Welcome aboard Bangkok Airways ON behalf of Bangkok Airways staff , I would like to welcome you aboard Asia’s boutique airline and to wish you a Happy New Year. In the past 12 months we have made great strides towards making Bangkok Airways an Asian airline of excellence, and we look forward to making even greater progress in 2006. The past year has been a good one for us for many reasons, but our heartiest thanks must go to our passengers. In 2005 Bangkok Airways won the Skytrax World Air- line Award for the second consecutive year. This award is important to the company for many reasons, but above all as an accurate evaluation of Bangkok Airways’ performance as seen by both passengers and professionals in the travel industry. As rated by an internet poll, Skytrax commended Bangkok Airways for having the highest standards of airline customer service quality in the Asia Regional Airline category. We feel that our performance deserved this award, and will endeavour to win for a third consecutive year in 2006. Another happy milestone was reached when an online poll conducted by SmartTravelAsia.com named Bangkok Airways “Favourite Small Airline of 2005”. This web poll pitted Bangkok Airways against other international carriers and rated them all in categories of service, safety and comfort. Once again, the hard work and dedication of our staff has paid off , and we thank you all for your loyalty and support. In response to the ever-increasing demand for more innovative routes, we are inaugurating a brand-new fl ight service to the fascinating Japanese city of Hiroshima. This modern but traditional city is yet another exotic gem in our growing list of destinations. The route between Bangkok and Hiroshima is Bangkok Airways’ longest fl ight to date. Before wrapping up the year 2005, I would like to introduce our airline’s newest loyalty programme. Entitled FlyBonus, its goal is to build a long-lasting friendship bond between Bangkok Airways and our frequent fl yers by rewarding them with special benefi ts and privileges. These benefi ts are not limited to within the airline itself but also extend to hotels, car rental and lifestyle partners. FlyBonus is the newest addition to the exclusive services for which Bangkok Airways is famous and I hope that this latest inclusion will make fl ying with us even more enjoyable. In conclusion, I wish to warmly thank all our passengers who have helped to make 2005 such a banner year for Bangkok Airways. With your continued patronage, we promise to live up to your best expectations as Asia’s Boutique Airline. With my very best wishes,

Prasert Prasarttong-Osoth President and CEO Bangkok Airways