of Plc. For The fiscal Year 2012 (October 2011 – September 20122012))

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.

2 Airports in Thailand

MAE FAH LUANG-CHIANG RAI Total of 38 airports INTERNATIONAL CHIANG MAI INTERNATIONAL  Airports of Thailand Public Company Limited 1 AIRPORT . 2 in Bangkok 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 Mae Sot Sakon Nakhorn o Chiang Mai International Airport (CNX) Phitsanulok Khon Kaen o Phetchabun Phuket International Airport (HKT) Roi Et DON MUANG 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 AIRPORT Krabi o PHUKET INTERNATIONAL Trang Pattani o Trad Airport AIRPORT Narathiwat

Note: 1. AOT’s traffics account for 84% of Thailand’s air 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 30, 2011) . Listed on 11 March 2004 1. Ministry of Finance 70.00 % . Shares outstanding 1,428.57 Million 2. Nortrust Nominees Ltd. 4.84 % . Shareholders •Ministry Of Finance 70% 3. State Street Bank and Trust Company for 1.94 % •Free Float 30% Australia . Average Daily Market Cap (Oct 11 – Sep 12) 4. Thai NVDR Company 1.91 % •BHT 78,520.54 Million 5. Bualuang Long-Term Equity Fund (B -LTF) 1.48 % 6. Social Security Office Fiscal EPS (Baht)1 Dividend Dividend Dividend 1.30 % Year (The Company) per share payout Yield 7. Bualuang Long-Term Equity Fund 75/25 1.25 % (Baht) ratio (BLTF75) 20062 7.26 2.75 37.88% 4.74% 8. HSBC (Singapore) Nominees Pte. Ltd. 1.10 % 9. BNY Mellon Nominees Limited 0.78 % 2007 0.84 0.40 47.61% 0.64% 10. Nortrust Nominees Limited-NTO Sec 0.70 % Lending Thailand 2008 5.15 2.58 50.09% 8.32% Dividend Policy 2009 0.60 0.42 70.00% 0.99% Not less than 25% of net profit of the company for 2010 1.05 0.55 52.38% 1.33% each year after deduction of all specified reserves, subject to our investment plans and other 2011 1.82 0.80 43.96% 2.03% considerations that our Board of Directors deems appropriate 2012 4.54 1.80 39.65% 2.26%

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) and on 23 Feb 2007(Baht 1.80 per share) 4 Aircraft Movement Statistics (12 months)

AOT Traffics Major LCCs Airline LCCs Traffics (Unit: Thousand) • Domestic (3 airlines) (Unit: Thousand) Thai Air Asia 480.34 Nok Air 441.44 One-Two-Go/Orient 152.80 385.77 132.73 346.54 211.75 Thai Airlines 193.05 108.12 170.12 • International (18 airlines) 86.96 102.66 149.86 92.10 Air As ia 72.28 57.16 268.59 Thai Air Asia 215.65 248.39 196.68 Tiger Airways 50.14 29.80 35.84 40.63 Jetstar Asia FY 2009 2010 2011 2012 Jetstar Airways FY 2009 2010 2011 2012 International Domestic CEBU Pacific Air International Domestic Indonesia Air Asia FY2011 FY2012 YoY% FY2011 FY2012 YoY% Condor Flugdienst BKK 288,540 326,970 13.32% BKK 52,757 79,405 50.51% Jeju Air DMK 47,508 37,141 (21.82%) DMK 31,222 19,124 (38.75%) Jin Air BKK+DMK 336,048 364,111 8.35% BKK+DMK 83,979 98,529 17.33% CNX 30,800 35,571 15.49% Tomsonfly CNX 14,387 17,195 19.52% HDY 13,678 14,573 6.54% IndiGO Airlines HDY 10,664 11,501 7.85% HKT 55,110 59,406 7.80% Eastar Jet HKT 20,515 21,612 5.35% CEI 5,804 6,674 14.99% T'Way Airlines CEI 3,182 3,963 24.54% Total 441,440 480,335 8.81% StScoot Total 132,727 152,800 15.12% Note: 1. Fiscal Year starting from October to September Spring Airlines 2. The percentage growth as shown is calculated from Mandala Airlines the full number of the air traffic statistics 5 Passenger Movement Statistics (12 months)

AOT Traffics LCCs Traffics

(Unit: Million) (Unit: Million)

71.52 66.30 20.34 57.42 17.65 27.20 50.08 24.19 13.99 21.59 13.46 19.47 10.22 11.84 9.20 42.11 44.32 6.72 30.61 35.83 5.81 6.88 3.50 4.79

FY 2009 2010 2011 2012 FY 2009 2010 2011 2012 International Domestic International Domestic

FY2011 FY2012 YoY% FY2011 FY2012 YoY% BKK 47,800,585 52,368,712 9.56% BKK 7,352,443 10,600,736 44.18% DMK 3,972,876 2,717,413 (31.60%) DMK 3,871,991 2,524,833 (34.79%) BKK+DMK 51,773,461 55,086,125 6.40% BKK+DMK 11,224,434 13,125,569 16.94% CNX 3,680,390 4,334,608 17.78% CNX 1,735,147 2,135,444 23.07% HDY 1,834,568 2,013,243 9.74% HDY 1,437,954 1,560,209 8.50% HKT 8,206,405 9,161,005 11.63% HKT 2,832,809 3,006,279 6.12% CEI 805,842 926,323 14.95% CEI 416,643 515,182 23.65% Total 66,300,666 71,521,304 7.87% Total 17,646,987 20,342,683 15.28%

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 3. DMK has been closed from Oct 25th, 2011 to March 6th, 2012 6 Monthly Air Traffic Movements: FY 2008 - 2012 (Unit: Thousand) 45

40 FY 2008 35 FY 2009

Aircraft Movements 30 FY 2010

FY 2011 25 FY 2012 20 r l ct v c n b r p y n u g p a u J e O No De Ja Fe M A Ma J Au S (Unit: Million) 7

6 FY 2008 Passenger Movements FY 2009 5 FY 2010 FY 2011 4 FY 2012

3 l ct v u an ay J ep O No Dec J Feb Mar Apr M Jun Aug S 7 Airport Revenues (FY 2012)

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

60.48% THB 500 to THB 700 - International PSC

(For FY 2012) 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.

Service Varies by activities such as Utilities, Check-in Counter Non-Aeronautical Services, Airline Announcement Services, Hydrant System Services, etc. 39.52% Concession Varies by activities such as Duty Free, Souvenirs, (For FY 2012) Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

8 Revenue Breakdown (FY 2012)

Total Revenue By proportion

(Unit: Million) FY 2011 FY 2012 15.26% 15.61% 22.49% 23.24%

30,472.11 28,640.69

24,032.61 11.56% 11.06% 21,502.39 6.00% 43.07% 5.23% 43.26%

1.62% 1.60%

By Growth (Unit: Million Baht) FY2009 FY2010 FY2011 FY2012 YoY%

FY 2009 2010 2011 2012 LPC 3,114.98 3,407.11 4,370.34 4,755.88 8.82% PSC 8,676.54 10,180.50 12,334.06 13,183.06 6.88% Landi ng & P arki ng ch arges (LPC) ASC 411.06 418.34 465.00 489.27 5.22% Passenger service charges (PSC) OPR 1,698.23 1,615.82 1,718.26 1,593.08 (7.29%) A/C Service charges (ASC) Office and state property rents (OPR) SVR 2,901.28 3,127.57 3,311.25 3,370.04 1.78% Service revenues (SVR) CCR 4,700.31 5,283.27 6,441.77 7,080.78 9.92% Concession revenues (CCR) Total 21,502.39 24,032.61 28,640.69 30,472.11 6.39%

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 remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board 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

DDepreciationepreciation aandnd AmortizationAmortization CoConsistingnsisting ooff depdepreciationreciation cchargesharges in rrespectespect ooff tthehe pproperty,roperty, pplantlant aandnd 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 Operating Expenses Breakdown (FY 2012)

Total Operating Expenses By proportion

(Unit: Million) FY 2011 FY2012 19.15% 23.43% 36.30% 23.71%

21,666.79 19,629.66 19,692.06 18,543.25 6.65%

11.70% 5.76% 28.15% 10.64% 34.51%

By Growth (Unit: Million Baht) FY2009 FY2010 FY2011 FY2012 YoY% (Adjusted) FY 2009 2010 2011 2012 Employee 3,281.45 3,881.65 4,150.22 4,614.47 11.19%

Employee Benefit expenses Operating 5,201.80 5,548.85 6,098.82 6,794.73 11.41% Operating expenses R&M 1,214.69 1,539.77 2,304.69 2,303.96 (0.03%) Repairs and maintenance (R&M) SPR 939.51 1,034.05 1,247.40 1,310.02 5.02% State property rental (SPR) Depreciation and amortization (D&M) D&M 7,905.80 7,625.33 7,865.65 4,668.88 (40.64%) Total 18,543.25 19,629.66 21,666.79 19,692.06 (9.11%)

11 Income Statements (FY 2012)

(Unit: Million Baht)

FY2011 FY2009 FY2010 FY2012 YoY% (Adjusted) Revenues from sales 21,502.39 24,032.61 28,640.69 30,472.11 6.39% or services Operating expenses 18,543.25 19,629.66 21,666.79 19,692.06 (9.11%)

Depreciation and amortization 7,905.80 7,625.33 7,865.65 4,668.88 (40.64%)

EBIT 2,959.14 4,402.96 6,973.90 10,780.04 54.58%

EBITDA 10,865.94 12,028.29 14,839.55 15,448.92 4.11%

Net Profit (Loss) 717.26 2,039.25 2,214.82 6,499.75 193.47%

EPS 0.50 1.43 1.55 4.55 193.47%

12 Financial Status

BALANCE SHEET CASH FLOW STATEMENT

(Unit: Million Baht) (Unit: Million Baht) 30 Sep 2011 Beginning Cash 5,179.44 30 Sep 2012 (Adjusted) Cash Flow from Operation 16,080.12 Cash 5,179.44 3,652.83 Cash Used in Investment (9,647.55) CChUdiFiiash Used in Financing (7,959.18) Other Current Asset 26,774.85 33,530.51 Ending Cash 3,652.83 Non Current Asset 118,644.65 112,828.25

Total Assets 150,598.94 150,011.59 LONG-TERM LOANS

(As of Sep 30, 2012) Current Liabilities 16,567.00 17,418.36 Total Loan (Million Yen) 199,210.77 Long Term Loan 57,513.61 51,152.94 Disbursed Amount (Million Yen) 194,409.73 Other Non Current 4,241.32 3,645.47 Repayment Amount (Million Yen) (56,745.70) Liabilities Total Liabilities 78,321.93 72,216.77 Outstanding Amount (Million Yen) 137,664.03 Outstanding Amount (Million Baht) 55,282.29 Shareholder’s Equity 72,277.01 77,794.82 Hedged % of the remaining loan 78.02% Total Liabilities & 150,598.94 150,011.59 Shareholder’s Equity Average Interest Rate 5.02% 13 Financial Ratios

30 Sep 2011 30 Sep 2008 30 Sep 2009 30 Sep 2010 30 Sep 2012 (FY2011) (FY2008)(FY2009) (FY2010) (FY2012) (Adjusted)

Par Value (THB) 10.00 10.00 10.00 10.00 10.00

Market Price (THB) 31.00 42.25 41.50 39.50 79.50

BV/share 53.42 51.28 48.89 50.49 54.35

P/BV 0.58 0.82 0.85 0.78 1.46

EPS 5.12 0.50 1.43 1.55 4.55

P/E 6.05 84.50 29.02 25.48 17.47

Gearing 0.79 0.91 0.89 0.88 0.73

Net Gearing 0.74 0.87 0.84 0.81 0.68

ROA (%) 5.00 0.48 1.44 1.52 4.32

ROE (%) 9.59 0.98 2.92 3.12 8.68

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

14 Noise Compensation (Suvarnabhumi Airport Phase I)

Planned Proceeded (Unit: Million Baht) (The cabinet resolution on May 29,2007) NEF > 40 Houses Amount Summer Season (Unit: Houses) Purchased 122 516.48 Insulated 345 88.94 Total Impacted Houses Total NEF> 40 467 605.42 10,919 NEF 30 - 40 Houses Amount NEF > 40 NEF 30-40 Insulated 8,851 1,757.97 507 10,412 Total NEF30- 40 8,851 1,757.97

Sensitive Area 20 280.49 Purchase Insulation Insulation 149 358 10,412 KMITL 214.00 Grand total * 2,857.88 As of November 30, 2012

Note: - * Accumulated from the first payment until November 30, 2012 - 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 41 126.72

Total Impacted Insulated 71 22.39 Houses Total NEF> 40 112 149.11 5,398 NEF 30 - 40 Houses Amount NEF > 40 NEF 30-40 134 5,264 Insulated 4,226 874.78 Total NEF30- 40 4,226 874.78

Purchase Insulation Insulation 55 79 5,264 Sensitive Area 1 12.05

Grand total 1,035.94

As of November 30, 2012

Note: - * Accumulated from the first payment until November 30, 2012 -NEF : Noise Exposure Forecast 16 Future Airport Developments

Investment Cost Suvarnabhumi 1/ Expected Additional Capacity (billion baht) Timeframe 1. Projjgect Management 62.50 2011 - 2017 - 15 MAP Consultant (PMC) 2. 1st Midfield Satellite - 28 contacted gates 3. Apron around 1st Midfield Satellite 4. South Tunnel and Automated People Mover 5. Main Terminal Extension 6. Parking Garage and Airlines Office 7. Utilities

Note : 1/ The cabinet already approved on Aug 31, 2010 Phuket Investment Cost Expected Additional Capacity (billion baht) Timeframe 1. NIttilNew International 5.79 2009 – 2015 - 6 MAP Passenger Terminal 2. Renovation of the Existing - 4 contacted gates Terminal 3. Apron 4. Other related facilities 17 Commercial Projects

Don Muang International Airport Suvarnabhumi Airport • Private Jet Terminal • Community Mall • Central Warehouse Phuket International Airport • Hotel • Hospital • Private Jet Terminal • Office Building • Exhibition Center • Export Exhibition Center Chiang Mai International Airport

• Private Jet Terminal

18 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 FY11 FY12 FY11 FY12 FY11 FY12

BKK 76 58 66 45 47.80 52.37 3.00 1.33 1.36

DMK 60 19 23 36.5 3.97 2.72 1.27 0.007 0.003

HKT 20 21 19 6.5 8.21 9.16 0.036 0.028 0.032

CNX 24 13 14 8 3.68 4.33 0.035 0.021 0.021

HDY 20 10 10 1.9 1.83 2.01 0.013 0.015 0.016

CEI 12 6 5 3 0.81 0.93 0.005 0.004 0.005

19 Appendix B: AOT vs. Regional Airports Capacity

Area CitCapacity Cargoes Aircraft Runways Airports Total Terminal Passengers 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 1.27 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 3 0.005 1 45 x 3,000

Chek Lap 3,101 710,000 54 45 3 .00 2 60 x 3,800 Kok 60 x 3,800 Changi 3,212 1,043,020 n/a 64 2.00 3 60 x 4,000 59 x 2,748 60 x 4,000 Incheon 13,880 500,000 70 44 4.5 3 60 x 3,750 60 x 3,750 20 Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport – FY2012

Top 10 Airlines Top 10 Low Cost Carriers

1. Thai Airways International 26.72% 1. Thai Air Asia 59.92%

2. Thai AirAsia 14.56% 2. Nok Air 11.72%

3. Bangkok Airways 11.75% 3. Orient Thai Airlines 5.88%

4. Nok Air 2.85% 4. Tiger Airways 4.46%

5. Cathayyy Pacific Airways1.99% 5. Air Asia 4.40%

6. China Airlines 1.75% 6. JetStar Asia 2.54%

7. Singapore Airlines 1.42% 7. IndiGo Airlines 1.97%

8. Emirates 1.35% 8. Indonesia Air Asia 1.96%

9. Korean Airlines 1.11% 9. Jeju Air 1.73%

10. China S outh ern Air lines 1.09% 10. CEBU P acifi c Air Ai 1.58%

21 Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport – FY2012

Top 10 Airlines Top 10 Low Cost Carriers

1. Thai Airways International 36.25% 1. Thai Air Asia 60.11%

2. Thai Air Asia 12.17% 2. Nok Air 10.52%

3. BkkAiBangkok Airways 5.81% 3. OiOrient tThiAili Thai Airlines 5.26%

4. Cathay Pacific Airways 2.97% 4. Tiger Airways 4.69%

5. Emirates 2.68% 5. Air Asia 4.11%

6. Nok Air 2.13% 6. JetStar Asia 2.80%

7. Orient Thai Airlies 1.61% 7. IndiGo Airlines 2.09%

8. Qatar Airways 1.58% 8. Indonesia Air Asia 1.97%

9. Singapore Airlines 1.47% 9. Jeju Air 1.95%

10. China Ai rli nes 1.34% 10. CfCEBU Pacific Air 1.51%

22