INVESTORS PRESENTATION

June 2019

The presentation is dated the day it is given. The delivery of this presentation shall not,

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 as to accuracy or completeness. This

presentation may not contain all material information concerning the Company and the

information set forth in this material is subject to change without notice.

These materials included herein that are not historical facts are forward-looking

statements. Such forward looking statements involve a number of risks and uncertainties

and are subject to change at any time. In the event such risks or uncertainties materialize,

AAV’s results could be materially affected. The risks and uncertainties include, but are not

limited to, risks associated with the inherent uncertainty of airline travel, seasonality

issues, volatile jet fuel prices, world terrorism, perceived safe destination for travel,

Government regulation changes and approval, including but not limited to the expected

landing rights into new destinations.

This presentation is strictly not to be distributed without the explicit consent of Company’s

management under any circumstances.

1

2

31% 30%

North America

36% 36%

Europe

51%

55%

South Asia

48%49%

SE Asia

LCC penetration 1

52% 52%

Thailand

2018 2019

CHINA

Edged down 3% YoY and 29% contribution

ASEAN

Grew 6% YoY and 23% contribution

EUROPE

Edged down 2% YoY and 21% contribution

SOUTH ASIA

OVERALL

Recorded at 14 million visitors in 4M2019

Expected over 41 million visitors in 2019

E.Asia 65%

EU 21%

S.Asia 5%

US 4%Others

5%

million

4M2019 International Tourists Achieved 14 Million or Up 2% YoY

Rocketed 23% YoY and 5% contribution

EXPECTED OVER 41 MILLION VISITORS IN 2019 OR 7% YOY

1 source: CAPA

1

Countries 1

1

1

Note: 1 As of 31 December 20182Started operation on January 2019

4

3.5 mil (-2%)

2.4 mil (+14%)

► Passengers grew by % in line with capacity growth.

► TAA unveiled its Seventh-flight hub in Chiang Rai

► ASK rose by as launching 4 new routes.

► Average fare was at Baht per pax, down by 7%, resulted

from the sluggish recovery of tourism.

► Ancillary revenues were Baht million up 9% or

Baht per pax up 5% YoY, while dynamic pricing and

value pack enhanced seat selection and inflight revenues.

► CASK was Baht unchanged YoY, while CASK ex-fuel was

Baht, inched up 1%.

► Core Revenues were MB with EBITDAR Margin.

► TAA & AAV reported Net profit of Baht million and

Baht million, respectively.

► Net gearing at with a cash balance at Baht Billion

• 1Q19 rocketed by 41% due to an increase in AirAsia

Group flights, reflected 26% growth in traffics

• Fly-Thru pax was at 6% of total pax

• 1Q19 up by 24% YoY

• Emphasis on dynamic pricing and Value Pack,

Government and Premium Flex with travel protection

• 1Q19 up by 2% YoY

• Continue promoting pre-book In-flight combo set

• Enhance house-brand on F&B

• 1Q19 up by 2% YoY, relating to international

passenger growth

• Fee structure adjustment; 1Q19 rocketed by 34% YoY

• Fly-Thru lounge access

Q1/2019 achieved 2,060 mb (+9%YoY) or Bt 351 per pax (+5% YoY)

5

6

MARKET

SHARE1 BY

PAX

FLOWN

7

8

1Q19 CEI – Macao

CEI – Kuala Lumpur*

CEI – Singapore

CEI – Phuket

2Q19 DMK- Roi Et CNX – Danang

DMK – Nha Trang

DMK – Can Tho

CEI – Shenzhen

CNX – Shenzhen

DMK – Ahmedabad

HKT – Phnom Penh

3Q19 DMK – Sihanoukville

HKT – Jakarta

* Suspended its operation during 2Q2019

9

•

•

10

ASEAN

DOMESTIC, 45%

CHINA, 20%

CLMV, 15%

ASEAN ex CLMV, 10%

SOUTH ASIA, 10%

CLMV

11

ColomboMale

Kochi

Jaipur

CHENNAIBENGALURU

KOLKATA

Visakhapatnam

Bhubaneswar

Gaya

BOLD : Tier 1

12

Hedge Position

Note: Information as of June 24, 2019* Excluding D Factor and Excise Tax

•

•

•

•

100%Baht

91%Fixed

13

‐

14

• •

•

•

•

• •

16

Impact -> Modified retrospective method

->Processing fee (2% of Revenues) to be recorded on the flown date was 133.5 MB

Impact -> Recorded 111 MB in 2Q19

Impact -> Comprehensive income statement

Impact -> Modified retrospective method

-> Increased EBITDA and Debt to Equity Ratio

INC

OM

E

STA

TE

ME

NT

Operating Exp. - Rental Expense -

EBITDA - -

Deprecation Exp. Depreciation Exp - Depreciation Exp

Finance Cost Interest of Finance Lease - Interest of Lease Agreement

EBT - -

B/S

Asset Right of Use Asset - Right of Use Asset

Liability Lease Liability - Lease Liability