Analyst Meeting Y2017

Information contained in our presentation is intended solely for your reference.

Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the company.

In addition, the information contains projections and forward-looking statements that reflect the company’s current views with respect to future events and financial performance.

These views are based on assumptions subject to various risks. No assurance can be given that future events will occur, that projections will be achieved, or that the company’s assumptions are correct.

Actual results may differ materially from those projected.

Disclaimer

2

Market Overview : International Visitor Arrival to Thailand

7.8 7.8 9.3

32.635.4

37.6

4Q15 4Q16 4Q17 Y2016 Y2017 Y2018E

International Visitor Arrival to Thailand(All Modes of Transportation)

Unit: Million

+20%-1%

+9%+6%

International Visitor Arrival Comparison(Department of Tourism vs BA)

*Remarks : IVA = International Visitor ArrivalSource : Department of Tourism

IVA* to ThailandBangkok

Airways

International POS +9% +10%

%Change

2016 vs 2017Region

Source: www.iata.org/economics

Operating Statistics 4Q & Y2017

1,500

(+9%)

2Q-16 : 1,239

1,164

(+11%)

4Q16 : 1,052

1,654

(+5%)

4Q16 : 1,574

5,945

(+5%)

6M-16 : 2,819

4,617

(+9%)

Y2016 : 4,253

6,742

(+10%)

Y2016 : 6,149

Passenger (Thousand)

RPK (Mil. Seat-Km.)

ASK (Mil. Seat-Km.)

3.34

(+5%)

2Q-16 : 3.33

3.50

(-2%)

4Q16 : 3.58

(0.16)

(-60%)

4Q16 : (0.39)

3.34

(-9%)

6M-16 : 3.89

3.43

(+3%)

Y2016 : 3.33

(0.09)

(-127%)

Y2016 : 0.33

RASK (THB/ASK)

CASK (THB/ASK)

Unit Margin (THB/ASK)

8,241

(+32%)

2Q-16 : 6,055

824

(+1%)

4Q16 : 812

944

(+408%)

4Q16 : (307)

28,493

(+7%)

6M-16 : 13,830

4,283

(-35%)

Y2016 : 6,570

846

(-54%)

Y2016 : 1,837

Consol. Revenue (MB)

EBITDAR (MB)

Net Profit (MB)

4

4Q16 : 1,381 Y2016 : 5,641 4Q16 : 3.19 Y2016 : 3.65 4Q16 : 6,238 Y2016 : 26,766

3 Airport Related Services at BKK Airport15

BAC : Catering in Phuket Gained More Customer

Key Highlight : Y2017

BA holds 90% in BAC

No. of airline customer = 24 (+1YoY)

Meal Uplift : 10.2 Million (+1%YoY)

AVG Meal per day : 28,038 Meals (+1%YoY)

BAC-BKK Major Customers :

BAC 25%

Others 75%

Market Share

6

Developments :

1. BAC Phuket – Starts operation in July 2017

No. of airline customers = 8 (+3QoQ)

2. Gourmet Primo – Starts operation in October 2017

No. of customers = 6 (+4QoQ)

2. BAC Chiang Mai – Expected to operate in Y2018

BAC-Phuket Customers : Gourmet Primo Customers :Lounge Bakery

387 364

1,456 1,456 1,551

104 86

432 419 396

74285 276

95215 260 250 215

26.8%23.7%

29.6% 28.8%25.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

-200

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

4Q16 4Q17 Y2015 Y2016 Y2017

Revenue (MB) EBITDA (MB) Net Profit (MB) Dividend Paid (MB) EBITDA Margin (%)

(105)

BFS Ground : Main Operating Revenue Increased

Key Highlight : Y2017

BA holds 98.88% in BFS Ground

No. of customer = 74 (+4YoY)

The first & only ISAGO certified operator in BKK airport

No. of flights serviced : 68,356 Flights (+8%YoY)

Revenue +6%YoY

Net Profit –0.5%YoY

Major Customers :

New Customers :BFS Ground

56%

Other 44%

Market Share

7

650 683

2,130

2,383 2,537

102 64305 405 404

90 56 146255 254167 101 201 285

16.4%

10.0%

14.3%

17.3%16.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

4Q16 4Q17 Y2015 Y2016 Y2017

Revenue (MB) EBITDA (MB) Net Profit (MB) Dividend Paid (MB) EBITDA Margin (%)

BFS Cargo : Strong Profit from New Services & Pricing Adjustment

Key Highlight : Y2017

BA holds 49% in BFS Cargo

No. of customer = 67 (+3YoY)

The first & only ISAGO certified operator in BKK airport

Revenue +14%YoY

Net Profit +31%YoY

Major Customers :

New Customers :BFS

Cargo 49%

Other 51%

Market Share

8

473 541

1,5681,702

1,937

233 264

672773

925

168 227444 527

688

375 405 465600

52.0% 52.5%

42.9%46.1%

48.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

4Q16 4Q17 Y2015 Y2016 Y2017

Revenue (MB) EBITDA (MB) Net Profit (MB) Dividend Paid (MB) EBITDA Margin (%)

Boutique Airlines29

Fare Pressure due to high competition affected Revenue

Passenger Revenue

Unit: MB & %Proportion

Key Highlight : All Routes (Y2017)

Passenger Revenue : -1%YoY

Average Fare : -6%YoY due to high competition (Especially Indochina)

Passenger : +5YoY

10

Samui Indochina Domestic (excl. Samui) International (Others)

4Q16 4Q17 Y2015 Y2016 Y2017

40%25%27%8%

4,868

42%23%31%4%

4,921

46%

22%

26%

6%

19,517

47%

22%

25%

6%

20,761

49%

19%

26%

20,502

+1%

+6% -1%

6%

International Point of Sale (POS) represent 70% of Passenger Revenue

11

Europe + Middle East(Includes Russia)

4Q17 : 24% (+3%YoY)

Y2017 : 30% (+4%YoY)

APAC + Australasia(exclude Thailand)

4Q17 : 27% (-0.4%YoY)

Y2017 : 27% (-4%YoY)

Thailand Only

4Q17 : 23% (+2%YoY)

Y2017 : 18% (-4%YoY)

www.bangkokair.com

4Q17 : 19% (-5%YoY)

Y2017 : 19% (-7%YoY)

>70% Booking from Abroad

Top 3 Europe POS (Y2017)

UK

Germany

France

Top 3 Asia POS (Y2017)

China

Cambodia

Hong Kong

Reach more Passengers through Codeshare Partners

% of Passenger Revenue (Codeshare & Interline)

Unit: %

12

New Codeshare Partners in Y2017

Non Alliance

New Codeshare Partner in Y2018

“El Al Israel Airlines”

Hubs: Ben Gurion Airport, Israel

Fleet size: 44

No. of Destinations: 55

Alliance: None

70+ Interline Partners

Top Interline Partners (Passenger Revenue Contribution)

22% 21% 20%23% 23%

4Q16 4Q17 Y2015 Y2016 Y2017

Tapped Chinese FITs through Direct Flights & Interline Partners

*Source: Department of Tourism

BA’s direct flights from Samui to China :

Samui-Chengdu started in July 2016

Samui-Guangzhou started in January 2017

Samui-Chongqing started in July 2017

Potential growth by increasing both passenger &

revenue from China POS, while Market slightly increased

%Change 4Q16 vs 17 2016 vs 2017

Chinese Visitors to Thailand* +67% +12%

Bangkok Airways +43% +37%

Passenger Revenue from Point of Sales in China

4Q16 4Q17 2016 2017

5% 7% 5% 7%

13

Interline Partners from China

Network Plan to Capture Demand & seek for Unfound Destination

Capture Demand

Increase Frequency

Bangkok-Danang 4 7 Flights Weekly

1Q17Chiang Mai-Mae Hong Son 10 14 Flights Weekly

Chiang Mai-Mandalay 4 7 Flight Weekly

China Market

New RouteSamui-Guangzhou Daily Flight 1Q17

Samui-Chongqing 3 Flights Weekly 3Q17

First Move to Untried & Unfound Destinations

New Route Bangkok-Phu Quoc 4 Flights Weekly (Oct 2017) 4Q17

Chiang Mai-Hanoi 7 Flights Weekly (Mar 2018) 2Q18

15

Fleet Status & Plan

Airbus A319 Airbus A320 ATR72-600 ATR72-500

FL = Financial LeaseOL = Operating Lease

16

31 34 38 38

ATR 72-600 4 7 9 11

ATR 72-500 8 6 6 2

A320 8 9 9 9

A319 11 12 14 16

Y2015 Y2016 Y2017 Y2018E

6-Owned

9-FL

9-OL

14-OL

3134

38 38

Advanced Bookings Rebound

Advanced Booking Traveling within 1H2018 : Segmented by Region

Samui-DOM

39%

Cambodia

7%

Myanmar

4%

Vietnam

3%

Samui-INTL

8%Laos

2%

+17.6%YoY

Samui47%

Indochina15%

Others -Domestic

35%

Other -International

2%

Own & Operate 3 Resort-Style Airports317

Samui Airport Update :

Approved to operate 50 flights per day*

Submitted EIA report to Office of Natural Resources &

Environmental Policy and Planning for 70+ flights approval

Create Strategic Route Network Through Boutiques Airports

Other Airlines AVG Flight/Day

2

2

Scheduled Charter 1

*Approved by CAAT in November 2014

AVGFlight/Day

Y2015 Y2016 Y2017 2018E

All Airlines 38 40 41 42

BA only 32 34 36 37

Samui Passengers (All Airlines)Unit: Thousand

Sukhothai PassengersUnit: Thousand

Trat Passengers

Unit: Thousand

18

22 22

54

7482

4Q16 4Q17 Y2015 Y2016 Y2017

-2%

+38% +11%

26 29

73

91 93

4Q16 4Q17 Y2015 Y2016 Y2017

+10%

+24% +3%

546 585

2,2342,554 2,634

4Q16 4Q17 Y2015 Y2016 Y2017

+7%

+14% +3%

New Development – Subject to Regulatory Approval

New Aircraft Maintenance Facility at Sukhothai Airport

New Airport Development in Domestic & International

New Catering Facility at Chiang Mai Airport (Expected Y2018)

Samui Renovation Project : Delayed due to changes of project plan

19

Financial Highlight

20

Financial Overview

Revenue

EBITDAR & Net Profit

Unit: MB & EBITDAR Margin (%)

Major Expenses (% of Total Expense)

Unit: %Unit: MB

21

812 824

5,294

6,570

4,283

(307)944 1,849 1,837

846

13.2% 12.7%22.0% 25.3%

16.3%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

-1,000

-500

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

4Q16 4Q17 Y2015 Y2016 Y2017

EBITDAR Net Profit EBITDAR Margin

506**

*Gain on Investment (one off)**Additional Corporate Income Tax (one off)

1,780*

4,782 4,947

19,104 20,431 20,249

890 1,003

3,148 3,415 3,848

1,738

1,738

565553

2,6512,920

2,658

4Q16 4Q17 Y2015 Y2016 Y2017

Passenger Sales & Services Gain on Investment Others

6,2378,241

+23%

24,90326,766

28,493

+7%+6%

11% 14% 20% 13% 16%10% 11%

10%13% 12%7% 7%

7% 8% 8%11% 10%14% 14% 13%14% 11%13% 14% 13%

47% 47%36% 38% 38%

4Q16 4Q17 Y2015 Y2016 Y2017

Fuel AC Maintenance AC Lease Passenger Service Salary & Wages Others

RASK vs CASK & Unit Margin

CASK Fuel

RASK (THB per ASK)

CASK(THB per ASK)

Salary & Wage Maintenance

Cost per ASK (2016 vs 2017)

Fuel : +26%

AC Lease : +11%

Maintenance : -0.4%

Passenger Service : -3%

Unit MarginRASK-CASK

(THB per ASK)

22

Passenger Service

3.19 3.34 3.60 3.65 3.34

4Q16 4Q17 Y2015 Y2016 Y2017

3.58 3.50 3.30 3.33 3.43

4Q16 4Q17 Y2015 Y2016 Y2017

(0.39) (0.16)0.30 0.33

(0.09)4Q16 4Q17 Y2015 Y2016 Y2017

0.470.750.380.52

0.520.500.480.53

0.500.630.480.51

0.620.510.480.52

0.540.650.530.49

Effective Fuel Hedging

Hedging Policy50-70% of Fuel Consumption

*Indicative price provided by PTT as of 20th February 2018

24

Oct/17 Nov/17 Dec/17 Jan/18 Feb/18 Mar/18 Apr/18 May/18 Jun/18 Jul/18 Aug/18 Sep/18

30

40

50

60

70

80

90

0%

10%

20%

30%

40%

50%

60%

70%

80%

Avg. MOPS BA's fuel price Hedged cost (LHS) Indicative price % Hedged (RHS)

2017

1Q 2Q 3Q 4Q 1Q 2Q 3Q

Hedge Ratio 53% 59% 66% 68% 65% 64% 30%

Average Hedge Cost 59 60 58 62 66 70 66

Average Hedge Cost

Average Effective Cost 62 61 58 65 70 73 74

Average Effective Cost

60

61

BA2018

68

72

Thank You

Email: ir@bangkokair.com

24

Boutique Airline

• Lounges for all passengers

• Meals on board

• Unique network covering 25+ tourist destinations

Own & Operate 3 Resort Style Airports

• Samui

• Sukhothai

• Trat

3 Airport Related Services at BKK Airport

• Catering Service

• Ramp & Ground Service

• Cargo Terminal

Strategic Investment

• 7.25% in BDMS

• 33.03% in SPF

Appendix : 4 Key Components to Support Sustainable Growth

25

Appendix : FOROEX vs IVA to Thailand

26

232

208202

193

167

149

191

208

186

218

244

284

261266

256

241230227

266259

204

225

257

302 306

245

226

242

288 295

243 248

264

295

309 300

320

299 301

283

259 271

309 313

256

272

302

354

32.9432.65

32.3932.3232.53

32.1032.01

32.1932.46

32.7932.91

32.7432.57 32.52

33.5633.73

34.31

35.43

36.0235.72

36.0136.16

35.60

35.2435.09

35.45

35.0734.7234.74

35.0635.33

35.81

35.43

35.02

34.45

34.0033.75

33.26 33.2532.93

32.67

25

27

29

31

33

35

37

0

50

100

150

200

250

300

350

400

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

De

c-1

5

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

De

c-1

6

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

International visitors arrival to Thailand-Total ('0,000) FOREX (1USD)

Source: Department of Tourism & Bank of Thailand