DisclaimerThe 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 theaffairs of the Company since such date. The third party information and statistical data inthis presentation have been obtained from sources the Company believes to be reliable butin no way are warranted by the Company as to accuracy or completeness. Thispresentation may not contain all material information concerning the Company and theinformation set forth in this material is subject to change without noticeinformation set forth in this material is subject to change without notice.

These materials contain forward-looking statements based on the currently held beliefsand assumptions of the management of the Company, which are expressed in good faithand assumptions of the management of the Company, which are expressed in good faithand, in their opinion, reasonable. Forward-looking statements involve risks, uncertaintiesand other factors, some of which are beyond the Company’s control and no assurance ismade as to whether such future events will occur. Actual results, financial condition,

f hi t f th C lt diff t i ll f thperformance or achievements of the Company results may differ materially from thoseexpressed or implied by such forward-looking statements.

This presentation is strictly not to be distributed without the explicit consent of Company’sThis presentation is strictly not to be distributed without the explicit consent of Company smanagement under any circumstances.

2

3Q13 Financial Highlights

• Revenues:THB 5 595 illi (+26% Y Y)

THB million 3Q13 3Q12 Chg %

TAA– THB 5,595 million (+26% YoY)

• Operating profit:– THB 449 million (+72% YoY)

Revenues 5,595 4,426 +26%

Operating profit 449 260 +72%– EBIT margin 8% (+2 ppts YoY)

• Net profit:– THB 297 million (+59% YoY)

Net profit 297 187 +59%

– Net profit margin 5% (+1 ppt YoY)– EBITDA margin 10% (+4 ppts YoY)

AAV• Revenues:

– THB 5,595 million (+26% YoY)

THB million Conso. 3Q13

Conso. 3Q12

Chg %

Revenues 5,595 4,426 +26%• Net profit (parent):

– THB 158 million (+59% YoY)

Revenues 5,595 4,426 26%

Net profit (parent) 158 100 +59%

3

9M13 Financial Highlights

• Revenues:THB 16 984 million (+24% YoY)

THB million 9M13 9M12 Chg %

TAA– THB 16,984 million (+24% YoY)

• Operating profit:– THB 2,096 million (+77% YoY)

Revenues 16,984 13,727 +24%

Operating profit 2,096 1,182 +77%– EBIT margin 12% (+3 ppts YoY)

• Net profit:– THB 1,535 million (+70% YoY)

Net profit 1,535 903 +70%

– Net profit margin 9% (+2 ppts YoY)– EBITDA margin 14% (+5 ppts YoY)

AAV• Revenues:

– THB 16,984 million

THB million Consolidated 9M13

Consolidated 9M12*

Revenues 16,984 10,481• Net profit (parent):

– THB 820 million (+77% YoYexcluding gain on fair value)

Revenues 16,984 10,481

Net profit (parent) 820*** 463**

* Full consolidation from May 2012 onwards

4

Full consolidation from May 2012 onwards** Excluded gain on fair value of equity interests THB 14,677 million

in 2Q12*** If excluding FX, net profit (parent) THB 727 million in 9M13

3Q13 Key Highlights• Growing load factor of 83% (+ 1 ppt YoY)

• Passengers carried up 30% YoY beating 27% capacity growth from prior year• Passengers carried up 30% YoY beating 27% capacity growth from prior year

• Average fare soften by 4% YoY from more domestic expansion causing RASKsoften by 1% YoY; yet RASK-CASK jumped 53% YoYsoften by 1% YoY; yet RASK-CASK jumped 53% YoY

• CASK down 3% YoY despite higher jet fuel price while CASK ex-fuel down 5%YoY from economies of scaleYoY from economies of scale

• Having DMK efficiencies with OTP 94%

• 31 aircraft as at 9M13 (+2 in 3Q13)

• Strong TAA’s cash balance• Strong TAAs cash balanceof THB 8.1 billion(net cash position)

5

Route NetworkAs at end of: 9M13 2013F

No. of routesDomestic

3615

4318- Domestic

- International1521

1825

No. of daily flights(D I t’l 60 40)

182 238

• Re-introduce Chiang Mai hub in Dec 2013 to cater

(Dom:Int’l -> 60:40)

potential growth

Route movements: Additional frequencies: New destinations:

3Q13 • Bangkok – Chongqing (2nd)• Bangkok – Kuala Lumpur (4th)• Bangkok – Singapore (6th)

4Q13 • Bangkok – Chiang Mai (11th, 12th) (Oct)• Bangkok – Krabi (7th) (Oct)• Bangkok – Hatyai (9th) (Oct)

• Bangkok – Siem Reap (1st, 2nd)(Oct-Nov)• Bangkok – Khon Kaen (1st, 2nd)(Oct)• Bangkok – Kunming (Nov)

• Bangkok – Nakhon Srithamarat (4th) (Nov)• Bangkok – Suratthani (4th) (Nov)• Bangkok – Chiangrei (4th) (Nov)

B k k K bi (8th) (N )

• Bangkok - Naypyitaw (Nov)• Bangkok – Pitsanulok (1st, 2nd) (Nov)• Krabi – Singapore (Nov)

Chi i K bi (D )

6

• Bangkok – Krabi (8th) (Nov)• Bangkok – Yangon (4th) (Nov)

• Chiangmai – Krabi (Dec)

4Q13 New Attractions

7

Operational Highlights

International Domestic

Growing strong load factorPassengers carried up YoYMillion passengers

6.07.5

+25%

83%

84%

1 53.6 4.5

0.8 1.1

2.43.0

2.0 2.6+30%

82% 82%

1.1 1.5

3Q12 3Q13 9M12 9M13 3Q12 3Q13 9M12 9M13

Continue expanding ASK MillionBaht per pax

Average fare slightly on sideway

1,915 1,842 1,926 1,9057,697

9,358+22%-1%-4%

2,564 3,282+28%

3Q12 3Q13 9M12 9M13 3Q12 3Q13 9M12 9M13* Included fuel surcharge

8

Ancillaries Enhancement

341354

336353

+4% YoYAncillary per pax

+5% YoY

2,024

2,660(Baht) +31% YoY

+35% YoY

668905

Ancillary revenue (THB mil.)

+35% YoY

3Q12 3Q13 9M12 9M13

Strategies:

• Introducing “Fly-thru” on selected routes

• Restructuring charging fees methodology

• Enticing combos & add-ons purchases

• Adding more travel-related products

• Working on wifi establishment/approvals

• Revamping website for higher ancillaries

9

conversion

Launching Fly-ThruConcept:

• Connecting with convenience from Point A to C with:

(no immigration and airport tax at transit)

• In operation: Dec 2013In operation: Dec 2013

• Fee: Baht 650

• Connecting passengers to/from China, Indochina,

India and domestic (i.e. Krabi, Phuket, Chiang Mai)

10

via Don Mueang transit hub

Cost Structure3Q13 3Q12 Change

Cost per ASK (THB) 1.62 1.67 -3%p ( ) 1.62 1.67 3%Cost per ASK ex-fuel (THB) 0.91 0.96 -5%

TAA’ k t j t f l iTAA’s average market jet fuel price (USD per barrel) 121 119 +2

Cost breakdown 9M13:

Guest service D & Others 1% • CASK and CASK ex fuel down

Ramp and i t

and distribution,

5%

Dep. & amort., 2%

Others, 1%

SG&A, 7%• CASK and CASK ex-fuel down

YoY from economies of scaledespite rising jet fuel price YoY

Fuel, 43%

Repair and maintenance,

airport operation, 8%

Aircraft lease

Staff, 10%

9%

11

Aircraft lease, 15%

Increasing RASK-CASK Soften Revenue per ASK (RASK)Baht

Downward trend on Costs per ASK (CASK)

Baht

1.67 1.73

1.70

Baht

1.62

3Q12 3Q133Q12 3Q13

Decreasing Cost per ASK ex-fuel (CASK ex-fuel)Baht

Growing RASK - CASKBaht

0.96

0 910.91

0.05 0.08

123Q12 3Q13 3Q12 3Q13

4Q13 & 2014F Looking Forward• Strong load factor momentum; minimal short-term impact from new Chinese

regulation

• 4 more aircraft additions in 4Q13 and 8 additions in 2014F (2013F: 35 aircraft• 4 more aircraft additions in 4Q13 and 8 additions in 2014F (2013F: 35 aircraftbeing 27 OLs vs 8 FLs)

• Achievable 2013F targets of 10 mil. pax and 82% LF (9M13: 7.5 mil. pax and 84%)Achievable 2013F targets of 10 mil. pax and 82% LF (9M13: 7.5 mil. pax and 84%)

• 2013F gearing of 1.4 times

C ti t i th f th Chi I d hi d d ti• Continues tapping growth from southern China, Indochina and domestic

• Enhancing connectivity within our network via fly-thru and potential TAAX

13

Potential TAAX contribution

Background:

• JV between 49% AirAsia X in Malaysia• JV between 49% AirAsia X in Malaysia

(AAX) and 51% Thai individuals

Medium haul LCC model flying 6 8 hours• Medium-haul LCC model flying 6-8 hours

• Single-class A330-300 fleet of 377 seats

(365 seats + 12 flat beds)

• Connecting North Asia and Australia

markets to Don Mueang hub

Updates:

• Granted AOL…in progress of acquiring AOC

• Target 2 aircraft at initiation

• Ticket sales in 1Q14

14

Ticket sales in 1Q14

Appendix

1515

3Q13 TAA Statement of Comprehensive IncomeUnit: THB million 3Q13 3Q12 Change %Unit: THB million 3Q13 3Q12 Change %

Revenues 5,595 4,426 +26%

Operating costs (4 910) (3 993) +23%Operating costs (4,910) (3,993) +23%

Other income & gain on FOREX 182 124 +47%

Total SG&A (419) (297) +41%Total SG&A (419) (297) +41%

EBIT 449 260 +72%

Finance costs (50) (0 1) +33536%Finance costs (50) (0.1) +33536%

Income tax (101) (73) +38%

Net profit/ 297 187 +59%Net profit/ Total comprehensive income

297 187 59%

Earnings per share (THB) 6.8 4.3 +59%

Net profit margin 5% 4% +1 ppt

EBIT margin 8% 6% +2 ppts

EBITDA margin 10% 6% +4 ppts

16

EBITDAR margin 25% 24% +1 ppt

9M13 TAA Statement of Comprehensive IncomeUnit: THB million 9M13 9M12 Change %Unit: THB million 9M13 9M12 Change %

Revenues 16,984 13,727 +24%

Operating costs (14 271) (12 134) +18%Operating costs (14,271) (12,134) +18%

Other income & gain on FOREX 552 383 +44%

Total SG&A (1 168) (794) +47%Total SG&A (1,168) (794) +47%

EBIT 2,096 1,182 +77%

Finance costs (114) (6) +1705%Finance costs (114) (6) +1705%

Income tax (447) (273) +64%

Net profit/ 1,535 903 +70%Net profit/ Total comprehensive income

1,535 903 70%

Earnings per share (THB) 35.2 21.7 +62%

Net profit margin 9% 7% +2 ppts

EBIT margin 12% 9% +3 ppts

EBITDA margin 14% 9% +5 ppts

17

EBITDAR margin 28% 26% +2 ppts

TAA Statement of Financial PositionUnit: THB million 9M13 2012Unit: THB million 9M13 2012

Cash and equivalents 8,089 6,169

Total assets 17 008 10 781Total assets 17,008 10,781

Deferred revenues 4,372 3,582

Finance lease liabilities 4 857 1 920Finance lease liabilities 4,857 1,920

Deferred tax liabilities, net 134 28

Total liabilities 11 577 6 885Total liabilities 11,577 6,885

Paid-up share capital 436 436

Premium on share capital 2,629 2,629Premium on share capital 2,629 2,629

Retained earnings 2,367 832

Total shareholders’ equity 5,431 3,896q y , ,

18

3Q13 TAA Key Operational Statistics3Q13 3Q12 Change %3Q13 3Q12 Change %

Passengers carried (million) 2.6 2.0 +30%

Capacity (million seats) 3 1 2 4 +27%Capacity (million seats) 3.1 2.4 +27%

Load factor 83% 82% +1 ppt

RPK (million) 2 769 2 079 +33%RPK (million) 2,769 2,079 +33%

ASK( million) 3,282 2,564 +28%

No of stages flown 17018 13 349 +27%No. of stages flown 17,018 13,349 +27%

Average stage length (km) 1,071 1,067 +0.4%

Average fare (THB) 1,842 1,915 -4%Average fare (THB) 1,842 1,915 4%

RASK (THB) 1.70 1.73 -1%

CASK (THB) 1.62 1.67 -3%( )

CASK ex-fuel (THB) 0.91 0.96 -5%

19

9M13 TAA Key Operational Statistics9M13 9M12 Change %9M13 9M12 Change %

Passengers carried (million) 7.5 6.0 +25%

Capacity (million seats) 9 0 73 +23%Capacity (million seats) 9.0 7.3 +23%

Load factor 84% 82% +2 ppts

RPK (million) 7934 6 297 +26%RPK (million) 7,934 6,297 +26%

ASK( million) 9,358 7,697 +22%

No of stages flown 49 830 40 635 +23%No. of stages flown 49,830 40,635 +23%

Average stage length (km) 1,043 1,052 -1%

Average fare (THB) 1,905 1,926 -1%Average fare (THB) 1,905 1,926 1%

RASK (THB) 1.81 1.78 +2%

CASK (THB) 1.65 1.68 -2%( )

CASK ex-fuel (THB) 0.93 0.94 -1%

20

3Q13 AAV Statement of Comprehensive IncomeUnit: THB million C lid t d C lid t d Change %Unit: THB million Consolidated

3Q13Consolidated

3Q12Change %

Revenues 5,595 4,426 +26%

Operating costs (4,915) (4,000) +23%

Other income & gain on FOREX 182 124 +47%

Total SG&A (423) (307) +38%

EBIT 440 243 +81%

Finance costs (50) (0.1) +33537%

Income tax (100) (65) +55%

Net profit/ Total comprehensive income

290 178 +62%

Net profit attributable to parent 158 100 +59%

Non-controlling interests 131 79 +67%

Earnings per share (THB) 0.0327 0.0206 +59%

9M13 AAV Statement of Comprehensive IncomeUnit: THB million C lid t d C lid t dUnit: THB million Consolidated

9M13Consolidated

9M12*

Revenues 16,984 10,481

Operating costs (14,288) (9,487)

Other income & gain on FOREX 552 318

Gain on fair value of held equity interests - 14,677

Total SG&A (1,188) (615)

EBIT 1,947 15,371

Finance costs (114) (3)

Income tax (446) (181)

Net profit/ Total comprehensive income

1,502 15,189Total comprehensive income

Net profit attributable to parent 820 15,140

Non-controlling interests 681 49

Earnings per share (THB) 0.1691 3.4083

22

* Full consolidation from May 2012 onwards

Unit: THB million Consolidated 9M13 Consolidated 2012

AAV Statement of Financial PositionUnit: THB million Consolidated 9M13 Consolidated 2012

Cash and equivalents 8,092 6,174

Intangible assets 14 869 14 869Intangible assets 14,869 14,869

Goodwill 8,825 8,825

Total assets 40,843 34,609Total assets 40,843 34,609

Deferred revenues 4,372 3,582

Finance lease liabilities 4,857 1,920

Deferred tax liabilities, net 3,135 3,034

Total liabilities 14,587 9,892

Paid-up share capital 485 485

Premium on share capital 2,600 2,600

Other component of equity - (37)

Retained earnings 16,032 15,211

Equity attributable to parent 19,116 18,259

Non-controlling interests 7,140 6,459

l h h ld

23

Total shareholders’ equity 26,257 24,718