of Plc. Corporate Presentation for Q1 of Fiscal Year 2010 (October 2009 – December 2009)

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.

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Airports in Thailand

Total of 38 airports CHIANG RAI INTERNATIONAL CHIANG MAI INTERNATIONAL 4 Airports of Thailand Public Company Limited 1 AIRPORT ƒ 2 in and perimeter Pai Mae Hong Son o (BKK) Nan Lampang o Don Muang International Airport (DMK) Phrae Udon Thani

ƒ 4 international airports at regional sites Sukhothai Nakhon Phanom Tak Loei o Mae Sot Sakon Nakhorn Chiang Mai International Airport (CNX) Phitsanulok Khon Kaen Phetchabun o Hat Yai International Airport (HDY) Roi Et o Phuket International Airport (HKT) Surin DON MUANG Buri Ram o Mae Fah Luang-Chiang Rai International Airport (CEI) 2 INTERNATIONAL Nakhon Ratchasima SUVARNABHUMI AIRPORT 4 AOT Airports Department of Civil Aviation (DCA) U-Tapao Hua Hin o 28 regional airports DCA Airports Trad Airports Chumpon 4 Royal Thai Navy Royal Thai Navy Airport o U-Tapao Airport Ranong Surattani Samui 4 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 more than 90% of Thailand’s air traffics. 2.Changing from Chiang Rai International Airport to Mae Fah Luang–Chiang Rai International Airport since March 13, 2010.

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Business Overview

Fact Sheet Shareholders Information

Airports of Thailand PLC 1. Ministry of Finance 70.00% ƒ Listed on 11 March 2004 2. Nortrust Nominees LTD 4.97% ƒ Shares outstanding 1,428.57 million 3. State Street Bank and Trust Company for 2.92% ƒ Shareholders Australia •Ministry Of Finance 70% •Free Float 30% 4. Chase Nominees Limited 1 2.72% ƒ Average Daily Market Cap (Oct 09 - Dec 09) 5. Nortrust Nominees Limited – Melbourne 2.01% •BHT 56,605.88 M Branch Future 6. Thai NVDR Company Limited 1.76% Fiscal EPS Dividend Dividend Dividend 7. Somers (U.K.) Limited 0.81% Year (Baht)1 per share payout Yield 8. Social Security Office 0.64% (Baht) (The Company) ratio As of December 23, 2009 20062 7.26 2.75 37.88 % 4.74% Dividend Policy

2007 0.84 0.40 47.61% 0.64% Not less than 25% of net profit of the company for each year after deduction of all specified reserves, 2008 5.15 2.58 50.09% 8.32% subject to our investment plans and other 2009 0.59 0.42 71.19% 0.99% considerations that our Board of Directors deems appropriate 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) - On 23 Feb 2007(Baht 1.80 per share) 4

Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Aircraft Movement Statistics

AOT Traffics LCCs Traffics % ( .96 12. Major LCCs 0 06% (Unit: Thousand) (Unit: Thousand) 394.05 ) 390.30 • Domestic (3 ) 346.54 (0.6 Thai Air Asia 7%) ( 17 173.38 .3 175.06 0% 105.26 ) 149.86 104.56 One-Two-Go/Orient 86.47 Thai Airlines

% • International 19.61 78.97 75.98 (12 airlines) 57.16 215.24 220.67 97.22 196.68 81.29 8.00% 43.22 Air Asia 4 33.35 26.28 47.94 54.00 Thai Air Asia 17.74 28.58 29.31 17.38 Tiger Airways 26.29 11.22 2007.00 2008.00 2009.00 Q1_09 Q1_10 6.52 8.90 International Domestic Jetstar Asia 2007 2008 2009 Q1_09 Q1_10 Q1_FY09 Q1_FY10 YoY% Jetstar Airways International Domestic

BKK 54,889 66,894 21.87% Cebu Pacific Air Q1_FY09 Q1_FY10 YoY% DMK 8,841 7,911 (10.52%) Air India Express BKK 9,711 12,802 31.83%

BKK + DMK 63,730 74,805 17.38% Indonesia Air Asia DMK 2,303 4,580 98.87% HKT 8,961 10,836 20.92% Air Berlin BKK + DMK 12,014 17,382 44.68% HKT 2,464 3,882 57.55% CNX 5,736 7,116 24.06% Condor Flugdienst HDY 1,751 2,798 59.79% CNX 1,817 2,609 43.59% Jeju Air CEI 1,109 1,669 50.50% HDY 1,064 1,686 58.46% Jin Air CEI 386 704 82.38% 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 5

Passenger Movement Statistics

% AOT Traffics .08 LCCs Traffics 4 (14 58.30 .10% 56.02 ) (Unit: Million) (Unit: Million) 50.08 % 3.22 (18 21.50 .76 20.82 12.05 12.44 %) 19.47 10.11

9.02 9.11 % 6.72 33.72 35.20 36.80 .43% 30.61 15.30 61 11.45 5.93 3.47 4.30 2.15 2.22 9.37 7.15 2.94 3.42 3.39 1.39 0.76 1.25 2007 2008 2009 Q1_09 Q1_10 2007 2008 2009 Q1_09 Q1_10 International Domestic International Domestic

Q1_FY09 Q1_FY10 YoY% Q1_FY09 Q1_FY10 YoY% BKK 8,032,806 11,481,827 42.94% BKK 1,158,042 1,702,477 47.01% DMK 912,040 595,300 (34.73%) DMK 259,884 586,566 125.70% BKK + DMK 8,944,846 12,077,127 35.02% BKK + DMK 1,417,926 2,289,043 61.44% HKT 1,348,719 1,687,052 25.09% HKT 311,915 527,208 69.02% CNX 726,963 936,262 28.79% CNX 224,534 341,149 51.94% HDY 272,641 379,342 39.14% HDY 146,566 216,814 47.93% CEI 143,109 212,862 48.74% CEI 46,452 92,248 98.59% 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

Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Monthly Air Traffic Movements: FY 2007 - 2010 (Unit: Thousand) 40

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FY 2007 32 FY 2008 Aircraft Movements 28 FY 2009 FY 2010 24 (Oct-Jan) 20 t c v pr un Jul O No Dec Jan Feb Mar A May J Aug Sep (Unit: Million) 6

FY 2007 5 Passenger Movements FY 2008 FY 2009 4 FY 2010 (Oct-Jan)

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ct r pr ov un Jul O N Dec Jan Feb Ma A May J Aug Sep 7

Airport Revenues (The consolidated financial statements)

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

54.19% THB 500 to THB 700 - International PSC

(End of Q1/FY 2010) 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. Non-Aeronautical Service Varies by activities such as Utilities, Check-in Counter Services, Airline Announcement Services, Hydrant 45.81% System Services, etc. Concession Varies by activities such as Duty Free, Souvenirs, (End of Q1/FY 2010) Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Revenue Breakdown (The consolidated financial statements)

Total Revenue By proportion

(Unit: Million) (1 Q1_FY09 Q1_FY10 % 9.5 2 9% 37.1 ) 26,740.14 16.23% 11.84% 21,502.40 24.31% 19,501.41 23.74%

13.41% 36.17% % 13.24% 15.22 42.05%

5,399.95 6,221.63 8.66% 6.87% 1.68% 1.79% By Growth (Unit: Million)

2007 2008 2009 Q1_09 Q1_10 FY2007 FY2008 FY2009 Q1_09 Q1_10 YoY(%) LPC 3,937.40 4,216.353,114.98 876.68 736.82 (15.95%) Landing & Parking charges (LPC) PSC 8,781.48 10,417.018,676.54 1,953.13 2,615.97 33.94% Pa sse nge r se rvi ce cha rge s (PSC) A/C Service charges (ASC) ASC 427.10 431.75411.06 96.47 104.78 8.62% Office and state property rents (OPR) OPR 1,524.61 1,861.761,698.23 467.38 427.57 (8.52%) Service revenues (SVR) SVR 2,818.54 3,389.29 2,901.28 724.31 823.88 13.75% Concession revenue (CCR) CCR 2,012.28 6,423.984,700.31 1,281.98 1,512.61 17.99%

Note: Fiscal Year starting from October to September 9

Airport Expenses (The consolidated financial statements)

Personnel Expenses Consisting of employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund 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

Depreciation and Amortization Consisting of depreciation charges in respect of the property, plant and 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)

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Expense Breakdown (The consolidated financial statements)

Total Cost By proportion

(Unit: Million) Q1_FY09 Q1_ FY10 (1.0 % 5%) .08 4 0.23% 0.26% 14.83% 13.62% 18,740.40 18,543.26 18,004.68 41.52% 46.30%

28.75% 31.25%

3% 5.66% 11.9 4,825.13 4.44% 4,310.73 5.45% 7.70% By Growth (Unit: Million) FY2007 FY2008 FY2009 Q1_09 Q1_10 YoY(%) 2007 2008 2009 Q1_09 Q1_10 Management - - - 10.00 12.46 24.60% Personnel 2,927.843,909.00 3,266.59 639.40 657.07 2.76% Management benefit expenses * Personnel expenses Operating 5,730.135,100.31 5,216.67 1,239.39 1,507.64 21.64% Operating expenses R&M 732.38683.96 1,214.69 191.37 371.32 94.03% Repairs and maintenance (R&M) SPR 846.321,180.24 939.51 234.86 273.15 16.30% State property rental (SPR) D&M 7,768.017,866.89 7,905.80 1,995.71 2,003.49 0.39% Depreciation and amortization (D&M)

Note: * The Management benefit expenses are the remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board 11

Income Statements (The consolidated financial statements)

(Unit: Million Baht) FY08 FY09 YoY% 1Q09 1Q10 YoY% Revenues 26,740.14 21,502.39 (19.59%) 5,399.95 6,221.63 15.22% Expenses 18,740.40 18,543.25 (1.05%) 4,310.73 4,825.12 11.93% Depreciation 7,866.89 7,905.80 0.49% 1,995.71 2,003.49 0.39% Operating Income 7,999.74 2,959.14 (63.01%) 1,089.22 1,396.51 28.21% EBITDA 15,866.63 10,864.94 (31.52%) 3,084.93 3,400.01 10.21% Net Profit (Loss) 7,321.05 717.26 (90.20%) (1,679.30) 798.05 (52.48%)

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Financial Status (The consolidated financial statements)

BALANCE SHEET CASH FLOW STATEMENT (Unit: Million Baht) (Unit: Million Baht) Beginning Cash Flow 3,347.00 30 Sep 2009 31 Dec 2009 Cash Flow from Operation 6,893.54 Cash 3,347.00 2,224.60 Cash Used in Investment 7,384.92 Other Current Asset 21,735.87 20,494.03 Cash Used in Financing 631.01 Non Current Asset 123,937.01 123,424.58 Ending Cash Flow 2,224.60 Total Assets 149,019.88 146,143.21 LONG-TERM LOANS Current Liabilities 13,313.85 12,046.35 Total Loan (Million Yen) 199,210.76 Long Term Loan 61,914.38 59,496.47

Other Non Current Disbursed Amount 97.21% 531.87 544.96 Liabilities Repayment Amount Total Liabilities 75,760.10 72,087.78 21,611.15 (Million Yen) Shareholder’s Equity 73,259.78 74,055.43 Hedged Percentage of the 76.96% remaining loan Total Liabilities & 149,019.88 146,143.21 Shareholder’s Equity Average Interest Rate 5.02%

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Financial Ratios (The consolidated financial statements)

30 Sep 2007 30 Sep 2008 30 Sep 2009 31 Dec 2009

Par Value (THB) 10.00 10.00 10.00 10.00

Market Price (THB) 62.00 31.00 42.25 39.00

BV/share 48.78 53.42 51.28 51.83

P/BV 1.27 0.58 0.82 0.75

EPS 0.77 5.12 0.50 0.56

P/E 80.51 6.05 84.50 66.10

Gearing 0.78 0.79 0.91 0.86

Net Gearing 0.63 0.74 0.87 0.84

ROE (%) 1.57 9.59 0.98 1.08

ROA (%) 0.76 5.00 0.48 0.55

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

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Noise Compensation (Suvarnabhumi Airport Phase I)

Planned Proceeded (The cabinet resolution on May 29,2007) (Unit: Million Baht)

Houses Amount Summer Season (Unit: Houses) NEF > 40 411.31

TotalTotal Impacted Impacted Purchased 70 332.05 HousesHouses (9,464)(9,464) Insulated 312 79.26 NEF 30-40 358.69

NEFNEF > > 40 40 NEFNEF 30-40 30-40 Insulated 427 111.06 (498) (8,966) (498) (8,966) Sensitive 15 247.63 Area Total 770.00 Purchase Insulation Insulation Purchase Insulation Insulation (152) (348) (8,966) (152) (348) (8,966) KMITL* 214.00

Note: KMITL is King Mongkut’s Institute of Technology Ladkrabang 15

Noise Compensation (Suvarnabhumi Airport Phase I)

Planned (AOT’s Board of Directors’ resolution Proceeding * on Jun 21,2007)

TheThe AOT’s AOT’s Board Board Approval Approval onon Jun Jun 21,2007 21,2007 Winter Season (Unit: Houses)

The Cabinet Approval TotalTotal Impacted Impacted HousesHouses (6,424)(6,424)

The Shareholders Approval NEFNEF > > 40 40 NEFNEF 30-40 30-40 (107)(107) (6,317)(6,317)

The Payment Process

Note: The noise compensation for winter season is under the process of the cabinet approval 16

Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Future Airport Developments

Investment Cost Expected Additional Capacity Suvarnabhumi (billion baht) Timeframe 1. Domestic Passenger Terminal Consultant Study Process

2. Suvarnabhumi Airport 62.50 2011 - 2016 - 15 MAP Expansion for FY 2011-2016 (Excluding - 28 contacted gates the 3rd runway)

Investment Cost Expected Additional Capacity Phuket (billion baht) Timeframe 1. New International 5.79 2009 - 2013 - 6 MAP Passenger Terminal 2. Renovation of the - 4 contacted gates Existing Terminal 3. Apron 4. Other related facilities

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Commercial Projects

Suvarnabhumi Airport Phuket International Airport • Community Mall • Private Jet Terminal • Central Warehouse •Hotel •Hospital Don Muang International Airport •Golf Course • Private Jet Terminal • Office Building • Aircraft Maintenance Center • Exhibition Center • Aircraft Simulation Center • Export Exhibition Center • Spare Parts Warehouse • Landing Gear Maintenance • International Free Trade Zone Chiang Mai International Airport • Private Jet Terminal

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 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 2008 2009 2008 2009 2008 2009

BKK 76 54 57 45 38.60 40.50 3.00 1.20 1.05

DMK 60 23 21 36.5 5.04 2.47 0.91 0.032 0.010

HKT 20 16 18 6.5 5.73 5.78 0.036 0.019 0.018

CNX 24 12 12 8 3.06 3.08 0.035 0.021 0.018

HDY 20 6 8 1.9 1.28 1.39 0.013 0.010 0.012

CEI 12 5 5 1.7 0.68 0.72 0.005 0.002 0.002

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Appendix B: AOT vs. Regional Airports Capacity

Area Capacity Cargo Aircraft Runways Airports Total Terminal Passenger Area Area (Million (Flights/ (Metres) (Acres) (Sq.m.) (Million/Year) Metric Hour) Tons/Year) 60 x 3,700 8,000 563,000 76 45 3.00 2 BKK 60 x 4,000 60 x 3,700 1,552 391,316 60 36.5 0.91 2 DMK 45 x 3,500 HKT 47 23,369 20 6.5 0.036 1 45 x 3,000 CNX 86 16,742 24 8 0.035 1 45 x 3,100 HDY 28 14,656 20 1.9 0.013 1 45 x 3,050 CEI 15 16,650 12 1.7 0.005 1 45 x 3,000 Chek Lap 3,101 710,000 54 45 3 .00 2 60 x 3,800 Kok

Changi 3,212 1,043,020 n/a 64 2.00 2 60 x 4,000

Incheon 13,880 496,000 n/a 44 2.00 2 60 x 3,750

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Investor Relations Center, Email: [email protected] Tel: (662)535-5900, Fax (662)535-5909 Appendix C: Market Share (By Aircraft) – FY2009

Type of Flight Top 10 Airlines Low Cost Carriers

International 51.80% 29.29% Thai AirAsia 59.49% Scheduled Flight International Nok Air 16.36% International Non- 0.74% Thai AirAsia 14.89% AirAsia 7.50% Scheduled Flight Bangkok Airways 10.76% Orient Thai Airlines 5.24% Charter 1.34% AirAsia 1.84% Tiger Airways 3.88% Domestic 37.35% 1.58% One Two Go 2.54% Scheduled Flight Airways Airlines Domestic Non- 5.84% China Airlines 1.52% JetStar Asia 1.44% Scheduled Flight Singapore Airlines 1.07% CEBU Pacific Air 1.06% Others 2.93% Indonesia AirAsia 0.82% EVA Air 1.02% JetStar Airways 0.70% Emirates 1.01% 0.62% JAL Ways 0.86% Air India Express 0.35%

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Appendix D: Market Share (By Passenger) – FY2009

Type of Flight Top 10 Airlines Low Cost Carriers

International 51.80% Thai Airways 35.18% Thai Air Asia 60.33% Scheduled Flight International Nok Air 15.60% International Non- 0.74% Thai AirAsia 10.10% AirAsia 7.18% Scheduled Flight Bangkok Airways 2.71% Orient Thai 4.66% Charter 1.34% Cathay Pacific 2.07% Airlines Domestic Scheduled 37.35% Airways Tiger Airways 4.49% Flight China Airlines 1.60% One Two Go 2.26% Domestic Non- 5.84% Emirates 1.53% Airlines Scheduled Flight Singapore Airlines 1.33% JetStar Asia 1.65% Others 2.93% JAL Ways 1.00% JetStar Airways 1.44% EVA Air 0.99% CEBU Pacific Air 1.03% 0.92% Indonesia AirAsia 0.85% Air India Express 0.32% Firefly 0.18%

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