Investor PresentationMARCH 2021

1

LEGAL 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 the affairsof the Company since such date. The third party information and statistical data in thispresentation have been obtained from sources the Company believes to be reliable but in noway are warranted by the Company as to accuracy or completeness. This presentation maynot contain all material information concerning the Company and the information set forth inthis 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 and uncertainties andare subject to change at any time. In the event such risks or uncertainties materialise, AAV’sresults could be materially affected. The risks and uncertainties include, but are not limited to,risks associated with the inherent uncertainty of airline travel, seasonality issues, volatile jetfuel prices, world terrorism, perceived safe destination for travel, Government regulationchanges and approval, including but not limited to the expected landing rights into newdestinations.

This presentation is strictly not to be distributed without the explicit consent of Company’smanagement under any circumstances.

BUSINESS OVERVIEW

3

A GLIMPSE OF ASIA AVIATIONSHAREHOLDING STRUCTURE: KEY MILESTONES:

Launched hub in Phuket

20172017Marketing Excellence Award, TMA

Outstanding IR Award, SET

2015

2014The World Best LCC’s OTP Flightstats

2013Launched hub in Chiang Mai

2012AAV was listed in the SET & increase its

shareholding in TAA to 55%Moved back to Don Mueang Airport

Owned first aircraft in our book

2010Comprised of single aircraft type the Airbus A320

2009 2007Moved to Suvarnabhumi AirportReceived first delivery Airbus A320

AAV was incorporated and acquired 50% of shares in TAA

2004Began services from Bangkok to Phuket, Hat Yai, Chiang Mai and Singapore with two Boeing aircraft

2016Received the first delivery A320neo

2018

First Thai LCC to receive AOC Re-Certification

2006

The best of Airline from the best of Thailand awards voted by Chinese touristsOUR VISION:

To be the leading sustainable travel technology company in Asia providing more than just affordable flights

OUR MISSION:1. To provide the highest quality product, embracing

technology to reduce cost and enhance service2. To create jobs across the region and be the best

company to work for where dreams come true3. To care for all our stakeholders, from Allstars,

guests, business partners, investors to communities and governments

4. To create a globally recognised, sustainable ASEAN brand focused on adding value to the economy, society and environment

2019Received the first delivery A321neoMember of THSI 2019, SETBest Website, IR Magazine

Best Annual Report, IR MagazineMember of THSI 2020, SET

2020

4

THAI AIRASIA AT A GLANCELargest low-fare airline in Thailand

1.2 1.8 3.0 3.6 4.2 5.0 5.7 6.9 8.3 10.5 12.2 14.8 17.2 19.8 21.6 22.1

9.5 9.56 9 12 15 16 20 19 2227

3540

4551

56 62 63 6254

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E

(MILLION)

(AIRCRAFT)

Fuel-efficient Airbus A320 family aircraft

Note: 1 As of 31 December 20202 Active Aircraft as of 30 November 2020

25 40

Carried over 167 million passengers over 17 years

134HUB

47AIRCRAFT

DMK 34HKT 2CNX 4BKK 7

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ACHIEVING STRONG BUSINESS GROWTH

● Over the last five years,

TAA has consistently

achieved among the

highest growth in

passenger and

capacity.

49%

15% 14%

-6%-20%

0%

20%

40%

60%

43%

12% 6%

-9%-20%

0%

20%

40%

60%

# Aircraft FY19 63 10340 24

Passenger Growth FY19 VS FY15

Capacity Growth FY19 VS FY15

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LOW COSTS ARE OUR DNAAirAsia’s relative cost advantage has grown

● Our competitive cost structure enables

us to offer the average fare lower than

our competitors on the same route.

● Competitors may match our price on

their seat to fill their excess capacity,

but to do so on most of their seats are

diluted to their results with unhealthy

load factors.

6

48%

73%

160%

51% 50%

178%

0%

50%

100%

150%

200%FY2015 FY2019

TAA’s Cost Advantage has grownCASK-EX Fuel % Higher than AirAsia

Note: 1 Cost-Ex Fuel excluded fuel cost, finance costs and tax expense(Source: SET filing, Company data, AAV calculated based on FY15 and FY19)

FINANCE REVIEW

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SOUND IMPROVEMENT IN 4Q2020, BUT HEADWINDS

LOAD FACTOR

74Percent

(12) ppts YoY

9 ppts QoQ

ASK

3,158million

(51%) YoY

70% QoQ

QoQ : improved by 70%on the back of the high travel demand in the festive season and the tourism stimulus schemesYoY: decreased by 51% YoY with 20% lower average stage length due to capacity management

QoQ : improved by 9 ppts on the back of upward air travel demand, despite of the impact of the new outbreakYoY :down by 12 ppts due to international border closures across the region

DOMESTICROUTE

405 Routes YoY

1 Route QoQ

PAXCARRIED

2.81 million

(48%) YoY

51% QoQ

QoQ : rose by 51% in support of domestic travel demand, together with the unlimited pass campaignYoY : Down by 48% as a 100% drop in foreign tourists aligns with industry

QoQ & YoY : increased due to launch a new hub at BKK on 25 Sept 2020 to attract a new customer base and enhance cargoes services

9

9,998

459

(135)

2,122

(862)(3,342)

3,433

(112)(2,032)

Sales & Services EBITDA Loss after Tax

SEEING SOME LIGHT AT THE END OF TUNNEL

QoQ : Increased mainly from more passengers; and higher ancillary revenues from baggage and infight pre-booked. SVB cargo flight starting late October 2020.

QoQ : Improved from a 62% rise in revenues while total operating cost up only by 10% (incl. fuel hedge loss of 799 MB in 4Q20) given capacity increased by 33%.

QoQ : Improved similarly per EBITDA trend incl. FX gain from Baht appreciation of 1,562 MB in 4Q20 whilst a loss on ROU impairment of 1,416 MB.

4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20

Unit

: Mill

ion

Baht

10

PERFORMANCE HIGHLIGHTS FY2020

REVENUES

16,236-61% YoY

EBITDA

(2,244)*

->100% YoY

TAA NET LOSS

(8,673)->100% YoY

AAV NET LOSS

(4,764)->100% YoY

ASK

10,174-62% YoY

RASK

1.34-10% YoY

CASK

2.3149% YoY

CASK EX-FUEL

1.6863% YoY

Due to COVID-19 which caused suspension on all international routes, TAA’s revenues decreased by 61% YoY from a 57% drop in passengers and a 19% drop in average fare. Operating cost also decreased by 44% YoY from strict cost control, contracts renegotiation and employees’ pay cuts & furlough.

ASK down by 62% YoY with 22% shorter average stage length due to a 52% drop in actual flight flown from 36 operational aircraft. RASK down by 10% YoY from a 66% drop in revenues in light of lower ASK. CASK and CASK ex-fuel increased by 49% and 63% YoY, mainly due to fixed cost, SLB aircrafts’ maintenance expense and fuel hedge loss. In 2020, fuel hedge loss amounted to 2,501 MB.

Unit : Million Baht Unit : Million Baht Unit : Million Baht Unit : Million Baht

Unit : Million Unit : Baht Unit : BahtUnit : Baht

Unit : Baht

Remark: * EBITDA (Adjusted amortisation of MRF) posted Baht (1,628) million

BUSINESS UPDATE & OUTLOOK

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REVIVING DOMESTIC MARKET, BUT HEADWINDSRamp up to the pre-covid 19 capacity by April

Note: 1 Data as of 16 February 2021 (Source: OAG, Company)

4.0 3.93.6

0.5 0.5

1.2

2.22.6

2.83.2

3.4

3.9

1.8

1.3

3.03.2

1.2 1.2 1.3

0.0 0.10.4

0.81.0 1.1 1.2 1.2 1.4

0.50.2

0.7

1.3

0

1

2

3

4

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21

Industry CompanyNew

Wave

Travel restrictions

Partial Lockdown

Unit : Million

93% 98% 97% 0% 11% 31% 59% 77% 96% 98% 108% 116% 40% 21% 57% 100%% to Pre-Covid

Domestic capacity, YoY

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Airline 2020 2019 YoY

Thai Airways* 83 83 0

Thai AirAsia* 62 63 -1

Bangkok Air* 39 40 -1

Thai Lion 14 34 -20

Nok Air 22 24 -2

Thai Smile 20 20 0

Thai Vietjet 15 11 +4

MAINTAIN NO.1 MARKET SHARE OF THAILAND

33%

18%17%

6%

9%

10%7%

35%

17%16%

12%

10%

7% 3%

PASSENGER MARKET SHARE1

Note: 1 Data From January- December of 2019 and 2020(Source: AAV, AOT and Department of Airport)

2 Data as of 31 December 2020 (Source: CAAT, *SET Filling as of 1 March 2021)

2019

2020

Nok Air

Thai AirAsia

Thai Lion

Thai VietJet

Thai Smile

Bangkok AIrThai Airways COMPETITORS FLEET2

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REDELIVERY AND REALLOCATION IN AA GROUPDeferment of new aircraft

61 60 52

2 22

A321 NEO A320Unit: AircraftCumulative Fleet

8

2021F 2020 2019

51Operating

leases7Financeleases

4Owned

AVG age

7.5 Yrs

Aircraft Age

49 Aircraft180 Seats

11 Aircraft186 Seats

2 Aircraft236 Seats

AIRBUS

AIRBUS

AIRBUS

NEO

NEO

Fleet Profile 1

(AAM 14, 3rd Party 37)

Note: 1 Data as of 31 December 2020

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KEY STRATEGIES OF 2021Well positioned for quick recovery and experienced in stimulating demand

Route Network

Revenue Growth

Operational Efficiency

Rationalise network and maximise profitabilityMaintain capacity to gain market share both DMK and BKKExplore fly-thru connection opportunity and accelerate Fly-Thru passengers among AirAsia’s network

Stimulate demand with attractive campaigns Reopen borders for tourism in 4Q2021Enhance price optimisation in seat selection and checked baggageGrowth in cargo revenue via TeleportExplore new initiatives for non-airline business

Agility team with optimal head countScale up BKK hub to more economy of scaleGreen flight operation, flight plan efficiencyDigital initiatives & innovative technologies to make air travel even safer and more seamless

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2. Europe – 17% 1

• Russia – Cover 1.5% of total population

• Germany – Cover 2% of total population

• France – Cover 1.4% of total population

VACCINATION OF TOP VISITORS TO THAILAND BY REGION3/19/2021

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1. EAST ASIA – 69% 1

• China – Cover 4% of total population

• Malaysia - Cover 68% of total population

• Korea – Cover 45% of total population

4. USA – 4% 1

• USA – Cover 90% of total population by the end of July

3. South Asia – 6% 1

• India – Cover 300 mil people 1st

phase (22% of total population) and 2nd phase by Aug

5. Oceania– 2% 1

• Australia – Cover 4 mil in March and enough to vaccine the entire population

7. Africa – 0.5% 1

6. Middle East – 1.5% 1

Resuming international flights in 4Q21 on the back of vaccines rolled out

Note: 1 Proportion of Tourist arrivals from January to December 2019 (Source: Ministry of tourism and sport )

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TAPPING ON LOGISTIC DEMANDEnhanced freight revenues via Teleport

Enlarged cargo services in both Don Mueang and

Suvarnabhumi Airports

Ready and committed to support the distribution of

COVID-19 vaccines in Thailand and the region

AirAsia Shop, food and fresh produce deliveries,

there is something for everyone on super app DMK

BKK

MLECMB

HKG

SIN

SGN

HANRGN

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IMPROVING OUR GUEST EXPERIENCEDigital initiatives to make air travel even safer and more seamless

Improved the customer experience and make flying not only safe and affordable but also more seamless and contactless than ever before, and incorporating Digital health passports as a single tool for health records across Asean and beyond to support the global travel recovery.Received Amazing Thailand Safety & Health Administration (SHA) certification from executives TAT and MOPH in an affirmation of the strict health and safety measures observed on its every flight.Launched WhatsApp chat for seamless communications

AVA has launched on popular messaging, apart from Facebook, allow guests to ask questions, and modify the travel.

Modernised website and mobile appUpdate ancillary combo options and merchandisingEveryone can travel, experience, shop, eat, enjoy rewards and more with the new airasia.com super app.

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19

AIRLINE OUTLOOK OF 2021

Revenue

Increase to 7.5 hrs of the operating aircraft with a targeted OTP at 90%

Utilisation

Maintain at 75% from active capacity management to match demand

Load FactorTargeted 9.5 millionPassenger

Capacity up to 12.73 million from the resumption of international flights in 4Q21

Capacity

Deferment of new aircraft deliveries and retirement A320, bringing its fleet to 54 aircraft

Aircraft

18% CASK ex-fuel reduction target in 2021 due to furlough, lower maintenance from less number of aircraft in the fleet

Stay LeanGrow on the back of ancillary income and the resumption of international flights

Forecast & Assumption- Jet Fuel price $65/barrel- FX at THB32/USD (Sensitivity -/+ 1 THB against USD EQUAL +/- $4.5/bbl Jet)

Don Mueang International Airport, 3rd Fl., Central Office Building, No.3200,Vibhavadi Rangsit Road, Sanambin, Don Mueang, Bangkok 10210

www.aavplc.com taa_ir@airasia.com +662 5625745-6

DOCUMENT LOCATION

RELEVANT MATERIALS

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ADOPTION OF NEW FINANCIAL REPORTINGSUn

it : M

illio

n Ba

ht

Consolidated P&L For 31 December 2020 TFRS16 TFRS9 SLB

Retain Earning (Beginning) (986) (258) -Other Comprehensive Income (Beginning) - (202) -

Effect to Retain Earning (Equities) (986) (460) -Rental Expense 5,914 - -EBITDA 5,914 - -Depreciation (4,672) - -Interest Expense (1,159) - -Derivative MTM Gain/(Loss) - (37) -Foreign exchange Gain/(Loss) 243 - -Gain on disposals of aircraft - - 1,332 Net Profit 325 (37) 1,332 Loss on CF hedge - Net tax - (170) -Total Comprehensive Income (Equities) 325 (207) 1,332

1 Jan

20

Prof

it an

d Lo

ss

22

27%Fuel Costs

18%Staff Costs

24%Depreciation & Amortisation

5%Ramp and

Airport Operation

11%Maintenance and overhaul

6%Selling and

Administrative

4%Other costs

COST BREAKDOWN FY2020

For 2021, it has hedged against Brent crude oil price at the average rate of 62 US dollars per barrel in range of 0-6.0 percent of the quarter fuel consumption.

0.63 0.52

1.681.03

2020 2019

2.311.55

Unit

: Bah

t +49%

FUELEX-FUEL

Cost per ASK5%

Finance Cost

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TAA : KEY STATISTICS4Q2020 4Q2019 Change FY2020 FY2019 Change

Passenger carried (Million seats) 2.81 5.42 -48% 9.49 22.15 -57%International passenger 0.00 2.23 -100% 1.44 9.14 -84%Domestic passenger 2.81 3.19 -12% 8.05 13.01 -38%Capacity (Million seats) 3.82 6.27 -39% 12.64 26.1 -52%Load factor 74% 86% -12 ppts 75% 85% -10 pptsRPK (Million) 2,368 5,433 -56% 7,735 22,670 -66%ASK (Million) 3,158 6,398 -51% 10,174 26,940 -62%No. of stages flown 21,153 34,743 -39% 69,368 144,421 -52%Average stage length (km) 820 1,020 -20% 804 1,033 -22%Fleet size (Aircraft) 62 63 -1 62 63 -1Aircraft utilisation (Hours/day) 6.3 11.8 -47% 7.4 12.3 -40%On time performance 98% 88% 10 ppts 96% 86% 10 pptsAverage fare (Baht) 1,023 1,508 -32% 1,199 1,478 -19%RASK (Baht) 1.09 1.56 -30% 1.34 1.49 -10%CASK (Baht) 1.73 1.61 8% 2.31 1.55 49%CASK ex-fuel (Baht) 1.21 1.11 9% 1.68 1.03 63%

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TAA STATEMENT OF COMPREHENSIVE INCOMEUnit: Baht million 4Q2020 4Q2019 Change FY2020 FY2019 Change

Revenue from sales and services 3,433 9,998 -66% 13,634 40,181 -66%

Other income 725 330 >100% 2,602 1,349 93%

Total revenues 4,158 10,328 -60% 16,236 41,529 -61%

Cost of sales and services 4,543 9,402 -52% 20,484 38,359 -47%

Selling and administrative expenses 595 891 -33% 1,858 3,300 -44%

Other expense 288 0 n.m. 1,453 0 n.m.

Total expenses 5,426 10,293 -47% 23,795 41,658 -43%

Profit (loss) from operating activities (1,268) 35 n.m. (7,558) (129) n.m.

Finance income 2 4 -57% 23 22 7%

Finance costs (447) (195) n.m. (1,800) (766) n.m.

Profit (loss) before income tax (1,713) (156) n.m. (9,335) (873) n.m.

Income tax revenue (expense) (319) 21 n.m. 662 1 n.m.

Net Profit (loss) for the period (2,032) (135) n.m. (8,673) (871) n.m.

Total Comprehensive income (1,493) (69) n.m. (8,889) (806) n.m.

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TAA STATEMENT OF FINANCIAL POSITIONUnit: Baht million FY2020 FY2019 ChangeAssets

Cash and Cash equivalents 1,012 3,890 -74%Other current assets 1,645 3,443 -52%Aircraft, leasehold improvements and equipment, net 6,174 24,821 -75%Right of use asset 28,527 - n.m.Other non-current assets 7,771 6,914 12%

Total assets 45,130 39,067 16%Liabilities

Deferred revenues 2,373 4,648 -49%Borrowings from financial institutions 4,860 6,389 -24%Debenture 3,098 4,097 -24%Liabilities under lease liabilities 30,701 - n.m.Liabilities under finance lease - 11,494 n.m.Other liabilities 7,594 5,600 36%

Total liabilities 48,626 32,229 51%Share capital

Ordinary Share Capital 436 436 0%Share Premium 2,629 2,629 0%

Retained earnings - legal reserve 44 44 0%Retained earnings - unappropriate (6,232) 3,731 n.m.Other components of shareholders' equity (372) - n.m.Total share capital (3,496) 6,838 n.m.Total liabilities and share capital 45,130 39,067 16%

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TAA : FINANCIAL SUMMARY

4Q2020 4Q2019 Change FY2020 FY2019 ChangeEarnings (loss) per Share (THB) -46.64 -3.09 ->100% -199.12 -20.01 ->100%Return on Total Assets -20.6% -2.3% -20.6% -2.3%Return on Shareholders' Equity -518.9% -11.9% -518.9% -11.9%EBITDA1 Margin -3.3% 4.6% -8 ppts -16.5% 3.1% -20 pptsNet Income Margin -59.2% -1.3% -58 ppts -63.6% -2.2% -61 pptsDebt : Equity ratio (Times) -11.06 3.21 -11.06 3.21Adjusted Debt2 : Equity ratio (Times) -3.37 - n.m. -3.37 - n.m.Net Gearing3 : Equity ratio (Times) -10.77 2.65 -10.77 2.65Adjusted Net Gearing4 (Times) -3.08 - n.m. -3.08 - n.m.Net Liabilities5 : Equity ratio (Times) -13.62 4.14 -13.62 4.14Note:1 The earnings before interest and tax, depreciation, and amortisation (EBITDA) margin derived from total incomes (excluding dividend income, gain on sale of investments, gain on sale of assets, finance income, gain on exchange rate, and gain on derivative ) less total expenses plus depreciation and amortisation expenses divided by revenues from sales and services2 Adjusted Debt = Borrowings from financial institutions + Finance lease liabilities + Debenture-Lease liabilities TFRS16 3 Net gearing = (Borrowings from financial institutions + Finance lease liabilities + Debenture) - Cash and Cash Equivalents – Short-term Investment – Deposit4 Adjusted Net gearing = (Borrowings from financial institutions + Finance lease liabilities + Debenture-Lease liabilities TFRS16) - Cash and Cash Equivalents – Short-term Investment - Deposit5 Net Liabilities = Total liabilities – Cash and Cash Equivalents – Short-term Investments - Deposit

Percentage Point (PPT)

27

AAV STATEMENT OF COMPREHENSIVE INCOMEUnit: Baht million Consolidated Change Consolidated Change4Q2020 4Q2019 FY2020 FY2019Revenues from sales and services 3,433 9,998 -66% 13,634 40,181 -66%Other income 726 332 119% 2,603 1,350 93%Total revenues 4,159 10,329 -60% 16,237 41,531 -61%Cost of sales and services 4,543 9,402 -52% 20,484 38,359 -47%Selling and administrative expenses 592 890 -34% 1,851 3,295 -44%Other expense 288 0 n.m. 1,453 0 n.m.Total expenses 5,423 10,292 -47% 23,788 41,653 -43%Profit (loss) from operating activities (1,265) 38 n.m. (7,551) (122) n.m.Finance income 2 5 -58% 24 22 6%Finance cost (447) (196) n.m. (1,800) (766) n.m.Profit (loss) before income tax (1,710) (154) n.m. (9,327) (866) n.m.Income tax revenue (expense) (319) 21 n.m. 660 (1) n.m.Profit (loss) to Equity holders of the Company (1,114) (72) n.m. (4,764) (474) n.m.Total CI to Equity holders of the Company (818) (36) n.m. (4,883) (438) n.m.Earnings (loss) per share (THB) (0.2298) (0.0149) n.m. (0.9823) (0.0977) n.m.

28

AAV STATEMENT OF FINANCIAL POSITIONUnit: Baht million Consolidated ChangeFY2020 FY2019Assets

Cash and Cash equivalents 1,110 3,982 -72%Other current assets 1,650 3,445 -52%Aircraft, leasehold improvements and equipment, net 6,230 24,877 -75%Right of use asset 28,527 - n.m.

Intangible assets 1) 14,871 14,879 0%Goodwill 2) 8,825 8,825 0%Other non-current assets 6,764 6,895 -2%

Total assets 67,978 62,903 8%Liabilities

Deferred revenues 2,373 4,648 -49%Borrowings from financial institutions 4,860 6,389 -24%Debenture 3,098 4,097 -24%Liabilities under lease liabilities 30,701 - n.m.Liabilities under finance lease - 11,494 n.m.Other liabilities 9,586 8,586 12%

Total liabilities 50,617 35,214 44%Share capital

Ordinary Share Capital 485 485 0%Share Premium 2,600 2,600 0%Retained Earnings – Legal reserve 49 49 0%Retained Earnings – Unappropriated 11,337 16,811 -33%Equity attributable to owner of the Company 14,266 19,944 -28%

Total share capital 17,360 27,688 -37%Total liabilities and share capital 67,978 62,903 8%

1) Baht 14,873 million for landing rights which is tested for impairment together with the impairment of goodwill2) The Company had gained controls over TAA according to an “Amended and Restated Shareholders‘ Agreement” from 51% to 55% interest in TAA

Load Factor = Represents the number of passengers carried as a proportion to capacity, which is the number of seats available for passengers.Available Seat Kilometres (ASK) = which is the total number of seats available on all flights multiplied by the number of kilometres these seats were flownRevenue Passenger Kilometres (RPK) = Revenue passenger kilometres, which is the number of paying passengers carried on all flights multiplied by the number of kilometres 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 & administrative expenses and lease interest divided by ASKCost per ASK (CASK ex-fuel) = Calculated as the sum of Thai AirAsia's operating costs, selling & administrative expenses and lease interest less fuel costs divided by ASKAverage Stage Length (kilometres) = Represents the average number of kilometres flown per flightAircraft Utilisation = 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.

GLOSSARY