Bangkok Airways2Q-2017

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 : International Visitor Arrival to Thailand

International Visitor Arrival to Thailand(All Modes of Transportation)

Source : Department of Tourism Y2013-Jan-Jun2017Fiscal Policy Office, Y2016-Y2017

Unit: Million

*Remarks : IVA = International Visitor ArrivalSource : Department of Tourism

APAC + Australasia +3% +3%

China -4% +43%

Europe + ME +8% +12%

Grand Total +4% +4%

IVA* to ThailandBangkok

Airways

%Change

(6M2016 vs 6M2017)Region

29.932.6

14.816.6 17.3

37.2

Y2015 Y2016 1H15 1H16 1H17 Y2017E

+9%

+12%+4%

+14%

3

Global APAC

RPK +8% +11%

ASK +6% +8%

Fare* -5% n.a.

Airline Industry Trend (6M-17)

*Remarks : May-Jun 2017 DataSource : IATA

Operating Statistics 2Q & 6M 2017

1,295

(+5%)

2Q-16 : 1,239

1,026

(+8%)

2Q-16 : 946

1,637

(+12%)

2Q-16 : 1,466

2,918

(+4%)

6M-16 : 2,819

2,258

(+8%)

6M-16 : 2,100

3,364

(+12%)

6M-16 : 3,017

Passenger (Thousand)

RPK (Mil. Seat-Km.)

ASK (Mil. Seat-Km.)

2.92

(-12%)

2Q-16 : 3.33

3.36

(+5%)

2Q-16 : 3.20

(0.45)

(-446%)

2Q-16 : 0.13

3.34

(-14%)

6M-16 : 3.89

3.36

(+3%)

6M-16 : 3.25

(0.02)

(-103%)

6M-16 : 0.64

RASK (THB/ASK)

CASK (THB/ASK)

Unit Margin (THB/ASK)

5,982

(-1%)

2Q-16 : 6,055

411

(-65%)

2Q-16 : 1,163

(521)

(-365%)

2Q-16 : (112)

13,451

(-3%)

6M-16 : 13,830

2,402

(-40%)

6M-16 : 4,013

44

(-97%)

6M-16 : 1,463

Consol. Revenue (MB)

EBITDAR (MB)

Net Profit (MB)

4

2Q-16 : 1,239 6M-16 : 2,819 2Q-16 : 3.33 6M-16 : 3.89 2Q-16 : 6,055 6M-16 : 13,830

3 Airport Related Services at BKK Airport15

BAC : Starts to Operate Catering in Phuket

Key Highlight : 6M-2017

BA holds 90% in BAC

No. of airline customer = 21

Meal Uplift : 5.3 Million (+4%YoY)

AVG Meal per day : 29,128 Meals (+4%YoY)

BAC-BKK Major Customers :

BAC 25%

Others 75%

Market Share

6

Developments :

1. BAC Phuket – Starts operation in July 2017

(Capacity : 2,140 Meals/Day)

2. Gourmet Primo – Expected to operate in 4Q2017

3. BAC Chiang Mai – Expected to operate in Y2018

BAC-Phuket Current Airline Customers :

323 352

709 795

1,456 1,456

81 72207 205

432 419

48 42 133 133285 276260 250

25.2%

20.5%

29.2%

25.9%

29.6% 28.8%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0200400600800

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

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

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

BFS Ground : Steady Growth with Strong Performance

Key Highlight : 6M-2017

BA holds 98.88% in BFS Ground

No. of customer = 72 (+1 Airline)

The first & only ISAGO certified operator in BKK airport

No. of flights serviced : 33,893 Flights (+9%YoY)

Revenue +6%YoY

Net Profit +14%YoY

Major Customers :

New Customers :BFS Ground

56%

Other 44%

Market Share

7

568

95 97215 244 305

405

53 52 123 148 146255

117 117 101201

16.9% 16.4%18.6%

19.8%

14.3%

17.3%

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

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

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

BFS Cargo : Strong Profit from New Services & Pricing Adjustment

Key Highlight : 6M-2017

BA holds 49% in BFS Cargo

No. of customer = 65 (+1 Airline)

The first & only ISAGO certified operator in BKK airport

Revenue +13%YoY

Net Profit +27%YoY

Major Customers :

New Customers :BFS

Cargo 49%

Other 51%

Market Share

8

411 464

812917

1,5681,702

185 223355 430

672773

124 156 235 300444 527

225 225405 465

45.2%

48.0%

43.8%

47.0%

42.9%

46.1%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

44.0%

46.0%

48.0%

50.0%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

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

Boutique Airlines29

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

Fare Pressure due to high competition affected Revenue

Passenger Revenue

Unit: MB & %Proportion

Key Highlight : All Routes (6M-2017)

Passenger Revenue : -2%YoY (Mainly from Indochina)

Average Fare : -6%YoY due to high competition

Passenger : +4%YoY (All routes)

4,382 4,357

10,661 10,398

19,51720,761

47%22%23%8%

49%19%24%8%

47%

22%

25%6%

49%

20%25%6%

46%

22%

26%

6%

47%

22%

24%

7%

+6%

-1%

-2%

10

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

International Point of Sale (POS) was main Revenue Contribution

11

Europe + Middle East

2Q-17 : 27% (+7%YoY)

6M-17 : 25% (+3%YoY)

APAC + Australasia(exclude Thailand)

2Q-17 : 30% (-4%YoY)

6M-17 : 28% (-4%YoY)

Thailand Only

2Q-17 : 18% (-5%YoY)

6M-17 : 16% (-9%YoY)

www.bangkokair.com

2Q-17 : 20% (-5%YoY)

6M-17 : 19% (-8%YoY)

>70% Booking from Abroad

Top 3 Europe POS (6M-17)

UK

Germany

France

Top 3 Asia POS (6M-17)

China

Cambodia

Hong Kong

22% 21% 23% 23%20%

23%

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

Reach more passengers through Codeshare Partners

Codeshare Partners : Currently 23 partners

Hub: Hong Kong Int’l Airport

Parent: Hainan Air

Fleets: 33 Aircrafts

Destination Network: Cover >30 Cities in Asia

% of Passenger Revenue (Codeshare & Interline)

Interline Partners Updates : Currently 70+ partners

Top Interline Partners (Passenger Revenue Contribution)

Unit: %

12

New Codeshare Partners in Y2017

Non Alliances

Tapped Chinese FITs through Direct Flights & Interline Partners

*Source: Department of Tourism

BA’s direct flights from Samui to China :

Samui-Chengdu started in July 2016

Samui-Guangzhou started in January 2017

Samui-Chongqing started in July 2017

have potential growth by increasing both passenger

& revenue from China POS, while Market drops

%Change 2Q-16 vs 17 6M-16 vs 17

Chinese Visitors to Thailand* +0.1% -4%

Bangkok Airways +59% +43%

Passenger Revenue from Point of Sales in China

2Q-16 2Q-17 6M-16 6M-17

4% 6% 5% 7%

13

Interline Partners from China

Network Plan to Capture Demand & China Market

Capture More Demand

Increase Frequency

Bangkok-Danang 4 7 Flights Weekly

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

Chiang Mai-Mandalay 4 7 Flight Weekly

Bangkok-Chiang Mai 7 8 Flights Daily

Y2017Bangkok-Vientiane* 7 14 Flights Weekly

Chiang Mai-Samui 1 2 Flights Daily

China Market

CurrentSamui-Chengdu 4 Flights Weekly 3Q-16

Samui-Guangzhou Daily Flight 1Q-17

New Route Samui-Chongqing 3 Flights Weekly July 17

First Move to Untried & Unfound Destinations

New Route Phu Quoc in Vietnam 4 Flights Weekly (Oct 2017) Y2017*Subjected to Government Approval

14

Fleet Status & Plan

Average of 3-4 aircrafts per year

6-Owned

7-FL

9-OL

12-OL

6-Owned

9-FL

9-OL

14-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 14 15

2015 2016 Aug-17 2017E

3134

38 39

FL = Financial LeaseOL = Operating Lease

15

Airbus A319 Airbus A320 ATR72-600 ATR72-500

Advanced Booking

Advanced Booking Traveling within 2H2017 : Segmented by Region

Samui-Domestic

35%

Cambodia

8%

Myanmar

5% Vietnam

2%

Samui-International

7%

16

Samui42%Indochina 17%

Others - Domestic38%

Other - International 3%

Laos

2%

+5%YoY

Own & Operate 3 Resort-Style Airports317

18 17

49 48

73

91

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

16 1832

4054

74

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

730 7181,292 1,317

2,2342,554

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

Samui Airport Update :

Approved to operate 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

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

18

+13%

+24%

+38%

+24%

-3%

-1%

+14%

-2%

+2%

Financial Highlight

19

1,163 411

4,013

2,402

5,293

6,570

(112) (521)1,463 44

1,8491,837

20.6%

7.3%

30.2%

18.4%22.0%

25.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

-1,000-500

- 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

EBITDAR Net Profit EBITDAR Margin

17% 19% 16% 20% 24% 16%

15% 14% 16% 14% 12%16%

9% 9% 9% 10% 9% 9%

17% 15% 17% 16% 17% 17%

16% 16% 16% 15% 15% 17%

25% 26% 25% 25% 23% 25%

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

Fuel AC Maintenance AC Lease Passenger Service Salary & Wages Others

4,345 4,25910,484 10,182

19,104 20,431

801 899

1,680 1,882

3,1483,415

909 825

1,667 1,388

2,6512,920

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

Passenger Sales & Services Others

Financial Overview

Revenue

EBITDAR & Net Profit

Unit: MB & EBITDAR Margin (%)

Major Expenses (% of COGS)

Unit: %Unit: MB

20

26,76624,903

+7%

-3%

-1% 13,45213,831

5,9836,055

506

Additional Corporate Income Tax (one off)

3.2 3.36 3.25 3.36 3.30 3.36

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

RASK vs CASK & Unit Margin

CASK Fuel

RASK (THB per ASK)

CASK(THB per ASK)

Salary & Wage Maintenance

Cost per ASK (6M-16 vs 6M-17)

Fuel : +28%YoY

Maintenance : -21%YoY

Unit MarginRASK-CASK

(THB per ASK)

21

3.332.92

3.893.34 3.60 3.69

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

0.13(0.44)

0.64

(0.02)

0.30 0.33

2Q-16 2Q-17 6M-16 6M-17 Y2015 Y2016

0.49

0.510.460.50

0.50

0.62

0.470.50

0.480.500.50

0.52

0.48

0.64

0.440.52

0.470.750.380.52

Passenger Service Fee

0.520.500.480.53

Effective Fuel Hedging

Hedging Policy50-70% of Fuel Consumption

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

23

30.000

35.000

40.000

45.000

50.000

55.000

60.000

65.000

70.000

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

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

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

2017

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

Hedge Ratio 53% 61% 65% 65% 65% 66%

Average Hedge Cost 59 60 61 65 65 65

Average Hedge Cost

Average Effective Cost 62 61 60 62 63 63

Average Effective Cost

61

61

BA2018

65

63

Thank You

Email: ir@bangkokair.com

23

Appendix: News Update

Skytrax Awards : World Best Regional Airline 2017 Best Regional Airline in Asia 2017

Smart Travel Asia Awards : Top 10 Airlines Worldwide 2017 Top 10 Airlines Cabin Service Worldwide 2017 Top 10 Airports Worldwide for Samui Airport 2017

Air Transport Award : Best Full-Service Boutique Airline – APAC 2017

24

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

• 33.03% in SPF

Appendix: 4 Key Components to Support Sustainable Growth

25