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