Disclaimers

The information contained herein is intended to represent the Company’s operating and financial position at a given point in

time and may also contain forward looking information which only reflects expectations based on the prevailing geo-political,

economic and non-controllable factors. Such information has been obtained from sources believed to be most reliable and

the means in analyzing and preparation of such information for disclosure are based on approve practices and principles in

the investment industry. The views are based on assumption subject to various risks and uncertainties and no assurance is

made as to whether such future events will occur. No assurance is made as to the accuracy or completeness of information

presented in this document.

FreeFlexibleFree 15 kg

“Serve with Nok Kanom” “Seat Selection” “Free of charge at least

a weight of 15 kg. ”

Remark: 1/ Fleet number as of 30 April 2014

2/ Routes is as of 30 April 2014

“Wi-Fi on Board target to launch in Q2/2014”

3

Model Boeing 737-800 ATR 72 - 500

Fleet/1

(Aircrafts)15 2

Capacity (Seats) 186 - 189 66 - 72

# Primary RoutesCurrent Weekly Flight

Frequency*1

2

3

4

5

6

7

8

9

Bangkok – Hat Yai

Bangkok – Chiang Mai

Bangkok – Udon Thani

Bangkok – Nakhon Si Thammarat

Bangkok – Ubon Ratchathani

Bangkok – Surat Thani

Bangkok – Phuket

Bangkok – Chiang rai

Bangkok – Krabi

56

49

42

35

42

35

28

42

14

Secondary Routes10

11

12

13

Bangkok – Phitsanulok

Bangkok – Trang

Bangkok – Sakhon Nakhon

Bangkok – Nakhon Phanom

21

14

7

7

Feeder Routes14

15

16

17

18

19

20

21

22

Bangkok – Mae Sot

Chiang Mai – Udon Thani

Bangkok – Nan

Bangkok – Roi Et

Bangkok – Chumphon

Bangkok – Loei

Bangkok – Ranong

Bangkok – Prae

Bangkok – Burirum

14

7

14

7

7

7

7

7

7

International Routes23 Bangkok - Yangon 14Flight Schedule for Summer 2014

4

Unit: % Unit: %

As of 31 March 2014

Web site and

Electronics

63%

Call Center

10%

Station

11%

Travel Agent

10%

Corporate

and Group

Sales

5%

Other

1%

Credit card

57%

7- eleven

17%

Cash

11%

Direct Debit

8%

ATM

6%

Others

1%

5

3,282

6,784 9,816 11,538

15,191 17,988

19,357 51% 50%42%

55%

65%

79% 83%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

-

5,000

10,000

15,000

20,000

25,000

Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14

No. of Passenger and Cabin Factor for

Don Meuang - Rangoon

Cabin Factor No of PassengerCabin Factor Cabin FactorCabin FactorNo. of

Passenger

•High awareness of NOK in Myanmar Market

•Cabin Factor reached above 80%

• First flight 1 November 2013

• Started 2nd daily flight from Jan 2014, able to

serve both Business and Leisure sectors

6

3.13

4.15

5.89

1.431.77

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

2011 2012 2013 Q1/2013 Q1/2014

1,014993

1,038

1,2021,306

88% 86% 84%

79%

80%

0

200

400

600

800

1,000

1,200

1,400

25%

35%

45%

55%

65%

75%

85%

95%

1Q13 2Q13 3Q13 4Q13 1Q14

ASK (Mil. Seat-Km.) Cabin Factor (%)

7

Unit: Million

7

Unit: Mil. Seat-Km.

• Strong Passenger Growth since 2011• Passenger carried achieved 1.77 million pax.

in Q1/2014 increase 23.4% YoY. • Expected to reach 7 million pax for year 2014,

or over 20% growth

• Maintain cabin factor at 80% amid political turbulence

• Q1/2014 ASK increased to 1,306 mil.seat-Km or increase 28.7% YoY.• Maintain high cabin factor at 80% in Q1/2014.• Average airfare (exc. VAT, airport tax) down to

1,630 THB/Pax/Sector or decrease 12.1% YoY.

Unit: %

4,416 5,993

8,040

1,999 2,188

927

1,183

1,321

331 347

217

470

928

185 267

-

2,000

4,000

6,000

8,000

10,000

12,000

2011 2012 2013 Q1/13 Q1/14

Feeder Routes

Secondary Routes

Primary Routes

Unit: THB Million• Continuous Revenue Growth

• Total revenue increase 11.0% YoY. in line with more production.

• However, political unrested in Q1/14 and competition push pressure on average fair in Q1/14.

6,037

8,260

11,315

2,826 3,136

-

2,000

4,000

6,000

8,000

10,000

12,000

2011 2012 2013 Q1/13 Q1/14

Unit: THB Million• Secondary and Feeder Routes as our Key

Contributors for Future Expansion• Revenue contribution from secondary and

feeders routes has been surging due to the trend of urbanization and switching mode of transportation.

8

5,785

7,740

10,215

2,394 3,086

-

2,000

4,000

6,000

8,000

10,000

12,000

2011 2012 2013 Q1/13 Q1/14

Unit: THB Million

Unit: THB Million • Total cost increased in line with production• Total cost increase 28.9% YoY.• Increase flight frequency and fleet expansion

led to raise in variable cost and fixed cost.

• Net Profit interrupted • Demand slowdown from political situation• Launched Promotion to keep competitiveness

and boost up cabin factor from both full services and LCC

• Passenger returned to travel due to long holiday e.g. Songkran Festival, May Day etc.

• Cabin factor bounced back above 80% level on average in April

Q2/2014 Outlook (Apr – 1st half of May)

9

Q1/2013 Q1/2014

Net Profit(Mil. THB)

416 41

4M/2013 4M/2014

No. of Pax (Mil.) 1.88 2.38

2.632.77

2.372.39 2.35 2.37

1.54 1.51 1.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2013 Q1/2013 Q1/2014

RASK CASK CASK exc. Fuel

Unit: THB/Seat/Km.

Unit: THB/Seat/Km.

10

• RASK dropped due to…• Political unrested and economic

slowdown• More competition in the market.

• CASK Under Control, Be able to Maintain Efficiency• CASK was stable YoY.• However, CASK exc. Fuel down to

1.50 THB/Seat/Km. 0.9% YoY. as a result of cost efficiency.

2.372.35

• Fuel cost per unit increase 3.6% YoY due to impact from THB/USD depreciation YoY. (THB/USD depreciate 9.5% YoY)

• Fixed cost per unit increase 6.6% YoY due to higher lease rate for newer aircraft in fleet.

• Other variable cost and SG&A down 3.7% YoY. due to economies of scale.

0.84 0.87

0.88 0.85

0.45 0.48

0.18 0.17

0.00

0.50

1.00

1.50

2.00

2.50

Q1/2013 Q1/2014

SG&A

Fixed Cost

Other Variable

Cost

Fuel Cost

2.35 2.37Unit: THB/Seat/Km.

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Jan

-08

Ap

r-0

8

Jul-0

8

Oct-

08

Jan

-09

Ap

r-0

9

Jul-0

9

Oct-

09

Jan

-10

Ap

r-1

0

Jul-1

0

Oct-

10

Jan

-11

Ap

r-1

1

Jul-1

1

Oct

-11

Jan

-12

Ap

r-1

2

Jul-1

2

Oct-

12

Jan

-13

Ap

r-1

3

Jul-1

3

Oct-

13

Jan

-14

Ap

r-1

4

No. of Pax 2008 - 2014

“Oil Price Shock 2008”

“ Shut down Airport 2008”

“ Mega Flood2011”

“ Dissolve of the Parliament May

2011”“ Political Unrested May

2010”

“ Political Unrested May

2014”

Thailand has been through many turbulence but……

• Passenger have been growing in every crisis

• Trend of urbanization and middle class income growth

11

Induce advance booking demand

Nok Baby and “the Angel”

Enhance more convenient to tourist by “Fly ‘n’ Ride and “Fly ‘n’ Ferry”

“1st in the World Reality Show

recruit Cabin Crew”

12

4,543 4,584

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2013 Q1/2014

1,728 1,842

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2013 Q1/2014

6,272 6,426

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2013 Q1/2014

Unit: THB Million Unit: THB Million

Unit: THB Million

57%50%

60%

0%

10%

20%

30%

40%

50%

60%

70%

2011 2012 2013

Dividend per Share (THB/Share)

0.23 0.50 1.031/

13

14

Bangkok

TokyoOsaka

Seoul

New JV with Scoot• NOK will hold not more than 51%

• Initial Investment 2,000 million THB.

• Independent Airlines focusing on medium-

haul flight

• International Expansion to key profitable

destinations e.g. Tokyo, Osaka, Hong Kong,

Seoul and Beijing

Beijing

Hong Kong

1. Capturing medium-haul LCC market opportunities

2. Feeder for inbound passenger for NOK Airlines

3. Well-established medium-haul LCC brand in the

region for immediate use

4. Utilize Scoot’s existing infrastructures at market-

based rates to minimize costs and speed up

initial set-up

Bangkok

Beijing

Population 20 Million

GDP per capita 13,797 USD

Hong KongPopulation 7 Million

GDP per capita 36,667 USD

JapanPopulation 128 Million

GDP per capita 46,736 USD

South KoreaPopulation 49 Million

GDP per capita 23,113 USD

Population 65 MillionGDP per capital 6,572 USD

0

20

40

60

80

100

0% 5% 10% 15% 20% 25%

China

Japan

Malaysia

Korea

India

Singapore

Australia

Hong Kong

IndonesiaThailand

Tou

rist

Sp

end

ing

(Mil.

USD

)% of No. of tourist share in Thailand

50

20

10

A circle represents No. of outbound Tourist

Unit: Million Travelers

Source: World Travel Monitor 2013

, IPK International

15

41%

18%

18%

9%

8%

7%

THAI ANA JAL Delta Nok Scoot Air Asia X

48%

21%

21%

10%

BeforeLow Cost entering to Market

Low Cost Carriers Capacity added

account only for 15%

Remark: 1/ Source: Thai DCA

2/ Source: CAPA analysis. Capacity is calculated from total seat per week from BKK – NRT

3/ Japan Visa Exempt for Thais since July 2013 onwards for15 days stay

1.841.96

2.29

0.0

0.5

1.0

1.5

2.0

2.5

2011 2012 2013

Unit: Millions

3/

16

Service

Nok Scoot

25,000

9,000

Full service Airlines

Low Cost Airlines

*Indicative Price from BKK – KL – NRT

**NokScoot estimated price range

0

10,000

20,000

30,000

40,000

50,000

60,000

ANA Japan Airlines Thai Airways Delta Nok Scoot Air Asia X*

53,000

15,000

30,990

14,555

20,750

8,550

35,000

15,000

49,080

16,700

25,000

9,000

NokScoot

**

Unit: Baht

17

• Nok-Scoot focus on medium haul flight range.

• Nok-Scoot’s flight operation will start in key profitable routes and expand both in number of destinations and frequency.

NOKScoot JV Business Plan

2

4

5

6

7

FY14/15 FY15/16 FY16/17 FY17/18 FY18/19

Fleet Plan (B777-200)

18