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Analyst Meeting 1Q/2015

DISCLAIMER

The presentation is dated the day it is given. The delivery of this presentation shall not,under any circumstances, create any implication that there has been no change in theaffairs of the Company since such date. The third party information and statistical datain this presentation have been obtained from sources the Company believes to bereliable but in no way are warranted by the Company as to accuracy or completeness.This presentation may not contain all material information concerning the Company andthe information set forth in this material is subject to change without notice.

These materials included herein that are not historical facts are forward-lookingstatements. Such forward looking statements involve a number of risks anduncertainties and are subject to change at any time. In the event such risks oruncertainties materialize, AAV’s results could be materially affected. The risks anduncertainties include, but are not limited to, risks associated with the inherentuncertainty of airline travel, seasonality issues, volatile jet fuel prices, world terrorism,perceived safe destination for travel, Government regulation changes and approval,including but not limited to the expected landing rights into new destinations.

This presentation is strictly not to be distributed without the explicit consent ofCompany’s management under any circumstances.

1Q2015 KEY HIGHLIGHTS

No. 1 Low Fare Airline of Thailand

Introduced 3 New Routes ; Nan, Loey and Roi Et

Growing load factor of 83% (+3 ppts YoY)

Passengers carried at 3.7 million, rocketed by 19% from prior year, beating 15% capacity growth YoY

Rebounded International tourists, Average fares increased by 3% YoY to 1,755 Baht, while 3% growth in RASK

Plummeted drop in oil price, CASK dropped by 7% to Baht 1.52 YoY

42 aircraft as at 1Q2015 (FY2014:40) with utilization 11.5 hrs/day (FY2014 : 10.9 hrs/day)

TAA’s cash balance of Baht 7.0 Billion2

(net debt/equity 0.98X)

World’s Best Low Cost Airline for 6 years straight and Best Asian Low Cost Carrier’ for the 8 times by TTG Travel

Note : 1 As of March 2015 (Resource : AAV, AOT and DCA)2 Including cash and cash equivalents, S-T investments, Investment in private funds L-T investments.

3

Low Fare Airline of Thailand

Rebounded International tourists 7%

drop of CASK

7Billion Baht

3% Growth in RASK

42Aircraft

83%Load Factors

3New Routes

1,469 2,433

6,426 5,208

1Q14 1Q15 2013 2014

6,460 7,734

23,485 25,356

1Q14 1Q15 2013 2014

245

923

1,948

335

1Q14 1Q15 2013 2014

TAA : FINANCIAL HIGHLIGHTS

4

Unit: Million Baht

REVENUESUnit: Million Baht

EBITDAR

NET PROFIT1Q14 VS 1Q15 • Revenues increased by 20% due to an

increase in Avg. fares• EBITDAR margin was at 31% (+8 ppt

YoY) mainly from lower fuel cost• Net profit margin was at 12% (+8 ppts

YoY)

+20% YoY

+8% YoY

>100% YoY

-83% YoY

+66% YoY

-20% YoY

Unit: Million Baht

139

506

1,043

183

1Q14 1Q15 2013 2014

AAV : FINANCIAL HIGHLIGHTS

6,460 7,734

23,485 25,356

1Q14 1Q15 2013 2014

5

Unit: Million Baht

REVENUESUnit: Million Baht

NET PROFIT

1Q14 VS 1Q15 • Revenue was at Baht 7,734 million

(+20% YoY) • Net profit (Parent) was Baht 506.4

million (+>100% YoY)• Basic EPS was 0.1044 baht/share

+20% YoY

+8% YoY

+>100% YoY

0.0287

0.1044

0.2150

0.0378

1Q14 1Q15 2013 2014

Unit: Baht

BASIC EPS

-82% YoY

-82% YoY

+>100% YoY

2735

4045

5055

60

2012 2013 2014 2015E 2016E 2017E 2018E

• 42 aircraft as of March 2015• All A320s with single-class 180 seats

capacity• Average age : 3.7 Yrs as of March 2015 28 operating leases 14 finance leases

6

FLEET PLAN

Unit: Aircraft

5-year fleet plan

CONFIRMED EXPANSION PLAN:FLEET PROFILE:

• Planned 5 new deliveries in 2015E 3 more deliveries in 1H2015 2 more deliveries in 2H2015

+5+5

+5

+5

7

As ended of: 1Q2015

No. of routes- Domestic- International

532330

No. of weekly flights(Dom:Int’l -> 61:39)

966

ROUTE NETWORK

Route movements:

Additional frequencies:

New destinations:

1Q2015 • Bangkok –Phnom Penh (2nd) (Jan)

• Bangkok –Nakonphanom (2nd)(Jan)

• Phuket –Bangkok (13th)(Mar)

• Bangkok – Nan (1st,2nd)(Feb)

• Bangkok –Loei(1st,2nd)(Feb)

• Bangkok – RoiEt (1st,2nd)(Feb)

2Q2015 • Bangkok -Phuket (14th)(May)

• Bangkok –Buri Ram (1st)(Apr)

Nanjing

Ningbo

NanLoei

80% 83% 82% 83% 80%

1Q14 1Q15 2012 2013 2014

+3 ppts YoY

AVERAGE FARE* RECOVERY

2.0 2.35.0 6.4 7.4

1.1 1.4

3.34.2

4.8

1Q14 1Q15 2012 2013 2014

Domestic International

3.1+19% YoY

3.7

+16% YoY

1,712 1,7551,977 1,885 1,726

1Q14 1Q15 2012 2013 2014

-8% YoY+3% YoY

3,822 4,436

10,499

12,95115,419

1Q14 1Q15 2012 2013 2014

+16% YoY

+19% YoY

OPERATIONAL HIGHLIGHTS

8

SOLID LOAD FACTORGROWING PASSENGERS CARRIEDUnit: Million passengers

CONTINUE EXPANDING ASK Unit: Million Unit: Baht per pax

* Included fuel surcharge

10.58.3

-3 ppts YoY12.2

0.88 0.93 0.94 0.95 0.93

0.76 0.59 0.75 0.72 0.73

123.7

72.2

126.7 122.8 116.5

1Q14 1Q15 2012 2013 2014

IMPROVING RASK

9

REVENUE PER ASK (RASK)

1.691.74

1.84 1.81

1.64

1Q14 1Q15 2012 2013 2014

Unit: Baht

+3% YoY

Unit: Baht

1.691.64 1.52

CASK ex-fuel

Fuel Cost

Jet1 ($/bbl.)

-7% YoY

SG&A,7%

Fuel,39%

Aircraft lease,14%Staff,11%

Repair and maintenance,8%

Ramp and airport operation,12%

Guest service and distribution,4%

Dep. & amort.,4%

Others, 1%

-9% YoY 1.67-1% YoY

1 MOPS Singapore

1.66

1Q15 2Q15 3Q15 4Q15

Current Hedge Ratio 50% 50% 50% 50%

Avg Hedge Cost(USD –Jet Kero) 98 88 84 84

Avg Hedge Cost 2015 88

Avg Effective Cost(USD –Jet Kero) 82 82 83 84

Avg Effective Cost 2015 83

POSITIVE FUEL ENVIRONMENTEXPENSE BY NATURE

COST PER ASK (CASK)

+1%

ANCILLARIES ENHANCEMENT

10

1,149 1,261

2,9413,759

4,385

369 341 354 358 359

1Q14 1Q15 2012 2013 2014

Ancillary revenue (Baht mil.)

Ancillary per pax (Baht) -8% YoY

+10% YoY

+0.3% YoY

+17% YoY

STRATEGIES

Improve system

• Educate market of AirAsia key ancillary

products VS competitors’ bundle prices

• New booking system will drive existing

ancillary take up

• WIFI and other new services to enhance

ancillary to the next level

• Connectivity to popular leisure destination via

FLY-THRU

• Introduce Premium Flex to new target of

business travelers

2%Passengers

Target 23% in 2020

16%of Revenue

2015F LOOKING FORWARD

• Average fare will improve by 3-5% in 2015

• 5 additions in 2015F (FY2014: 40 aircraft being 28 OLs vs 12 FLs)

• 2015F targets of 14.5 mil pax with 83% LF (FY2014: 12.2 mil pax and 80% LF)

• Cost Reduction ; More Automation

• New system will improve user experience and drive existing ancillary take up

• Enhancing connectivity within our network via fly-thru

• Refocusing on Domestic and Domestic hub to hub

1111

Email: [email protected] : (+66) 02 5625745-6

10.1 11.7 11.613.8 14.5 14.6 14.1 15.9

19.122.3

26.5 24.828.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

• Tourist visit rocketed by 24% YoY amid Thai's slowing economy

• Government unveiled a “2015 Discover Thainess” campaign aimed at promoting Thai culture and traditions

• Continual increasing trend of LCCs, capturing 39% of the market (both domestic & international)

13

THAILAND MARKETYTD2015: Tourists by nationality; ASEAN & Chinese tourists still driven market

Source: Thailand’s Department of Tourism

Continual strong tourists arrivals in the last 11-year

66.376.1

88.3 90.5

28.417.7 21.9 28.2 35.0

11.2

26.6%28.8%

31.9%38.6% 39.4%

2011 2012 2013 2014 YTD15

All traffics LCC traffics LCC penetration

Growing LCC penetration based on AOT passenger traffics (million)

Source: AOT’s (March)

Source: Immigration Bureau, Police Department. (March)

SARS Tsunami Flood

H1N1 outbreak, red mob invasion

Suvarnabhumi airport closure

Bird flu

PoliticalProtest

CoupCoup

January-March

Nationality 2015 2014 %∆

Number %Share Number %Share 15/14East Asia 4,946,345 62.80 3,178,581 49.85 55.61 ASEAN 1,860,955 23.63 1,359,737 21.33 36.86 China 2,033,495 25.82 1,036,938 16.26 96.11 Hong Kong 145,108 1.84 59,284 0.93 144.77 Japan 368,415 4.68 314,599 4.93 17.11 Korea 374,808 4.76 315,729 4.95 18.71 Taiwan 147,088 1.87 82,484 1.29 78.32 Others 16,476 0.21 9,810 0.15 67.95 Europe 1,884,950 23.93 2,240,379 35.14 - 15.86 Americas 340,060 4.32 319,288 5.01 6.51 South Asia 309,197 3.93 265,465 4.16 16.47 Oceania 208,302 2.64 216,437 3.39 - 3.76 Middle East 154,656 1.96 122,518 1.92 26.23 Africa 33,216 0.42 33,212 0.52 0.01 Grand Total 7,876,726 100.00 6,375,880 100.00 23.54

(million)

TAA STATEMENT OF COMPREHENSIVE INCOME

14

Unit: Baht million 1Q15 1Q14 Change 2014 2013 Change

Revenues 7,734 6,460 20% 25,356 23,485 8%Operating costs (6,152) (5,861) 5% (23,695) (19,908) 19%Net Gain (loss) from FOREX 15 (17) >100% 126 258 -51%Other income 198 174 14% 793 670 18%Total SG&A (577) (390) 48% (1,927) (1,732) 11% EBIT 1,218 366 >100% 653 2,773 -76%Finance costs (108) (54) >100% (313) (171) 83%Income tax (187) (67) >100% (5) (654) -99% Net profit 923 245 >100% 335 1,948 -83%Total comprehensive income 923 245 >100% 345 1,960 -82%Earnings per share (THB) 21.19 5.62 >100% 7.7 44.72 -83%Net profit margin 12% 4% +8 ppts 1% 8% -7pptsEBIT margin 16% 6% +10 ppts 3% 12% -9pptsEBITDA margin 19% 8% +11 ppts 6% 13% -7pptsEBITDAR margin 31% 23% +8 ppts 21% 27% -6ppts

TAA STATEMENT OF FINANCIAL POSITION

15

*Including cash and cash equivalents, S-T investments, Investment in private funds and L-T investments.

Unit: Baht million 1Q2015 FY2014 Change

Cash and equivalents* 6,955.8 7,573.8 -8%Aircraft, leasehold improvements, Equipment -net 18,490.5 15,932.4 16%Intangible assets 11.6 11.5 1%Other non-current assets 865.9 812.7 7%Total assets 28,385.3 25,689.3 10%Deferred revenues 4,136.7 4,629.2 -11%Finance lease liabilities 13,929.3 12,077.0 15%Deferred tax liabilities, net 538.7 351.8 53%Total liabilities 21,261.5 19,488.3 9%Paid-up share capital 435.6 435.6 0%Premium on share capital 2,628.8 2,628.8 0%Retained earnings 4,059.4 3,136.6 29%Total shareholders’ equity 7,123.8 6,201.0 15%

TAA KEY OPERATIONAL STATISTICS

16

1Q15 1Q14 Change 2014 2013 Change

Passengers carried (million) 3.7 3.1 19% 12.2 10.50 16%

Capacity (million seats) 4.5 3.9 15% 15.3 12.63 21%

Load factor 83% 80% +3 ppts 80% 83% -3 ppts

RPK (million) 3,694 3,058 21% 12,420 10,829 15%

ASK( million) 4,436 3,822 16% 15,419 12,951 19%

No. of stages flown 24,872 21,590 15% 85,074 70,149 21%

Average stage length (km) 991 984 1% 1,008 1,026 -2%

Average fare (THB) 1,755 1,712 3% 1,726 1,885 -8%

RASK (THB) 1.74 1.69 3% 1.64 1.81 -9%

CASK (THB) 1.52 1.64 -7% 1.66 1.67 -1%

CASK ex-fuel (THB) 0.93 0.88 6% 0.93 0.95 -2%

AAV STATEMENT OF COMPREHENSIVE INCOME

17

Unit: THB million

1Q15 1Q14 2014 2013

Revenues 7,734 6,460 20% 25,355.5 23,485.0 8%

Operating costs (6,156) (5,866) 5% (23,707.7) (19,928.4) 19%

Net Gain (loss) from FOREX 15 (17) >100% 126.0 258.2 -51%

Other income 198 174 14% 793.8 670.6 18%

Total SG&A (577) (388) 49% (1,924.9) (1,755.7) 10%

EBIT 1,215 363 >100% 642.8 2,729.8 -76%

Finance costs (108) (54) >100% (312.8) (171.0) 83%Share of loss from investment in an associate

(0) - N.A.

Income tax (186) (62) >100% 1.3 (651.2) -100%

Net profit (loss) attributable to: 920 247 >100% 331.3 1,907.7 -83%

Owners of the parent 506 139 >100% 183.2 1,042.8 -82%

Non-controlling interests 414 108 >100% 148.1 864.9 -83%

Earnings per share (THB) 0.1044 0.0287 >100% 0.0378 0.2150 -82%

ConsolidatedChange

ConsolidatedChange

AAV STATEMENT OF FINANCIAL POSITION

18

1Q2015 FY2014

Cash and equivalents* 6,956.5 7,579.4 -8%Aircraft, leasehold improvements, Equipment -net 18,586.3 16,033.3 16%Intangible assets 14,868.1 14,868.0 0%Goodwill 8,824.8 8,824.8 0%Total assets 52,187.3 49,501.8 5%Deferred revenues 4,136.7 4,629.2 -11%Finance lease liabilities 13,929.3 12,077.0 15%Deferred tax liabilities, net 3,531.9 3,345.6 6%Total liabilities 24,251.3 22,485.9 8%Paid-up share capital 485.0 485.0 0%Premium on share capital 2,599.8 2,599.8 0%Retained earnings 16,955.8 16,449.4 3% Equity attributable to parent 20,040.6 19,534.2 3%Non-controlling interests 7,895.4 7,481.7 6%Total shareholders’ equity 27,936.0 27,015.9 3%

Unit: THB millionConsolidated

Change

*Including cash and cash equivalents, S-T investments, Investment in private funds and L-T investments.

POTENTIAL TAAX CONTRIBUTION

Background:

• JV between 49% AirAsia X in Malaysia (AAX) and 51% Thai

individuals

• Medium-haul LCC model flying 4-8 hours

• A330-300 fleet of 377 seats (365 seats

+ 12 flat beds)

• Connecting North Asia and Australia

markets to Don Mueang hub (DMK)

Updates:

• 2 aircraft in 2014 and take in 5 aircraft in 2015

• Sapporo (7x weekly) inaugural flight on 1st May 2015

• 2nd tier China, and more exotic destinations in planning

• Frequencies Increase in 2015; • Incheon (from 7x weekly to 14x weekly)

• Osaka (from 7x weekly to 14x weekly)

• Narita (from 7x weekly to 14x weekly)

19

1-2%Increaseof TAA LF

GLOSSARYLoad Factor = Represents the number of passengers carried as a proportion to capacity, which is the number of seats available for passengers (180 seats for Airbus A320)Available seat kilometers (ASK) = which is the total number of seats available on scheduled flights multiplied by the number of kilometers these seats were flownRevenue Passenger Kilometers (RPK) = Revenue passenger kilometers, which is the number of paying passengers carried on scheduled flights multiplied by the number of kilometers those seats were flownAverage Fare = Calculated as Thai AirAsia' s total passenger revenues and fuel surcharge divided by total number of passengers carriedRevenue per ASK (RASK) = Calculated as Thai AirAsia's revenues divided by ASKCost per ASK (CASK) = Calculated as the sum of Thai AirAsia's operating costs, selling expenses and administrative expenses (but excluding finance costs) divided by ASKCost per ASK (CASK ex-fuel) = Calculated as the sum of Thai AirAsia's operating costs, selling expenses and administrative expenses (but excluding finance costs) less fuel costs divided by ASKAverage stage length (kilometer) = Represents the average number of kilometers flown per flightAircraft Utilization = Represents the average block hours per day per aircraft during the relevant period. Block hours is calculated by measuring the duration between the time of departure of an aircraft and the time of arrival at its destination.On time performance (%) = A flight is deemed "on time" if the actual departure time is no more than 15 minutes of the scheduled departure time.

20

3%Growth in RASK

1Q2015 Key Highlights

Note : 1 As of December 2014 (Resource : AAV, AOT and DCA)2 Including cash and cash equivalents, S-T investments, Investment in private funds and L-T Fixed Deposit

23

19% Growth YoY

15%Growth in Capacity

Rebounded International tourists

7%Drop in CASK

42 AircraftUtilization 11.5 hrs/day

7Billion in Cash2

(net debt/equity 0.98X)

3New Routes

Low Airfare Airline of Thailand

83% Load Factor