2Q2019 RESULTS BRIEFING 13 August 2019

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 data inthis presentation have been obtained from sources the Company believes to be reliablebut in no way are warranted by the Company as to accuracy or completeness. Thispresentation may not contain all material information concerning the Company and theinformation 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 and uncertaintiesand are subject to change at any time. In the event such risks or uncertainties materialize,AAV’s results could be materially affected. The risks and uncertainties include, but are notlimited to, risks associated with the inherent uncertainty of airline travel, seasonalityissues, volatile jet fuel prices, world terrorism, perceived safe destination for travel,Government regulation changes and approval, including but not limited to the expectedlanding rights into new destinations.

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

DISCLAIMER

1

THAILAND MARKET

2

31% 30%

North America

36% 36%

Europe

51%

55%

South Asia

48%49%

SE Asia

LCC penetration 1

52% 52%

Thailand

2018 2019

CHINA

Edged down 5% YoY and 29% contribution

ASEAN

Grew 5% YoY and 26% contribution

EUROPE

Edged down 2% YoY and 18% contribution

SOUTH ASIA

OVERALL

2H19 visitors expected to grow 7% to 20 mil

E.Asia 68%

EU 18%

S.Asia 6%

US 4%Others

4%

20million

1H19 International Tourists Achieved 19.8 million or Up 1% YoY

Grew 20% YoY and 6% contribution

EXPECTED OVER 40 MILLION VISITORS IN 2019 OR 5% YOY

1 source: CAPA

3

5.6mil(+5%)

60%3.3 mil (-1%)

40%2.3 mil (+16%)

► AirAsia bagged "World's Best Low Cost Airline" for the 11th

Consecutive Year.

► Passengers grew 5% on the back of an 8% capacity growth.

► ASK rose 12% as launching 7 new routes.

► Average fare was at Baht 1,390 per pax down 1%, resulting from the sluggish growth of tourism and Baht appreciation.

► Ancillary revenues were Baht 1,876 million up 15% or Baht 336 per pax up 9% YoY, due to dynamic pricing and value pack enhanced seat selection and inflight revenues.

► CASK was 1.57 Baht down 2% YoY. Fuel per ASK was 0.55 Bahtdown 6%, while CASK ex-fuel was 1.02 Baht unchanged YoY.

► Core Revenues were Baht 9,609 million, up 6% YoY with 10% EBITDAR Margin.

► TAA & AAV reported net loss of Baht 879 million and Baht 482 million down 55%, YoY respectively.

► Net gearing was at 2.37x with a cash balance at Baht 2.8 billion.

KEY HIGHLIGHTS 2Q2019

86%83% 12.5hrs

Load Factor On-Time Utilisation

ASK

13,777+11% YoY

RASK

1.51-8% YoY

CASK

1.55-1% YoY

CASK EX-FUEL

1.01+1% YoY

Bahtmillion Baht Baht

TOTAL REVENUES

21,6384% YoY

EBITDAR

3,880-20% YoY

TAA NET PROFIT

24-98% YoY

AAV NET PROFIT

15-98% YoY

million Bahtmillion Baht million Baht million Baht

PERFORMANCE HIGHLIGHTS 1H2019

4

• Total revenues increased 4% due to an increase in ancillary revenues and number passengers, despite lower average fares mainly from the china market.

• Operating profits dropped YoY mainly from staff costs and fuel costs along with a rise in fuel consumption.

• ASK up by 11% YoY due to the international route expansion, despite an 8% decrease in RASK.• CASK almost unchanged from the same period last year as a result of the high utilisation, while CASK ex-fuel increased partly the

recognition of the additional long-term employee benefit liabilities of Baht 111 million.

FLY-THRU

• 2Q19 up by 76% from an increase in AirAsia Group flights, reflected a 79% growth in traffics

• Fly-Thru pax was at 7% of total pax

SEAT SELECTION

• 2Q19 up by 30% YoY• Emphasis on dynamic pricing and Value Pack,

Government and Premium Flex with travel protection

IN-FLIGHT SERVICES

• Continue promoting pre-book In-flight combo set• Enhance house-brand on F&B• Launch “Magic Journeys” merchandise.

CHECKED BAGGAGE

• 2Q19 up by 4% YoY, relating to international passenger growth

OTHERS (Cargo, Tune, Fees)

• Fee structure adjustment; processing fee• Fly-Thru lounge access

DIGITAL TO ENHANCE ANCILLARY2Q19 ACHIEVED 1,876 MB (+15%YOY) OR BT 336 PER PAX (+9%YOY)

5

19%Revenues

8%

9%

6%

48%

6

TAA has hedged 65% of Brent at an effective cost of Jet at $76/bbl and $74/bbl for 2019 and 2020.

Sensitivity: +/- 1 Baht against USD equal +/- 5 USD per barrel Jet

Fuel costs in 2Q19 grew 6% along with a 14% rise in the fuel consumption, despite a 4% decrease in fuel price.

AirAsia Group2019

20201Q 2Q 3Q 4Q

Current Hedge Ratio 53% 52% 70% 85% 73%

Avg Brent Hedge (USD – jet kero)

67 64 62 61 60

Hedge Cost (USD – jet kero)

81 78 77 76 75

Effective Cost(USD – jet kero)

78 77 76 75 74

Hedge Position

Note: Information as of Aug 12, 2019* Excluding D Factor and Excise Tax

COST BREAKDOWN

35% Fuel Costs

15% Staff Costs

13% Aircraft and Aircraft Engine Rental

9% Repair and Maintenance

12% Ramp and Airport Operation

6% Selling and Administrative

10% Other costs

1H19

Thai AirAsia, 32.7%

Nok Air, 18.4%

Thai Lion Air, 15.7%

Thai Smile, 9.4%

Thai Airways, 7.0%

Thai VietJet,

6.0%

7

Note: 1 4M2019 (Source: AAV, AOT and Department of Airport)2 Capacity share as of FY2019 (source : OAG)3 As of April 30 2019

MARKET SHARE1 BY PAX FLOWN

10 City transfer routes

DOMESTIC MARKET IN 4M20191

13 Unique routes 3

23 Destinations

11Island transfer routes

65%

RegionalMarket

Regional Capacity2

8

27.24

48.38 49.55 47.49

2013 2014 2015 2016 2017 2018 2019

MORE RATIONAL COMPETITION IN DOMESTIC MARKET

THAILAND DOMESTIC CAPACITY

DECELERATED GROWTH SPUR AVG. FARE

(source : OAG)

32%

31%

2019

2018

AirAsia Capacity

Unit : million

9

ADD FREQUENCIES: NEW ROUTE:

2Q19 DMK – Roi Et

DMK – Khon Kean

DMK – Shenzhen

CNX – Danang

DMK – Nha Trang

DMK – Can Tho

CEI – Shenzhen

CNX – Shenzhen

DMK – Ahmedabad

HKT – Phnom Penh

3Q19 DMK – Sihanoukville

4Q19 DMK – Jaipur

ROUTE NETWORKPROACTIVE STRATEGY OF EXPANDING TO INDIA AND AROUND INDOCHINA

10

62 63 62

• New A321 NEOs aircraft are fuel efficient & have lower cost per seat (>50 seats)

• A321 NEOs aircraft deliveries from 2020 onwards to break the airport’s bottleneck

62 6157

2 5

2018 2019F 2020F

A321 NEOs A320Unit: Aircraft

CUMULATIVE FLEET

FLEET PLAN

FLEET PROFILE

AVG age : 6.3 Yrs

Operating leases 41

Finance leases 15

Owned 6

Note: 1 Information as of June 30, 2019Neo: 11 Aircraft, CEO : 51 Aircraft(OP-AAM 17, OP 3rd Party 24)

11

COMPANY GROWTH STRATEGIES

DiversifyNetwork

CostReduction

Revenue Growth

U-Tapao Airport MRO center

• Interested to invest in a MRO center in Thailand

• Subject to government approval

• Invest in pilot training academy and flight simulator center

• Aim to reduce cost >100 MB

Training Academy

• Develop U-Tapao Airport to turn Thailand into Asean's aviation hub (10% stake)

Growth in ancillary to revenue each year, expected to see 25% in next 5 yrs

+1%

+10%Growth in cargo revenue each year, cooperate with TeleportDOMESTIC,

45%

CHINA, 20%

CLMV, 15%

ASEAN ex CLMV, 10%

SOUTH ASIA, 10%

+2%Growth in Fly-Thru passengerseach year

Revenues by routes in 5-year

AVERAGE FARE

Improve airfare with a solid load factor

2019-2020 ECONOMIC OUTLOOK

Political stability, GDP Growth at 3.7-3.9%

CAPACITY

Grow up to 11% YoYFLEET

Take new A321neo from 2019 onwards

AIRCRAFT UTILISATION

Fleet and Slot management to enhance the utilisation rate to 12.5hrs

THE CATALYST

COST DEDUCTIONCOMPETITION

More rational competition in domestic market, reflected in a 4% deduction in capacity

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ANCILLARYImprove up to 10% YoY

driven from data team centreof excellence

TOURISM STIMULUS Waive VOA fees until 31 October 2019

Increase cost efficiency & productivity• Driving fuel usage through data analytic• Predictive maintenance to increase efficiency• A321neo aircraft are fuel efficient & have lower

cost per seat• Capacity Management

FUEL OIL

EIA forecasts Brent prices will avg. $64/b in 2H19 and $65/b in 2020 as production growth outpaces consumption growth.

• Baht strengthen ahead of other regional currencies• Fed & BOT cut policy rate by 0.25ppt

EXCHANGE & INTEREST RATE

NETWORKRationalise route network

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

Investor Feedback

TAA : KEY STATISTICS

2Q2019 2Q2018 Change 1H2019 1H2018 Change

Passenger carried (Million seats) 5.58 5.31 +5% 11.44 10.95 +4%

International passenger 2.25 1.95 +16% 4.67 4.06 +15%

Domestic passenger 3.33 3.36 -1% 6.77 6.89 -2%

Capacity (Million seats) 6.75 6.28 +8% 13.26 12.50 +6%

Load factor 83% 85% -2 ppt 86% 88% -2 ppt

RPK (Million) 5,643 5,194 +9% 11,794 10,812 +9%

ASK (Million) 6,903 6,147 +12% 13,777 12,391 +11%

No. of stages flown 37,364 34,771 +7% 73,425 69,277 +6%

Average stage length (km) 1,023 978 +5% 1,039 991 +5%

Fleet size (Aircraft) 62 59 +3 62 59 +3

Aircraft utilisation (Hours/day) 12.5 11.9 +0.6 12.5 12.2 +0.3

On time performance 86% 87% -1ppt 85% 84% +1ppt

Average fare (Baht) 1,390 1,402 -1% 1,474 1,537 -4%

RASK (Baht) 1.39 1.47 -5% 1.51 1.64 -8%

CASK (Baht) 1.57 1.59 -2% 1.55 1.56 -1%

CASK ex-fuel (Baht) 1.02 1.02 0% 1.01 1.00 +1%

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TAA STATEMENT OF COMPREHENSIVE INCOME

Unit: Baht million 2Q2019 2Q2018 Change 1H2019 1H2018 Change

Revenue from sales and services 9,609 9,051 +6% 20,764 20,305 +2%

Gain on exchange rate 212 - N.A. 351 28 >+100%

Other income 194 252 -23% 522 563 -7%

Total revenues 10,015 9,303 +8% 21,637 20,896 +4%

Cost of sales and services (9,987) (9,000) +11% (19,606) (17,759) +10%

Selling and administrative expenses (818) (794) +3% (1,693) (1,573) +8%

Loss on exchange - (49) N.A. - - N.A.

Total expenses (10,805) (9,843) +10% (21,299) (19,332) +10%

EBIT (790) (540) -46% 338 1,564 -78%

Finance costs (180) (177) +1% (371) (348) +7%

Profit (loss) before income tax (970) (718) -35% (33) 1,216 >-100%

Income tax 91 150 -39% 57 51 +12%

Net Profit (loss) (879) (568) -55% 24 1,267 -98%

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TAA STATEMENT OF FINANCIAL POSITION

Unit: Baht million 2Q2019 FY2018 Change

Assets

Cash and Cash equivalents 2,843 4,037 -30%

Other current assets 2,862 2,238 +28%

Aircraft, leasehold improvements and equipment, net 25,450 26,129 -3%

Other non-current assets 6,019 5,514 +9%

Total assets 37,174 37,918 -2%

Liabilities

Deferred revenues 4,164 4,987 -17%

Borrowings from financial institutions 4,180 3,488 +20%

Debenture 4,096 4,095 0%

Finance lease liabilities 12,252 13,219 -7%

Other liabilities 4,814 4,351 +11%

Total liabilities 29,506 30,140 -2%

Share capital

Ordinary Share Capital 436 436 0%

Share Premium 2,629 2,629 0%

Retained earnings - legal reserve 43 43 0%

Retained earnings - unappropriate 4,560 4,670 -2%

Total share capital 7,668 7,778 -1%

Total liabilities and share capital 37,174 37,918 -2% 16

2Q2019 2Q2018 Change 1H2019 1H2018 Change

Earnings (loss) per Share (THB) -20.18 -13.03 -55% 0.55 29.09 -98%

Return on Total Assets -3.0% 7.0% -3.0% 7.0%

Return on Shareholders' Equity -12.7% 25.2% -12.7% 25.2%

EBITDAR Margin 10% 13% -3 ppt 18% 24% -6 ppt

EBIT Margin -8% -6% -2 ppt 2% 8% -6 ppt

Net Income Margin -9% -6% -3 ppt 0.1% 6% -6 ppt

Debt1 : Equity ratio (Times) 2.75 2.00 2.75 2.00

Net Debt2 : Equity ratio (Times) 2.37 1.37 2.37 1.37

Net Liabilities3 : Equity ratio (Times) 3.60 2.18 3.60 2.18

TAA : FINANCIAL SUMMARY

Note: 1 Debt = Borrowings from financial institutions + Finance lease liabilities + Debenture

2 Net Debt = (Borrowings from financial institutions + Finance lease liabilities + Debenture) - Cash and Cash Equivalents – Short-term Investments

3 Net Liabilities = Total liabilities – Cash and Cash Equivalents – Short-term Investments

Percentage Point (PPT)

17

AAV STATEMENT OF COMPREHENSIVE INCOME

Unit: Baht millionConsolidated

ChangeConsolidated

Change2Q2019 2Q2018 1H2019 1H2018

Revenue from sales and services 9,609 9,051 +6% 20,764 20,305 +2%

Gain on exchange rate 212 - N.A. 351 28 >+100%

Other income 194 252 -23% 523 563 -7%

Total revenues 10,015 9,303 +8% 21,638 20,896 +4%

Cost of sales and services (9,987) (9,000) +11% (19,607) (17,759) +10%

Selling and administrative expenses (817) (787) +3% (1,691) (1,572) +8%

Loss on exchange - (49) N.A. - - N.A.

Total expenses (10,804) (9,835) +10% (21,298) (19,331) +10%

EBIT (789) (533) -48% 340 1,565 -78%

Finance costs (180) (177) +1% (372) (348) +7%

Profit (loss) before income tax (969) (710) -36% (32) 1,217 >-100%

Income tax 91 149 -30% 57 51 +11%

Profit (loss) attributable to (878) (561) -56% 25 1,268 -98%

Equity holders of the company (482) (306) -58% 14 698 -98%

Non-controlling interests of the subsidiary (396) (255) -55% 11 570 -98%

Earnings (loss) per share (THB) (0.0995) (0.0631) -56% 0.0030 0.1439 -98%

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Unit: Baht millionConsolidated

Change2Q2019 FY2018

AssetsCash and Cash equivalents 2,930 4,123 -29%

Other current assets 2,867 2,243 +28%Aircraft, leasehold improvements and equipment, net 25,506 26,185 -3%

Intangible assets 1) 14,879 14,883 0%Goodwill 2) 8,825 8,825 0%Other non-current assets 5,990 5,488 +9%

Total assets 60,997 61,747 -1%Liabilities

Deferred revenues 4,164 4,987 -17%

Accrued expenses 2,558 2,562 +8%

Finance lease liabilities 12,252 13,219 -7%Borrowings from financial institutions 4,180 3,488 +20%Debenture 4,096 4,095 0%Other liabilities 5,232 4,773 +5%

Total liabilities 32,482 33,124 -2%

Share capitalOrdinary Share Capital 485 485 0%

Share Premium 2,600 2,600 0%Retained Earnings – Legal reserve 48 48 0%Retained Earnings – Unappropriated 17,263 17,322 -0%Non-controlling interests 8,118 8,167 -1%

Total share capital 28,515 28,623 -0%

Total liabilities and share capital 60,997 61,747 -1%

AAV STATEMENT OF FINANCIAL POSITION

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GLOSSARY

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 flown

Revenue 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 flown

Average Fare = Calculated as Thai AirAsia' s total passenger revenues and fuel surcharge divided by total number of passengers carried

Revenue per ASK (RASK) = Calculated as Thai AirAsia's revenues divided by ASK

Cost per ASK (CASK) = Calculated as the sum of Thai AirAsia's operating costs, selling expenses and administrative expenses (but excluding finance costs) divided by ASK

Cost 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 ASK

Average Stage Length (kilometres) = Represents the average number of kilometresflown per flight

Aircraft 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.

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