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Home , Mihin Lanka, Phuket Air

Airports of Plc. Corporate Presentation for 9M_FY09 (October 2008 – June 2009)

Investor Relations Center, Email: [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

Total of 38 airports INTERNATIONAL AIRPORT INTERNATIONAL  Airports of Thailand Public Company Limited * AIRPORT . 2 in 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 Sakon Nakhorn o Chiang Mai International Airport (CNX) Phitsanulok Khon Kaen Phetchabun o International Airport (HDY) Roi Et o International Airport (HKT) Surin DON MUANG Buri Ram Ubon Ratchathani o Chiang Rai International Airport (CEI) INTERNATIONAL Nakhon Ratchasima AIRPORT SUVARNABHUMI AIRPORT

AOT Airports  Department of Civil Aviation (DCA) U-Tapao Hua Hin DCA Airports o 28 regional airports Trad Airports Chumpon  Royal Thai Navy Ranong Royal Thai Navy Airport o U-Tapao Airport Surattani Samui HAT YAI Nakhon Si Thammarat  Bangkok Airways Company INTERNATIONAL AIRPORT o Krabi Sukhothai Airport PHUKET o Samui Airport INTERNATIONAL Trang Pattani o Trad Airport AIRPORT Narathiwat

* Note: AOT’s traffics account for more than 90% of Thailand’s air traffics.

3 Business Overview Shareholders Information Fact Sheet 1. Ministry of Finance 70.00% Airports of Thailand PLC 2. Nortrust Nominee LTD 4.97% . Listed on 11 March 2004 3. State Street Bank and Trust Company for 4.79% . Shares outstanding 1,428.57 million Australia . Shareholders •Ministry Of Finance 70% 4. Chase Nominees Limited 1 3.68% •Free Float 30% 5. Nortrust Nominees Limited – Northern Trust 1.47% . Average Daily Market Cap (Oct 08- Jun 09) Guernsey Clients •BHT 28,289.02 M 6. HSBC () Nominees PTE LTD 1.19% 7. Thai NVDR Company Limited 1.11% Fiscal EPS Dividend Dividend Dividend 8. Social Security Office 0.61% (Baht) per share Yield Year * payout 9. The Bank of New York (Nominees) Limited 0.39% (Baht) ratio 10. Government Pension Fund 0.28% 2005 5.19 1.70 37.89 % 3.40% As at January 2009 2006 7.26 2.75 37.85 % 4.74% Dividend Policy 2007 0.77 0.40 51.95% 0.64% Not less than 25% of net profit of the company for 2008 5.12 2.58 50.39% 14.25% each year after deduction of all specified reserves, subject to our investment plans and other *Note: In FY2006 AOT paid dividend twice: considerations that our Board of Directors deems - On 12 Oct 2006 (Baht 0.95 per share) appropriate - On 23 Feb 2007(Baht 1.80 per share)

4 Aircraft Movement Statistics

AOT Traffics Major LCCs LCCs Traffics • (Unit: Thousand) Domestic (Unit: Thousand) 390.3 394.1 Thai Air Asia 350.3 105.2 308.1 One Two Go 104.5 175.1 173.4 148.5 257.5 • International 86.5 138.9 78.3 Air Asia 109.8 63.2 78.9 75.9 Thai Air Asia 64.5 59.4 Tiger Airways 41.6 201.8 215.2 220.7 169.2 147.7 Jetstar Asia 26.3 28.6 Jetstar Airways 18.9 22.0 21.6

2006 2007 2008 9M_08 9M_09 CEBU Pacific Air 2006 2007 2008 9M_08 9M_09 International Dome stic Mihin Lanka Airlines International Dome stic

9M_FY08 9M_FY09 YoY% Air Express 9M_FY08 9M_FY09 YoY% BKK 195,777 178,354 (8.90)% AirAsia BKK 34,211 33,119 (3.19)% DMK 45,034 24,183 (46.30)% Firefly DMK 21,701 9,170 (57.74)% BKK + DMK 240,811 202,537 (15.89)% BKK + DMK 55,912 42,289 (24.37)% CNX 20,534 17,104 (16.70)% Note CNX 9,348 6,106 (34.68)% HKT 32,749 27,363 (16.45)% HKT 11,555 8,943 (22.60)% AOT Average Aircraft HDY 8,378 6,558 (21.72)% Movement Growth Rate HDY 6,269 4,224 (32.62)% CEI 5,662 3,918 (30.80)% for the last 6 year is 9.8% CEI 3,475 1,660 (52.23)%

* Note: Fiscal Year starting from October to September 5 Passenger Movement Statistics

AOT Traffics LCCs Traffics Major Events (Unit: Million) (Unit: Million) 2004 58.2 56.0 • Bird Flu 12.4 51.8 12.0 • Southern Violence 21.4 45.7 10.1 20.8 2005 18.7 9.2 37.0 17.0 • Tsunami 9.0 7.3 2006 9.1 14.2 • Coup D’etat 7.5 7.0 •Southern Violence 4.8 36.8 33.1 35.2 28.7 2008 22.8 • World Economic 3.4 2.9 2.6 2.5 Crisis 2.2 2009 2006 2007 2008 9M_08 9M_09 2006 2007 2008 9M_08 9M_09 • Airport Closure International Dome stic International Dome stic • 2009 Flu 9M_FY08 9M_FY09 YoY% 9M_FY08 9M_FY09 YoY% BKK 31,827,343 26,977,178 (15.24)% BKK 3,955,798 3,887,401 (1.73)% Note DMK 4,746,637 2,360,149 (50.28)% DMK 2,558,138 982,798 (61.58)% BKK + DMK 36,573,980 29,337,327 (19.79)% BKK + DMK 6,513,936 4,870,199 (25.23)% AOT Average CNX 2,589,115 2,127,580 (17.83)% Passenger CNX 1,094,336 689,445 (37.00)% HKT 4,791,300 4,149,509 (13.39)% Movement Growth HKT 1,354,183 1,047,239 (22.67)% Rate for the last 6 HDY 1,093,361 925,843 (15.32)% year is 8.4% HDY 782,589 533,452 (31.83)% CEI 640,454 473,867 (26.01)% CEI 361,520 178,132 (50.73)%

6 Airport Revenues

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

56.85% THB 500 to THB 700 - International PSC

(End of 9M_09) 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 43.15% System Services, etc. Concession Varies by activities such as Duty Free, Souvenirs, (End of 9M_09) Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

7 Revenue Breakdown Total Revenue By proportion

(Unit: Million) 9M_FY08 9M_FY09

16.20% 22,010.86 15.00% 22.13% 19,501.41 19,917.26 22.19%

16,240.73 16,248.69

13.33%

13.29%

39.95% 6.40% 40.29% 1.66% 7.67% 1.90% By Growth (Unit: Million)

2006 2007 2008 9M_08 9M_09 FY2007 FY2008 YoY(%) 9M_FY08 9M_FY09 YoY(%) LPC 3,937.40 4,216.35 19.16% 3,235.02 2,437.95 (24.64)% Landing & Parking charges (LPC) PSC 8,781.48 10,417.01 47.33% 8,151.54 6,491.06 (20.37)% Passenger service charges (PSC) ASC 427.10 431.75 1.96% 330.37 308.64 (6.58)% A/C Service charges (ASC) Office and state property rents (OPR) OPR 1,524.61 1,480.64 6.73% 1,279.07 1,245.53 (2.62)% Service revenues (SVR) SVR 2,818.54 3,164.29 14.38% 2,660.82 2,159.98 (18.82)% Concession revenue (CCR) CCR 2,012.28 2,300.81 10.45% 4,260.42 3,605.52 (15.37%

* Note: Fiscal Year starting from October to September 8 Airport Expenses

Personnel Expenses Consist of employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund Operating Expenses Consist 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 Consist 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 Consists of rental payments made to the Ministry of Finance under the airport land leases

Depreciation and Amortization Consist 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)

9 Expense Breakdown Total Cost By proportion

(Unit: Million) 9M_FY08 9M_ FY09

18,515.89 14.90% 14.88% 18,004.67

45.57% 44.95%

12,846.08 13,137.78

9,420.08 29.40% 28.69%

5.40% 3.33% 6.09% 6.80%

By Growth (Unit: Million)

2006 2007 2008 9M_08 9M_09 FY2007 FY2008 YoY(%) 9M_FY08 9M_FY09 YoY(%) Personnel 2,927.84 3,909.00 21.11% 1,914.65 1,954.66 2.09% Personnel expenses 5,730.13 5,100.31 27.55% 3,776.72 3,769.01 (0.20)% Operating expenses Operating

Repair and maintenance (R&M) R&M 732.38 683.96 3.69% 427.31 799.94 87.20%

State property rental (SPR) SPR 846.32 955.73 5.16% 872.94 709.01 (18.78)% Depreciation and amortization (D&M) D&M 7,759.50 7,866.89 42.49% 5,854.45 5,905.17 0.87%

10 Financial Statement

Income Statement (Unit: Million) Historical Performance

9M_FY08 9M_FY09 YOY(%) Million Baht Percent(%) Revenues 19,917.25 16,248.69 (18.42)% 25,000.00 25 Expenses 12,846.08 13,137.78 2.27% 20 20,000.00 Depreciation 5,854.46 5,905.17 0.87% 15

10 Operating Income 7,071.18 3,110.90 (56.01)% 15,000.00

EBITDA 12,925.63 9,016.08 (30.25)% 5 10,000.00 Other 0 Revenues/Expenses – 3,349.56 403.62 (87.95)% -5 net 5,000.00 Profit before interest -10 10,420.74 3,514.52 (66.27)% and income tax 0.00 -15 Interest Exp. 1,926.31 1,876.02 (2.61)% FY05 FY06 FY07 FY08

Income Tax 1,390.00 231.74 (83.33)% Revenue EBITDA Loss from Minority 26.15 60.61 1.32% EBIT Net Profit Interest Revenue Growth EBITDA Growth Net Profit 7,130.67 1,467.37 (79.42)%

11 Financial Statement (Cont’d)

Balance Sheet (Unit: Million) Cash Flow Statement Million Baht

30 Sep 2008 30 Jun 2009 Beginning Cash Flow 3,937.36

Cash 3,937.37 5,290.03 Cash Flow from Operation 5,921.15

Other Current Asset 20,748.75 16,232.73 Cash Flow from Investment 1,472.90

Non Current Asset 121,769.85 124,713.19 Cash Used in Financing (6,041.38)

Total Assets 146,455.97 146,235.95 Ending Cash Flow 5,290.03

Current Liabilities 10,388.59 11,217.10 Long-Term Loans

Long Term Loan 58,564.52 60,465.72 Total Loan (Million Yen) 199,210.76 Other Non Current 1,194.47 547.60 Liabilities Disbursed Amount 96.99% Total Liabilities 70,147.57 72,230.42 Repayment Amount 16,992.75 Shareholder’s Equity 76,308.39 74,005.53 Hedged Percentage of Total Loan 77.68% Total Liabilities & ’ 146,455.97 146,235.95 Shareholder s Equity Average Interest Rate 5.01%

12 Financial Ratios

30 Sep 2006 30 Sep 2007 30 Sep 2008 30 Jun 2009

Par Value (THB) 10.00 10.00 10.00 10.00

Market Price (THB) 58.00 62.00 31.00 26.75

BV/share 49.81 48.78 53.42 51.80

P/BV 1.16 1.27 0.58 0.52

EPS 7.26 0.77 5.12 1.03

P/E 7.98 80.51 6.05 23.06

Gearing (%) 0.80 0.78 0.79 0.87

Net Gearing (%) 0.52 0.63 0.74 0.80

ROE 14.72% 1.57% 9.59% 1.98%

ROA 6.96% 0.76% 5.00% 1.00%

Note: Gearing = Total Debt / Total Equity, Net Gearing = Net Debt / Total Equity Total Debt = Total Interest Baring Debt 13 Future Airport Development

Suvarnabhumi Airport Investment Cost Expected Additional Capacity (billion baht) Timeframe 1. Domestic Passenger 9.13 2010 - 2013 - 20M Pax pa. Terminal - 15 contacted gates

2. Midfield Concourse and 73.74 2011 - 2016 - 15M Pax pa. related facilities - 28 contacted gates

- 19 flights/hr.

Phuket International Airport

•New International Passenger Terminal •Total investment costs: Baht 5.79 b •Renovation of the Existing Terminal •Accommodate additional of 6 million PAX pa. •Apron •Project Timeframe: 2009 - 2013 •Other related facilities

14 Future Projects for Commercial Activities

Suvarnabhumi Airport • Commercial Activities Management near long-team parking area Phuket International Airport • Community Mall • Private Jet Terminal • Central Warehouse • Aircraft Maintenance Center • Car Care Center and Showroom • Water Production and Distribution Don Muang International Airport • Private Jet Terminal • Aircraft Maintenance Center

Had Yai International Airport • Aircraft Simulation Center • Express Way Center • International Free Trade Zone • Landing Gear Maintenance

15 Noise Compensation

Planned Proceeded

Amount Total Impacted Houses Houses (million baht) (15,888) NEF > 40 309.54

Purchased 50 226.90

NEF > 40 NEF 30-40 Insulated 322 82.64 (605) (15,283) NEF 30-40 307.45

Insulated 242 59.82 Purchase Insulation Insulation (211) (394) (15,283) Sensitive Area 16 247.63 Total 616.99

KMITL* 214.00

* KMITL: King Mongkut’s Institute of Technology Ladkrabang

16 Appendix A: Subsidiaries & Associated Companies

Name Percentage of shareholding (%) Business Type

Subsidiaries

Suvarnabhumi Airport Hotel Co., Ltd 60.00 Hotel

Associated Companies Airport Ground Handling Thai Airports Ground Services Co., Ltd 28.50 Services Airport Duty Free Co., Ltd 10.00 Commercial

Phuket Air Catering Co., Ltd. 10.00 Catering

Airport Associated Co., Ltd 10.00 Transportation

Don Muang International Airport Hotel Co., Ltd 9.00 Hotel

King Power Duty Free co., Ltd. 5.00 Commercial

Fuel Pipeline Transportation Co., Ltd. 1.38 Fuel

Trade Siam Co., Ltd. 1.50 EDI Services

Thai Aviation Refueling Co., Ltd 10.00 Fuel

Bangkok Aviation Fuel Services Plc 4.94 Fuel

17 Appendix B: Airport Capacity vs. Utilization

Aircraft Passengers Cargoes

(Flights/Hour) (Million/Year) (Million Metric Tons/Year)

Airport Actual Utilization Actual Utilization Actual Utilization Capacity Capacity Capacity 2008 6M_09* 2008 6M_09* 2008 6M_09*

BKK 76 54 57 45 38.60 18.94 3.00 1.86 0.47

DMK 60 23 17 36.5 5.04 1.45 0.91 0.032 0.007

HKT 20 16 15 6.5 5.73 2.80 0.036 0.019 0.008

CNX 24 12 12 8 3.06 1.40 0.035 0.021 0.008

HDY 20 6 6 1.9 1.28 0.65 0.013 0.010 0.005

CEI 12 5 4 1.7 0.68 0.33 0.005 0.002 0.001

* Note: 6M_09 is the period from January – June 2009

18 Appendix C: Airport Capacities

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

60 x 3,700 BKK 8,000 563,000 76 45 3.00 2 60 x 4,000 60 x 3,700 DMK 1,552 391,316 60 36.5 0.91 2 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 Kok 3,101 710,000 54 45 3 .00 2 60 x 3,800

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

19 Appendix D: Airlines Market Share (By Aircrafts) – FY2008

AOT Top 10 Airlines Low Cost Carriers

Thai Indonesia Jetstar CEBU Others Airways Ai r As i s Airways Pacific Air Firefly Jetstar Others Thai Air Asia Asia Ai r As i a E V A Ai r Thai Air One Two Asia Ai r As i a Bangkok Go Airlines Airways Emirates Cathay Pacific Nok Air Tiger JALWays China Singapor Airways Airways Airlines e Airlines

Thai Airways International 31.97% Thai Air Asia 40.74% Thai Air Asia 8.00% Tiger Airways 26.40% Bangkok Airways 5.81% Nok Air 19.67% Cathay Pacific Airways 3.01% One Two Go Airlines 4.63% Singapore Airlines 2.80% Air Asia 4.45% China Airlines 2.76% Jetstar Asia 2.48% JAL Ways 2.02% CEBU Pacific Air 0.57% Emirates 1.96% Indonesia AirAsia 0.57% Air Asia 1.84% Firefly Jetstar Airways 0.38% EVA Air 1.83% Mahin Lanka Airlines 0.12%

20 Appendix E: Airlines Market Share (By Passengers) – FY2008

AOT Top 10 Airlines Low Cost Carriers

Jetstar CEBU Indonesia Air India Others Airways Pacific Air Ai r As i a Express Thai Jetstar Airways Asia Other Tiger Korean Airways Airlines Thai Air Ai r As i a Asia E V A Ai r Bangkok Cathay One Two Airways Pacific Go Airlines JALWays Airways Thai Air China Emirates Singapor Nok Air Asia Airlines e Airlines

Thai Airways International 38.83% Thai Air Asia 46.72% Thai Air Asia 4.84% Nok Air 26.93% Cathay Pacific Airways 4.21% One Two Go Airlines 12.37% Singapore Airlines 3.57% Air Asia 5.69% China Airlines 3.34% Tiger Airways 3.26% Emirates 2.90% Jetstar Asia 1.88% JAL Ways 2.23% Jetstar Airways 1.23% Bangkok Airways 2.18% CEBU Pacific Air 0.85% EVA Air 2.12% Indonesia AirAsia 0.56% Korean Airlines 1.92% Air India Express 0.31%

21 Appendix F: King Power Contract

 On 20 April 04 AOT awarded the exclusive duty free concession to King Power Duty Free Plc. to operate duty free activities at Suvarnabhumi Airport and 4 regional airports in total KPD amount of approximately 5,496.14 sq.m  KPD concession contract will last for 10 years.

 On 25 March 05 AOT signed management contract with King Power Suvarnabhumi Plc. for KPS retail area at Suvarnabhumi Airport, approximately 20,000 sq.m.  Management concession will last for 10 years.

Min. Guarantee Concession Fee Additional Bt (mn) (% of gross revenue)

16,832 Prepaid Bt 2,632 mn (Including VAT) at KPD (1) (10 years) 15% - 20% signing of contract

1,431 / year(2) Prepaid Bt 2,140 mn (Including VAT) at KPS 15% (1st Year) signing of contract

Note: (1) 15% for the first 5 years and increases by an increment of 1% for the following 5 years until it reaches 20% in 2015 (2) Minimum Guarantee for KPS for the following year will be calculated based on the MAG (I) Formula

22