Bangkok Airways1Q2017

Information contained in our presentation is intended solely for your reference.

Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning the company.

In addition, the information contains projections and forward-looking statements that reflect the company’s current views with respect to future events and financial performance.

These views are based on assumptions subject to various risks. No assurance can be 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.

Disclaimer 2

Market Overview 3

International Visitor Arrival to Thailand(All Modes of Transportation)

Source : Department of Tourism Y2014-Jan-Mar2017Fiscal Policy Office, Y2016-Y2017

Unit: Million

Source : Department of Tourism

APAC + Australasia -1% +3%

China -7% +33%

Europe +6% -3%

Middle East +15% +3%

Grand Total +2% +2%

IVA to Thailand BA

%Change

(1Q2016 vs 1Q2017)Region

26.74 24.8229.85

32.60

9.04 9.19

37.2

Y2013 Y2014 Y2015 Y2016 1Q2016 1Q2017 Y2017(F)

-7%

+20%+9%

+2%

+14%

%Change ComparisonInternational Visitor to Thailand vs Bangkok Airways

Airline Industry in Global (1Q2017)

RPK : +7%

ASK : +6%

Fare : -10%Source : IATA

+15%

Operating Statistics 1Q-17 4

Passenger (Thousand)1,623 (+3%)

1Q-16 : 1,580

RPK (Million Seat-Km.)

1,230 (+7%)

1Q-16 : 1,154

ASK (Million Seat-Km.)

1,728 (+11%)

1Q-16 : 1,551

RASK(THB/ASK)3.74 (-15%)

1Q-16 : 4.42

CASK(THB/ASK)3.36 (+2%)

1Q-16 : 3.29

Unit Margin(THB/ASK)0.38 (-66%)

1Q-16 : 1.13

Total Revenue(MB)

7,469 (-4%)

1Q-16 : 7,776

Net Profit(MB)

565 (-64%)

1Q-16 : 1,575

EBITDAR(MB)

1,991 (-30%)

1Q-16 : 2,851

Boutique Airline

• Lounges for all passengers

• Meals on board

• Unique network covering 25+ tourist destinations

Own & Operate 3 Resort Style Airports

• Samui

• Sukhothai

• Trat

3 Airport Related Services at BKK Airport

• Catering Service

• Ramp & Ground Service

• Cargo Terminal

Strategic Investment

• 7.83% in BDMS

• 33% in SPF

4 Key Components to Support Sustainable Growth 5

BAC : Improving profit from new customers 6

Key Highlight

BA holds 90%

No. of customer = 24 (+6 YoY)

Meal Uplift : 2.95 Million (+6%YoY)

AVG Meal per day : 32,790 Meals (+7%YoY)

Developments :

BAC Phuket – Expected to operate in 3Q2017(Capacity : 10,000 Meals/Day)

Gourmet Primo – Expected to operate in 4Q2017

BAC Chiang Mai – Expected to operate in Y2018

Major Customers :

New Customers :

386 443

1,350 1,456 1,456

126 133372 432 419

85 91267 285 276

33%

30% 28%30%

29%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0200400600800

1,0001,2001,4001,6001,8002,0002,2002,4002,600

1Q-16 1Q-17 Y2014 Y2015 Y2016

Revenue (MB) EBITDA (MB) Net Profit (MB) EBITDA Margin (%)

BAC 25%

Others 75%

Market Share

BFS Ground : Steady growth in performance 7

Key Highlight

BA holds 98.88%

No. of customer = 70 (+2 YoY)

The first & only ISAGO certified operator in BKK airport

No. of flights serviced : 17,460 Flights (+10%YoY)

Revenue +8%YoY

Net Profit +35%YoY

Major Customers :

New Customers :

599 648

1,9492,130

2,383

120 147246 305

405

71 95 111 146255

20%

23%

13%14%

17%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

1Q-16 1Q-17 Y2014 Y2015 Y2016

Revenue (MB) EBITDA (MB) Net Profit (MB) EBITDA Margin (%)

BFS Ground

56%

Others44%

Market Share

BFS Cargo : Strong Profit from Pricing Adjustment 8

Key Highlight

BA holds 49%

No. of customer = 64 (+2 YoY)

The first & only ISAGO certified operator in BKK airport

Revenue +13%YoY

Net Profit +29%YoY

Major Customers :

New Customers :

401 453

1,558 1,5681,702

170 208

684 672773

111 144

454 444 527

42%

46%

44%43%

46%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

44.0%

46.0%

48.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

1Q-16 1Q-17 Y2014 Y2015 Y2016

Revenue (MB) EBITDA (MB) Net Profit (MB) EBITDA Margin (%)

BFS Cargo 49%

Others51%

Market Share

Boutique Airline

• Lounges for all passengers

• Meals on board

• Unique network covering 25+ tourist destinations

Own & Operate 3 Resort Style Airports

• Samui

• Sukhothai

• Trat

3 Airport Related Services at BKK Airport

• Catering Service

• Ramp & Ground Service

• Cargo Terminal

Strategic Investment

• 7.83% in BDMS

• 33% in SPF

4 Key Components to Support Bsuiness Growth 9

Fare Pressure due to high competition affected Revenue 10

Passenger Revenue

Unit: MB & %Proportion

Key Highlight – All Routes

Passenger Revenue : -4%YoY (Mainly from Samui Domestic)

Average Fare : -6%YoY

Passenger : +3%YoY (All routes)

Samui Indochina Domestic (excl. Samui & Indochina) International (Others)

1Q-16 1Q-17 Y2014 Y2015 Y2016

18,064

47%

22%

25%

6%

19,517

+8%

46%

22%

26%

6%

20,761

+6%

47%

22%

24%

7%

47%22%25%6%

49%20%26%5%

6,279 6,042

-4%

Samui-Domestic 37%

Samui-International 12%

International Point of Sale (POS) was main Revenue Contribution11

Europe + Middle East

28% (-6%YoY)

1Q-17

APAC + Australasia (excl Thailand)

26% (-3%YoY)

1Q-17

Thailand only

21% (+2%YoY)

1Q-17

www.bangkokair.com

19% (-10%YoY)

1Q-17

>70%Booking

from Abroad

POS dropped mainly from

Germany (-18%YoY)

UK (-14%YoY)

Myanmar (-27%)

Cambodia (-12%)

Key Highlight (Y2017-18)

More Seat Capacity from EU &

Asia to BKK, SIN & KUL

approximately +12% per Year*

*Remark: Existing & Potential Codeshare Partners including Thai Airways provided %Growth

Gain more Proportion on Passenger Revenue 12

Codeshare Partners : Currently 22 partners

Xiamen Air – New Codeshare Partner

Passenger Revenue from Xiamen Air +127%YoY

Y2017 : Expected 1 Airline in Hong Kong + 3 Airlines in Asia

% of Passenger Revenue (Codeshare & Interline)

Interline Partners Updates : Currently +70 partners

Top 5 Interline Partners (Passenger Revenue Contribution)

Target additional 4 New Codeshare partners in Y2017,

expected 25% of Passenger Revenue 24% 24%

18% 20%23%

1Q-16 1Q-17 Y2014 Y2015 Y2016

Unit: %

Potential Growth Contributed from BA’s Direct Flights to China

*Source: Department of Tourism

13

BA’s direct flights from Samui to China have

potential growth by increasing revenue from China

POS, while Market drops

%Change 1Q-16 1Q-17

Chinese Visitors to Thailand* +31% -7%

BA : Point of Sales in China +12% +36%

% of Total Passenger Revenue 1Q-16 1Q-17

BA Revenue from China Pointof Sales

5% 7%

Network Plan to Capture Demand & China Market 14

Capture Demand

Increase Frequency

Bangkok-Danang from 4 to 7 Flights Weekly

1Q-17Chiang Mai-Mae Hong Son from 10 to 14 Flights Weekly

Chiang Mai-Mandalay from 4 to 7 Flight Weekly

Bangkok-Chiang Mai from 7 to 9 Flights Daily

Y2017

Bangkok-Vientiane* from 7 to 14 Flights Weekly

Chiang Mai-Samui from 1 to 2 Flights Daily

Chiang Mai-Phuket from 1 to 2 Flights Daily

Phuket-Bangkok from 9 to 10 Flights Daily

China Market

Current Samui-Chengdu 4 Flights Weekly (Jan 2017)

Y2017New Route

Samui-Guangzhou Daily Flight

Samui-CHINA*

Untried & Unfound Destinations in Indochina

New Route Phu Quoc* in Vietnam 3 Flights Weekly

Y2017Bagan* in Myanmar 3 Flights Weekly

*Subjected to Government Approval

Fleet Status & Plan

Average of 3-4 aircrafts per year

15

6-Owned

7-FL

9-OL

12-OL

6-Owned

9-FL

9-OL

12-OL

6-Owned

9-FL

9-OL

15-OL

ATR 72-600 4 7 9 9

ATR 72-500 8 6 6 6

A320 8 9 9 9

A319 11 12 12 15

2015 2016 Apr-17 2017E

3134

36 39

31 34 36 39

Y2015 Y2016 Apr-17 Y2017

Declined Advanced Booking from Weaker Demands

Advanced Booking Traveling within 3Q2017 : Segmented by Region

16

Samui-Domestic

43%

Cambodia7%

Myanmar3%

Laos2%

Vietnam3%

Samui53%

Indochina 15%

Others -Domestic 29%

Other - International 3%

Samui-International

10%

-6%YoY

Boutique Airline

• Lounges for all passengers

• Meals on board

• Unique network covering 25+ tourist destinations

Own & Operate 3 Resort Style Airports

• Samui

• Sukhothai

• Trat

3 Airport Related Services at BKK Airport

• Catering Service

• Ramp & Ground Service

• Cargo Terminal

Strategic Investment

• 7.83% in BDMS

• 33% in SPF

4 Key Components to Support Sustainable Growth 17

Samui Airport Update :

Approved number of flight : 50 flights per day*

Submitted EIA report to Office of Natural Resources &

Environmental Policy and Planning for 70+ flights approval

Create Strategic Route Network Through Boutiques Airports 18

Other Airlines AVG Flight/Day

2

2

Scheduled Charter 1

*Approved by CAAT in November 2014

AVG Flight/Day Y2015 Y2016 Y2017E

All Airlines 38 40 42

BA only 32 34 37

Samui Passengers (All Airlines)Unit: Thousand

Sukhothai PassengersUnit: Thousand

Trat Passengers

Unit: Thousand

730 718

2,120 2,2342,554

1Q-16 1Q-17 Y2014 Y2015 Y2016

16 22

48 54

74

1Q-16 1Q-17 Y2014 Y2015 Y2016

31 31

73 73

91

1Q-16 1Q-17 Y2014 Y2015 Y2016

-2%

+5%+14%

+35%

+11%

+38%

+1%+24%

0%

New Development 19

New Aircraft Maintenance Facility at Sukhothai Airport

New Airport Development in Domestic & International

New Catering Facility at Chiang Mai Airport

Samui Renovation Project : Expect to start construction in 4Q2017

Financial Highlight

Financial Overview 21

Revenue

EBITDAR & Net Profit

Unit: MB & EBITDAR Margin (%)

Major Expenses (% of COGS)

Unit: %Unit: MB

6,139 5,923

17,513 19,104 20,431879 983

2,6843,148 3,415

697 527

1,611 2,0472,298

1Q-16 1Q-17 Y2014 Y2015 Y2016

Passenger Sales & Services Others

7,776 7,469

22,12424,903 26,766

-4%

+13%+7%

16% 20% 30% 24%16%

17% 13%11% 12%

16%

9% 11%10% 9%

9%

17% 17%15% 17%

17%

15% 14% 13%15%

17%

24% 25% 22% 13%25%

1Q-16 1Q-17 Y2014 Y2015 Y2016

Fuel AC Maintenance AC Lease

Passenger Service Salary & Wages Others

2,8511,991

4,0385,293

6,570

1,575 565 386 1,849 1,837

37.2%

26.9%

18.6%22.0%

25.3%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

1Q-16 1Q-17 Y2014 Y2015 Y2016

506

Additional Corporate Income Tax (one off)

RASK vs CASK & Unit Margin 22

CASK Fuel Cost per ASK

RASK (THB per ASK)

CASK(THB per ASK)

Salary & Wage Cost per ASK Maintenance Cost per ASK

4.423.74

3.41 3.60 3.69

3.29 3.36 3.26 3.30 3.36

1Q-16 1Q-17 Y2014 Y2015 Y2016

0.48

0.49

0.54

0.47

0.66

0.42

0.39

0.92

0.35

0.47

0.75

0.38

0.52

0.50

0.48

Cost per ASK (1Q-16 vs 1Q-17)

Fuel : +32%YoY

Maintenance : -22%YoY

Salary & Wages : -2%YoY

1.13

0.380.15

0.30 0.38

Unit MarginRASK-CASK

(THB per ASK)

Effective Fuel Hedging 23

Jan/17 Feb/17 Mar/17 Apr/17 May/17 Jun/17 Jul/17 Aug/17 Sep/17 Oct/17 Nov/17 Dec/17 Jan/18 Feb/18 Mar/18 Apr/18 May/18 Jun/18

30

35

40

45

50

55

60

65

70

0%

10%

20%

30%

40%

50%

60%

70%

80%

Avg. MOPS BA's fuel price Hedged cost (LHS) Indicative price % Hedged (RHS)

Hedging Policy50-70% of Fuel Consumption

*Indicative price provided by PTT as of 26th April 2017

1Q 2Q 3Q 4Q 1Q 2Q

Hedge Ratio 54% 57% 65% 65% 52% 47%

Average Hedge Cost 57 58 61 63 64 63

Average Hedge Cost

Average Effective Cost 60 60 62 63 64 63

Average Effective Cost

60

61

BA2018

64

63

2017

Thank You

Email: ir@bangkokair.com

Appendix : Dividend PaymentDividend Policy to pay at least 50% of Net Profit (Separate FS)

25

0.25 0.250.20

0.450.50

Y2014 Y2015 Y2016

Interim Annual

Y2014 Y2015 Y2016

Earning per Share (THB) 0.30 0.89 0.84

Dividend per Share (THB) 0.20 0.70 0.75