of Plc. For The fiscal Year 2013 (October 2012 – September 2013)

Investor Relations Center, E-mail: [email protected], Tel: (662) 535-5900, Fax (662) 535-5909 Disclaimer

This presentation is intended to assist investors to better understanding the company’ s business and financial status. This presentation may contain forward looking statements relate to analysis and other information which are based on forecast of future results and estimates of amounts not yet determinable. These statements reflect our current views with respect to future events which relate to our future prospects, developments and business strategies and are not guarantee of future performance. Such forward looking statements involve know and unknown risks and uncertainties. The Actual result may differ materially from information contained in these statements.

2 Airports in Thailand

MAE FAH LUANG-CHIANG RAI Total of 38 airports INTERNATIONAL CHIANG MAI INTERNATIONAL  Airports of Thailand Public Company Limited 1 AIRPORT . 2 in Bangkok and perimeter Pai Mae Hong Son o (BKK) Nan Lampang o Don Muang International Airport (DMK) Phrae Udon Thani

. 4 international airports at regional sites Sukhothai Nakhon Phanom Tak Loei Mae Sot Sakon Nakhorn o Chiang Mai International Airport (CNX) Phitsanulok Khon Kaen o Phetchabun Phuket International Airport (HKT) Roi Et DON MUANG o Hat Yai International Airport (HDY) INTERNATIONAL Surin 2 AIRPORT Buri Ram Ubon Ratchathani o Mae Fah Luang-Chiang Rai International Airport (CEI) Nakhon Ratchasima SUVARNABHUMI AIRPORT  Department of Civil Aviation (DCA) AOT Airports U-Tapao Hua Hin o 28 regional airports DCA Airports Trad Airports  RlThiNRoyal Thai Navy Chumpon Royal Thai Navy Airport o U-Tapao Pattaya International Airport Ranong Surattani Samui  Bangkok Airways Company HAT YAI Nakhon Si Thammarat INTERNATIONAL o AIRPORT Krabi o PHUKET INTERNATIONAL Trang Pattani o Trad Airport AIRPORT Narathiwat

Note: 1. AOT’s traffics account for 83% of Thailand’s air traffics. 2.Changing from Chiang Rai International Airport to Mae Fah Luang–Chiang Rai International Airport since March 13, 2010.

3 Business Overview

Fact Sheet Shareholders Information (As of December 24, 2012) . Listed on 11 March 2004 1. Ministry of Finance 70.00 % . Shares outstanding 1,428.57 Million . Shareholders 2. Thai NVDR Comppyany Limited 4.48 % •Ministry Of Finance 70% 3. HSBC (Singapore) Nominees Pte. Ltd. 2.49 % •Free Float 30% 4. Social Security Office (2 Cases) 1.30 % . Average Daily Market Cap (Oct 12 – Sep 13) •BHT 187,433.03 Million 5. State Street Bank Europe Limited 1.07 % 6. Mr. Pongsak Thammathataree 0.96 % Fiscal EPS (Baht)1 Dividend Dividend Dividend 7. BNY Mellon Nominees Limited Year (The Company) per share payout Yield 0.82% (Baht) ratio 8. Bualuang Long-Term Equity Fund (B-LTF) 0.76 % 20062 7.26 2.75 37.88% 4.74% 9. Bualuang Long-Term Equity Fund 75/25 0.62 % (BLTF75) 2007 0.84 0.40 47.61% 0.64% 10. Norbax Inc.,13 0.58 %

2008 5.15 2.58 50.09% 8.32% Dividend Policy 2009 0.60 0.42 70.00% 0.99% Not less than 25% of net profit of the company for 2010 1.05 0.55 52.38% 1.33% each year after deduction of all specified reserves, subject to our investment plans and other 2011 1.82 0.80 43.96% 2.03% considerations that our Board of Directors deems appropriate 2012 4.54 1.80 39.65% 2.26%

Note: 1. EPS using for calculating the dividend is from the company financial statements. 2. In FY2006 AOT paid dividend twice : On 12 Oct 2006 (Baht 0.95 per share) and on 23 Feb 2007(Baht 1.80 per share) 4 Aircraft Movement Statistics (FY2013)

AOT Traffics Major LCCs Airline LCCs Traffics • Domestic (3 airlines) (Unit: Thousand) (Unit: Thousand) Thai Air Asia 184.99 559.42 Nok Air 480.34 One-Two-Go/Orient 152.80 441.44 Thai Airlines 132.73 385.77 242.90 118.09 211.75 • International (22 airlines) 108.12 193.05 Air Asia 170.12 102.66 Thai Air Asia 92.10 72.28 Tiger Airways 316.52 268.59 Jetstar Asia 215.65 248.39 66.90 50.14 Jetstar Airways 35.84 40.63 CEBU Pacific Air FY FY 2010 2011 2012 2013 Indonesia Air Asia 2010 2011 2012 2013 International Domestic Condor Flugdienst International Domestic Jeju Air FY2012 FY2013 YoY% FY2012 FY2013 YoY% Jin Air BKK 326,970 288,004 -11.92% Fire fly BKK 79,405 20,135 -74.64% Tomsonfly DMK 37,141 135,988 266.14% DMK 19,124 105,618 452.28% IndiGO Airlines BKK+DMK 364,111 423,992 16.45% BKK+DMK 98,529 125,753 27.63% Eastar Jet CNX 35,571 41,295 16.09% TWayT'Way AirlinAirlineses CNX 17,195 16,886 -1.80% HDY 14,573 17,056 17.04% Scoot HDY 11,501 13,674 18.89% Spring Airlines HKT 59,406 70,198 18.17% HKT 21,612 24,535 13.52% Mandala Airlines CEI 6,674 6,882 3.12% Golden Myanmar Airlines CEI 3,963 4,139 4.44% Total 480,335 559,423 16.47% Juneyao Airlines Total 152,800 184,987 21.06% Note: 1. Fiscal Year starting from October to September VietJetAir 2. The percentage growth as shown is calculated from Norwegian Air Shuttle the full number of the air traffic statistics 5 Passenger Movement Statistics (FY2013)

AOT Traffics LCCs Traffics

(Unit: Million) (Unit: Million)

86.13 26.61

71.52 20.34 66.30 31.87 57.42 17.65 27.20 16.90 24.19 13.99 21.59 13.46 11.84 9.20 54.26 42.11 44.32 35.83 9.71 6.88 4.79 5.81

FY FY 2010 2011 2012 2013 2010 2011 2012 2013 International Domestic International Domestic FY2012 FY2013 YoY% FY2012 FY2013 YoY% BKK 52,368,712 50,900,697 -2.80% BKK 10,600,736 3,200,926 -69.80% DMK 2,717,413 15,562,753 472.70% DMK 2,524,833 14,769,681 484.98% BKK+DMK 55,086,125 66,463,450 20.65% BKK+DMK 13,125,569 17,970,607 36.91% CNX 4,334,608 5,172,742 19.34% CNX 2,135,444 2,430,455 13.81% HDY 2,013,243 2,465,370 22.46% HDY 1,560,209 2,018,429 29.37% HKT 9,161,005 10,979,537 19.85% HKT 3,006,279 3,550,932 18.12% CEI 926,323 1,053,863 13.77% CEI 515,182 635,140 23.28% Total 71,521,304 86,134,962 20.43% Total 20,342,683 26,605,563 30.79% Note: 1. Fiscal Year starting from October to September 2. The percentage growth as shown is calculated from the full number of the air traffic statistics 6 Monthly Air Traffic Movements: FY 2009 - 2013 (Unit: Thousand) 55

50

45 FY 2009

40 FY 2010 Aircraft Movements FY 2011 35 FY 2012 30 FY 2013 25 r ct v c n b r p y n ul g p e a J u e O No De Ja F M A Ma Ju A S (Unit: Million) 9

8 FY 2009 7 Passenger Movements FY 2010 6 FY 2011 5 FY 2012

4 FY 2013

3 r ct v g Jul ep O No Dec Jan Feb Mar Ap May Jun Au S 7 Airport Revenues (FY 2013)

Landing & Parking Charges 20% increased on Jan 1st, 2005

15% increased on Apr 1st, 2007 Aeronautical Passenger Service Charges (PSC) Effective on Feb 1st, 2007

59.71% THB 500 to THB 700 - International PSC

(For FY 2013) THB 50 to THB 100 - Domestic PSC Aircraft Service Charges Fees paid by airlines for use of boarding bridges, varies by maximum take off weight of the aircraft and length of time at a gate

Office & State Property Rental Rental tenants include airline, government agencies and concession tenants. Rents are determined based on the tenants’ business use at each of our airports.

Service Varies by activities such as Utilities, Check-in Counter Non-Aeronautical Services, Airline Announcement Services, Hydrant System Services, etc. 40.29% Concession Varies by activities such as Duty Free, Souvenirs, (For FY 2013) Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

8 Revenues Breakdown (FY 2013)

Total Revenue By proportion

(Unit: Million) FY2012 FY2013 12.93% 36,810.41 15.64% 23.29% 25.26%

30,405.28 28,640.69

24,032.61 10.86% 21,502.39 10.26% 45.33% 5.24% 43.36% 4.77%

1.61% 1.45%

By Growth (Unit: Million Baht)

FY 2009 2010 2011 2012 2013 FY2009 FY2010 FY2011 FY2012 FY2013 YoY LPC 3,114.98 3,407.11 4,370.34 4,755.88 4,760.80 0.10% PSC 8,676.54 10,180.50 12,334.06 13,183.06 16,684.47 26.56% Landi ng & P arki ng ch arges (LPC) ASC 411.06 418.34 465.00 489.27 534.31 9.21% Passenger service charges (PSC) OPR 1,698.23 1,615.82 1,718.26 1,593.08 1,756.52 10.26% A/C Service charges (ASC) SVR 2,901.28 3,127.57 3,311.25 3,303.21 3,775.01 14.28% Office and state property rents (OPR) Service revenues (SVR) CCR 4,700.31 5,283.27 6,441.77 7,080.78 9,299.29 31.33% Concession revenues (CCR) Total 21,502.39 24,032.61 28,640.69 30,405.28 36,810.41 21.07%

Note: Fiscal Year starting from October to September 9 Airport Operating Expenses

Employee Benefit Expenses Consisting of : - employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund - the remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board Operating Expenses Consisting of electricity charges, costs related to outsourced workers, property taxes, consultant fees, telephone, advertising and public relations costs, water, insurance premium costs and etc.

Repair and Maintenance Consisting of repair and maintenance of runways and taxiways, elevators, escalators and cover walkways, air conditioning systems, conveyor belts, transportation equipment and construction and electrical appliances

State Properties Rental Consisting of rental payments made to the Ministry of Finance under the airport land leases

DDepreciationepreciation aandnd AmortizationAmortization CoConsistingnsisting ooff depdepreciationreciation cchargesharges in rrespectespect ooff tthehe pproperty,roperty, pplantlant aandnd equipment as well as amortization in respect of the intangible assets. Calculating on a straight-line basis over the assets’ useful lives (between 5 and 50 years)

10 Operating Expenses Breakdown (FY 2013)

Total Operating Expenses By proportion (Unit: Million) FY2012 FY2013 21,666.79 21,509.98 23.71% 23.43% 22.20% 19,629.66 19,690.41 24.65% 18,543.25

6.65% 7.39%

11.70% 34.51% 9.49% 36.27%

By Growth FY 2009 2010 2011 2012 2013 (Unit: Million Baht)

FY2009 FY2010 FY2011 FY2012 FY2013 YoY

Employee 3,281.45 3,881.65 4,150.22 4,612.82 5,303.16 14.97%

Employee Benefit expenses Operating 5,201.80 5,548.85 6,098.82 6,794.73 7,801.22 14.81% Operating expenses R&M 1,214.69 1,539.77 2,304.69 2,303.96 2,040.22 (11.45%) Repairs and maintenance (R&M) SPR 939.51 1,034.05 1,247.40 1,310.02 1,590.15 21.38% State property rental (SPR) Depreciation and amortization (D&M) D&M 7,905.80 7,625.33 7,865.65 4,668.88 4,775.23 2.28% Total 18,543.25 19,629.66 21,666.79 19,690.41 21,509.98 9.24%

11 Statements of Income (FY 2013)

(Unit: Million Baht)

FY2009 FY2010 FY2011 FY2012 FY2013 YoY

Revenues from sales 21,502.39 24,032.61 28,640.69 30,405.28 36,810.41 21.07% or services Operating expenses 18,543.25 19,629.66 21,666.79 19,690.41 21,509.98 9.24%

EBIT 2,959.14 4,402.96 6,973.90 10,714.87 15,300.43 42.80% Depreciation and 7,905.80 7,625.33 7,865.65 4,668.88 4,775.23 2.28% amortization EBITDA 10,865.94 12,028.29 14,839.55 15,383.75 20,075.66 30.50%

Net Profit (Loss) 717.26 2,039.25 2,214.82 6,499.75 16,347.35 151.51%

EPS 0.50 1.43 1.55 4.55 11.44 151.51%

Note: As of September 30, 2013, AOT reversed an impairment loss of assets at DMK amounting to Baht 3,603.28 million. 12 Financial Status

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF CASH FLOW

(Unit: Million Baht) (Unit: Million Baht)

30 Sep 2012 30 Sep 2013 Beginning Cash 3,652.83 Cash Flow from Operation 20,583.89 Cash 3,652.83 6,617.68 Cash Used in Investment (8,791.31) Other Current Asset 33,476.24 36,914.51 CChUdiFiiash Used in Financing (8,832.57)

Non Current Asset 111,919.51 109,528.76 Ending Cash 6,612.84

Total Assets 149,048.58 153,060.95 LONG-TERM LOANS Current Liabilities 17,418.36 19,452.02 (As of Sep 30, 2013) Long Term Loan 51,152.94 37,324.98 Total Loan (Million Yen) 199,243.00 Other Non Current Disbursed Amount (Million Yen) 194,409.73 2,682.46 4,544.02 Liabilities Repayment Amount (Million Yen) (69,025.89) Total Liabilities 71,253.76 61,321.02 Outstanding Amount (Million Yen) 125,383.84 Shareholder’s Equity 77,794.82 91,739.93 Outstanding Amount (Million Baht) 40,652.95 Tot al Li abiliti es & 149,048.58 153,060.95 Hedged % of the remaining loan 94.00% Shareholder’s Equity Average Interest Rate 4.86% 13 Financial Ratios

30 Sep 2009 30 Sep 2010 30 Sep 2011 30 Sep 2012 30 Sep 2013

(FY2009) (FY2010) (FY2011) (FY2012) (FY2013)

Par Value (THB) 10.00 10.00 10.00 10.00 10.00

Market Price (THB) 42.25 41.50 39.50 79.50 188.50

BV/share 51.28 48.89 50.49 54.35 64.11

P/BV 0820.82 0850.85 0.78 1.46 2.94

EPS 0.50 1.43 1.55 4.55 11.44

P/E 84.50 29.02 25.48 17.47 16.48

Gearing 0.91 0.89 0.88 0.73 0.46

Net Gearing 0.87 0.84 0.81 0.68 0.38

ROA (%) 0.48 1.44 1.52 4.32 10.82

ROE (%) 0.98 2.92 3.12 8.68 19.32

Note: Gearing = Total Debt / Total Equity Net Gearing = Net Debt / Total Equity Total Debt = Total Interest Baring Debt

14 Noise Compensation (Suvarnabhumi Airport Phase I)

Planned Proceeded (Unit: Million Baht) (The cabinet resolution on May 29,2007) NEF > 40 Houses Amount Summer Season (Unit: Houses) Purchased 131 672.61 Insulated 346 89.48 Total Impacted Houses Total NEF> 40 477 762.09 10,918 NEF 30 - 40 Houses Amount NEF > 40 NEF 30-40 Insulated 9,274 1,854.98 506 10,412 Total NEF30- 40 9,274 1,854.98

Sensitive Area 20 280.49 Purchase Insulation Insulation 148 358 10,412 KMITL 214.00 Grand total * 3,111.56

As of November 30, 2013 Note: - * Accumulated from the first payment until November 30, 2013 - KMITL is King Mongkut’s Institute of Technology Ladkrabang -NEF : Noise Exposure Forecast 15 Noise Compensation (Suvarnabhumi Airport Phase I)

Planned Proceeded

(Unit: Million Baht) (The cabi net resol uti on on A ug 31, 2010) NEF > 40 Winter Season (Unit: Houses) Houses Amount Purchased 49 153.77

Total Impacted Insulated 74 23.09 Houses 5,397 Total NEF> 40 123 176.86 NEF 30 - 40 Houses Amount NEF > 40 NEF 30-40 133 5,264 Insulated 4,404 911.05 Total NEF30- 40 4,404 911.05

Purchase Insulation Insulation 53 80 5,264 Sensitive Area 1 12.05

Grand total * 1,099.96

As of November 30, 2013 Note: - * Accumulated from the first payment until November 30, 2013 - KMITL is King Mongkut’s Institute of Technology Ladkrabang - NEF : Noise Exposure Forecast 16 Future Airport Developments

Investment Cost Suvarnabhumi 1/ Expected Additional Capacity (billion baht) Timeframe 1. Projjgect Management 62.50 2011 - 2017 - 15 MAP Consultant (PMC) 2. 1st Midfield Satellite - 28 contacted gates 3. Apron around 1st Midfield Satellite 4. South Tunnel and Automated People Mover 5. Main Terminal Extension 6. Parking Garage and Airlines Office 7. Utilities

Note : 1/ The cabinet already approved on Aug 31, 2010 Phuket Investment Cost Expected Additional Capacity (billion baht) Timeframe 1. NIttilNew International 5.79 2009 - 2014 - 6 MAP Passenger Terminal 2. Renovation of the Existing - 4 contacted gates Terminal 3. Apron 4. Other related facilities 17 Commercial Projects

Don Muang International Airport Suvarnabhumi Airport • Private Jet Terminal • Community Mall • Central Warehouse Phuket International Airport • Hotel • Hospital • Private Jet Terminal • Office Building • Exhibition Center • Export Exhibition Center Chiang Mai International Airport

• Private Jet Terminal

18 Appendix A: Airport Capacity vs. Utilization

Aircraft Passengers Cargoes (Flights/Hour) (Million/Year) (Million Metric Tons/Year)

Actual Utilization Actual Utilization Actual Utilization Airport Capacity Capacity Capacity FY12 FY13 FY12 FY13 FY12 FY13

BKK 76 66 59 45.0 52.37 50.90 3.000 1.357 1.232

DMK 40 23 39 39.0 2.72 15.56 0.860 0.004 0.017

HKT 20 19 22 6.5 9.16 10.98 0.036 0.032 0.034

CNX 24 14 16 8.0 4.33 5.17 0.035 0.021 0.018

HDY 20 10 9 2.5 2.01 2.47 0.014 0.016 0.015

CEI 12 5 7 3.0 0.93 1.05 0.003 0.005 0.005

19 Appendix B: AOT vs. Regional Airports Capacity

Area CitCapacity Cargoes Aircraft Runways Airports Total Terminal Passengers Area Area (Million (Flights/ (Metres) (Acres) (Sq.m.) (Million/Year) Metric Hour) Tons/Year) 60 x 3,700 8,000 563,000 68 45.0 3.000 2 BKK 60 x 4,000 60 x 3,700 1,552 148,462 40 39.0 0.860 2 DMK 45 x 3,500 HKT 578 31,500 20 6.5 0.036 1 45 x 3,000 CNX 642 35,863 24 8.0 0.035 1 45 x 3,100 HDY 1,188 14,940 20 2.5 0.014 1 45 x 3,050 CEI 1,330 22,960 12 3.0 0.003 1 45 x 3,000

Chek Lap 3,101 710,000 64 56.5 4 .000 2 60 x 3,800 Kok 60 x 3,800 Changi 3,212 1,018,020 n/a 67.0 3.000 3 60 x 4,000 59 x 2,748 60 x 4,000 Incheon 13,852 496,000 n/a 44.0 4.500 3 60 x 3,750 60 x 3,750 20 Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport – FY2013

Top 10 Airlines Top 10 LCCs

1. Thai Airways International 32.63% 1. Tiger Airways 21.78%

2. Bangkok Airways 14.40% 2. Jetstar Asia Airways 12.25%

3. Cathay Pacific Airways 2.38% 3. Indigo 11.54%

4. China Southern Airlines 1.77% 4. Jeju Air 8.22%

5. Emirates 1.66% 5CEBU5. CEBU Pacific Air 7.40%

6. Tiger Airways 1.52% 6. Spring Airlines 6.15%

7. China Eastern Airlines 1.50% 7. Mandala Airlines 6.10%

8. China Airlines 1.47% 8. Juneyao Airlines 4.49%

9. Singapore Airlines 1.41% 9. Eastar Jet 4.00%

10. Malaysia Airlines 1.31% 10. Scoot 3.59%

21 Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport – FY2013

Top 10 Airlines Top 10 LCCs

1Thi1. Thai Airways In terna tional 41.06% 1Ti1. Tiger Airways 21.34%

2. Bangkok Airways 6.83% 2. Jetstar Asia Airways 11.48%

3. Cathay Pacific Airways 3.41% 3. Indigo 11.02%

4. Emirates 2.94% 4. Jeju Air 8.30%

5. Singapore Airlines 1.76% 5. Scoot 7.63%

6. China Airlines 1.70% 6. Spring Airlines 6.54%

7. Qatar Airways 1.70% 7. CEBU Pacific Air 5.88%

8. Etihad Airways 1.53% 8. Mandala Airlines 5.42%

9. Korean Air 1.52% 9. Eastar Jet 4.36%

10. SriLankan Airlines 1.41% 10. T'Way Airlines 3.65%

22 Appendix E: Market Share at Don Muang International Airport – FY2013

Top Airlines By Aircraft Top Airlines By Passenger

1.Thai Air Asia 43.88% 1. Thai Air Asia 53.69%

2. Nok Air 26.17% 2. Nok Air 32.21%

3. Orient Thai Airlines 4.72% 3. Orient Thai Airlines 5.86%

4. Siam General Aviation 4.58% 4. Air Asia 3.82%

5. Air Asia 3.09% 5. Indonesia Air Asia 2.36%

23