Analyst Meeting March 2015

1 Disclaimer 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

2 BA Update

1 Nov 2014 BA added the first ATR 72-600 to its fleet. Four more ATR 72-600 to be delivered in 2015

About the ATR 72-600 Passenger capacity: 70 seats Engines: Pratt & Whitney 127M Maximum takeoff power: 2,750 horsepower per engine Maximum takeoff weight: 23,000 kg Maximum load: 7,500 kg Maximum flight range when fully loaded: 900 nautical miles (1,665 km) 3 BA Update 2 Nov 2014 Chiang Rai international airport - 25 seats Blue Ribbon Club lounge for BA’Flyer Bonus Premier members and their accompanies 3 Dec 2014 become our 16 th code share partner on routes Bangkok – Samui Bangkok – Phuket Bangkok – Krabi Bangkok – Chiang Mai Bangkok –Chiang Rai Bangkok –Phnom Penh Bangkok – Udon Thani Bangkok – Luang Prabang Bangkok – Lampang Bangkok – Dhaka

4 BA Update 4 Dec 2014 Trat Airport was awarded for outstanding EIA Monitoring Awards for four consecutive years

5

Feb 2015 BA added the second ATR 72-600 to its fleet. This ATR 72-600 will be serving on routes such as Samui, Sukhothai, Trat, Lampang, Luang Prabang, and Siem Reap

5 BA Update

6 Feb 2015 BA Launches TVC “ Entire journey of Happiness” presented by YAYA

6 BA Update

Pre cooking items & Pre cutting items

7 Feb 2015 Holding set up a wholly owned subsidiary “Gourmet Primo” . Target to operate by end of year 2015

7 Dec 2014 2014 BA Highlights EGM Approved the offset Retained losses with share premium EGM Nov 2014 & legal reserve July 2014 BA Listed in SET Award from Skytrax “World’s Best ” and “’s Best Regional Airline”

Chiang Mai Nov 2014 First ATR72-600

Oct 2014 Nov 2014 Chiang Mai will become Thai DAC approved the BA third hub increase number of flight In/Out Samui airport from 36 to 50 flights per day. Feb 2014 BA Sign Contract with ATR for 9 ATR 72-600 8 2014 BA Highlights

July and Nov 2014 BA added one A320 and one ATR72-600 to its 27 fleet based on its fleet expansion plan 25 Aircrafts Aircrafts 31/12/2014 1/1/2014

2014 Mandalay BA launched 4 new routes Chiang Rai Chiang Mai - Phuket Chiang Mai Chiang Mai - Udon Thani Udon Thani 2014 Chiang Mai - Yangon Yangon BA added 3 airlines as code Chiang Mai - Mandalay Bangkok share partner & increased flight frequency Bangkok - Samui Bangkok - Chiang Rai Bangkok – Krabi Samui

Phuket New Route Krabi Increased flight frequency

9 BA Offer

Flyer Bonus Birthday Surprise Bonus 2015!

Validity: January 1 to December 31, 2015

Introduce Car rental services on Bangkokair.com

10 BA Offer

11 BA Offer

12 BA Offer

13 Use of IPO proceeds

14 Use of Proceeds ATR 72-600 9 Increase fleet size and/or replacement of existing aircraft

Purchase of spare parts and BA signed agreement to purchase provisions in relation to fleet 9 ATR 72-600 aircraft. adjustment Q4/14 Q1/15 Q3/15 Q4/15 Q1/16 Q2/16 Q4/16 Q1/17

Construction of a hangar at the Suvarnabhumi International Airport By Improvements in Samui Airport consultant

Working capital

15 Fleet Plans

16 Fleet Well-Suited for Route Network Average of 3-4 aircraft per year 43 BA fleet intend to expand our fleet to 43 aircraft by year 2018. We have contacted and 27 25 discussed with major aircraft manufacturers 21 to compare and select the suitable aircraft for ………….. our fleet.

2012 2013 2014 2018 27 28 25 21 ATR 72-600 1 2 ATR 72-500 8 8 8 8 A320 5 7 8 8 A319 8 10 10 10

2012 2013 2014Feb/ 2015 17 Operation Highlight Financial Highlight

18 Operation Highlight Aircraft Utilization Average Stage Length (Block Hour per Day) 9.2 10.0 (kilometers) 7.9 9.1 8.8 795 771 13.1 662 662 661 10.8 10.4 10.9 9.9 10.1 9.0 8.9 9.1 9.4 Q4 20138.2 Q4 2014 8.4 7.8 2012 2013 2014 7.8

5.1

Q4 2013 Q4 2014 2012 2013 2014 Q4 2013 Q4 2014 2012 2013 2014 Airbus 320 Airbus 319 ATR 72

Average Fare Average Fuel Price (THB) (USD per barrel) 4,089 127 4,054 4,040 124 123 112

92

3,771 3,736

Q4 2013 Q4 2014 2012 2013 2014 Q4 2013 Q4 2014 2012 2013 2014

19 Operation Highlight 2012–2014 Total CAGR: 24% Passengers 2012–2014 Total CAGR: 15% RPK 2012–2014 International CAGR: 21% 2012–2014 International CAGR: 17% (‘000) (Millions) 2012–2014 Domestic CAGR: 26% 2012–2014 Domestic CAGR: 14%

4,790 3,691 4,173 3,631 2,759 1,302 1,482 1,055 2,405 959 1,091 1,006 1,068 1,255 714 998 3,119 3,487 2,209 2,672 420 1,668 299 387 297 1,400 769 868 417 578 Q4 2013 Q4 2014 2012 2013 2014 Q4 2013 Q4 2014 2012 2013 2014 Domestic International Domestic International

Passenger Load Factor ASK 2012–2014 Total CAGR: 26% (%) 68% (Millions) 67% 67% 2012–2014 International CAGR: 18% 2012–2014 Domestic CAGR: 32% 65% 64% 77% 5,655 72% 75% 68% 66% 68% 1 2 3 4 5 61% 55% 58% 58% 4,063 2,424 3,587

1,887 1,731 1,489 1,116 3,230 634 539 1,856 2,175 576 855

Q4 2013 Q4 2014 2012 2013 2014 Q4 2013 Q4 2014 2012 2013 2014 Domestic International Domestic International 20 Advance Booking

1,050,000 1,028,006 1,012,245 1,000,000 986,526 967,477 962,970 950,000 958,775 941,186 900,000 914,148 875,949 889,193 852,552 837,152 850,000 823,653 814,767 818,181 780,377 800,000 809,820 824,978 772,316 771,237 782,132 765,664 750,000 744,892 727,586 754,632 700,000 725,123

650,000

600,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB 2013 2014 2015

As of Feb 2015, Our booking growth 16% YoY

21 Financial Highlight 1,091 1,832 Revenue 845 2,684 Net Profit (MB) 1,909 2,656 504 (MB) 2,301 486 447 990

16,735 17,844 386 14,864 227 205 301 730 702 97 104 4,276 4,727 -283 Q4 2013 Q4 2014 2012 2013 2014 Q4 2013 Q4 2014 2012 2013 2014 Airlines Airports Airport-related services Unallocated revenues

26.2% 23.4% EBITDA & EBITDAR 18.9% (MB)

4,754 4,780 1 2 4,1103 3,401 3,249

2,356

1,392 1,006 925 514

Q4 2013 Q4 2014 2012 2013 2014

EBITDA EBITDAR 22 Financial Highlight RASK THB CASK THB 4.2 4.5 4.4 4.5 3.9 4.0 3.1 3.2 3.3 3.4 3.4 2.3 1.7 1.5 1.0

Q4 2013 Q4 2014 2012 2013 2014 Q4 2013 Q4 2014 2012 2013 2014

2013 2014 Consolidated Consolidated Company Only Company Only

Fuel 31% Fuel 33%

COGS, 83% Pax. Services 15% Admin COGS, 86% Pax. Services 16% Admin Exp., 9% Exp., 7% Salary & Wage 16% Salary & Wage 14% Selling Exp., Selling Exp., 8% AC Maintenance 12% 7% AC Maintenance 10% AC Lease 11% AC Lease 11%

Others Others

23 Airport Related Services

24 Airport Related Services Meal Uplifted 8.6 9.0 (Millions) 7.5 90%

2.1 2.5

Q4 2013 Q4 2014 2012 2013 2014 Revenue Bangkok Air Catering Co., (THB) 1,231.4 1,350.0 Ltd. (“BAC”) 1,083.6

317.4 386.8 1 of 3 catering service providers at Suvarnabhumi Airport (20 years concession) Q4 2013 Q4 2014 2012 2013 2014 21 airline customers EBITDA (THB) 372.0 The only Kosher meal producer in SEA 310.4 325.8

90.9 40.9

Q4 2013 Q4 2014 2012 2013 2014 Net Income 267.0 (THB) 166.7 183.9

90.7

14.1

Q4 2013 Q4 2014 2012 2013 2014 25 Airport Related Services Flight Handled 51.8 54.9 (,000s Flights) 43.9 90%

14.2 13.9

Worldwide Flight Q4 2013 Q4 2014 2012 2013 2014 Services Bangkok Air Revenue 1,893.9 1,948.8 (THB) 1,571.1 Ground Handling Co., Ltd. (“BFS Ground”) 523.6 506.4 1 of 2 international ground service providers at Suvarnabhumi Airport (20 years concession) Q4 2013 Q4 2014 2012 2013 2014 61 airline customers EBITDA 373.9 The only ISAGO certified operator (THB) 252.5 246.0

114.4 58.5

Q4 2013 Q4 2014 2012 2013 2014 Net Income (THB) 258.1

148.1 111.5 73.1 27.5

Q4 2013 Q4 2014 2012 2013 2014 26 Cargo Handled and Capacity Utilization (,000s tons, %) Airport Related Services Increase Capacity from 400,000 to 550,000 Ton in 2013 92.3% 49% 63.6% 67.6% 16.6% 17.7% 369.2 349.9 371.5 Q4 2013 Q4 2014 2012 2013 2014 91.2 97.5

Q4 2013 Q4 2014 2012 2013 2014 WFS-PG Cargo Co., Ltd. Revenue (THB) 1,557.7 (“BFS Cargo”) 1,370.9 1,420.8

1 of 2 international cargo terminal service 380.2 402.7 providers at Suvarnabhumi Airport 54 airline customers Q4 2013 Q4 2014 2012 2013 2014 EBITDA 684.1 The only ISAGO certified operator (THB) 608.1 622.8

169.7 194.9

Q4 2013 Q4 2014 2012 2013 2014 Net Income 453.9 (THB) 372.0 389.7

108.0 132.9

Q4 2013 Q4 2014 2012 2013 2014 27 Appendix

28 Long History of Success

2006 2014

Entered into 20 year concession IPO on the SET agreements for cargo services, ground services and catering operations at Suvarnabhumi International Airport

2004 2014 Added Airbus A320 aircraft to fleet, Ordered 9 new ATR reducing CASK and expanding 72-600s international destinations 2013 1994 Celebrated 45 th Anniversary Added ATR aircraft to fleet 2007 Added aircraft to 1986 fleet, increasing passenger Commenced scheduled capacity to most profitable passenger flight service under destination—Samui the name “Bangkok Airways” 2006 Listed Samui Property Fund on SET; retained a 25% stake

1989 Commenced operations at Samui Airport and received approval to fly first route (BKK-Samui)

Boutique Airline Airport Related Services Airport 29 Corporate Structure

Bangkok Airways Public Co., Ltd.

90.00% 90.00% 99.99% 99.99% 49.00% 25.00%

Worldwide Flights Bangkok Air Services Bangkok Airways Bangkok Airways WFS-PG Cargo Samui Airport Catering Bangkok Air Ground Services Holding Co., Ltd. Co.,Ltd Property Fund Co., Ltd. Ground Handling Co., Ltd. Co., Ltd

69.99% 99.99% 99.99%

Bangkok Air SA Services Gourmet Primo Catering Phuket Co., Ltd. Co., Ltd. Co., Ltd.

99.99% 51.00%

BAC Gourmet BFS Cargo DMK 49.00% House Co., Ltd. Co., Ltd.

30 Competitive Strengths 1 Boutique Model: Creating a distinct and enhanced flying experience

2 Tourism Industry: Well positioned for tourism growth in Thailand and

3 Samui Airport: Dominant Player for routes from/to Samui

4 Route Network: Cultural and leisure destinations across Southeast Asia

5 Code-shares: International code-share partners feed additional traffic

6 Distribution: Extensive reach to domestic and international passengers

7 Fleet: Reliable, modern and fuel-efficient fleet

8 Airport-related Businesses: Additional sources of diversified revenue

9 Management: Highly experienced, with a proven track record 31 Shareholders Structure

Pre-IPO Post-IPO No. of Shareholders : 1,409 No. of Shareholders: 15,137 Paid Up Capital : 1,580 MB Paid Up Capital : 2,100 MB as at Nov 3 ,2014 BDMS, Management Sahakol BDMS, 1.13% , 0.85% Management , Others, CREDIT Estate, Sahakol 2.08% 3.04% 1.04% 1.27% SUISSE, Estate, 3.19% 4.05% BBL, 5.00% Others, 25.91%

Prasarttong Prasarttong - - Osoth Osoth Family, Family, 91.47% 60.96%

Major shareholders, BOD and Mgt. shares (62.74%) are locked up for 6 months after IPO

32 Route Map Code Share - Cost-effective Method of Feeding Traffic 24 Scheduled Destinations in 10 Countries Including Thailand from Global Markets without Investing in Long-Haul Fleet

Bangkok Airways Route Map

China China Hong Kong Hong Abu Dhabi Kong Muscat U.A.E. Mandalay Mandalay Laos Laos Oma n

Chiang Rai Luang Prabang Japan Chiang Rai Nay Pyi Taw Nay Pyi Taw Luang Prabang Chiang Mai Tokyo Chiang Mai Lampang Vientiane (Narita and Vientiane Lampang Myanmar Udon Thani Haneda) Myanmar Udon Thani Yangon Sukhothai Osaka Yangon Sukhothai Thailand

Thaila Bangkok nd Bangladesh Vietnam Dhaka Siem Reap Bangladesh Bangk Vietnam Mumbai Dhaka ok Siem Reap Pattaya Cambodia Mumbai (U-Tapao) India Pattaya Cambodia Trat Phnom Penh (U-Tapao) (Koh Chang) Trat Phnom Penh (Koh Chang) Samui Male South China Sea Phuket Krabi Samui Maldives Indian Ocean Male South China Sea Andaman Sea Phuket Krabi MaldivesIndian Ocean Malaysia Andaman Sea Kuala Lumpur Malaysia

Singapore Kuala Lumpur

Singapore Bangkok Airways Airport Present PG Network Routes Future PG Network Routes Code-share Routes Operated by Present PG Network Routes Code-share Routes Operated by Malaysia33 Airlines Bangkok Airways Airport Future PG Network Routes Code-share Routes Operated by SilkAir Code-share Routes Operated by Boutique Airports BA have airports located in Samui, Trat and Sukothai Dominant player for routes from/to Samui Strong position for further expansion of Samui as second hub Samui is among the top tourist destinations in Thailand, with approximately one million tourists arriving each year

Sukhothai

Trat

Samui

34 THANK YOU

35