holds a Bachelor of Business Administration degree from Assumption University and a Master of Marketing degree from Thammasat University

Tassapon Bijleveld

Chief Executive Officer

Joined in 2004

Previously the Finance and Accounting Director of Teleinfo Media Co Ltd

Holds a Bachelor of Accounting, a Higher Diploma in Auditing and a Master of Accounting from Thammasat University

Joined in 2004

Previously the Product Support Manager of Aviation Products for Goodyear Thailand PCL

Holds a Bachelor of Science degree, majoring in mechanical engineering, from the Royal Thai Air Force Academy

Preechaya Rasametanin

Director of Engineering

Joined in 2004

Previously the Manager of Advance Info Services, Plc and Secretary to the Chairman of the Board of Directors of Shin Corp and Secretary to the Minister of Foreign Affairs

Holds a Bachelor of Science degree from State University of New York

Pornanan Gerdprasert

Chief Financial Officer

Santisuk Klongchaiya

Director of Commercial

Tanapat Ngamplang

Director of Operations

ML Bovornovadep

Devakula

Director of Business

Development

19

Financial highlights

239, 31, 21

0, 49, 156

170, 161, 154

137, 213, 241

136, 186,113

168, 109, 177

246, 176, 101

204, 176, 76

20

(THBm)

9,28112,099

16,158

FY2009A FY2010A FY2011A

Income statement summary of TAA

Revenue EBITDAR

31.9% p.a.

1,674

4,578 5,003

18.0%

37.8% 31.0%

FY2009A FY2010A FY2011A

EBITDAR EBITDAR margin

72.9% p.a.

EBITDA Net profit

(THBm)

(THBm) (THBm)

Source: Company filings.

(38)

2,377 2,275

19.6% 14.1%

(0.4%)

FY2009A FY2010A FY2011A

EBITDA EBITDA margin

(171)

2,011 2,020

(1.8%)16.6% 12.5%

FY2009A FY2010A FY2011A

Net profit Net profit margin

239, 31, 21

0, 49, 156

170, 161, 154

137, 213, 241

136, 186,113

168, 109, 177

246, 176, 101

204, 176, 76

21

Cost structure analysis of TAA Common sized income statement

FY2009A FY2010A FY2011A

Passenger revenues (1)

81.7% 84.8% 80.5%

Ancillary services revenues (2)

9.6% 13.9% 16.3%

Other revenues (3)

8.7% 1.3% 3.2%

Revenues 100.0% 100.0% 100.0%

Operating costs excluding fuel costs, aircraft rental, depreciation & amortization (44.9%) (30.6%) (28.4%)

Fuel costs (35.9%) (32.8%) (39.6%)

Aircraft rental (18.5%) (18.2%) (16.9%)

Depreciation & amorization (1.1%) (0.8%) (0.2%)

Gross profit (0.4%) 17.6% 14.9%

Net gain on exchange rates 1.4% 2.9% 1.0%

Other income 2.3% 3.0% 2.8%

Profit before expenses 3.4% 23.6% 18.6%

Selling and admin expenses excluding depreciation & amortization (4.6%) (4.5%) (4.5%)

Depreciation & amortization (0.3%) (0.3%) (0.2%)

Management remunerations (0.3%) (0.2%) (0.3%)

Profit before finance costs and income tax (1.8%) 18.6% 13.6%

Finance costs (0.0%) (2.0%) (1.1%)

Profit before income tax (1.8%) 16.6% 12.5%

Income tax – – –

Net profit (1.8%) 16.6% 12.5%

Margins

EBITDAR 18.0% 37.8% 31.0%

EBITDA (0.4%) 19.6% 14.1%

EBIT (1.8%) 18.6% 13.6%

Net profit (1.8%) 16.6% 12.5%

Note: (1) Net of refunds, and excludes value-added taxes and airport taxes. (2) Comprises revenues relating to baggage handling fees, excess baggage fees, seat selection fees, in-flight sales of meals and beverages, convenience fees, freight, in-flight sales of merchandise

and cancellation and documentation fees. (3) Total revenues less passenger revenues and ancillary services revenues.

239, 31, 21

0, 49, 156

170, 161, 154

137, 213, 241

136, 186,113

168, 109, 177

246, 176, 101

204, 176, 76

22

(THBm)

(4,514)

(2,503)

(546)

FY2009A FY2010A FY2011A

2,067

4,8673,790

FY2009A FY2010A FY2011A

Balance sheet summary of TAA

Total assets Cash and cash equivalents

Total debt(1) Total equity

(THBm)

(THBm) (THBm)

Source: Company filings. Note: (1) Total debt includes finance leases.

654508

1,360

FY2009A FY2010A FY2011A

4

203

513

FY2009A FY2010A FY2011A

23

Thank you