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ContentMessage from the Chairman Message from the President THAI s 2012 Performance and Operations Financial Highlights Business Operations Results of Operations Changes in Business Operations Core Business Operations Subsidiaries and Affiliated Companies Compliance with the Official Information Act, 2540 Airline Industry Outlook Risk Management and Risk Factors Shareholders and Management Structure Good Corporate Governance Committee Report Good Corporate Governance Related Parties Transactions Management s Discussion and Analysis Business Direction and Corporate Strategy Five-Year Financial Review Board of Director s Duties on Financial Disclosure Summary of the 2012 Annual Activities of the Audit Committee Auditor s Report Financial Statements Notes to the Financial StatementsGeneral Information Board of Directors Management Team Thai On-line Offices24711121618 1954575861658485106 117132134135136140141149 190194198202 THAI will ensure continue development to maximize benefits for all stakeholders.

The year 2012 has been another challenging year for THAI Airways due to global economic slowdown stemming from European debt crisis, declining economic growth in the United States, intense competition amongst low cost

  Cost, Content, Low cost