Airports of Thailand Plc.

Investor Relations Center, E-mail: aotir@airportthai.co.th, Tel: (662) 535-5900, Fax (662) 535-5909

For The fiscal Year 2011 (October 2010 – September 2011)

Disclaimer

This presentation is intended to assist investors to better understanding the company’s business and financial status.

This presentation may contain forward looking statements relate to analysis and other information which are based on forecast of future results and estimates of amounts not yet determinable.

These statements reflect our current views with respect to future events which relate to our future prospects, developments and business strategies and are not guarantee of future performance.

Such forward looking statements involve know and unknown risks and uncertainties.

The Actual result may differ materially from information contained in these statements.

2

Royal Thai Navy Airport

Sukhothai

Bangkok Airways Airports

DCA Airports

AOT Airports

Ubon RatchathaniBuri RamNakhon Ratchasima

Nakhon Phanom

Sakon Nakhorn

Roi Et

Khon Kaen

Udon Thani

Loei

PhetchabunPhitsanulok

LampangPhrae

NanMae Hong Son

TakMae Sot

U-TapaoHua Hin

Chumpon

Samui

Nakhon Si Thammarat

Ranong

Krabi

Trang PattaniNarathiwat

Trad

Surattani

Total of 38 airports

Airports of Thailand Public Company Limited 1 2 in Bangkok and perimeter

o Suvarnabhumi Airport (BKK) o Don Muang International Airport (DMK)

4 international airports at regional siteso Chiang Mai International Airport (CNX) o Phuket International Airport (HKT) o Hat Yai International Airport (HDY)o Mae Fah Luang-Chiang Rai International Airport (CEI) 2

Department of Civil Aviation (DCA) o 28 regional airports

Royal Thai Navyo U-Tapao Pattaya International Airport

Bangkok Airways Companyo Sukhothai Airporto Samui Airporto Trad Airport

PHUKET INTERNATIONAL AIRPORT

MAE FAH LUANG-CHIANG RAI INTERNATIONAL AIRPORT CHIANG MAI

INTERNATIONAL AIRPORT

DON MUANG INTERNATIONALAIRPORT

HAT YAI INTERNATIONAL AIRPORT

SUVARNABHUMI AIRPORT

Note: 1. AOT’s traffics account for more than 90% of Thailand’s air traffics.2.Changing from Chiang Rai International Airport to Mae Fah

Luang–Chiang Rai International Airport since March 13, 2010.

Airports in Thailand

3

Pai

Surin

Fact Sheet Listed on 11 March 2004 Shares outstanding 1,428.57 Million Shareholders

•Ministry Of Finance 70%•Free Float 30%

Average Daily Market Cap (Oct 10 - Sep 11)

•BHT 55,412.64 Million

Business OverviewShareholders Information

Dividend Policy Not less than 25% of net profit of the company for each year after deduction of all specified reserves, subject to our investment plans and other considerations that our Board of Directors deems appropriate

(As of December 30, 2011)

4

Note: 1. EPS using for calculating the dividend is from the company financial statements.2. In FY2006 AOT paid dividend twice:

- On 12 Oct 2006 (Baht 0.95 per share)- On 23 Feb 2007(Baht 1.80 per share)

1. Ministry of Finance 70.00 %

2. Nortrust Nominees Ltd. 4.84 %

3. State Street Bank and Trust Company for Australia

1.94 %

4. Thai NVDR Company 1.91 %

5. Bualuang Long-Term Equity Fund (B-LTF) 1.48 %

6. Social Security Office 1.30 %

7. Bualuang Long-Term Equity Fund 75/25 (BLTF75)

1.25 %

8. HSBC (Singapore) Nominees Pte. Ltd. 1.10 %

9. BNY Mellon Nominees Limited 0.78 %

10. Nortrust Nominees Limited-NTO Sec Lending Thailand

0.70 %

Fiscal Year

EPS (Baht)1

(The Company)Dividend per share

(Baht)

Dividend payout

ratio

Dividend Yield

20062 7.26 2.75 37.88% 4.74%

2007 0.84 0.40 47.61% 0.64%

2008 5.15 2.58 50.09% 8.32%

2009 0.60 0.42 70.00% 0.99%

2010 1.05 0.55 52.38% 1.33%

2011 1.82 0.80 43.96% 2.03%

28.58 29.80 35.84 40.63

75.9857.16

72.2892.10

2008 2009 2010 2011

International Domestic

220.67 196.68 215.65 248.39

173.38149.86

170.12193.05

2008 2009 2010 2011

International Domestic

104.5686.96

(Unit: Thousand)

AOT Traffics

Aircraft Movement Statistics (12 months)

• Domestic (3 airlines)

Thai Air Asia

Nok Air

One-Two-Go/Orient Thai Airlines

• International (15 airlines)

Air Asia

Thai Air Asia

Tiger Airways

Jetstar Asia

Jetstar Airways

CEBU Pacific Air

Indonesia Air Asia

Air Berlin

Condor Flugdienst

Jeju Air

Jin Air

Firefly

Tomsonfly

Air India Express

IndiGO Airlines

Major LCCs Airline

394.05346.54

5

LCCs Traffics

Note: 1. Fiscal Year starting from October to September2. The percentage growth as shown is calculated from

the full number of the air traffic statistics

385.77 108.12

441.44 132.73

(Unit: Thousand)

FY FY

FY2010 FY2011 YoY%

BKK 261,782 288,540 10.22%

DMK 33,603 47,508 41.38%

BKK+DMK 295,385 336,048 13.77%

CNX 27,422 30,800 12.32%

HDY 11,116 13,678 23.05%

HKT 46,132 55,110 19.46%

CEI 5,714 5,804 1.58%

Total 385,769 441,440 14.43%

FY2010 FY2011 YoY%

BKK 48,390 52,757 9.02%

DMK 21,595 31,222 44.58%

BKK+DMK 69,985 83,979 20.00%

CNX 10,521 14,387 36.75%

HDY 7,201 10,664 48.09%

HKT 17,832 20,515 15.05%

CEI 2,584 3,182 23.14%

Total 108,123 132,727 22.76%

36.80 30.61 35.83 42.11

21.5019.47

21.5924.19

2008 2009 2010 2011

International Domestic

3.42 3.50 4.79 5.81

9.026.72

9.20

11.84

2008 2009 2010 2011

International Domestic

AOT Traffics LCCs Traffics

Passenger Movement Statistics (12 months)

58.3050.08

12.4410.22

(Unit: Million)(Unit: Million)

6

66.30

13.9957.42

Note: 1. Fiscal Year starting from October to September2. The percentage growth as shown is calculated from the full number of the air traffic statistics

17.65

FY FY

FY2010 FY2011 YoY%

BKK 42,496,950 47,800,585 12.48%

DMK 2,758,831 3,972,876 44.01%

BKK+DMK 45,255,781 51,773,461 14.40%

CNX 3,182,980 3,680,390 15.63%

HDY 1,464,984 1,834,568 25.23%

HKT 6,797,098 8,206,405 20.73%

CEI 724,241 805,842 11.27%

Total 57,425,084 66,300,666 15.46%

FY2010 FY2011 YoY%

BKK 6,266,204 7,352,443 17.33%

DMK 2,710,721 3,871,991 42.84%

BKK+DMK 8,976,925 11,224,434 25.04%

CNX 1,312,442 1,735,147 32.21%

HDY 971,959 1,437,954 47.94%

HKT 2,375,509 2,832,809 19.25%

CEI 358,829 416,643 16.11%

Total 13,995,664 17,646,987 26.09%

Monthly Air Traffic Movements: FY 2007 - 2011

7

(Unit: Thousand)

(Unit: Million)

Aircraft Movements

Passenger Movements

FY 2007

FY 2008

FY 2009

FY 2010

FY 2007

FY 2008

FY 2009

FY 2010

FY 2011

FY 2011

Airport Revenues (The consolidated financial statements)

Landing & Parking Charges 20% increased on Jan 1st, 2005

15% increased on Apr 1st, 2007

Passenger Service Charges (PSC) Effective on Feb 1st, 2007

THB 500 to THB 700 - International PSC

THB 50 to THB 100 - Domestic PSC

Aircraft Service Charges Fees paid by airlines for use of boarding bridges, varies by maximum take off weight of the aircraft and length of time at a gate

Office & State Property Rental Rental tenants include airline, government agencies and concession tenants. Rents are determined based on the tenants’ business use at each of our airports.

Service Varies by activities such as Utilities, Check-in Counter Services, Airline Announcement Services, Hydrant System Services, etc.

Concession Varies by activities such as Duty Free, Souvenirs, Food & Beverage, Airline Catering, Fueling Services, Car Parking, Advertising, Banking, etc.

Aeronautical

59.95%

(For FY 2011)

Non-Aeronautical

40.05%

(For FY 2011)

8

FY2008 FY2009 FY2010 FY2011 YoY(%)

LPC 4,216.35 3,114.98 3,407.11 4,370.34 28.27%

PSC 10,417.01 8,676.54 10,180.50 12,334.06 21.15%

ASC 431.75 411.06 418.34 465.00 11.15%

OPR 1,861.76 1,698.23 1,615.82 1,718.26 6.34%

SVR 3,389.29 2,901.28 3,127.57 3,311.25 5.87%

CCR 6,423.98 4,700.31 5,283.27 6,441.77 21.93%

Total 26,740.14 21,502.39 24,032.61 28,640.69 19.17%

2008 2009 2010 2011

Total Revenue By proportion

By Growth

(Unit: Million)

(Unit: Million Baht)

FY 2010 FY 2011

9Note: Fiscal Year starting from October to September

Landing & Parking charges (LPC)

Passenger service charges (PSC)

A/C Service charges (ASC)

Office and state property rents (OPR)

Service revenues (SVR)

Concession revenue (CCR)

26,740.14

21,502.39

Revenue Breakdown (The consolidated financial statements)

FY

24,032.61

28,640.69

Airport Expenses (The consolidated financial statements)

Management Benefit Expenses Consisting of the remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board

Personnel Expenses Consisting of employee salaries and bonuses, employee benefits, retirement payments and contributions to employee provident fund

Operating Expenses Consisting of electricity charges, costs related to outsourced workers, property taxes, consultant fees, telephone, advertising and public relations costs, water, insurance premium costs and etc.

Repair and Maintenance Consisting of repair and maintenance of runways and taxiways, elevators, escalators and cover walkways, air conditioning systems, conveyor belts, transportation equipment and construction and electrical appliances

State Properties Rental Consisting of rental payments made to the Ministry of Finance under the airport land leases

Depreciation and Amortization Consisting of depreciation charges in respect of the property, plant and equipment as well as amortization in respect of the intangible assets. Calculating on a straight-line basis over the assets’ useful lives (between 5 and 50 years)

10

2008 2009 2010 2011

By proportion

By Growth

(Unit: Million)

(Unit: Million Baht)

11

18,740.40 18,543.25 19,629.66

Note: * Management benefit expenses are the remuneration of AOT’s board of directors and executives as stated in the notice of Capital Market Supervisory Board

Total Cost

Expense Breakdown (The consolidated financial statements)

FY 2010 FY 2011

Management benefit expenses *Personnel expensesOperating expensesRepairs and maintenance (R&M)State property rental (SPR)Depreciation and amortization (D&M)

FY2008 FY2009 FY2010 (Adjusted)

FY2011 YoY(%)

Management - 57.81 67.31 62.95 (6.48%)

Personnel 3,909.00 3,223.64 3,814.34 3,871.15 1.49%

Operating 5,100.31 5,201.80 5,548.85 6,081.07 9.59%

R&M 683.96 1,214.69 1,539.77 2,304.69 49.68%

SPR 1,180.24 939.51 1,034.05 1,247.40 20.63%

D&M 7,866.89 7,905.80 7,625.33 7,865.65 3.15%

Total 18,740.40 18,543.25 19,629.66 21,432.92 9.19%

FY

21,432.92

FY2007 FY2008 FY2009 FY2010 (Adjusted) FY2011 YoY%

Revenue 19,501.41 26,740.14 21,502.39 24,032.61 28,640.69 19.17%

Expense 18,004.68 18,740.40 18,543.25 19,629.66 21,432.92 9.19%

Depreciation 7,768.01 7,866.89 7,905.80 7,625.33 7,865.65 3.15%

EBIT 1,496.73 7,999.74 2,959.14 4,402.96 7,207.77 63.70%

EBITDA 9,264.74 15,866.63 10,865.94 12,028.29 15,073.42 25.32%

Net Profit (Loss) 1,089.76 7,321.05 717.26 2,039.25 2,528.30 23.98%

(Unit: Million Baht)

Income Statements (The consolidated financial statements)

12

(As of September 30, 2011)

13

30 Sep 2010 (Adjusted) 30 Sep 2011

Cash 3,518.91 5,179.44

Other Current Asset 24,770.11 26,774.84

Non Current Asset 113,299.97 115,165.51

Total Assets 141,588.99 147,119.79

Current Liabilities 14,176.72 16,758.96

Long Term Loan 56,196.45 57,513.61

Other Non Current Liabilities 1,370.02 1,292.64

Total Liabilities 71,743.19 75,565.21

Shareholder’s Equity 69,845.80 71,554.58

Total Liabilities & Shareholder’s Equity 141,588.99 147,119.79

BALANCE SHEET CASH FLOW STATEMENT

Beginning Cash Flow 3,518.91

Cash Flow from Operation 16,726.22

Cash Used in Investment (7,403.37)

Cash Used in Financing (7,662.32)

Ending Cash Flow 5,179.44

Total Loan (Million Yen) 199,210.77

Disbursed Amount 194,409.73

Repayment Amount

(Million Yen)44,485.72

Hedged Percentage of the remaining loan 77.63%

Average Interest Rate 5.02%

LONG-TERM LOANS

(Unit: Million Baht) (Unit: Million Baht)

Financial Status (The consolidated financial statements)

14

Note: Gearing = Total Debt / Total EquityNet Gearing = Net Debt / Total EquityTotal Debt = Total Interest Baring Debt

Financial Ratios (The consolidated financial statements)

30 Sep 2008

(FY2008)

30 Sep 2009

(FY2009)

30 Sep 2010

(FY2010) (Adjusted)

30 Sep 2011

(FY2011)

Par Value (THB) 10.00 10.00 10.00 10.00

Market Price (THB) 31.00 42.25 41.50 39.50

BV/share 53.42 51.28 48.89 50.09

P/BV 0.58 0.82 0.85 0.79

EPS 5.12 0.50 1.43 1.77

P/E 6.05 84.50 29.02 22.32

Gearing 0.79 0.91 0.89 0.89

Net Gearing 0.74 0.87 0.84 0.82

ROA (%) 5.00 0.48 1.44 1.72

ROE (%) 9.59 0.98 2.92 3.53

15

Houses Amount

NEF > 40 549.56

Purchased 104 466.37

Insulated 323 83.19

NEF 30-40 1,176.49

Insulated 4,216 896Sensitive Area 20 280.49

Total 1,726.05

KMITL 214.00

Grand total 1,940.05

Proceeded(Unit: Million Baht)

Noise Compensation (Suvarnabhumi Airport Phase I)

Note: - KMITL is King Mongkut’s Institute of Technology Ladkrabang

- NEF : Noise Exposure Forecast

Total Impacted Houses

(9,229)

NEF > 40(506)

NEF 30-40(8,723)

Insulation(354)

Insulation(8,723)

Purchase(152)

Summer Season (Unit: Houses)

As of December 9, 2011

(The cabinet resolution on May 29,2007)

Planned

16

Noise Compensation (Suvarnabhumi Airport Phase I)

Total Impacted Houses

(6,455)

NEF > 40(138)

NEF 30-40(6,317)

Winter Season (Unit: Houses)

Note: The Shareholders Approval on Jan 21, 2011

ProceededPlanned

Houses Amount

NEF > 40 11.45

Purchased - -

Insulated 39 11.45

NEF 30-40 343.15

Insulated 1,646 331.10Sensitive Area 1 12.05

Total 354.60

(The cabinet resolution on Aug 31, 2010) (Unit: Million Baht)

As of December 9, 2011

17

Suvarnabhumi 1/ Investment Cost

(billion baht)Expected

TimeframeAdditional Capacity

1. Project Management Consultant (PMC)

2. 1st Midfield Satellite3. Apron around 1st Midfield

Satellite4. South Tunnel and

Automated People Mover5. Main Terminal Extension6. Parking Garage and Airlines

Office7. Utilities

62.50 2011 - 2017 - 15 MAP

- 28 contacted gates

Phuket Investment Cost

(billion baht)Expected

TimeframeAdditional Capacity

1. New International Passenger Terminal

2. Renovation of the Existing Terminal

3. Apron4. Other related facilities

5.79 2009 - 2013 - 6 MAP

- 4 contacted gates

Future Airport Developments

Note : 1/ The cabinet already approved on Aug 31, 2010

18

Commercial Projects

Don Muang International Airport

• Private Jet Terminal• Narrow Body MRO Hangar – Airframe Heavy maintenance/landing gear• Aircraft parts and Component storage Project• The Import cars showroom Project• Logistic Center• The Convention and Exhibition Center Project

Phuket International Airport

• Private Jet Terminal

Suvarnabhumi Airport

• Community Mall• Central Warehouse• Hotel• Hospital• Office Building • Exhibition Center• Export Exhibition Center

Chiang Mai International Airport

• Private Jet Terminal

19

Airport

Aircraft(Flights/Hour)

Passengers(Million/Year)

Cargoes(Million Metric Tons/Year)

CapacityActual Utilization

CapacityActual Utilization

CapacityActual Utilization

FY10 FY11 FY10 FY11 FY10 FY11

BKK 76 56 58 45 42.50 47.80 3.00 1.27 1.33

DMK 60 21 23 36.5 2.76 3.97 1.27 0.007 0.007

HKT 20 19 21 6.5 6.80 8.21 0.036 0.026 0.028

CNX 24 12 13 8 3.18 3.68 0.035 0.021 0.021

HDY 20 10 10 1.9 1.46 1.83 0.013 0.013 0.015

CEI 12 5 6 3 0.72 0.81 0.005 0.003 0.004

Appendix A: Airport Capacity vs. Utilization

20

Airports

Area Capacity

Runways

(Metres)Total Area

(Acres)

Terminal Area

(Sq.m.)

Aircraft

(Flights/Hour)

Passengers

(Million/Year)

Cargoes

(Million Metric

Tons/Year)

BKK 8,000 563,000 76 45 3.00 2 60 x 3,70060 x 4,000

DMK 1,552 391,316 60 36.5 1.27 2 60 x 3,70045 x 3,500

HKT 47 23,369 20 6.5 0.036 1 45 x 3,000

CNX 86 16,742 24 8 0.035 1 45 x 3,100

HDY 28 14,656 20 1.9 0.013 1 45 x 3,050

CEI 15 16,650 12 3 0.005 1 45 x 3,000

Chek Lap Kok 3,101 710,000 54 45 3 .00 2 60 x 3,800

Changi 3,212 1,043,020 n/a 64 2.00 2 60 x 4,000

Incheon 13,880 500,000 70 44 4.5 360 x 4,00060 x 3,75060 x 3,750

Appendix B: AOT vs. Regional Airports Capacity

21

Low Cost CarriersTop 10 Airlines

Appendix C: Market Share (By Aircraft) at Suvarnabhumi Airport – FY2011

1. Thai Airways International 32.29%

2. Thai AirAsia 14.38%

3. Bangkok Airways 11.57%

4. Cathay Pacific Airways 2.25%

5. China Airlines 1.69%

6. Emirates 1.63%

7. EVA Air 1.35%

8. Jet Airways 1.12%

9. Singapore Airlines 1.11%

10. JAL Ways 1.08%

1. Thai AirAsia 58.54%

2. AirAsia 10.75%

3. JetStar Asia 7.47%

4. Tiger Airways 6.84%

5. CEBU Pacific Air 3.75%

6. Air Berlin 3.13%

7. Indonesia AirAsia 2.73%

8. Jeju Air 2.30%

9. Air India Express 1.20%

10. JetStar Airways 1.16%

22

Low Cost CarriersTop 10 Airlines

Appendix D: Market Share (By Passenger) at Suvarnabhumi Airport – FY2011

1. Thai Airways International 38.18%

2. Thai Air Asia 11.44%

3. Bangkok Airways 5.39%

4. Cathay Pacific Airways 3.38%

5. Emirates 2.83%

6. China Airlines 1.72%

7. Singapore Airlines 1.58%

8. Korean Air 1.42%

9. Qatar Airways 1.30%

10. EVA Air 1.27%

1. Thai Air Asia 74.44%

2. Air Asia 5.63%

3. Tiger Airways 4.48%

4. JetStar Asia 3.63%

5. Air Berlin 3.14%

6. Indonesia AirAsia 2.34%

7. CEBU Pacific Air 2.09%

8. Jeju Air 1.68%

9. Jin Air 1.49%

10. JetStar Airways 1.03%