Airports of Thailand : Air Traffic Forecasts Based on Impact Assessment of Coronavirus Disease 2019 (COVID-19) Outbreak

- Translation -

No. 2316 17 February 2021

Subject: Air Traffic Forecasts Based on Impact Assessment of Coronavirus Disease 2019 (COVID-19)

Outbreak

To: President,

The Stock Exchange of Thailand

Reference: Letter of Airports of Thailand Public Company Limited No. 17181/2020, dated

25 November 2020

Reference is made to the Letter of Airports of Thailand Public Company Limited (AOT) to the Stock Exchange of Thailand (SET), reporting the adjustment to air traffic forecasts (the November 2020 edition) based on the impact assessment of the Coronavirus Disease 2019 (COVID-19) outbreak situation during the fiscal years 2021 - 2023.

In the AOT Board of Directors Meeting No. 4/2021 held on Wednesday, 17 February 2021, AOT reported the adjustment to air traffic forecasts (the February 2021 edition) based on the impact assessment of the COVID-19 outbreak situation during the fiscal years 2021 - 2024. Details are as follows:

1. AOT expects the total number of 335,459 flights and 31.90 million passengers in the fiscal year 2021; the total number of 547,226 flights and 73.17 million passengers in the fiscal year 2022; the total number of 824,915 flights and 128.85 million passengers in the fiscal year 2023; and the total number of 923,925 flights and 146.40 million passengers in the fiscal year 2024.

The above-mentioned air traffic forecasts are based on the assumption in the best-case scenario that Thailand will reopen its borders to international travelers after October 2021 due to significant progress made with global vaccinations as targeted, which enhances passenger confidence in travel and causes a rapid recovery in flight and passenger numbers. It is then expected that air traffic volumes in the fiscal year 2023 will return to the same level as those in the fiscal year 2019 (before the occurrence of COVID-19 outbreak). However, the worst-case scenario is that Thailand will reopen its borders to international travelers after January 2022 due to the delays in vaccination, arising from vaccine side effects, mutations, and manufacturing or transport and distribution problems, which lead to airlines' slow adaptation and a slower recovery in air traffic volumes than usual. It is then expected that air traffic volumes in the fiscal year 2024 will return to the same level as those in the fiscal year 2019.

333 ถนนเชิดวฒุ ากาศ สีกนั ดอนเมือง กรงุ เทพฯ řŘŚřŘ 333 Cherdwutagard Road, Srikan, Don Mueang, Bangkok 10210, Thailand WEBSITE :http://www.airportthai.co.th

โทรศัพท์ : 66(0) 2535-1192	Tel : [phone]
โทรสาร : 66(0) 2535-4061	Fax : [phone]
ทะเบียนเลขทีÉ ŘřŘşŝŜŝŘŘŘŚšŚ	Registration No. 0107545000292

2

2. The fiscal year 2021's passenger forecasts (the February 2021 edition) as in item no. 1 represent a decline of 16.01 million passengers from the passenger forecasts (the November 2020 edition), divided into 0.84 million international passengers, a decrease of 1.42 million passengers, due to the adjustment of inbound and outbound passenger numbers with reference to the past's actual passenger travel data and the current overseas outbreaks; and 31.07 million domestic passengers, a decrease of 14.58 million passengers, due to the new wave of COVID-19 outbreak in Thailand since the end of December 2020 onwards. It is then expected that flight forecasts are in the same direction as the passenger ones.

Please be informed accordingly.

Yours sincerely,

SHANALAI CHAYAKUL Corporate Secretary Authorized Person

The Corporate Secretary and Corporate Governance Department

Tel. [phone]

Fax. [phone]