Bangkok Airways 3Q-2017 2 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. 3 Market Overview : International Visitor Arrival to

International Visitor Arrival to Thailand International Visitor Arrival Comparison (All Modes of Transportation)

Unit: Million +9% %Change +9% 35.4 9M16 vs 9M17 32.6 +5% Region 29.9 +12% IVA* to Thailand 24.8 26.1 Airways 22.1 APAC + Australasia +5% +6% +1% +57% Europe + ME +6% +13% *Remarks : IVA = International Visitor Arrival Source : Department of Tourism

Y2015 Y2016 9M15 9M16 9M17 Y2017E Source : Department of Tourism Y2013-Jan-Sep2017 Fiscal Policy Office, Y2016-Y2017 4 Operating Statistics 3Q & 9M 2017

Passenger (Thousand) RASK (THB/ASK) Consol. Revenue (MB) 1,527 4,445 3.35 3.34 6,871 20,252 (+7%) (+5%) (-10%) (-13%) (+3%) (-1%) 2Q3Q--1616 : 1,4281,239 6M9M--1616 :: 4,2472,819 2Q3Q--1616 :: 3.743.33 6M9M--1616 :: 3.843.89 2Q3Q--1616 : 6,6986,055 6M9M--1616 : 20,52813,830

RPK (Mil. Seat-Km.) CASK (THB/ASK) EBITDAR (MB) 1,196 3,453 3.51 3.40 1,057 3,459 (+12%) (+9%) (+6%) (+4%) (-39%) (-40%) 3Q-16 : 1,070 9M-16 : 3,169 3Q-16 : 3.30 9M-16 : 3.26 3Q-16 : 1,745 9M-16 : 5,758

ASK (Mil. Seat-Km.) Unit Margin (THB/ASK) Net Profit (MB) 1,723 5,088 (0.16) (0.06) (142) (98) (+13%) (+12%) (-136%) (-110%) (-121%) (-105%) 3Q-16 : 1,522 9M-16 : 4,540 3Q-16 : 0.45 9M-16 : 0.58 3Q-16 : 681 9M-16 : 2,144 5 1 3 Airport Related Services at BKK Airport 6 BAC : Starts to Operate Catering in

2600 35.0% 2400 30.0% 29.5% 29.6% 2200 28.8% 30.0% 2000 26.6% 26.1% 1800

1600 1,456 1,456 25.0% 1400 1,186 1200 1,070

1000 20.0%

800 600 392 432 419 360 316 310 285 15.0% 400 202 200 260 276 250 200 108 69 104 67

0 10.0% 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 Revenue (MB) EBITDA (MB) Net Profit (MB) Dividend Paid (MB) EBITDA Margin (%)

BAC Key Highlight : 9M-2017 25% . Developments : . BA holds 90% in BAC 1. BAC Phuket – Starts operation in July 2017 Others 75% . No. of airline customer = 24 (+5YoY) (Capacity : 2,140 Meals/Day) . Meal Uplift : 7.9 Million (+3%YoY) Market Share 2. Gourmet Primo – Starts operation in October 2017 . AVG Meal per day : 28,750 Meals (+3%YoY) 3. BAC – Expected to operate in Y2019

BAC-BKK Major Customers : BAC-Phuket Customers : Gourmet Primo Customers : Lounge Bakery 7 Update : New Catering Facilities Bangkok Air Catering at Phuket Gourmet Primo “Specialist Manufacturer of the Highest Quality Semi-Finished Food Products” 8 BFS Ground : Steady Growth with Strong Performance

2,600 2,383 25.0% 2,400 2,130 2,200 18.4% 20.0% 2,000 17.6% 1,854 17.3% 1,732 1,800 15.6% 15.7% 14.3% 1,600 15.0%

1,400

1,200

10.0% 1,000 800 565 614 600 340 405 5.0% 400 303 305 255 117 166 199117 146 201 200 88 43 96 51 101

0 0.0% 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 Revenue (MB) EBITDA (MB) Net Profit (MB) Dividend Paid (MB) EBITDA Margin (%)

Key Highlight : 9M-2017 Major Customers : . 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 : 50,990 Flights (+10%YoY) . Revenue +7%YoY . Net Profit +20%YoY Other BFS New Customers : 44% Ground 56%

Market Share 9 BFS Cargo : Strong Profit from New Services & Pricing Adjustment

2,600 48.0% 50.0% 2,400 47.3% 46.1% 48.0% 2,200 44.3% 46.0% 2,000 44.0% 42.9% 1,702 1,800 1,568 44.0% 1,600 1,397 42.0% 1,400 1,229 40.0% 1,200 1,000 773 38.0% 800 661 672 540 527 36.0% 600 480 461 444 465 418 359 405 34.0% 400 185 230 225 225 123 162 32.0% 200

0 30.0% 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 Revenue (MB) EBITDA (MB) Net Profit (MB) Dividend Paid (MB) EBITDA Margin (%)

Key Highlight : 9M-2017 Major Customers : . 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 +29%YoY BFS Other Cargo New Customers : 51% 49%

Market Share 10 2 Boutique Airlines 11 Fare Pressure due to high competition affected Revenue

Passenger Revenue

Unit: MB & %Proportion +6%

20,761 -2% 19,517

20,7617% 15,819 15,581 19,5176% 24% +0.5% 15,8926% 15,5817% 26% 24% 24% 22% 22% 5,158 5,182 21% 18% 6% 6% 22% 23% 46% 47% 18%5,232 16%5,182 49% 51% 54% 55% 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016

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

Key Highlight : All Routes (9M-2017) . Passenger Revenue : -2%YoY . Average Fare : -6%YoY due to high competition (Especially Indochina) . Passenger : +5YoY 12 International Point of Sale (POS) represent 67% of Passenger Revenue

Thailand Only Top 3 Europe POS (9M-17) Europe + Middle East 3Q-17 : 19% (-5%YoY) . UK (Includes Russia) . Germany 3Q-17 : 30% (+6%YoY) 9M-17 : 19% (-8%YoY) . France 9M-17 : 28% (+6%YoY)

Top 3 Asia POS (9M-17) . China . .

www.bangkokair.com APAC + Australasia 3Q-17 : 18% (-7%YoY) (exclude Thailand) 3Q-17 : 28% (-4%YoY) 9M-17 : 19% (-8%YoY) 9M-17 : 29% (0%YoY) >70% Booking from Abroad 13 Reach more Passengers through Codeshare Partners

% of Passenger Revenue (Codeshare & Interline) New Codeshare Partners in Y2017 Unit: %

23% 23% 23% 21% 22% 20%

Non Alliance 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016

Newest Codeshare Partners . Hub: Noi Bai International Airport () & Tan Son Nhat International Airport (Ho Chi Minh) . Fleets: 84 Aircrafts . Destination Network: 52 Destinations in 17 Countries . Alliance Member: Skyteam

70+ Interline Partners Top Interline Partners (Passenger Revenue Contribution) 14 Tapped Chinese FITs through Direct Flights & Interline Partners

. BA’s direct flights from Samui to China : . Samui- started in July 2016 . Samui-Guangzhou started in January 2017 . Samui- started in July 2017 Interline Partners from China . Potential growth by increasing both passenger & revenue from China POS, while Market slightly increased

%Change 3Q16 vs 17 9M16 vs 17

Chinese Visitors to Thailand* +11% +1%

Bangkok Airways +25% +56%

Passenger Revenue 3Q16 3Q17 9M16 9M17 from Point of Sales in China 6% 8% 5% 8%

*Source: Department of Tourism 15 Network Plan to Capture Demand & China Market Capture Demand Bangkok-Danang 4  7 Flights Weekly Chiang Mai- 10  14 Flights Weekly 1Q-17 Increase Chiang Mai- 4  7 Flight Weekly Frequency Bangkok-Chiang Mai 7  8 Flights Daily Y2017 Chiang Mai-Samui 1  2 Flights Daily China Market Samui-Chengdu 4 Flights Weekly 3Q-16 Current Samui-Guangzhou Daily Flight 1Q-17 Samui-Chongqing 3 Flights Weekly July 17 First Move to Untried & Unfound Destinations New Route Phu Quoc in 4 Flights Weekly (Oct 2017) Y2017 16 Fleet Status & Plan

38 34 31

ATR 72-600 4 7 7-FL 9 9-FL 9

ATR 72-500 8 6 6-Owned 6 6-Owned 6

A320 8 9 9-OL 9 9-OL 9

A319 11 12 12-OL 14 14-OL 1514

FL = Financial Lease 2015 2016 EndAug-17 of 2017 2017EOL = Operating Lease

Airbus A319 Airbus A320 ATR72-600 ATR72-500 17 Advanced Booking

+13%YoY

Advanced Booking Traveling within 1Q2018 : Segmented by Region Other - International 2%

Myanmar Others - Domestic Samui- 27% 41% Domestic 81% Vietnam 13% Samui 38% Cambodia Indochina Samui- 48% 18% Int’l 12% 19% 18 3 Own & Operate 3 Resort-Style Airports 19 Create Strategic Route Network Through Boutiques Airports

Samui Airport Update : Samui Passengers (All Airlines) . Approved to operate 50 flights per day* Unit: Thousand +14% . Submitted EIA report to Office of Natural Resources & +2% 2,554 2,234 Environmental Policy and Planning for 70+ flights approval 2,008 2,049 +2% *Approved by CAAT in November 2014 716 732 AVG Y2015 Y2016 Y2017E 1H2018E Flight/Day 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 All Airlines 38 40 41 42 Sukhothai Passengers Unit: Thousand BA only 32 34 36 37 +38% +17% 74 Other Airlines AVG Flight/Day 60 +5% 52 54 2 20 21

2 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 Scheduled Charter 1 Passengers Unit: Thousand +24%

-0.5% 91 73 64 64 +2% 15 16

3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 20 New Development – Subject to Regulatory Approval

. New Aircraft Maintenance Facility at . New Airport Development in Domestic & International . New Catering Facility at Chiang Mai Airport (Expected Y2018) . Samui Renovation Project : Expect to finalize design plan by 4Q-17 21

Financial Highlight 22 Financial Overview

Revenue Major Expenses (% of Total Expense) Unit: MB +7% Unit: %

-1% 26,766 24,903 38% 39% 38% 36% 36% 38% 20,528 20,252 2,920 +3% 2,651 3,415 2,355 2,105 3,148 14% 12% 13% 13% 13% 14% 2,525 2,845 15% 13% 14% 14% 14% 14% 6,698 6,871 7% 19,104 20,431 7% 8% 8% 9% 8% 688 787 15,649 15,302 12% 10% 845 963 12% 13% 13% 13% 5,165 5,121 14% 15% 14% 16% 20% 13%

3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 Passenger Sales & Services Others Fuel AC Maintenance AC Lease Passenger Service Salary & Wages Others

EBITDAR & Net Profit Unit: MB & EBITDAR Margin (%) 8,000 26.9% 29.1% 25.3% 40% 7,500 22.0% 15.8% 17.6% 7,000 20% 6,500 6,000 6,570 5,500 0% 5,000 5,758 4,500 5,293 -20% 4,000 3,500 Additional 3,000 -40% 2,500 3,459 Corporate 506 2,000 Income Tax -60% 1,500 2,144 (one off) 1,000 1,745 1,849 1,837 500 681 1,057 (142) (98) -80% -

-500

-1,000 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 -100% EBITDAR Net Profit EBITDAR Margin 23 RASK vs CASK & Unit Margin

3.84 3.74 3.35 3.34 3.60 3.69 RASK (THB per ASK)

3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016

Cost per ASK (9M-16 vs 17)

3.30 3.51 3.26 3.40 3.30 3.36 CASK . Fuel : +26% (THB per ASK) 0.54 0.51 0.53 0.52 0.52 0.53 0.45 0.51 0.48 0.47 0.38 0.48 0.50 0.60 0.50 0.63 0.75 0.50 . AC Lease : +17% 0.50 0.49 0.49 0.49 0.47 0.52 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 . Maintenance : -3%

CASK Fuel Passenger Service . Passenger Service : -2% Salary & Wage Maintenance

Unit Margin 0.58 RASK-CASK 0.44 0.30 0.33 (THB per ASK) (0.16) (0.06) 3Q-16 3Q-17 9M-16 9M-17 Y2015 Y2016 24 Effective Fuel Hedging

2017 2018 BA Hedging Policy 1Q 2Q 3Q 4Q 1Q 2Q 3Q 50-70% of Fuel Hedge Ratio 53% 59% 66% 65% 65% 64% 30% Consumption Average Hedge Cost 59 60 58 62 61 62 57 Average Hedge Cost 60 62 Average Effective Cost 62 61 58 65 64 65 65 Average Effective Cost 61 64

75 80%

70 70%

65 60% 60 50% 55 40% 50 30% 45 20% 40

35 10%

30 0% Jan/17 Feb/17 Mar/17 Apr/17 May/17 Jun/17 Jul/17 Aug/17 Sep/17 Oct/17 Nov/17 Dec/17 Jan/18 Feb/18 Mar/18 Apr/18 May/18 Jun/18

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

*Indicative price provided by PTT as of 27th October 2017 25 Thank You

Email: [email protected] 26 Appendix : 4 Key Components to Support Sustainable Growth

3 Airport Related Services at BKK Airport • Lounges for all • Catering Service passengers • Ramp & Ground • Meals on board Service • Unique network • Cargo Terminal covering 25+ tourist destinations

Own & Operate 3 Resort Strategic Investment Style Airports • 7.83% in BDMS • Samui • 33.03% in SPF • Sukhothai • Trat