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Message from the Chairman 2Message from the President 4THAI s 2011 Performance and Operations 7Financial Highlights 11Business Operations 12Results of Operations 15Changes in Business Operations 16Core Business Operations 17Subsidiaries and Affiliated Companies 50Compliance with The Official Information Act, 2540 53Airline Industry Outlook 54Risk Management and Risk Factors 56Shareholders and Management Structure 60Good Corporate Governance Committee Report 78Good Corporate Governance 79Related Parties Transaction 102Management s Discussion and Analysis 112Business Direction and Corporate Strategy 125Five-Year Financial Review 127Board of Director s Duties on Financial Disclosure 128Audit Committee s Report 129Auditor s Report 132Financial

Message from the Chairman 2 Message from the President 4 THAI’s 2011 Performance and Operations 7 Financial Highlights 11 Business Operations 12 Results of Operations

  2011