Aviation Fuel Services Plc. www.bafsthai.com

Opportunity Day 24 May 2006 Page 1 Bangkok Aviation Fuel Services Plc. DisclaimerDisclaimer www.bafsthai.com

The information, statements, forecasts and projects contained herein reflect the Company’s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and uncertainties. No assurance is 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.

Page 2 Bangkok Aviation Fuel Services Plc. www.bafsthai.com

Industry and Company Update Financial Performance

Page 3 Bangkok Aviation Fuel Services Plc. ComparisonComparison ofof volumevolume servicedserviced inin thethe RegionRegionwww.bafsthai.com High potential for Million Litre

600 Average Daily Sales

2005 2006 Growth 550 HKG 14.11 15.18 7.6%

SIN 12.70 12.89 1.5% 500 BKK 11.10 12.00 8.1% 1,822 450

400 1,547

350 1,440

300

250 Jan Feb Ma r Apr May Jun Jul Aug Se p Oc t Nov Dec BKK 376. 9817 338. 7561 372 .9338 351 .4888 SIN 394. 9249 358. 8702 405 .4494 387 .3503 HKG 472. 808 400. 552 476. 308 472 .368 Page 4 Bangkok Aviation Fuel Services Plc. www.bafsthai.com AviationAviation StatisticStatistic atat DonmuangDonmuang AirportAirport

Aircraft Movement 71,425 80000 69,629 65,654 65,864 66,808 Inter • Total number of aircraft 60000 Domestic movement in Q1/2006 increased 8.8% YoY 45,925 46,060 64% 43,302 43,926 44,041 40000 • International flights increased 6.4% YoY

No. of Flights 20000 • Domestic flights increased 13.5% 22,352 21,938 22,767 23,704 25,365 36% YoY 0 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Passengers at Donmuang Airport

12,000,000 11,079,109 9,968,345 10,576,944 9,363,055 9,076,699 Inter 10,000,000 • Total number of passengers in Domestic Q1/2006 increased 18.3% YoY 8,000,000 7,715,781 8,054,843 73% ons 6,685,856 7,474,224 • International passengers s 6,000,000 6,768,188 r e increased 20.5% YoY P 4,000,000 • Domestic passengers increased 2,000,000 27% 2,677,199 2,308,511 2,494,121 2,861,163 3,024,266 13% YoY - Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006

Source : AOT web site Page 5 Bangkok Aviation Fuel Services Plc. www.bafsthai.com VolumeVolume vs.vs. numbernumber ofof flightsflights servicedserviced byby BAFSBAFS

Number of Flights Serviced Inter 2005 40000 35,718 33,401 34,908 Domestic 2005 33,112 33,049 • Total number of flights serviced in Q1/2006 increased 7.9% YoY 30000 s t 22,840 • International flights increased 7% 21,351 21,833 22,731 64% h 21,693 20000 YoY

Flig • Domestic flights increased 9.5% 10000 36% YoY 11,761 11,356 11,568 12,177 12,878 0 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Volume of Fuel Uplift Inter 2005 • Total Volume of fuel serviced in 1200 1,060 1,089 Domestic 2005 997 991 1021 Q1/2006 increased 9.1% YoY • Volume of fuel serviced to 800 s r International flights increased 9.4% t i 985 90% L 900 898 930 959 YoY M. 400 • Volume of fuel serviced to Domestic flights increased 6.4% 97 93 91 101 104 10% 0 YoY Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Page 6 Bangkok Aviation Fuel Services Plc. Comparison of Fuel Volume Serviced www.bafsthai.com

Mil. Litre/Day 13 2006 12 2005 2004 11 2003 10 2002 9 8 7 J a n F e b Ma r A p r Ma y J u n J u l A u g S e p O c t N o v D e c 5, 00 0 13% 5% 2% 5% 6% 7% 2% 3% 8% 4, 50 0 -5 % -2 % -2 % 4, 07 0 4, 00 0 3, 95 9 3, 49 4 3, 55 2 3, 4 9 4 3, 50 0 3, 2 9 4 3, 25 8 3, 08 2 3, 14 2 3, 12 7 3, 07 9 3, 00 0 2, 50 0 2, 00 0 1, 50 0 3, 34 9 1, 00 0 50 0 0 19 95 19 96 1 9 9 7 19 9 8 19 99 2 0 0 0 2 0 0 1 20 02 20 03 2 0 0 4 2 0 0 5 4m t h . 2 00 6 Vo lu m e Gro w th Page 7 Bangkok Aviation Fuel Services Plc. www.bafsthai.com BudgetBudget AirlinesAirlines

Budget Airline Volume Budget Airline Flights M.Litre Flights

20.00 2,500 4.2% 4.2% 4.2% 4.9% 18.4% 16.7% 15.3% 15.5% 2,000 15.00

1,500 10.00 1 . .8 .7 219 7 17 , . 037 .1 1,000 2 15 15 , .2 905 .7 1 806 14 .5 , 2 . 14 3 , .7 .7 .8 725 .5 . 641 1 13 .0 , .9 580 12 1 , 12 488 , 12 449 456 448 1 11 11 11 425 433 11 404 1 , 11 355 , , , 11 1 , , 10

5.00 , 291 , 1 , 1 1 1 1 1 1 1 500 1

0.00 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2005 2006 % of 2006 Volume 2005 2006 % of 2006 Flights

• Volume of budget airlines accounted for ~ • Number of flights of budget airlines accounted 5% of total volume in 2006 for ~ 18% of total flights in 2006 • Volume growth from 2005 of 39% • Number of flights growth from 2005 of 44%

Page 8 Bangkok Aviation Fuel Services Plc. www.bafsthai.com Market Share of Jet A-1 as of Mar.2006

2.0% 2.6% 3.6% 6.6% 17.6% Major Shareholders

14.0%

TG 22.59 % 17.1% PTT 7.06 % CALTEX 7.06 %

SHELL 7.06 % 17.5% EXXON MOBIL 10.59 % 19.0% AIR TOTAL 3.52 % SPC 2.00 % OTHERS 40.11 %

TG PT T SHELL CALTEX ESSO AIR BP KU WA IT AIR T OTAL SPC

Page 9 Bangkok Aviation Fuel Services Plc. Market Share of Airlines www.bafsthai.com

Fuel serviced as of March 2006 Number of flights serviced as of March 2006

M.Litre % Flight 32.7% 500 Volume 45 14000 30.9 35 38.8 37.5 Flight 450 40 12000 30 % % 400 35 10000 25 350 30 300 25 8000 20 250 20 6000 11.5 15 200 7.7 150 15 4000 10 3.8 3.6 100 10 2.4 2.1 2.0 2.0 3.6 3.2 3.2 2.7 2.5 2.4 2.2 2.0 1.9 2000 1.4 5 50 5 0 0 0 0 PB AIR OTHERS EVA AIR OTHERS EVA AIR EMIRATES JALWAYS ORIENT THAI ORIENT THAI LUFTHANSA THAI AIRASIA CHINA AIRLINE THAI AIRASIA CHINA AIRLINE THAI AIRWAYS CATHAY PACIFIC BRITISH AIRWAYS QANTAS AIRWAYS SINGAPORE AIRLINES

• TG has highest market share of 38.8% of total volume serviced and 30.9% of total number of flights serviced in Q1/2006 • Top 6 airlines with highest number of flights serviced in Q1/2006 were local airlines

Page 10 Bangkok Aviation Fuel Services Plc. Company Update www.bafsthai.com

• The commissioning of projects at Suvarnabhumi will be prolonged to match with the opening of the airport that will be announced in June 2006

• The current hedging policy is to hedge no more than 50% of services income per month for a short time period of no longer than 3 months (currently hedged services income received in May of approximately 20% of services income)

• The investment in Depot at Chiangmai Airport is in the process of detail design

Page 11 Bangkok Aviation Fuel Services Plc. Outlook for 2006 - Revenue www.bafsthai.com

• The fluctuation of average exchange rate during the past 12 months increases the Company’s financial risk especially in the THB appreciation trend since July 2005 as shown in the graph below :

43

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39

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37

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34 5 5 5 5 5 5 5 5 5 5 0 0 0 0 0 0 0 0 0 0 06 06 06 06 06 06 06 06 06 06 06 06 06 06 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 05 / / / / / / / / / / 1/ 1/ 1/ 2/ 2/ 2/ 2/ 3/ 3/ 3/ 4/ 4/ 4/ 5/ 4/ 4/ 4/ 5/ 5/ 5/ 6/ 6/ 6/ 6/ 7/ 7/ 7/ 8/ 8/ 8/ 8/ 9/ 9/ 9/ 9/ 11 12 12 12 10 10 10 11 11 11 The average exchange rate on April 28, 2006 was THB 37.52/ USD which appreciated 8.6% from THB 41.07/ USD at the end of 2005 resulted in decrease in services income Page 12 Bangkok Aviation Fuel Services Plc. Outlook for 2006 - Expenses www.bafsthai.com

• The increase in fuel price resulted in high inflation rate which caused interest rate to increase continuously as shown in the graph below :

Percentage

8.0 7.5

7.0

MLR 6.0 6.0

He adline Inflation 5.0

4.0 4.0 FDR 3 m onth 3.0

2.0

1.0

0.0 Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov Dec Jan Feb M ar Apr

2005 2006 The higher interest rate will dampen BAFS’ performance according to floating interest rate loan which estimated to be Baht 56 million per quarter at current interest rate

Note : Interest rate from BBL Page 13 Bangkok Aviation Fuel Services Plc. Outlook for 2006 - Expenses www.bafsthai.com

• The continuously increase in fuel price affects in increasing fuel related expenses such as fuel for vehicle and utilities.

THB /Litr Diesel Price 30.00 26.19 Growth 80% 25.00

20.00

14.59 15.00

10.00

5.00

0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

2005 2006 • The increase in personnel expenses due to the preparation for operation at Suvarnabhumi Airport Page 14 Bangkok Aviation Fuel Services Plc. Recent BOD’s resolution www.bafsthai.com

• Approved to increase Combined User Fee of the Company from 2.58 U.S.Cent/U.S.Gallon to 2.74 U.S.Cent/U.S.Gallon, effective from July 1, 2006 which will reduce the negative impacts on BAFS performance from •The tendency of services income decreases due to THB appreciation •The continuously increase in fuel related operating expenses and interest expense while awaiting for the opening of Suvarnabhumi Airport

Page 15 Bangkok Aviation Fuel Services Plc. CAPEX and Investment Summary www.bafsthai.com

MB. 4,108 48 602 CNX DEPOT** PIPELINE TO SA HY DRA NT INTOPLA NE 1,324 DEPOT*

294

551 1,841 10 69 175 225 57 190 175 Q1/2006 Apr-Dec.2006 2007

CNX DEPOT** 48 10 175 PIPELINE TO SA 602 69 - HY DRA NT 1,324 225 - INTOPLA NE 294 57 - DEPOT* 1,841 190 -

* Not include land cost ** Estimated value Page 16 Bangkok Aviation Fuel Services Plc. www.bafsthai.com

Industry and Company Update Financial Performance

Page 17 Bangkok Aviation Fuel Services Plc. ConsolidatedConsolidated IncomeIncome StatementStatement www.bafsthai.com

THB million Q1/2006 Q1/2005 %Y-Y Service income 295 .1 89.1% 267.2 91.9% 10.4% Rental income 10 .0 3.0% 14.75.1%-31.8% Total revenues 331 .1 100.0% 290.6 100.0% 13.9% Cost of services 101 .1 30.6% 85.729.5% 18.0% Administrative expenses 48 .1 14.5% 41.514.3% 16.0% EBIT 180 .5 54.5% 162.3 55.9% 11.2% Interest expenses 9.4 2.8% 9.43.2%-0.2% Corporate income tax 43 .3 13.1% 37.612.9% 15.2% Net Profit 127 .0 38.4% 116.1 39.9% 9.4%

• Net profit increase 9.4% Y-Y from THB 116.1 Million to THB 127 Million due to increase in volume of fuel serviced of 9.1%

Page 18 Bangkok Aviation Fuel Services Plc. www.bafsthai.com Revenue Structure

1,500 MB. Other Income 1,220.49 1,107.95 37 Rental Income 44 930.18 35 1,000 57 Services Income 45 47

1,139 500 1,016 331.06 8% 838 26 10 3% 295 89% 0 2003 2004 2005 Q12006

• Services income accounted for approximately 90% of total income • Rental income decreased in Q1/2006 due to adjusted rental rate of FPT’s receiving facilities from 28% to 21.5% in March 2005 and decrease in volume transported of 25.7% YoY • Other income in Q1/2006 mainly comprised of unrealized FX gain of TARCO of THB 15.4 million

Page 19 Bangkok Aviation Fuel Services Plc. www.bafsthai.com Profitability Margin

MB. 53% 56% 53% 60% 1,400 1,220 Rev enue 1,200 1,108 EBITDA Net Prof it 1,000 930 EBITDA Mar gin

800 679 591 600 492 418 363 331 400 300 197 200 127

0 2003 2004 2005 Q1/2006

• Continuing growth of revenue, EBITDA and net profit • Improved EBITDA Margin in Q1/2006 due to decrease in depreciation expense

Page 20 Bangkok Aviation Fuel Services Plc. Cost Structure Compared to Services Incomewww.bafsthai.com

Cost of Services Administrative Expenses

Other Admin. Exp. 45% 41% 24% Depreciation 25% 2.32% Personnel Exp. Other COS. 34% Retire. Benefit 32% Personnel Exp. 2.59% 20% 9.59% 2.01% Retire. Benefit 30% 16% 19.82% 15% Depreciation 11.38% 11.23% Insurance 15% 1.21% 7.00% Maintenance 7.38% 4.2% 2.7% 3.1% Land Rental 10% 15% 1.20% 4.35% 5.76% 4.84% Pipeline Renta 1.31% 12.60% 2.04% 1.95% 1.80% 2.34% 1.62% 5% 6.15% 1.55% 2.31% 1.54% 6.06% 1.74% 6.34% 6.21% 1.95% 1.30% 3.94% 0% 0.77% 0% Q12006 Q12005 Q42005 Q12006 Q12005 Q42005

• Cost of services accounted for 34% of services • Total administrative expenses in Q1/2006 income in Q1/2006 accounted for 16% of services income • Retirement benefit significantly increase in • Retirement benefit in Admin Exp. also Q1/2006 significantly increase in Q1/2006

Page 21 Bangkok Aviation Fuel Services Plc. www.bafsthai.com Capital Structure and Ratios

Capital Structure Financial Ratios

MB. Total Equity 6.00 8,000 Total Liabilities 6,814 5.25 6,650 5.00 Net Debt/EBITDA 4.56 6,000 4.00 2,436 2,564 4,572 3.59

3,517 3.00 4,000 2,042 1.73 2.00 D/E 1,700 1.66 1.61 1.55 4,214 4,250 1.07 1.24 2,000 L-T Debt/E 1.00 1.07 1.46 1.40 2,530 0.87 1,817 0.32 Net Debt/E 0.37 0.11 0 - 2003 2004 2005 Q1/2006 2003 2004 2005 Q1/2006

• Total Liabilities increased only a little from December 2005 • Treasury policy is to keep D/E ratio at below 2:1 • Net Debt to EBITDA started to drop in Q1/2006

Page 22 Bangkok Aviation Fuel Services Plc. OutstandingOutstanding LiabilitiesLiabilities asas ofof Mar.06Mar.06 www.bafsthai.com

Long Term Debts – by Currency Long Term Debts – by Company and Creditors

MB Equivalent THB USD Total Line Rate

MB BAFS - BBL 1,630 - 2,000 FDR+1.25% 4000 USD 3,442 3,489 THB 285 289 BAFS – KBANK 800 - 800 4.65 3000 1,929 TARCO - BBL 700 - 700 FDR+1.75% 2000 126 - 289 312 LIBOR+1.75% 3,157 3,200 - - 300 MLR-2.5% 1000 442 1,803 115 JP-One – BBL 70 - 120 MLR-2.5% 0 327 2003 2004 2005 Q1/2006 Total 3,200 289 4,232

• Long term liabilities increased a little from December 2005 • TARCO received additional credit facility of THB 300 million from BBL to cover the additional investment for Hydrant Network on May 2, 2006

Page 23 Bangkok Aviation Fuel Services Plc. FinancialFinancial RatiosRatios www.bafsthai.com

Q1/2006 Q1/2005 Q4/2005 2005 2004 Debt to Equity( Time) 1.66 1.48 1.73 1.73 1.24 Gross Profit( Baht M.) 203.9 196.2 185.4 798.3 683.9 Net Profit (Baht M.) 127.0 116.171.3 417.6 363.5 Gross Profit Margin(%) 66.8% 69.6% 59.7% 67.5% 63.8% Net Profit Margin(%) 38.4% 39.9% 22.4% 34.2% 32.8% Current Ratio( Time) 2.07 1.46 1.92 1.92 1.79 EPS (Baht) 0.30 0.34 0.17 1.06 1.07 BV/Share (Baht) 6.03 6.57 5.73 5.73 6.01 ROA (%) 7.5% 8.4% 4.3% 6.3% 8.0% ROE (%) 19.8% 20.8% 11.7% 17.1% 17.8%

Page 24 Bangkok Aviation Fuel Services Plc. RepaymentRepayment ScheduleSchedule www.bafsthai.com

MB. BBL (JP-One) BBL (TARCO) 800 739 BBL 24 KBANK 650 661 604 604 24 24 600 24 24 277

279 202 202 277 435 360 400 75

260 200 200 178 260 200 360 360 360

178 178 178 178 89 0 2007 2008 2009 2010 2011 2012 2013 2014 MB. BBL (JP-One) Outstanding Loan BBL (TA RCO) 4,500 4 ,232 4 ,054 BBL 120 4,000 120 KBANK 3 ,450 3,500 1,312 96 1,312 2 ,846 3,000 1,109 72 2,500 2 ,107 907 2,000 48 2,000 . 630 1 ,456 2,000 1,500 24 1,800 355 795 1,000 1,600 1,340 75 360 500 1,080 800 622 720 444 267 360 0 88 2006 2007 2008 2009 2010 2011 2012 2013 (500) Page 25