Airports of Plc. For 1st Quarter of Fiscal Year 2015 (October – December 2014)

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

This presentation is intended to assist investors to better understand ththee 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 guaguaranteerantee 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 AIRPORT CHIANG MAI INTERNATIONAL  Airports of Thailand Public Company Limited 1 AIRPORT . 2 in and perimeter Pai Mae Hong Son o (BKK) Nan Lampang o Don Mueang 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 MUEANG 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 Sukhothai Airport AIRPORT Krabi o PHUKET INTERNATIONAL Trang Pattani o Trad Airport AIRPORT Narathiwat

Note: 1 AOT’s aircraft traffics account for 82% of Thailand’s aircraft traffics. AOT’s passenger traffics account for 87% of Thailand ’s passenger 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 19, 2014) . Listed on 11 March 2004 1. MINISTRY OF FINANCE 70.000% . Shares outstanding 1,428.57 Million . Shareholders 2. THAI NVDR COMPANY LIMITED 4.796% •Ministry Of Finance 70% 2.101% •Free Float 30% 3. STATE STREET BANK EUROPE LIMITED . Average Daily Market Cap (Oct 14 – Dec 14) 4. HSBC (SINGAPORE) NOMINEES PTE LTD 1.880% •362,257.70 Million Baht 5. SOCIAL SECURITY OFFICE (2 CASES) 1.093% Fiscal EPS (Baht)1 Dividend Dividend Dividend 6. THE BANK OF NEW YORK MELLON 0.805% Year (The Company) per share payout Yield (Baht) ratio 7. CHASE NOMINEES LIMITED 1 0.750% 2008 5.15 2.58 50.09% 8.32% 8. J.P. MORGAN IRELAND (NOMINEES) LIMITED 655 0.696% 2009 0.60 0.42 70.00% 0.99% 9. THE BANK OF NEW YORK (NOMINEES) LIMITED 0.663%

2010 1.05 0.55 52.38% 1.33% 10. GOVERNMENT PENSION FUND (EQ-TH) 0.618% 2011 1.82 0.80 43.96% 2.03% Dividend Policy 2012 4.54 1.80 39.65% 2.26% Not less than 25% of net profit of the company for each year after deduction of all specified reserves, 2013 11.43 4.60 40.23% 2.44% subject to our investment plans and other considerations that our Board of Directors deems 2014 8.51 3.40 39.95% 1.42% appropriate Note: 1. EPS using for calculating the dividend is from the company financial statements. 4 Aircraft Movement Statistics (Q1 FY 2015)

AOT Traffics LCCs Traffics (Unit: Thousand) (Unit: Thousand) 234.30 609.94 559.42 184.99 480.34 285.15 152.80 243.33 156.45 211.75 118.09 102.66 72.60 156.74 170.97 56.31 316.09 324.79 50.55 268.59 69.18 82.89 77.85 36.40 50.14 66.90 87.56 88.08 19.91 22.05 FY 2012 2013 2014 Q1 2014 Q1 2015 FY 2012 2013 2014 Q1 2014 Q1 2015 International Domestic International Domestic

Q1 2014 Q1 2015 YoY% Q1 2014 Q1 2015 YoY%

BKK 78,875 75,511 (4.26%) BKK 6,566 5,552 (15.44%)

DMK 39,892 50,742 27.20% DMK 32,431 44,329 36.69%

BKK+DMK 118,767 126,253 6.30% BKK+DMK 38,997 49,881 27.91%

CNX 12,305 15,268 24.08% CNX 5,378 8,460 57.31%

HDY 4,652 6,006 29.11% HDY 3,802 4,813 26.59%

HKT 18,824 20,297 7.83% HKT 6,665 7,571 13.59%

CEI 2,191 3,147 43.63% CEI 1,472 1,876 27.45%

Total 156,739 170,971 9.08% Total 56,314 72,601 28.92%

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 (Q1 FY 2015)

AOT Traffics LCCs Traffics

(Unit: Million) (Unit: Million)

32.69 86.13 87.57 26.61 71.52 31.87 36.38 20.34 22.05 27.20 16.90

13.46 10.46 22.94 25.90 7.84 54.26 51.19 44.32 10.90 7.14 8.88 9.71 10.64 5.10 6.88 14.06 15.00 2.74 3.32 FY 2012 2013 2014 Q1 2014 Q1 2015 FY 2012 2013 2014 Q1 2014 Q1 2015 International Domestic International Domestic

Q1 2014 Q1 2015 YoY% Q1 2014 Q1 2015 YoY% BKK 12,976,533 12,902,628 (0.57%) BKK 959,297 877,867 (8.49%) DMK 4,470,576 6,667,203 49.14% DMK 4,340,286 6,261,366 44.26% BKK+DMK 17,447,109 19,569,831 12.17% BKK+DMK 5,299,583 7,139,233 34.71% CNX 1,579,772 1,996,933 26.41% CNX 809,317 1,239,661 53.17% HDY 656,188 859,210 30.94% HDY 553,738 734,489 32.64% HKT 2,938,828 3,064,521 4.28% HKT 964,183 1,069,078 10.88% CEI 322,551 409,865 27.07% CEI 212,038 280,344 32.21% Total 22,944,448 25,900,360 12.88% Total 7,838,859 10,462,805 33.47% 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 2011 - 2015 (Unit: Thousand) 65

60 FY 2011 55 FY 2012 50 FY 2013 Aircraft Movements 45 FY 2014 40 FY 2015 35 (Oct-Dec) 30 l ct v c n b r r y n u g p o a a p a u J O N De J Fe M A M J Au Se (Unit: Million) 10

9 FY 2011 8 Passenger Movements FY 2012 7 FY 2013

6 FY 2014

5 FY 2015 (Oct-Dec) 4

v r n g an Jul ep Oct No Dec J Feb Mar Ap May Ju Au S 7 Airport Revenues (Q1 FY2015)

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

60% THB 500 to THB 700 - International PSC THB 50 to THB 100 - Domestic PSC Aircraft Service Charges Fees paid by for use of boarding bridges, varies by maximum take off weight of the aircraft and length of time at a gate

Office & State Property Rents Rental tenants include , 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% Concession Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

8 Revenues Breakdown (Q1 FY2015)

Total Revenue By Proportion

(Unit: Million Baht) Q1 FY2014 Q1 FY2015

36,810.41 37,585.46

30,405.28 14.63% 13.74% 24.62% 25.67%

10.66% 10.36% 43.96% 44.16%

4.65% 4.40% 1.48% 1.67% 9,695.13 10,540.32 By Growth (Unit: Million Baht) FY2012 FY2013 FY2014 Q1 FY14 Q1 FY15 YoY 2012 2013 2014 Q1 2014 Q1 2015 FY LPC 4,755.88 4,760.80 5,321.86 1,418.29 1,448.00 2.09% Landing & Parking charges (LPC) PSC 13,183.06 16,684.47 15,991.73 4,261.93 4,654.28 9.21% Passenger service charges (PSC) ASC 489.27 534.31 579.49 143.06 176.25 23.20% A/C Service charges (ASC) OPR 1,593.08 1,756.52 1,838.72 451.17 463.64 2.76% Office and state property rents (OPR) SVR 3,303.21 3,775.01 4,076.96 1,033.85 1,091.96 5.62% Service revenues (SVR) CCR 7,080.78 9,299.29 9,776.70 2,386.83 2,706.19 13.38% Concession revenues (CCR) Total 30,405.28 36,810.41 37,585.46 9,695.13 10,540.32 8.72%

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 remunera tion of AOT’ s b oard of di rec tors an d execu tives as stated in the notice of Capital Market Supervisory Board.

Utilities Expenses Consisting of electricity charges, cooling water system and water supply.

Outsourcing Expenses Consisting of security, limousine service, cleaner, gardener, trolley and etc.

Repairs 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 Property 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).

10 Expenses Breakdown (Q1 FY2015)

Total Operating Expenses By Proportion (Unit: Million) Q1 FY2014 Q1 FY2015

19,915.92 18,948.72 23.83% 17,505.07 30.44% 29.81% 24.52%

12.89% 12.75%

9.18% 15.11% 9.09% 15.38%

8.55% 8.45% 4,540.50 4,991.92 By Growth

(()Unit: Million Baht) FY 2012 2013 2014 Q1 2014 Q1 2015 FY2012 FY2013 FY2014 Q1 FY14 Q1 FY15 YoY

Employee 4,612.82 5,303.16 4,984.64 1,081.81 1,224.11 13.15%

Emppyloyee Benefit ex penses Utilities 2,091.37 2,418.10 2,494.50 585.07 636.55 8.80% Utilities expenses Outsourcing 2,518.00 2,821.85 2,862.86 686.27 767.84 11.89% Outsourcing expenses R&M 2,303.96 2,040.22 2,325.37 388.30 421.82 8.63% Repairs and maintenance (R&M) State property rental (SPR) SPR 1,310.02 1,590.15 1,598.33 416.77 453.69 8.86% Depreciation and amortization (D&M) D&M 4,668.88 4,775.23 5,650.22 1,382.28 1,487.91 7.64% Total 17,505.07 18,948.72 19,915.92 4,540.50 4,991.92 9.94% 11 Statements of Income (Q1 FY2015)

(Unit: Million Baht)

FY2012 FY2013 FY2014 Q1 FY2014 Q1 FY2015 YoY

Total revenues 32,475.17 41,672.26 39,770.73 10,308.75 11,088.66 7.57%

Revenues from sales or services 30,405.28 36,810.40 37,585.46 9,695.13 10,540.32 8.72%

Other incomes 2,069.89 4,861.86 2,185.27 613.63 548.34 (10.64%)

Total expenses 22,474.96 20,445.99 24,501.76 5,512.18 6,055.82 9.86%

Profit before income tax expense 10,000.21 21,226.27 15,268.97 4,796.57 5,032.84 4.93%

Income tax expense 3,494.19 4,869.48 3,006.77 1,008.78 1,113.99 10.43%

Net Profit 6,499.75 16,347.35 12,220.37 3,773.18 3,913.07 3.71%

Total one-off items (443.55) 6,395.07 283.60 62.40 163.05 161.30%

Gain (Loss) on foreign exchange 222.74 3,134.90 364.20 92.35 172.11 86.36% Gain (()Loss) on Reverse (666.29) 3,260.17 (80.60) (29.95) (9.06) (69.76%) Impairment Normalized Profit 6,943.30 9,952.28 11,936.77 3,710.78 3,750.02 1.06%

12 Financial Status

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF CASH FLOW (Unit: Million Baht) (Unit: Million Baht) 30 Sep 2014 31 Dec 2014 Beginning Cash 7,037.45 Cash Flow from Operation 4,018.36 Cash 7,048.83 4,442.61 Cash Used in Investment (5,675.45) Other Current Asset 39,390.98 42,948.30 Cash Used in Financing (945) Non Current Asset 107,349.03 106,807.04 Ending Cash 4,435.36 Total Assets 153,788.84 154,197.95 LONG-TERM LOANS

Current Liabilities 17,964.89 15,107.45 (As of Dec 31, 2014) Total Loan (()Million Yen) Long Term Loan 30,638.38 27,797.60 199,243.00

Other Non Current Disbursed Amount (Million Yen) 194,409.73 7,394.97 10,252.69 Liabilities Repayment Amount (Million Yen) (83,292.45) Total Liabilities 56,541.44 53,157.74 Outstanding Amount (Million Yen) 111,117.28

Shareholder’s Equity 97,247.41 101,040.21 Outstanding Amount (Million Baht) 30,725.15

Tot al Li abiliti es & HdHedge d%fthd % of the remai iining l oan 94% 153,788.84 154,197.95 Shareholder’s Equity Average Interest Rate 4.86% 13 Financial Ratios

30 Sep 2011 30 Sep 2012 30 Sep 2013 30 Sep 2014 31 Dec 2014

(FY2011) (FY2012) (FY2013) (FY2014) (Q1 FY2015)

Par Value (THB) 10. 00 10. 00 10. 00 10. 00 10. 00

Market Price (THB) 39.50 79.50 188.50 239.00 282.00

BV/share 50.49 54.35 64.11 67.93 70.58

P/BV 0.78 1.46 2.94 3.52 4.00

EPS 1.55 4.55 11.44 8.55 2.74

P/E 25.48 17.47 16.48 27.95 32.60

D/E 1.08 0.92 0.67 0.58 0.53

ROA (%) 1.52 4.32 10.82 7.97 2.54

ROE (%) 3.12 8.68 19.32 12.96 3.96

14 Noise Compensation (Suvarnabhumi Airport Phase I)

Proceeded Planned (Unit: Million Baht) (The cabinet resolution on May 29,2007) NEF > 40 Houses Amount Summer Season (Unit: Houses) Purchased 133 686.83 Insulated 351 91.48 Total Impacted Houses Total NEF> 40 484 778.31 11,047 NEF 30 - 40 Houses Amount NEF > 40 NEF 30-40 Insulated 9,962 1,976.04 505 10,542 Total NEF30- 40 9,962 1,976.04

Sensitive Area 20 280.49 Purchase Insulation Insulation 147 358 10,542 KMITL 214.00 Grand total * 3,248.84

As of Jan 31, 2015 Note: - * Accumulated from the first payment until Jan 31, 2015 - 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 75 23.75 Houses 4,877 Total NEF> 40 124 177.52 NEF 30 - 40 Houses Amount NEF > 40 NEF 30-40 131 4,746 Insulated 4,570 945.12 Total NEF30- 40 4,570 945.12

Purchase Insulation Insulation 54 77 4,746 Sensitive Area 1 12.05

Grand total * 1,134.69

As of Jan 31, 2015 Note: - * Accumulated from the first payment until Jan 31, 2015 - KMITL is King Mongkut’s Institute of Technology Ladkrabang - NEF : Noise Exposure Forecast 16 Future Airport Development Plans

Investment Expected Airport Description Cost Additional Capacity Remark (THB Billion) Timeframe

1. Terminal 2 27.68 2018 • 20 MAP

2. Reserve Runway 20.24 2019 Suvarnabhumi 3. Suvarnabhumi 61.74 2020 • 15 MAP Development Project (2011-2017) (Total 80 MAP)

1. Renovation of Passenger Terminal 2 2. Renovation of South Don Mueang Corridor and Pier 3.2 (Phase II) 2015 • 11.5 MAP (Total 30 MAP) no. 5 3. Renovation of Parking Area (7 floors)

1. New International Passenger Terminal • 6 MAP (Total 12.5 MAP)1 2. RtifthRenovation of the Phuket 5.79 2016 • 4 contacted gates Existing Terminal 3. Apron 4. Other related facilities

Note : 1 Excluding 3 MAP of Off terminal check-in

17 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 FY13 FY14 FY13 FY14 FY13 FY14

BKK 68 59 59 45.0 50.90 46.50 1.300 1.232 1.231

DMK 40 39 43 18.5(T1) 15.56 19.35 0.211 0.017 0.024

HKT 20 22 20 6.5 10.98 11.28 0.036 0.034 0.040

CNX 34 16 17 8.0 5.17 6.21 0.035 0.018 0.019

HDY 18 9 12 2.5 2.47 2.94 0.014 0.015 0.012

CEI 16 7 6 3.0 1.05 1.29 0.003 0.005 0.004

Note: 1. The actual utilization number is the 1st highest hour of annual passenger flow. 2. The designed capacity of each airport is the 30th highest hour of annual passenger flow.

18 Appendix B: AOT Airports Capacity

Area Capacity

Cargoes Total Terminal Aircraft Runways Airports Passengers (Million Area Area (Flights/ (Metres) (Million/Year) Metric (Acres) (Sq.m.) Hour) Tons/Year)

60 x 3,700 8,000 563,000 68 45.0 1.300 2 BKK 60 x 4,000

60 x 3,700 1,552 148,462 40 18.5 (T1) 0.211 2 DMK 45 x 3,500

HKT 578 41,710 20 6.5 0.036 1 45 x 3,000

CNX 642 35,480 34 8.0 0.035 1 45 x 3,100

HDY 1,188 19,375 18 2.5 0.014 1 45 x 3,050

CEI 1,330 17,000 16 3.0 0.003 1 45 x 3,000

19 Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport – FY2014

Top 10 Airlines Top 10 LCCs

1. International 29.71% 1. Tiger Airways 19.25%

2. Bangkok Airways 17.07% 2. Jetstar Asia 13.76%

3. Airways 2.16% 3. JjJeju AiAir 9.33%

4. Airways 2.16% 4. Indigo Airlines 9.25%

5. 1.97% 5. Vietj et AiAir 5.78%

6. Emirates Airlines 1.87% 6. CEBU Pacific Air 5.58%

7. Tiger Airways 1.46% 7. EtEastar JtJet 5.36% 8. China Airlines 1.41% 8. Juneyao Airlines 5.24% 9. Hong Kong Airlines 1.38% 9. Mandala Airlines 4.74%

10. Malaysia Airlines 1.37% 10. Jin Air 4.35%

20 Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport – FY2014

Top 10 Airlines Top 10 LCCs

1. Thai Airways International 37.94% 1. Tiger Airways 18.05%

2. Bangkok Airways 8.72% 2. Jetstar Asia 12.38%

3. EitEmirates Ai Ailirlines 3.70% 3. Indigo Airlines 9.86%

4. Cathay Pacific Airways 2.94% 4. Jeju Air 9.60%

5. Qatar Airways 1.80% 5. Scoot Airlines 5.99%

6. Thai Smile Airways 1.52% 6. Eastar Jet 5.76%

7. Etihad Airways1.51% 7. Vietjet Air 5.09%

8. China Airlines 1.51% 8. Norwegian Air Shuttle 4.60%

9. China Southern Airlines 1.49% 9. CEBU Pacific Air 4.36%

10. Singapore Airlines 1.45% 10. Jin Air 4.29%

21 Appendix E: Market Share at Don Mueang International Airport – FY2014

Top Airlines By Aircraft Top Airlines By Passenger

1. Thai Air Asia 45.22% 1. Thai Air Asia 50.86%

2. 30.04% 2. Nok Air 33.98%

3. 3.99% 3. Thai Lion Air 5.91%

4. Bangkok Aviation Center 3.08% 4. Air Asia Berhad 3.07%

5. Air Asia Berhad 2.96% 5. Orient Thai Airlines 1.99%

22 Appendix F: Major LCCs Airlines (6 Airports)

Domestic (5 Airlines) International (29 Airlines)

Thai Air Asia Air Asia Firefly VietJetAir Norwegian Air Nok Air Thai Air Asia Tomsonfly Shuttle

One-Two-Go/Orient Thai Airlines Tiger Airways IndiGO Airlines V Air

Thai Lion Air Jetstar Asia Eastar Jet TigerAir Taiwan

Thai Lion Mentari Jetstar Airways T'Way Airlines Spice Jet

CEBU Pacific Air Scoot Maliondo Air

Indonesia Air Asia Spring Airlines Nok Air

Condor Flugdienst Mandala Airlines Thai Air Asia X

Golden Myanmar Jeju Air Thai Lion Air Airlines

Jin Air Juneyao Airlines

23