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JANUARY 2019

BTS GROUP HOLDINGS PCL

INVESTOR PRESENTATION

prepared by Investor Relations department BTS Group Holdings PCL

IR Contact

2

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

Address: BTS Group Holdings PCL IR Department 15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8611-15 Fax: +66(0) 2273 8610 Email: [email protected] Website: www.btsgroup.co.th

BTS Group Investor Presentation


Section 1 BTS Group in Brief

Section 2 Business Segment Profiles

Section 2.1 Mass Transit Business

Section 2.2 Media Business

Section 2.3 Property Business

Section 2.4 Services Business

Section 3 Financial Summary

Appendices

Contents

BTS Group Investor Presentation 3


4

BTS Group History

BTS Group Investor Presentation Section 1: BTS Group in Brief

TYONG listed on the Stock Exchange of Thailand under Property Development sector

1991

TYONG established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid

1992

Commercial operation of the BTS SkyTrain commenced

1999

BTSC exit court supervised rehabilitation procedure

2008

BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co., Ltd. (VGI)

2009

TYONG acquired 94.6% of BTSC, returning Mass Transit operations to be the primary business of the Company. The Company also changed its name to BTS Group Holdings PCL (BTSG)

2010

BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF)

APR 2013

VGI Global Media PCL, the Group’s Media subsidiary, listed on the Stock Exchange of Thailand

OCT 2012

BTSC signed a 30-year operating & maintenance (O&M) contract covering Green Line extensions (Saphan Taksin - Wongwian Yai - Bang Wa and Onnut - Bearing) under the purview of the Bangkok Metropolitan Administration (BMA)

MAY 2012

Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field

1968

BTSG completed the entire business transfer of Unicorn Enterprise Company Limited, our former subsidiary, to U City Public Company Limited, our associate

MAR 2018

Concession Contracts of the Pink (Khae Rai to Min Buri) and the Yellow Line (Lad Prao to Sam Rong), a total length of 64.9km were awarded

JUN 2017

BTSC signed the operating & maintenance (O&M) contract with KT; a wholly owned subsidiary of the BMA. The contract covers 30.8km of Green Line Northern and Southern extensions (Mo Chit – Saphan Mai – Khu Khot and Bearing – Samut Prakarn)

MAR 2017


18.09%

BTS Infrastructure

Services Co., Ltd

1 Information based on book closure date on 14 Jun 18 with total issued shares = 11,845.5mn shares 2 BTSG holds 69.69% of VGI indirectly and directly as of 30 September 2018 3 Revenue from the Company recorded under Services BU

33.33%

45.04%

Bayswater Co., Ltd.

50%

5

BTS Group Holdings PCL


Business Organisation and Shareholding Structure as of 30 September 2018

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF)

97.48%

Yongsu Co., Ltd. 100%

DNAL Co., Ltd. 100%

The Community One Co., Ltd.

100%

Kingkaew Assets Co., Ltd.

100%

Bangkok Mass Transit System PCL (BTSC)

25.79%

MEDIA BUSINESS

41% Kanjanapas Family1

34% Institutional Investors1 25% Individual Investors1

38.99%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd.

100%

888 Media Co., Ltd.

100%

100%

Master Ad PCL

31.65%

Aero Media Group Co., Ltd.

30%

VGI Global Media PCL (VGI) 2

Point of View (POV) Media Group Co., Ltd.

33.33%

MASS TRANSIT BUSINESS

SERVICES BUSINESS

RabbitPay System Co., Ltd. 80%

Rabbit-Line Pay Co., Ltd.

ASK Direct Group Co., Ltd. 51%

Rabbit Insurance Broker Co., Ltd.

51%

Rabbit Internet Co., Ltd. 30%

Rabbit Rewards Co., Ltd.

100%

KMJ 2016 Co., Ltd.

BSS Holdings Co., Ltd. 90%

51% ATS Rabbit Special Purpose Vehicle Co., Ltd.

Little Corner Co., Ltd. 69%

Man Food Holdings Co., Ltd. 41.18%

HHT Construction Co., Ltd.3

51%

90% Bangkok Smartcard System Co., Ltd.

The Community Two Co., Ltd.

100%

Man Kitchen Co., Ltd.

Man Food Products Co., Ltd.

Bangkok Payment Solutions Co., Ltd.

60%

Listed entities

Subsidiaries

Associates

LEGEND

JVs

40% Demo Power (Thailand) Co., Ltd.

49%

49%

100% VGI Global Media (Malaysia) Sdn Bhd

The ICON VGI Co., Ltd.

25%

100% RB Services Co., Ltd. U City PCL

Northern Bangkok

Monorail Co., Ltd.

Eastern Bangkok

Monorail Co., Ltd.

75%

75%

Primary Kitchen Co., Ltd.

51%

100%

BTS Infrastructure Development

Co., Ltd

100%

Supremo Media Co., Ltd

25%

Kerry Express (Thailand) Ltd

23%

100%

100%

100%

Group Work Co., Ltd.

20%

100% Turtle 23 Co., Ltd.

50% BV Media Ads Limited


65% 28%

4% 3%

548 492 743

449

FY 14/15 FY 15/16 FY 16/17 FY 17/18

1,355 897

617 639

FY 14/15 FY 15/16 FY 16/17 FY 17/18

2,926 2,318 3,010

3,902

FY 14/15 FY 15/16 FY 16/17 FY 17/18

2,274 2,574 4,237

9,112

FY 14/15 FY 15/16 FY 16/17 FY 17/18

(1) FY ended 31 March

BTS Group Overview 4 Business Units with Mass Transit as our Core

MASS TRANSIT

PROPERTY

MEDIA

SERVICES

Historical operating revenues(1)

Media Revenue (THB mn)

Property Revenue (THB mn)

Services Revenue (THB mn)

Mass Transit Revenue (THB mn)

FY 17/18 Operating revenue contribution

*FY 2017/18:- Services revenue from provision of E&M works & train: THB 5,795mn, O&M Revenue: THB 1,865mn, net profit from investment in BTSGIF: THB 949mn, interest income from E&M and train procurement: THB 503mn


6

*FY 2017/18:- OOH Media revenue: THB 3,558mn, Digital Services business: THB 344mn

* FY 2017/18:- Commercial Property revenue : THB 616mn, Residential Property revenue: THB 23mn

* FY 2017/18:- ChefMan revenue:- THB 128mn, HHT revenue : THB 180mn, BPS and Rabbit Rewards: THB 141mn

THB 14,102mn

Mass Transit Media

Property Services

EMPLOYEES (as of 31 Mar 2018)

Mass Transit

Media

Property

Services

2,372

495

548

955

BTS Group 148

Total 4,518


FY16/17 FY17/18 FY21/22

FY16/17 FY17/18 FY21/22

7 BTS Group Investor Presentation Section 1: BTS Group in Brief

Strategy and 5-Year Growth Targets Target Average Operating Revenue & Recurring Net Profit Growth of ~30% p.a. from FY 16/17 to FY 21/22

As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines which are authorised or set by the government at both municipal and national levels.

After securing additional lines, we capture further value from opportunities which cascade down to our other independently operating business units in Media, Property and Services. We actively pursue capital market opportunities that allow us to unlock further uplift from our assets or to allow us to recycle capital to finance future expansion sustainably.

BU 5-YEAR GROWTH DRIVERS

Mass transit Organic growth: 4-5% CAGR ridership growth, inflationary fare increase on Core Network (23.5km): pre-agreed O&M fee increase to Green Line extensions (12.8km) New contracts: 97.4km (Pink, Yellow, Dark Green North & South extensions and Gold Line phase 1) already secured taking total to 133.7km Target contracts for an additional 81.2km (Green West, Orange, LRT, Grey and HSR)

Media

Out-of-Home (Organic growth) • Transit: mass transit line expansion • Office: increased building supply • Outdoor: billboard and street portfolio expansion through new licensing agreements • Airport: increasing popularity of low cost airlines Payment & Data: expansion of our payment network through our subsidiary, Rabbit Group, and partnerships with its strategic alliances New products and synergies: new stream of revenue resulting from the full integration of 3 platforms – this can create new synergies such as optimal O2O solutions for our clients

Property Commercial: 4-5% revenue CAGR growth U City: Targets revenue and net profit of THB 9,400mn and 1,360mn, respectively by 2022

5Y CAGR ≈ 31%

STRATEGY 5-YEAR OPERATING REVENUE* OUTLOOK

5-YEAR RECURRING NET PROFIT (AFTER MI) OUTLOOK

THB 1.4BN

THB 5.1BN

THB 8.2BN

THB 31.8BN

5Y CAGR ≈ 29%

* Operating revenue includes share of net profit (loss) from associated companies and JVs

THB 13.9BN

Mass Transit

Media Property Services

Mass Transit

Media Property Services

Others

THB 2.5BN

70%

25%

65%

28%

52% 37%

73%

27%

84%

38%

107% 49%


Contents









Appendices


Bangkok Rail Mass Transit Network At 121.6km Bangkok’s Network is Immature

9 BTS Group Investor Presentation Section 2.1: Mass Transit Business

MASTER PLAN: 515.2KM IN 2029, 24% MARKET SHARE IN 2037

Seoul 51% Hong Kong 49% Tokyo 48% Singapore 46% Guangzhou 17% Bangkok 6%

RAIL MASS TRANSIT MARKET SHARE

Tokyo 42.0 Singapore 39.4 Hong Kong 34.9 Bangkok 10.2

RAIL TRACK LENGTH PERVASION (per million population)

OPERATING LINES: 121.6KM

BTS: 48.9km (SkyTrain Green Line)

BEM: 44.2km (Blue Subway & Purple)

SRT: 28.5km (Airport Rail Link)

WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC)

Total Average Weekday Ridership of 1,191,390 trips

BTS 743,223

62%

BEM* 378,167

32%

ARL 70,000

6% Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau

Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities

Sources: Office of Transport and Traffic Policy and Planning, Bangkok Metropolitan Administration

*Includes MRTA and BMA projects

*BEM ridership excludes purple line, BTS and BEM based on company’s ridership report website as of 2017, whilst ARL is based on information as of DEC 17.

121.6km 85 stations by 3 operators


BTS Lines 4 Lines, covering a total of 133.7km are under BTS Contracts


*Northern Green Line Extension is currently under construction. It s first station is expected to be opened in mid 2019 and its full operation in 2020.

BTS NETWORK: 133.7KM (115 STATIONS)

SAPHAN TAKSIN – BANG WA 7.5KM

ONNUT – BEARING 5.3KM

SOUTHERN GREEN LINE BEARING – SAMUT PRAKARN 12.6KM

LAD PRAO – SAM RONG 30.4KM

MO CHIT – ON NUT 17.0KM NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM

KHAE RAI – MIN BURI 34.5KM

NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM*

CORE NETWORK

EXT. ZONE 1

EXT. ZONE 1

EXT. ZONE 2

EXT. ZONE 2 PINK

YELLOW

KRUNG THONBURI BTS STATION – KHLONG SAN 1.7KM

GOLD PHASE 1

67.1

1.7

30.4

34.5

OPERATING DISTANCE

SECURED DISTANCE

TOTAL 133.7

UNIT: KM

48.9

48.9

GREEN

PINK

YELLOW

GOLD


1.4

2

1.7

8

2.1

2

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

59 79

96 105 118

132 139 133 136 144 145

176 197

215 219 233 238 241

Farebox revenue (THB bn)

Ridership (mn)

1.7

3.4

6

.0

16/

17

17/

18

18/

19

19/

20

20/

21

21/

22

22/

23

23/

24

24/

25

25/

26

26/

27

27/

28

28/

29

29/

30

30/

31

31/

32

32/

33

33/

34

34/

35

35/

36

36/

37

37/

38

38/

39

39/

40

40/

41

41/

42

42/

43

Core Line Zone 1

BTS Network 23.5km Core Network and 12.8km Green Line Extension


CORE NETWORK: 23.5KM

23 stations, 23.5km located at CBD of Bangkok Inaugural Mass Transit route, operated since Dec 1999 No revenue sharing to BMA Under 30 years concession contract (net cost model) from

1999 - 2029 In Apr 2013, BTSC sold the rights to net farebox revenue

under its concession agreement for the BTS Skytrain Core Network until Dec 2029 to BTSGIF

BTS Group used the proceeds to invest 1/3 units in BTSGIF (10 years lock-up)

17Y Farebox Revenue CAGR: 9.7% 16Y Ridership CAGR: 8.6%

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%)

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0 23.0

26.0 30.0

33.0 37.0 40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

NO. OF STATIONS

AUTHORISED FARE (APR 13)

NEW EFFECTIVE FARE (OCT 17)

PREVIOUS EFFECTIVE FARE (JUN 13)

POTENTIAL FARE UPSIDE

DISTANCE-BASED FARE (AVG = THB 28.3/TRIP)

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

BTSC has operated & maintained the extensions since 2009

Pre agreed fee income with no ridership risk 30-Year O&M Contract signed in May 2012:

1. Current extensions (zone 1) of 11 stations, 12.8km 2. Core Network of 23 stations, 23.5km post concession expiry (Dec 2029 – May 2042)

Zone 1: CAGR (FY16/17-FY41/42) = 3.9% Core Line: CAGR (FY30/31-FY41/42) = 3.1%

CORE NETWORK MO CHIT – ON NUT 17.0KM NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM

EXT. ZONE 1

ONNUT – BEARING 5.3KM

SAPHAN TAKSIN – BANG WA 7.5KM


STEC

15%

BTS Network 30.8km New Extension and 64.9km Pink & Yellow Monorail Lines


BTSC has the operated & maintained of the additional 30.8km of Green Line extensions on 31 Mar 17

Pre agreed fee income with no ridership risk 26-year O&M contract covers 30.8km of

Northern and Southern Green Line Extensions (Apr 17 – May 42) • SOUTHERN: Bearing – Samut Prakarn (12.6km/ 9 stations) • NORTHERN: Mo Chit – Saphan Mai – Khu Khot

(18.2km/ 16 stations)

PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

PINK YELLOW

Route Kae Rai – Min Buri

Lad Prao – Sam Rong

Distance / no. of stations 34.5km / 30 30.4km / 23

Required trains 42; 4-car train (168 cars )

30; 4-car train (120 cars )

Contract length 30yr operation 30yr operation

Daily ridership in Y1 199k trips 195k trips

Ridership CAGR (30Y) 5.2% 4.5%

Average fare in Y1 THB 34.7/ trip THB 30.0/ trip

EBITDA margin (%)

26% at early stages rising to 69% at Y30

34% at early stages rising to 64% at Y30

Commercial revenue 10% of farebox revenue

15% of farebox revenue

Total Project Cost THB 49.4bn THB 46.7bn

Civil Subsidy Amount THB 22.5bn THB 25.05bn

Civil Subsidy Term

Equal payment at 2.25bn p.a. for 10 years from beginning of operation

Equal payment at 2.505bn p.a. for 10 years from beginning of operation

Sharing to MRTA THB 250mn THB 250mn

Funding (D/E) 2.5x 2.5x

OWNERSHIP STRUCTURE

PR

OJE

CT

DET

AIL

S EX

PEC

TED

RID

ERSH

IP A

ND

R

EVEN

UE

PR

OJE

CT

CA

PEX

& F

INA

NC

ING

EASTERN BANGKOK MONORAIL COMPANY

LIMITED

NORTHERN BANGKOK MONORAIL COMPANY

LIMITED

PINK LINE PROJECT (INCLUDE EXTENSIONS)

YELLOW LINE PROJECT (INCLUDE EXTENSIONS)

BTS

75% RATCH

10%

ZONE 2: 30.8KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)

NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM

SOUTHERN GREEN LINE BEARING – SAMUT PRAKARN 12.6KM

YELLOW LAD PRAO – SAM RONG 30.4KM

EXT. ZONE 2

EXT. ZONE 2

KHAE RAI – MIN BURI 34.5KM

PINK

YELLOW


BTS Group Investor Presentation Section 2.1: Mass Transit Business

BTS Targeted Lines Interested in an additional 81.2km

BANG WA - TALING CHAN 7.0km

BANG NA – SUVARNABHUMI 18.3Km

WATCHARAPHON – THONG LO 16.3km

THAILAND CULTURAL CENTER - MIN BURI 22.6km

TALING CHAN - THAILAND CULTURAL CENTER 17.0km

13

WESTERN ORANGE LINE EASTERN ORANGE LINE

WESTERN GREEN LINE EXT.

GREY LINE (PHASE 1)

LRT

81.2KM FUTURE LINES IN THE NEXT 5 YEARS BTS TARGET ROUTE AUTHORITY DISTANCE

(KM) NO. OF

STATION EXPECTED

OPERATING

GREEN EXT. (WESTERN)

BANG WA - TALING CHAN

BMA 7.0 6 2022-2023

LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022

GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2022

ORANGE (E) THAILAND CULTURAL CENTER - MIN BURI

MRTA 22.6 17 2023

ORANGE (W) TALING CHAN - THAILAND CULTURAL CENTER

MRTA 17.0 12 2023

OTHER ROUTE AUTHORITY DISTANCE (KM)

NO. OF STATION

EXPECTED OPERATING

BLUE HUA LAMPHONG - BANG KHAE

MRTA 14.0 11 2020

BLUE BANG SUE - THA PRA MRTA 13.0 9 2020

BLUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 2021

DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021

DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2020

LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK

SRT 19.0 9 2020

LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021

PURPLE (SOUTHERN)

TAO POON – RAT BURANA MRTA 23.6 17 2022

TOTAL 206.6

Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and Yellow lines, totaling 175.7km under construction)


9.8 CAPEX INCL. SOUTHERN AND NORTHERN PARTS

Timeline of Upcoming Lines and CAPEX Significant Upcoming Revenue Expected in the Next 5 years

BTS Group Earnings Presentation Section 2.1: Mass Transit Business

84

.8K

M A

WA

RD

ED L

INES

8

1.2

KM

BTS

TA

RG

ETED

LIN

ES

GREEN LINE EXTENSION ZONE 2: NORTHERN 18.2KM1

PINK LINE: 34.5KM

YELLOW LINE: 30.4KM

WESTERN GREEN LINE EXTENSION: 7.0KM

GOLD LINE PHASE 1: 1.7KM

LRT: 18.3KM

GREY LINE PHASE 1: 16.3KM

ORANGE LINE: 39.6KM

1 In total of 30.8km, divided into Southern Green which has already commenced on 6 Dec 18 (12.6km),and Northern Green (18.2km).

2Under the terms of the contract signed on 28 June 2016 with Krungthep Thanakom (KT) - a wholly owned subsidiary of the BMA (Bangkok Metropolitan Administration). BTSC is pre-financing E&M provision and installation. KT will repay the costs of E&M works in a lump sum amount after four years after contract signing date. 3Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake in JV Cos. Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation. 4Assume O&M revenue of THB 140mn/km p.a.

17.32

34.53 CIVIL + TRAINS + E&M

32.63

CIVIL + TRAINS + E&M

2.1

0.4 0.6

3.6

12.9 TRAINS + E&M

33.3 TRAINS + E&M

2.5 4 (Y1)

BY 2022

SEP 2020

BY 2022

BY 2023

BY 2022

OCT 2021 JUL 18

BY 2019

MAR 2018

BY 2019

BY 2019

MID 2017 BY 2019

OCT 2021 JUL 18 2051/52

2020 2041/42

2051/52

EXPECTED TIMELINE

FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23

EXPECTED CAPEX (THB BN)

EXPECTED REVENUE (THB BN P.A.)

FAREBOX REVENUE

O&M REVENUE

FY 23/24

FY ended 31 March

TRAINS E&M WORKS

5.0

4.5 – 5.0 (Y1)

START CIVIL WORKS CONSTRUCTION

START FULL OPERATION CONSTRUCTION PERIOD

OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD

TOTAL CAPEX/FINANCING

THB 152.1bn

14

FY 24/25

2049/50

NOTE:


BTS’s 5-year Target of Network Expansion Quadruple Growth from 48.9km in 2018 to 215km in 2023

BTS Group Investor Presentation Section 2.1: Mass Transit Business

15

38.1

35

48.9

43

50.7

44

68.8

62

175.3

150

215

179

Samrong (1.8km) began operation

South ext. (12.6km)

1st station of North ext. (1.8km)

North ext. (18.2km) Gold line (1.7km)

Pink line (34.5km) Yellow line (30.4km) Western Green ext. (7km) LRT (18.3km) Grey line phase1 (16.3km)

Orange line (39.6km)

FY 17/18 FY 22/23 FY 19/20 FY 20/21 FY 18/19 FY 21/22

Full operation

Partial operation

Distance (km)

No. of stations

400km Total network in 2023 from 121.6km currently

215km Targeted BTS network in 2023 from 48.9km currently

176km Lines under construction


Contents









Appendices


-19.7%

-13.1%

-10.8%

-2.7%

-0.7%

9.9%

32.3%*

In-store

Traditional media**

Analogue TV

Total industry

Cinema

OOH

Online 32.3%

2013/14 2014/15 2015/16 2016/17 2017/18

TV Traditional media OOH media Cinema Online*

112bn

57.7%

11.9% 11.8% 6.2%

12.4%

Focusing on the Highest Growth Media Segments OOH and Online

17 BTS Group Investor Presentation Section 2.2: Media Business

Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media.

VGI GROUP’S FOCUS

• Our focus has proven to be the fastest growth media sector OOH (Out-of-Home)

• Thailand’s no. 1 transit media with 60% of market share

• The sole player in office building media with 162 Grade A&B buildings under management

• Strong nationwide footprint in outdoor media with >2,200 billboards

• Thailand’s no. 2 aviation media with 20% market share Online

• Thailand’s no. 1 activation operator with 70% market share

• The first mover in Thailand who established the integrated online and offline media platform

ADVERTISING MARKET 5 YRS CAGR (2011/12 – 2016/17) 5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)

Coup d’etat Shutdown BKK Mourning effect

ON LINE*

OOH MEDIA

The accelerated growth of online and OOH media fueled by migration to mobile devices and increased consumer media exposure as people spend more time out of home.

VGI’s Focus

* Online includes 2 sources (i) online adspend which consists of banner ad on 50 websites and 10 mobile sites and (ii) digital adspend which is from ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) Sources: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT)

118bn

60.0%

22.4% 8.7% 4.6% 4.3% 116bn

60.3%

14.7% 10.4% 5.0% 9.6%

128bn 5.6%

64.2%

18.5% 7.7% 3.5%

127bn 5.6%

64.7%

18.5%

3.5% 7.7%

REMARKS: *Online sources include; (i) ) online adspend which consists of banner ad on 50 websites and 10 mobile sites from Nielson and (ii) Digital adspend includes ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) reported by DAAT ** Traditional media includes Radio, Newspapers, Magazines

56.0%

44.0% 43.6%

28.4% 24.7% 22.9%

15.4%

Focus Media VGI Lamar Outfrontmedia

APG Stroeer JCDecaux

ONE OF THE MOST HIGHEST EBITDA MARGIN MEDIA COMPANY

The top 3 profitable OOH media company globally.

Note: • EBITDA margin as of 2017 • VGI EBITDA margin as of 2017/18


United Kingdom 314

Singapore 716

Malaysia 82

South Korea 413 Thailand

49

Sweden 420

Expanding Our Business Around Data-driven Segment

18

TECHNOLOGY AMPLIFIES E-PAYMENT LANDSCAPE 70% OF THAI E-COMMERCE PAYMENTS MADE IN CASH

Rapid growth in the number of smartphones, internet and innovative payment products, has driven the e-money market to evolve and experience high growth.

THAILAND HAS A LOW E-PAYMENT USAGE PER CAPITA 150 E-PAYMENT TRANSACTIONS PER CAPITA IN 2020

70% = CASH

30% = ALL OTHER PAYMENT TYPES

Opportunity to convert cash on deliver to e-payment method.

17 21 26 31 35 39 49

150

2010 2011 2012 2013 2014 2015 2016 2020E

9x increased

18 24 36 48 56

68

91

126 221 348

512 669 788 883

1,076 1,272

2010 2011 2012 2013 2014 2015 2016 2017Value of e-money transaction (bn) Volume of e-money transaction (mn txn)

Source: Payment Systems Report (2016), Bank of Thailand

Source: Payment systems statistics, Bank of Thailand

Source: Payment Systems Report (2016), Bank of Thailand

Source: Ecommerce IQ

VALUE & VOLUME CAGR (6 YRS): 30%


Well-Diversified Media Portfolios Advertising, Payment and Logistics Platforms

BTS Group Investor Presentation Section 2.2: Media Business

19

VGI GROUP

BKK, Thailand KL, Malaysia

BKK, Thailand Nationwide, Thailand KL, Malaysia

Nationwide, Thailand Yangon, Myanmar

Nationwide, Thailand



Advertising Payment

THB 3,559mn THB 378mn

30.4% 30.0% 40.0% 90.0% 90.0% 100.0%

TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES

MACO AERO MEDIA DEMO POWER BSS & BSSH VGI COMPANY SEGMENT

GEOGRAPHICAL ACTIVITY

LEADING POSITION & NETWORK

AUDIENCE REACH

KEY GROWTH AREA

SEGMENT

2017/18 REVENUE1

No. 1 in Transit media

31.0km, BKK 51.0km, Malaysia

No. 1 in Office media

174 office building 281 condominium

No. 2 in Outdoor media

>2,000 billboards

No. 2 in Aviation media

15 airports

The largest Activation services

>1,000 stores

Additional inventory from BTS’s new line extensions

Grade B&C and upcountry market

To convert 10% of static billboards to digital screens

Expand to airports in South East Asia

Potential expansion in BTS stations and office buildings

Expand Rabbit card & Rabbit Line Pay network

Rabbit’s data

Expand insurance and micro loan network

1 Excluding revenue from Titanium Compass, Aero Media and Demo Power of which are recognised as equity method

40mn potential reach 16mn users

9.3mn Rabbit cards

3.5mn Active cards 3.4mn LINE pay users

>1,300mn outstanding loan

The largest micro payment platform

Logistics

BKK and nationwide, Thailand

23.0%

LOGISTICS

KERRY EXPRESS

No. 1 in Parcel Delivery Services

> 1mn parcels per day

Delivering letters and parcels from online retailers to individual consumers

1mn interaction


Solid Growth Opportunities Upside from BTS Rail Mass Transit Expansion and Monetisation of Rabbit’s Data


Revenue of THB 10,000mn (37% 2-Year CAGR) NPAT 42% 2-Year CAGR

TOTAL OF 836 TRAINS CAPACITY TOTAL OF 147 STATIONS CAPACITY

2017/18 2022/23E

CORE + EXTENSION 208 236

GREEN (SOUTHERN) NONE 60

GREEN (NORTHERN) NONE 84

PINK NONE 168

YELLOW NONE 120

GREEN (WESTERN) NONE 32

LRT NONE 64

GREY (PHASE I) NONE 72

TOTAL 208 836

2017/18 2022/23E

CORE + EXTENSION 30 34

GREEN (SOUTHERN) NONE 9

GREEN (NORTHERN) NONE 16

PINK NONE 30

YELLOW NONE 23

GREEN (WESTERN) NONE 6

LRT NONE 14

GREY (PHASE I) NONE 15

TOTAL 30 147

4.0X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY

208 236 296

380

668

836

0

200

400

600

800

17/18 (A) 18/19 (E) 19/20 (E) 20/21 (E) 21/22 (E) 22/23 (E)

Secured 668 carriages

Under Negotiation 168 carriages

+4.0x

30 30 43

59

112

147

0

50

100

150

17/18 (A) 18/19 (E) 19/20 (E) 20/21 (E) 21/22 (E) 22/23 (E)

Secured 108 stations

Under Negotiation 39 stations

+4.9x

Current Green South Green North Pink Yellow LRT Grey (Phase I) Green West

2020/21 GOALS


Payment: Synergy between VGI and Rabbit Rabbit Platform’s Database

21

The E-money service provider with a common ticketing system supporting BTS and BRT. BSS

system also encompass other forms of public transportation as well as retail, service and

tourism sectors.

OFFLINE PAYMENT: RABBIT CARD


LARGE PARTNERS NETWORK BUILT

Use on BTS SkyTrain & BRT

Use in retail stores

ONLINE PAYMENT: RABBIT LINE PAY

A mobile e-wallet solution embedded in the leading chat messenger application

SERVICES BUSINESS

JV with AEON: THB 1.3bn outstanding loans Micro loan through the joint venture with AEON

Rabbit Daily: 3mn monthly visits Online lifestyle publisher, providing social news and entertainment content and advertorials

Rabbit Insurance Broker: More than THB 16mn gross written premiums per month Insurance aggregator services on Rabbit Finance website and also a licensed broker for insurance products.

Co-branded Card: BBL co-branded card & AIS-Rabbit card Issued by financial institutions or corporations that wish to add Rabbit functionality to credit card, debit card, or other card types or devices

Current 2020

Rabbit Cards 9.8mn > 15.0mn

Active Cards 3.5mn > 8.0mn

Retailer Points

> 6,400 >10,000

Current 2020

Line Users 45.0mn >55.0mn

Rabbit Line Pay Users

4.5mn >10.0mn

Online Merchants

> 1,000 >1,500

http://www.google.co.th/url?sa=i&rct=j&q=tom+n+toms+coffee&source=images&cd=&cad=rja&docid=HKk-NMNg6DoIxM&tbnid=m7R1K7N_xciZKM:&ved=0CAUQjRw&url=http://www.whereonsale.com/2012/07/07/tom-n-toms-coffee-free-voucher/&ei=6_8RUen7EoGuiAeBmYGYCQ&bvm=bv.41934586,d.dGI&psig=AFQjCNFnTJ8aESdTGdo-yzdgUf-v3kWcyw&ust=1360220519339060


Logistics: Parcel Delivery Services


DELIVERY SERVICES PORTFOLIO SERVICES PRODUCTS

INVESTMENT & ACCOUNTING METHOD

Investment: 23% in Kerry Express Accounting Method: Equity Sharing

SERVICES CHANNEL

Kerry is the No. 1 parcel delivery services in Thailand, delivering more than 1,000,000 parcels per day and has more than 4,000 retail service points nationwide.

B2B delivering parcels from company to various places such as financial institutions, law firm, retail shops and etc.

B2C delivering parcels from e-market place to the individual shoppers

C2C delivering letters and parcels from online retailers to individual consumers

• Deliver more than 1,000,000 parcels per day

• 900 distribution centers

• 700 parcel shops in Bangkok, Central and East

• 4,000 retail service points at alliance shops such as

NETWORK


One-Stop Shop Solutions Combining offline out-of-home (OOH) media with online and data


23

ONE-STOP SHOP SOLUTIONS

OFFLINE/ OOH

• No. 1 Transit media in Bangkok

• No. 1 Office media in CBD Bangkok

• No. 2 Outdoor media nationwide

• No. 2 Aviation media

• No. 1 Activation media

Transit Office Outdoor

Aviation Activation

Full service OOH media platform

O2O SOLUTIONS

• Creating awareness through offline OOH platform

• Bridging with our database, creating engagement opportunity for targeted audience

• Activating conversion at last mile touch point

• Completing the customer journey

Integrating Offline and Online world

ONLINE/ DATA

• Partnership with No. 1 market leaders

>1mn BTS daily commuters

>45mn LINE users

>40mn AIS users

>5mn Kerry customers

Over 40mn data points


Contents









Appendices


47% 63% 60%

48%

70%

65% 46%

48%

76%

64% 58%

78%

75%

60%

75%

65%

0

50,000

100,000

150,000

200,000

250,000

300,000

0 - 200m(CAGR +22.4%)

201 - 500m(CAGR +10.7%)

501 - 1,000m(CAGR +19.7%)

Over 1,000m(CAGR +6.0%)

Baht/sqm

2014 2015 2016 2017

56% 61% 60% 57%

0

5,000

10,000

15,000

20,000

25,000

2014 2015 2016 2017

Units

1Q 2Q 3Q 4Q Average Take-up Rate (RHS)

34,666 50,105 39,046 58,424

BANGKOK CONDO LAUNCHES AVG. PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

Property Business Industry Overview

Source: Colliers International (Thailand) Source: Colliers International Thailand

BTS Group Investor Presentation Section 2.3: Property Business

INTERNATIONAL TOURIST ARRIVALS IN THAILAND GLOBAL INTERNATIONAL TOURIST ARRIVALS

Source: Department of Tourism, Ministry of Sports and Tourism Source: UNWTO

19.2 22.4

26.5 24.8

29.9 32.6

35.4

2011 2012 2013 2014 2015 2016 2017

Millions of Persons

994 1,040 1,088 1,134 1,184 1,235 1,322

2011 2012 2013 2014 2015 2016 2017

25


U City

THB 20.2bn

2%

11%

3%

70%

15%

BTS Commercial

BTS Residential

U City Recurring Income

U City Residential

Property Portfolio and Business Strategy U City is the Dedicated Vehicle for Property Development

26

PROPERTY BOOK VALUE BREAKDOWN

BTS Group Investor Presentation Section 2.3: Property Business

OUR HOTEL PORTFOLIO UNDER U CITY

Owners Total Area (Rai) Total Area (sq.m)

BTS Group Plc 489.4 782,966.0

Bayswater JV 48.8 78,051.2

U City Plc 906.6 1,450,635.6

Total 1,444.8 2,311,652.8

Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted

ATTRACTIVE LAND BANK

Under No. of Hotels No. of Keys U City’s Stake

Directly-held 8 1,461 100%

Owned* 6 1,334 100%

Operating Leased 2 127 100%

Vienna House 39 7,691 100%

Owned 19 3,048 100%

Operating Leased 9 2,235 100%

Managed 11 2,408 100%

AHS 49 17,153 50%

Managed 49 17,153 50%

Grand Total 96 26,305

BTS Group Land Bank

U City Land Bank Bayswater JV Land Bank

Projects and Properties Land Bank

Projects and Properties a. The LINE Jatujak – Mochit b. The LINE Sukhumvit 71 c. The LINE Ratchathewi d. The LINE Asoke-Ratchada e. The BASE Garden Rama 9 f. The LINE Pradipat g. The LINE Sukhumvit 101 h. KHUN BY YOO i. The BASE Petkasem 29 j. The LINE Sathorn k. The LINE Wongsawang l. TST Tower Office Building m. U Sathorn Hotel n. Eastin Grand Sathorn Hotel o. Eastin Thana City p. The Unicorn q. The Grand r. The Royal Place II s. Thana City Golf & Sports Club t. Verso International School

a f

l

d

e

LAND: OVER 670,000M² OF OPPORTUNITY IN BANGKOK ALONE

c

q r

g

h

s m n i

Kukot 51.7 rai (8.3 ha)

Thana City 308.6 rai (49.4 ha)

Bayswater JV 48.8 rai (7.8 ha)

Data as of 30 Jun 18

Residential THB 0.5bn

Total Book Value as of 30 Jun 18:

THB 29.0bn

Bayswater JV

THB 4.3bn

* Adjusted for equity stake

Commercial THB 3.3bn

Land Bank THB 0.8bn

j

k

Ratburana & Suksawad 44.1 rai (7.6 ha)

p

*Includes financial lease hotels and hotels currently under construction

o b

t

Mochit 11.1 rai (1.8 ha)


• Austria • Belarus • Czech Republic • France • Germany • Poland • Romania • Russia • Slovakia • United Kingdom

U City’s Business Overview Recurring Income Segment Overview

27 BTS Group Investor Presentation Section 2.3: Property Business

RECURRING INCOME PROPERTY (as of June 2018)

33 Gracechurch Street

Interests in 10 European Countries

• Thailand • Vietnam • Indonesia • India • Oman

Interests in 5 Asian & Middle Eastern Countries

6-14 Underwood Street TST Tower

OFFICE

The Unicorn

MIXED USE EDUCATION

Verso International School

HOSPITALITY

U Chiang Mai Hotel

U Sathorn Hotel

Vienna House Hotels

Eastin Grand Sathorn Hotel

Currently Over 26,300 Hotel Keys and 27,000 sqm of Office Space


28 BTS Group Investor Presentation Section 2.3: Property Business

U City’s Business Overview Residential Segment Overview - BTS-Sansiri JV

PARTNERSHIP ROADMAP

2015 (3 projects)

2016 (5 projects)

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 10% and equity IRR 14% on a blended basis

2018 (3 projects)

• The LINE Jatulak – Mo Chit Project value: THB 5,815mn No. of units: 841

• The LINE Sukhumvit 71 Project value: THB 1,967mn No. of units: 291

• The LINE Ratchathewi Project value: THB 3,014mn No. of units: 231

• The LINE Asoke-Ratchada Project value: THB 3,026mn No. of units: 473

• The BASE Garden Rama 9 Project value: THB 2,339mn No. of units: 639

• The LINE Pradipat Project value: THB 5,893mn No. of units: 981

2017 (3 projects)

• The BASE Phetkasem 29 Project value: THB 2,010mn No. of units: 640

• The MONUMENT Thonglor Project value: THB 6,242mn No. of units: 127

• The LINE Sathorn Project value: THB 3,910mn No. of units: 327

• The LINE Sukhumvit 101 Project value: THB 4,652mn No. of units: 778

• KHUN BY YOO Thonglor 12 Project value: THB 4,065mn No. of units: 148

• The LINE Wongsawang Project value: THB 4,687mn No. of units: 1,288

• The BASE Sapanmai Project value: THB 2,697mn No. of units: 820

• The LINE Pahonyothin Park Project value: THB 4,913mn No. of units: 880

The LINE Wongsawang

The LINE

Sukhumvit 101 KHUN BY YOO

The LINE

Jatujak-Mo Chit The LINE Sukhumvit 71

Fully transferred

14 Residential Projects have been developed since inception


Contents

BTS Group Investor Presentation

29








Appendices


Services Business Strategic Support and Business Incubator

30

Premium Chinese restaurant chain managed by Man Kitchen

As of 31 Mar 2018, 8 existing branches:

3 dine-in branches, 1 take-away branch, 2 Chairman by Chef Man (Hong Kong

Café concept), 1 private dining concept under M Krub restaurant and 1 Man

Kitchen buffet

Managed a loyalty and benefits programme for consumers who transact with the

Rabbit Card and/or Rabbit Line Pay

The Rabbit Points can be redeemed for vouchers across our retail partner network

and additional Rabbit Rewards partners.

In FY 2017/18, the programme had 3.2million registered members.

CHEFMAN RESTAURANTS BANGKOK PAYMENT SOLUTIONS (BPS)

Eastin Grand Sathorn Branch

BTS Group Investor Presentation Section 2.4: Services Business

Thana City Branch

In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR), a

listed and leading purveyor of duck meat through a capital increase. BR’s

extensive food processing expertise will enable Chef Man to scale-up its

business domestically and internationally.

41%

Man Food Holdings

41% 18%

Bangkok Ranch BTS Group Chef Man

BTSG and BR have an option to increase stake up to 42.5% in Man Food Holdings. Expected final shareholding in Man Food Holdings of 42.5% : 42.5% : 15% between BTS Group : BR : Chef Man

Joint venture between BTSG and VIX Group, a leading technology development for

Central Clearing House (CCH) and Automatic Fare Collection (AFC) services

Served as a vehicle for developing software and providing technology services for

an integrated mass transit and payment systems for Thailand

In FY 2017/18, BPS recognised revenue from sales of fully-equipped EDC machines

and revenue from software development services.

RABBIT REWARDS PROGRAMME

Joint venture between BTSG and Li Kay Engineering, a Hong Kong based

civil and foundation company

HHT CONSTRUCTION


Contents









Appendices


KEY FINANCIAL RATIOS FY 17/18 FY 16/17 FY 15/16 FY 14/15

Profitability ratios (%) Gross operating profit margin 41.0% 51.9% 60.4% 55.5% SG&A to operating sales ratio 17.3% 24.6% 24.6% 22.0% Accounting EBITDA margin 42.3% 41.2% 59.7% 52.0% Operating EBITDA margin(1) 29.0% 34.0% 42.9% 39.9% Recurring net profit margin (%) 16.0% 15.4% 29.2% 28.2% Liquidity ratio Current ratio (times) 0.93x 1.38x 0.81x 3.96x Leverage (Times) Total liability to total asset 0.56x 0.52x 0.28x 0.22x Total liability to total equity 1.29x 1.07x 0.39x 0.28x

Interest bearing debt to equity 1.02x 0.85x 0.20x 0.09x Adj. net debt(5) to equity 0.37x 0.13x (0.13)x (0.40)x Adj. net debt(5) to recurring EBITDA 3.02x 1.72x (1.93)x (7.32)x Interest coverage(3) 3.31x 4.55x 9.30x 7.03x Per share ratios Book value per share (THB) 3.92 3.82 3.96 4.38 Dividend yield (4) 3.95% 4.00% 7.75% 6.38%

FY 17/18 OPERATING REVENUE & EBITDA CONTRIBUTION

(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF (2) Net income attributable to equity holders of the parent (3) Operating EBITDA/finance cost (4) Interim and Final dividends, calculated on annual basis using BTS TB closing share price on the date

of the Board of Directors’ meeting approving the relevant dividend (5) Interest bearing debt - cash and cash equivalent and liquid investment

OPERATING REVENUE COMPARISON (YoY)

32

CONSOLIDATED P&L (THB MN) FY 17/18 FY 16/17 FY 15/16 FY 14/15

Operating revenues 14,102 8,606 6,280 7,102 Accounting revenues 16,987 9,618 10,069 8,126 Operating expenses 8,325 4,143 2,489 3,163 EBITDA 7,571 4,114 6,254 4,937 Operating EBITDA(1) 4,089 2,928 2,693 2,836 Net Recurring Profit 2,889 1,649 2,213 2,820 Net income(2) 4,416 2,003 4,134 2,944

DEBT INFORMATION (THB MN) 31 MAR 18 31 MAR 17 31 MAR 16 31 MAR 15

Interest bearing debt 47,124 38,310 9,283 4,556

Adj. net debt (5) 17,129 6,051 (6,012) (20,755)

BTS Group Investor Presentation Section 3: Financial Summary

BTS Group Financial Performance

Note: Revenue and EBITDA excludes equity income from Sansiri JV, U City, Bayswater JV, Keystone JV

* Calculated base on EBITDA of THB 4,768mn which excludes selling and Administrative expenses at

Head-Office of THB 679mn

** After selling and Administrative expenses at Head-Office of THB 679mn

THB 14,102mn

THB 4,089mn**

Mass Transit Media Property Services

Revenue Contribution

EBITDA Contribution*

8,606

14,102 4,875 893 (294)

FY16/17 Mass Transit Media Property Services FY17/18

4%

(40%)

30% 115%

(THB mn)

22

60% 42%

-0.1%

-1.6%

65% 28%

4%

3%


Financial Position

33 BTS Group Investor Presentation Section 3: Financial Summary

45,182 46,355

29,833 36,779

18,616 22,923

31 Mar 17 31 Mar 18

Total shareholders' equity Total non-current liabilities Total current liabilities

106,058 93,631

67,909 84,747

25,722 21,311

31 Mar 17 31 Mar 18

Total non-current assets Total current assets

106,058 93,631

Cash

31 Mar 17: THB 15.09bn

31 Mar 18: THB 9.46bn

Current Investments

31 Mar 17: THB 6.24bn

31 Mar 18: THB 5.67bn

Long-Term Investments

31 Mar 17: THB 13.52bn

31 Mar 18: THB 15.95bn

Gross Debt

31 Mar 17: THB 38.31bn

31 Mar 18: THB 47.17bn

Adjusted Net Debt*

31 Mar 17: THB 6.06bn

31 Mar 18: THB 17.13bn

*****

Issued Ordinary Shares

31 Mar 17: 11,935.0mn

31 Mar 18: 11,940.4mn

73%

27% 20%

80%

22%

44%

34%

48%

20%

32%

FY 2017/18: 1.02x FY 2016/17: 0.85x

Gross Debt to Equity

FY 2017/18: 0.37x FY 2016/17: 0.13x

Adjusted Net Debt* to Equity

FY 2017/18: 3.02x FY 2016/17: 1.72x

Adjusted Net Debt* to Recurring EBITDA

FY 2017/18: 3.31x FY 2016/17: 4.55x

Interest Coverage

FY 2017/18: 0.93x FY 2016/17: 1.38x

Current Ratio

ASSET BREAKDOWN (THB MN)

LIABILITIES AND EQUITY BREAKDOWN (THB MN)

KEY RATIOS

*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment


7,073 7,094 8,048

4,026 4,145

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18

Dividend Policy and Historical Dividend Payment

DIVIDEND POLICY


HISTORICAL DIVIDEND PAYMENTS /DIVIDEND YIELD AND PAYOUT

(1) Calculated based on share price one day before the Board of Directors’ approval date for relevant dividend payment

4.0%

Following BTSGIF establishment, the company had committed

dividend payment over 3 years, totaling THB 21bn

34

No less than 50% of net profit

56% 241% 183% 180%

87%

Actual dividend paid (THB mn)

Dividend yield(1) (%)

Dividend Payout (%)

No less than THB 6bn



3.9%

7.8% 7.3% 6.2%


0

400

800

1,200

1,600

2,000

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

BTS Daily Traded Value (RHS) BTS TB Equity SET Index Name %*

1 MR. KEEREE KANJANAPAS’S GROUP 41.1%

2 THAI NVDR CO., LTD. 9.2%

3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6%

4 SOCIAL SECURITY OFFICE 2.5%

5 STATE STREET EUROPE LIMITED 2.1%

6 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2.0%

7 CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED 1.7%

8 UOB KAY HIAN PRIVATE LIMITED 0.9%

9 GIC PRIVATE LIMITED 0.6%

10 Mr. Min Tieanworn 0.6%

TOTAL TOP 10 SHAREHOLDERS 65.3%

Stock code BTS

Outstanding shares (mn shares) 11,940.4

Treasury shares (mn shares) 95.8

Market capitalisation (THB mn) 99,702.3

Market capitalisation (USD mn) 3,197.5

Average daily traded value (THB mn) 157.7

Average daily traded value (USD mn) 5.0

Credit Rating (by TRIS) A/Stable

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2018)

SHARE PRICE MOVEMENT (as of 31 Mar 2018)

SHARE STRUCTURE (as of 14 Jun 2018)

TOP 10 SHAREHOLDERS (as of 14 Jun 2018)

35

THB THB mn

12M ADTV = THB 183mn

Kanjanapas family*

Institutional investors*

Others*

41% 34% 25%

Free float (as of Jun 18) 58.6%

Foreign limit 49.0%

Foreign holdings (incl. NVDR) 9.2%

*Total of 11,845,222,893 shares



36

MED

IA

2018/19 BTS Group Targets and CAPEX

FY 2018/19 BTS GROUP TARGETS

4-5% Core Network ridership growth

1.5-2% Core Network average fare increase

30% Train O&M revenue growth

THB 7-9bn Revenue from E&M provision for Green Line South and North extensions and train procurement for Green Line extension

THB 350mn Targeted BTS Group Property Revenue

(more details in U City presentation)

THB 20-25bn Construction revenue for Pink and Yellow Lines

THB 6-6.7bn Targeted U City Property Revenue

≥ 25% EBITDA margin (at U City level)

40-45% EBITDA margin

20-25% NPAT margin

THB 0.6-0.7bn Interest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines

MA

SS T

RA

NSI

T

FY 2018/19 CAPEX: THB 27-34BN

THB 26-32bn (Excludes: BTSGIF CAPEX ) •THB 6-7bn E&M and rolling stocks for Green

Line South and North extensions •THB 20-25bn for Pink and Yellow

construction

THB 1.1bn

THB 0.4bn (Excludes: Real estate development cost)

PR

OP

ERTY

BTS Group Investor Presentation Section 3: Financial Summary

THB 5bn Targeted Media Revenue (revised from THB 4.4-4.6bn)


Contents








Section 3ction 3 Financial Summary

Appendices


Appendix 1: Bangkok Rail Mass Transit Master Plan Network Length Expands to 515.2km in 2029

38 BTS Group Investor Presentation Appendix 1: Bangkok Rail Mass Transit Master Plan


CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1

ROUTE • Dark Green Mo Chit – Onnut

• Light Green National Stadium - Saphan Taksin

• Dark Green Onnut - Bearing

• Light Green Saphan Taksin - Bang Wa

• Southern Green Bearing - Samut Prakarn

• Northern Green Mo Chit - Khu Kot

• Pink Khae Rai - Min Buri

• Yellow Lad Prao - Sam Rong

Krung Thonburi BTS Station - Khlong San District Office

DISTANCE & NO. OF STATIONS

23.5km, 23 stations 12.8km, 11 stations 30.8km, 25 stations 64.9km, 53 stations 1.7km, 3 stations

AUTHORITY BMA BMA BMA MRTA BMA

CONTRACT TYPE & CONTRACT LENGTH

30Y Concession Agreement (1999-2042)

13Y O&M Contract (2029-2042)

30Y O&M Contract (2012 - 2042)

26Y O&M Contract (2017 - 2042)

30Y Concession Agreement (from 1st operation date)

30Y O&M Contract (from 1st operation date)

INVESTMENT SCHEME

PPP Net Cost (1999-2029)

O&M Contract (2029-2042)

O&M Contract O&M Contract PPP Net Cost

O&M Contract

CAPEX AND FINANCING = BTS INVESTMENT

Civil: E&M: Rolling Stock: ------------ Project Cost (≈THB 49.5bn)

Civil: x E&M: x Rolling Stock: (≈THB 5.8bn)

Civil: x E&M: x Rolling Stock: (≈THB 4.9bn)

Civil: x E&M: x (hire BTS, pre-financed by BTS ≈THB 17.3bn) Rolling Stock: (≈THB 9.8bn)

Civil: (subsidised by gov’t) E&M: Rolling Stock: ------------ Project Cost ≈THB 96bn (gov’t subsidy of THB 47bn)

Civil: x E&M: x (hire BTS, ≈THB 0.6bn) Rolling Stock: (≈THB 0.4bn)

Appendix 2: Summary of BTS Mass Transit Contracts

BTS Group General Presentation Appendix 2: Summary of BTS Mass Transit Contracts

39

REMARKS: Public-Private Partnership (PPP) Net Cost = Private obtains farebox revenue and commercial development O&M Contract = Private receives operation and maintenance fee, while the public benefits from farebox revenues and commercial development of station areas


Apr 17: Opening of Samrong Station

1.4

2

1.7

8

2.1

2

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

59

79

96 105

118 132

139 133 136 144 145

176

197

215 219 233 238 241

00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18

Farebox revenue (THB bn) Ridership (mn)

Appendix 3: Core Network Ridership Uninterrupted Revenue Growth and Resilient Under Pressure

40

Jul 04: Opening of Bangkok MRT System (Blue line)

May 10: Opening of

Bangkok BRT; Thai political

protests

Aug 10: Opening of

Airport Rail Link

Aug 11: On Nut – Bearing extension opening

Oct – Nov 11: Floods

INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (9 YRS RIDERSHIP CAGR 7%)

Dec 99: BTS SkyTrain service opening

Mar 07: First fare rate increase

May 09: Opening of Silom Line extension

Farebox revenue CAGR: 9.7% Ridership CAGR: 8.7%

GROWTH (17 YRS)

Jan-Mar 14: Bangkok

Shutdown

May 14: Martial law

Oct 16: The passing of

His Majesty King Bhumibol

Aug 16: Opening of

Bangkok MRT System (Purple line)

Oct 17: Fare Increased

Ridership +1.3% YoY

Fare +1.4% YoY

Aug 17: Opening of Tao Poon Station (Blue line ext.)

BTS Group Investor Presentation Appendix 3: Core Network Ridership

Apr 13: Sale of net farebox revenue to BTSGIF Jun 13: Fare increase

Dec 13: Wongwian Yai – Bang Wa extension opening

Nov 13: Thai political protests


15.0

22.0 25.0

28.0

31.0 34.0

37.0

42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0 23.0 26.0

30.0

33.0 37.0

40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SJT 34% AVG FARE THB 31.5

30-DAY PASS (ADULT)* 28% AVG FARE THB 27.0

PURSE (STV)* 31% AVG FARE THB 27.0

30-DAY PASS (STUDENT)* 6% AVG FARE THB 21.6

ONE-DAY PASS 1% AVG FARE THB 35.8

41

FARE ADJUSTMENT MECHANISM

Can be adjusted no more than once every 18 months by making announcement to BMA and public 30 days in advance Must not exceed the Authorised fare

EFFECTIVE FARE

Normal situation: upon change of Bangkok’s CPI >=5%, may adjust up to 7% (No approval required)

Special situation: upon change of CPI (>= 9%), USD/THB foreign exchange rate, interest rate or electricity costs (BMA approval required)

AUTHORISED FARE

HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 2017/18)

THB / Trip

* Counted as Rabbit (65%)

BTS Group Investor Presentation Appendix 4: Core Network Fare Adjustment

Appendix 4: Core Network Fare Adjustment Flexibility to Increase Fares

DISTANCE-BASED FARE (BY NO. OF STATIONS)

NO. OF STATIONS




FARE PRICE (THB)


• CAGR 5 yr (2012/13 to 2017/18) = 2.7% • CAGR 12 yr (2005/06 to 2017/18)= 2.4%

21

.4

22

.1

24

.2

24

.2

24

.1

24

.4

24

.4

24

.8

26

.4

26

.9

27

.5

27

.9

28

.3

20

05/0

6

20

06/0

7

20

07/0

8

20

08/0

9

20

09/1

0

20

10/1

1

20

11/1

2

20

12/1

3

20

13/1

4

20

14/1

5

20

15/1

6

20

16/1

7

20

17/1

8


Appendix 4: Core Network Fare Adjustment Latest Increased from 1 October 2017

BTS Group Investor Presentation Appendix 4: Core Network Fare Adjustment

42

15.0

22.0 25.0 28.0

31.0 34.0

37.0

42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0

23.0 26.0

30.0

33.0

37.0 40.0

44.0

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SINGLE JOURNEY TICKET (SJT): 34% OF TICKET TYPES

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Previous 15 22 25 28 31 34 37 42

1 Oct 17 16 23 26 30 33 37 40 44

RABBIT SENIOR

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Previous 7 11 13 14 16 17 19 21

1 Oct 17 8 12 13 15 17 19 20 22

• Fare of SJT, Rabbit monthly pass and Rabbit senior tickets in the Core Network will be increased from 1 October 2017 onwards • For Rabbit Purse Card (Stored Value Card: STV), the promotional prices for the effective fare were in the range of THB 15 - 43 starting from 1 April 2018 • Expected FY 18/19 average fare increased by 1.5-2% to THB 28.7-28.9 per trip

RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip

15 Trips 450 30 465 31

25 Trips 700 28 725 29

40 Trips 1,040 26 1,080 27

50 Trips 1,250 25 1,300 26

RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip

15 Trips 345 23 360 24

25 Trips 525 21 550 22

40 Trips 760 19 800 20

50 Trips 900 18 950 19




FARE PRICE (THB)


NO. OF STATIONS


Appendix 5: Rolling Stocks Enlarging Our Fleet for Future Growth

43

50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)

25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY IN SKY LINE)

BTS Group Investor Presentation Appendix 5: Rolling Stocks

98 4-CAR TRAINS (392 CARRIAGES) FOR GREEN LINE CORE NETWORK AND EXTENSION ZONE 1 & 2

72 4-CAR MONORAIL TRAINS (288 CARRIAGES) FOR PINK AND YELLOW LINES

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM

1ST BATCH 35 105 SIEMENS

2ND BATCH 12 48 CRRC

3RD BATCH 35 SIEMENS

4TH BATCH 5 20 CRRC

TOTAL 52 208

FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM

DELIVERED BY FY 18/19

22 88 SIEMENS

DELIVERED BY FY 19/20

24 96 CRRC

TOTAL 46 184

PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM

PINK 42 168 BOMBARDIER

YELLOW 30 120 BOMBARDIER

TOTAL 72 288

10,000 – 44,000 PPHPD: SERVICE CAPACITY

NOTE: PPHPD = Passengers per Hour per Direction


44

Appendix 6: Debentures & Syndicated Loan Agreement CAPEX for newly-awarded lines - secured by debt financing

BTS Group Investor Presentation Appendix 6: Debentures and Syndicated Loan for the Pink and Yellow Lines

Tenor Amount up to Coupon Rate

3-year THB 5.5bn 2.46%



10-year (NC5) THB 10.2bn 3.87%

Total THB 22bn 3.31% (average)

Rationale Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions

Issuance Date 10 November 2016

THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS THB 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES

10 October 2017: BSR JV signed the syndicated loan agreement with three banks, at a total value of up to THB 63.36bn.

Credit Facilities Total of THB 63.36bn • THB 31.68bn for Pink Line • THB 31.68bn for Yellow Line

Syndicate Banks BBL, KTB, SCB

Loan Term 17 years and 3 months, repayments starting from first operation date

Rationale Financing of both Pink and Yellow lines




10-year THB 2.0bn 3.65%

12-year (NC5) THB 2.0bn 3.78%

Total THB 7.0bn 3.17% (average)

Rationale Repay existing debts and/or investment and/or financing the working capital of the Company

Issuance Date 26 December 2017

THB 7BN BTSG DEBENTURE


2-year THB 3.55bn 2.58%

5-year THB 1.29bn 3.25%

10-year THB 4.66bn 4.03%

Total THB 9.50bn 3.38% (average)

Rationale Repay existing debts and/or investment and/or financing the working capital of the Company

Issuance Date 7 September 2018

THB 9.5BN BTSG DEBENTURE


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

Rolling stocks Investment O&M revenue

Appendix 7: Mass Transit Economic profile PPP Net Cost & O&M Contract (PPP Gross Cost)

ECONOMIC PROFILE (O&M CONTRACT)

ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)

KEY ASSUMPTIONS

KEY ASSUMPTIONS

1) 30-year contract from operating date

2) O&M revenue* of approx. THB 140mn/km in FY 16/17 with growth rate of 3.5% p.a.

3) EBITDA margin of 40-50% YEAR

YEAR

1) 3-4 year investment in civil and E&M works (includes rolling stocks)

2) 10-year repayment from gov’t for civil works

3) Receive farebox revenue and commercial revenue (30-year contract from operating date)

BTS Group Investor Presentation Appendix 7: Mass Transit Economic profile

*O&M revenue includes revenue from provision of operating services and interest income under concession agreement

45


Appendix 8: Gold Line Phase 1 Project at a Glance

ROUTE KRUNG THON BURI – KLONG SAN (PHASE I): 1.7KM 3 STATIONS

NO. OF STATIONS

3 OVERGROUND STATIONS (G1 TO G3) • G1: KRUNG THON BURI • G2: CHAROEN NAKORN • G3: KLONG SAN

TYPE MONORAIL FEEDER LINE

TRAINS THREE 2-CAR AUTOMATIC PEOPLE MOVER (APM) TRAINS

SYSTEM CAPACITY

4,000-12,000 PPHPD (5-6 MIN HEADWAY)

E&M AND O&M SERVICES PROVIDED BY BTSC

46

Source: http://www.raillynews.com

31 JUL 2018 O&M Services Agreement signed

1 SEP 2020 Targeted Commercial Operation Date (30 years operation*)

1 AUG 2018 NTP issued for E&M kick-off

9 MAR 2018 Civil work construction began

27 FEB 2018 Sale and installation of E&M works Agreement signed

15 DEC 2017 KT awarded civil contract to ITD

TIMELINE

KRUNG THONBURI BTS STATION – KHLONG SAN 1.7KM

GOLD PHASE 1

*Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not been extended.

SALE AND INSTALLATION OF E&M WORKS AGREEMENT • E&M VALUE (INCL.VAT) OF THB 765.59MN O&M SERVICES AGREEMENT • 30 YEARS FROM 1ST COMMERCIAL OPERATION DATE • O&M SERVICES INCLUDE THE OPERATION OF TRAINS,

MANAGEMENT, MAINTENANCE OF THE MASS TRANSIT SYSTEM, FARE COLLECTION AND THE PROCUREMENT OF ROLLING STOCK

• O&M VALUE (INCL.VAT) OF THB 13,520MN

BTS Group Investor Presentation Appendix 8: Gold Line Phase 1


Appendix 9: VGI Products BTS-Related Media and Office Building & Residential Media Products

BTS Group Investor Presentation Appendix 10: VGI Products

47

TRAIN

MERCHANDISING STATION

OFFICE BUILDING INSIDE-TRAIN


Appendix 9: VGI Products Outdoor Media and Aviation Media Products

48

BILLBOARD

STREET FURNITURE

AIRPORT LED SCREEN

AVIATION: JET BRIDGE CREATIVE PRODUCTION

BTS Group Investor Presentation Appendix 10: VGI Products


Appendix 9: MACO Products Expanding OOH Media Internationally

49

TRANSIT MEDIA IN MALAYSIA

AVIATION MEDIA IN MALAYSIA


Appendix 10: VGI & MACO Top20 Customer Profile YTD Customer Type Breakdown

BTS Group Investor Presentation Appendix 11: VGI and MACO Top20 Customer Profile

50

VGI: CUSTOMER TYPE

MACO: CUSTOMER TYPE

70%

30%

Agency

Direct customer

51%

49%

VGI: TOP BRAND

MACO: TOP BRAND

Agency

Direct customer

(YTD Apr – Sep 2018)

(YTD Jan – Nov 2018)

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwidz5ijtqjSAhXMO48KHVqeCOMQjRwIBw&url=http://vivaki.md/advertising-agency/zenithoptimedia/&bvm=bv.147448319,d.c2I&psig=AFQjCNFu09CELdJRk0NoDkKDbBwfEvJ9Qw&ust=1488014960146331

http://www.google.co.th/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjL28i7tqjSAhUJr48KHRNlCPwQjRwIBw&url=http://caanz.co.nz/agencies/starcom-nz/&bvm=bv.147448319,d.c2I&psig=AFQjCNHhKasqArpjXw0a3m_JyPX3iwSDKQ&ust=1488015128712863

http://www.phdmedia.com/


• Hotels: Vienna House & Vienna House Easy and Eastin Grand Sathorn

• Office buildings: 33 Gracechurch and 6-14 Underwood St. UK

• Service: Vienna International Hotel Management

• Under developing: The Unicorn and Mo Chit Complex

• Roi Chak Sam • Land Bank: Sukhumvit,

Suksawad, Khukot and Bang Krachao

REMAINING KEY ASSETS AT BTSG

U CITY’S PROPERTY PORTFOLIO CONSIDERATION

• Hotels: U Sathorn, U Chiang Mai and U Kanchanaburi

• Office Building: TST Tower • Services: Absolute Hotel

Services, Thana City and Tanayong Property Management

• International School • Land Bank:

Khao Yai and Ratburana • BTS-Sansiri JVs

ASSETS TRANSFERRED FROM UE

NET GAIN OF THB 1.9BN FROM EBT

Preferred Shares from: PP: 63,882mn shares (@THB 0.034/share) with U-W3 31,941mn units

51

Appendix 11: Overview of Property Restructuring The Entire Business Transfer (EBT) of UE to U City

Loan Novation: THB 5.0bn Loan Repayment: THB 5.1bn

THB 2.2bn

Fair value of U City’s preferred shares and warrants and loans to and interest receivable from U City

THB 12.2bn

Book value Net assets of the Unicorn Group (THB 9.1bn)

Deducted deferred gain on the entire business transfer of subsidiary and Transaction costs

(THB 1.2bn)

Net gain on the entire business transfer of subsidiary

THB 1.9bn

THB 10.1bn

THB 12.2bn Total Settlement Value

BTS Group Investor Presentation Appendix 12: Overview of the Entire Business Transfer Transaction

• Thana City Golf Course and Sports Club • Par 1 (Housing Estate) • Land (e.g. Bayswater JV)

PRE EBT

Total Assets Value: THB 12.2bn


Appendix 12: U City’s Overview & Strategy Globally Developing and Investing in Diversified Property

52

THB 32.3bn

THB 4,453mn

FY 2017 REVENUE CONTRIBUTION

Office THB 162mn

3.6%

Others THB 423mn

9.5%

Hospitality THB 3,868mn

86.9%

DECEMBER 2017 BOOK VALUE BREAKDOWN

Office THB 3.4bn

10.5%

Hospitality THB 18.4bn

57.0%

Land bank THB 10.0bn

30.9%

RECURRING INCOME PROPERTY

RESIDENTIAL PROPERTY

LANDBANK

Hospitality 92 Hotels totaling over 19,200 keys includes a portfolio of owned, leased and managed hotels in Europe and Asia.

Office 28,500 sqm of lettable space comprising of 2 office buildings in London, UK and 1 office building in Bangkok, Thailand.

Through a 50% stake in the BTS-Sansiri JV, which develops condominiums near mass transit lines and has currently a presold condominium backlog of THB 26.1bn

U City’s land bank totals THB 7.4bn or 766.1 Rai or 1.23mn sqm of land, which is sufficient for over 5 years of development. 67% of land bank value is located adjacent to future or current mass transit lines and is therefore well-positioned to benefit from the ‘mass transit premium’

806 1,027

3,868

2015 2016 2017

0

63

162

2015 2016 2017

159

0 0

2015 2016 2017

Operating Revenue (THB mn)

Residential THB 0.5bn

1.6%

BTS Group Investor Presentation Appendix 13: U City’s Overview & Strategy


Appendix 12: U City’s Overview & Strategy Poised for Substantial Growth Ahead

53

2,620

176 1,204

1,380

FY 2017 Hospitality Office Alternatives Residential FY 2022

5 PILLARS OF SUSTAINABLE VALUE ACCRETION

FY 2017 FY 2022

Operating Revenue

Recurring Net Profit

Operating Revenue 20% CAGR

Recurring Net Profit 15% Margin*

Key Growth Drivers

Hospitality From 8,648 Keys Operating to 19,244 Owned hotels revenue 5% CAGR

Office Full-year effect of acquisitions and rent reversion

Alternatives Share of profit from international school, The Unicorn mixed-use building

Residential Future gross development value of THB 72bn of 12 condominium projects

CAPEX / Investment 5-year aggregate of THB 14.6bn

5-YEAR TARGET – Operating Revenue of THB 9,400mn, Recurring Net Profit of 1,360mn

Operating Revenue Development (Growth 2017 - 2022)

* Note: revenue includes share of profit in BTS-Siri JV, Keystone JV and Property management services revenue

9,400

4,030

2. EFFICIENT USE OF

CAPITAL

• Recycle capital for future

investment.

• Potential for fee-based

income.

3. SUSTAINABILITY

• Respond to changes in

consumer lifestyles,

including digital disruption

• Environmental awareness

• Benefit to communities

• Enterprise Value/Return

To Shareholders

4. PARTNERSHIPS

• Access to expertise and

new business

opportunities

• Reduce development

and investment risk

• Increase long-term firm

value and synergies

1. INVESTMENT

• Diversified portfolio

• Grow through project

development and acquisition

• Enhance value through

prudent management and

value engineering

• Maximize synergy

5. MASS TRANSIT LINK

• To benefit from the

‘mass transit premium’

4,030

9,410

72% Overseas 28% Thailand

59% Overseas 41% Thailand

1,360

(127)

BTS Group Investor Presentation Appendix 13: U City’s Overview & Strategy

(THB mn) ( THB mn)


Appendix 13: BTS-W4 Term Sheet

54 BTS Group Investor Presentation Appendix 14: BTS-W4 Term Sheet

TICKER BTS-W4

TERM 1 YEAR FROM THE ISSUANCE DATE

ISSUANCE DATE 30 NOVEMBER 2018

EXPIRY DATE 29 NOVEMBER 2019

WARRANTS PRICE NIL

NO. OF WARRANTS UP TO 1,755,034,187 UNITS

ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 9 EXISTING BTS SHARES : 1 BTS-W4

EXERCISE RATIO 1 BTS-W4 TO 1 NEW COMMON SHARE OF BTS

EXERCISE PRICE THB 10.50 PER SHARE

EXPECTED MAXIMUM PROCEEDS THB 18.4BN

EXERCISE PERIOD QUARTERLY

WARRANTS TERMS AND CONDITIONS


OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 2Q 2018/19 2Q 2017/18 % YoY 1Q 2018/19 % QoQ

Operating Revenue1 15,806 2,543 522% 3,049 418%

Gross operating profit 1,824 1,295 41% 1,470 24%

Operating EBITDA2 1,401 875 60% 1,128 24%

Recurring net profit – after MI 830 370 124% 472 76%

Accounting EBITDA 1,681 1,420 18% 1,114 51%

Net income (loss)3 670 653 3% 387 73%

Gross operating profit margin (%) 11.5% 50.9% 48.2%

Accounting EBITDA margin (%) 10.3% 48.6% 33.5%

Recurring net profit margin – after MI(%) 5.1% 13.2% 15.2%

Operating EBITDA margin (%) 8.9% 34.4% 37.0%

P&L SNAPSHOT

2Q 2018/19 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent

55

Appendix 14: 2Q 2018/19 Overview

2,543

15,806 12,937

235 163

Q2 FY17/18 Mass Transit Media Property Services Q2 FY18/19

(45)% 172% 24% 981% (THB mn)

(72) 90%

Mass Transit 8%

Media

1%

Property

1%

Services

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances


HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS Construction revenue for the Pink and Yellow Lines of THB 11.8bn was

recognised, start in this quarter Services revenue from the provision of E&M works and the train procurement

service for the Southern and Northern Green Line extensions of THB 1.5bn was recorded

O&M revenue rose by 3% YoY to THB 452mn mainly from the contractually agreed increase in the operating fee of existing extensions

Farebox revenue up 2% YoY to THB 1,762mn from an increase in average fare of 3.7% YoY

Share of net profit in BTSGIF of THB 244mn (decreased 1% YoY) Costs rose by THB 12.4bn YoY to THB 13.2bn largely from the recognition of

construction cost for the Pink and Yellow Lines and cost related to the provision of services for new Green Line extensions

Operating EBITDA margin was 7.6% (44.5% in 2Q 2017/18)

OPERATING PERFORMANCE

MASS TRANSIT (THB mn)

2Q 2018/19

2Q 2017/18

%YoY 1Q

2018/19 %QoQ

Revenue 14,255 1,318 981% 1,813 686%

Costs of revenue 13,177 740 1680% 1,120 1077%

Gross profit 1,078 578 86% 694 55%

Operating EBITDA 1,085 586 85% 702 54%

Gross margin (%) 7.6% 43.8% 38.3%


OPERATING REVENUE BREAKDOWN

3%

O&M

Construction revenue for the

Pink and Yellow Lines

82%

2Q 2018/19

Interest income related to Green Line extensions, Pink and Yellow Lines

2%

56

Appendix 14: 2Q 2018/19 Mass Transit

11%

Services revenue from provision of E&M works & train procurement

for Green Line extensions

0%

Farebox BRT

Share in BTSGIF

2%

411 411 422 474 471 452 468 452 452 32 32 90 78 81 109 234 193 242 199 284 241 218 247 233 252 228 244

1,444 1,224 519

2,848 1,205

926 1,524 14

16

11,777

2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19

Construction revenue for the Pink and Yellow Lines

Farebox BRT

Services revenue from provision of E&M works & train procurement

Share of net profit in BTSGIF

Interest income related to Green Line extensions, Pink and Yellow Lines

O&M


IR Quarterly Presentation 4Q 1213_Draft1.xlsx


HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Overall Media revenue surged 24% YoY to THB 1,205mn mainly from improved performance in OOH Media and the consolidation of Trans.Ad Group (System Integrator Companies) by MACO

OOH Media revenue* rose by 3% YoY to THB 909mn largely from revenue growth of Outdoor and Office & Other media businesses

Digital Services Business rose sharply by 226% YoY to THB 296mn mainly due to the consolidation of Trans.Ad Group

Costs increased by 47% YoY to THB 457mn primarily due to the consolidation of Trans.Ad Group

Operating EBITDA margin declined YoY to 44.6% (53.5% in 2Q 2017/18)

44%

BTS – Related Media

22%

Outdoor Media

MEDIA (THB mn)

2Q 2018/19

2Q 2017/18

%YoY 1Q

2018/19 %QoQ

Operating revenue 1,205 970 24% 1,077 12%

Costs of revenue 457 310 47% 309 48%

Gross profit 748 660 13% 768 (3)%

Operating EBITDA 537 519 4% 587 (8)%

Gross margin (%) 62.1% 68.1% 71.3%


2Q 2018/19



57

Appendix 14: 2Q 2018/19 Media

9%

Office Buildings and Others

25%

Digital

*OOH Media includes Transit, Outdoor and Office Building and Other Media

790 755 741 753 891 894 1,020 990 909

104 96 79 82

87 87 296

2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19

Digital Services Media

OOH




Residential

16%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS Operating revenue was THB 87mn, decreasing 45% YoY, which was primarily

attributable to the deconsolidation of the majority of BTS property business as a result of the EBT of UE to U City in 4Q 17/18

Commercial Property revenue was THB 73mn or 84% of Property revenue, which now mainly comprises of revenue from Thana City Golf & Sports Club. The decrease of THB 72mn or 50% YoY was chiefly due to the deconsolidation of the 3 former BTS’ hotels and TST Tower office following the EBT of UE to U City

Narrower share of net loss from investment in U City, our associate, of THB 99mn (THB 336mn loss in 2Q 2017/18) mainly from lower loss on impairment of assets, the transfer progress of Sansiri-JVs and improved operating performance of its hospitality business

Operating costs dropped in tandem with the decline in operating revenue, reducing by 32% YoY or THB 35mn to THB 73mn.


PROPERTY (THB mn)

2Q 2018/19

2Q 2017/18

%YoY 1Q

2018/19 %QoQ

Operating Revenue 87 159 (45)% 80 9%

Costs of revenue 73 108 (32)% 68 8%

Gross profit 14 51 (72)% 13 14%

Operating EBITDA 6 (4) N.A. 19 N.A.

Gross margin (%) 16.3% 32.2% 15.6%

Operating EBITDA margin (%)

6.4% N.A. 23.0%


2Q 2018/19

NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.

58

Appendix 14: 2Q 2018/19 Property

84%

Commercial & Others

142 147

186

146 159

174 160

80 87

2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19




46,364 50,352

36,971 46,839

22,923 28,517

31 Mar 18 30 Sep 18

Total shareholders' equity Total non-current liabilities Total current liabilities

125,708 106,258

84,968 100,566

21,290 25,143

31 Mar 18 30 Sep 18

Total non-current assets Total current assets

125,708 106,258 Cash

31 Mar 18: THB 9.46bn

30 Sep 18: THB 10.08bn

Current Investments

31 Mar 18: THB 5.67bn

30 Sep 18: THB 9.04bn

Long-Term Investments

31 Mar 18: THB 15.95bn

30 Sep 18: THB 12.62bn

Gross Debt

31 Mar 18: THB 47.17bn

30 Sep 18: THB 58.07bn

Adjusted Net Debt*

31 Mar 18: THB 17.13bn

30 Sep 18: THB 28.43bn

*****

Issued Ordinary Shares

31 Mar 18: 11,940.4mn

30 Sep 18: 11,845.2mn

80%

20% 20%

80%

23%

40%

37%

44%

21%

35%

2Q 2018/19: 1.15x 2Q 2017/18: 0.97x

Gross Debt to Equity

2Q 2018/19: 0.56x 2Q 2017/18: 0.30x

Adjusted Net Debt* to Equity

2Q 2018/19: 4.38x 2Q 2017/18: 3.36x

Adjusted Net Debt* to Recurring EBITDA

2Q 2018/19: 3.52x 2Q 2017/18: 2.75x

Interest Coverage

2Q 2018/19: 0.88x 2Q 2017/18: 0.91x

Current Ratio

ASSET BREAKDOWN (THB MN)

LIABILITIES AND EQUITY BREAKDOWN (THB MN)

KEY RATIOS

59

Appendix 14: Financial Position as of 30 September 2018

*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment



9,458 (5,340)*

(7,125)**

13,124

10,080***

(37)

Beginning cash(31/3/18)

CFO CFI CFF Others Ending cash(30/9/18)

(THB mn)

CFO • Profit before tax of THB 1.7bn, deducted by • Non-cash reconciling items of THB 0.5bn • Changes in net working capital of THB 5.5bn

(this includes net investment for construction of the Pink and Yellow Lines of THB 2.6bn and net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 2.3bn)

* CFO: After 1. Corporate income tax of THB 526mn 2. Interest expenses of THB 452mn 3. Net investment for construction of the Pink and Yellow Lines of THB 2.6bn 4. Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 2.3bn ** CFI: After net investment for construction of the Pink and Yellow Lines of THB 3.7bn *** Excluding liquid investments of THB 19.6bn

CFI • Investment in Kerry Express of THB 5.0bn • Net investment for construction of the Pink and Yellow

Lines of THB 3.7bn • Net cash received of THB 1.0bn from sales of treasury

investments • Dividend received of THB 0.8bn • Interest income of THB 0.5bn

CFF • Net cash received of THB 9.5bn from BTS debenture • Cash received of THB 1.65bn from STEC and RATCH (re.

pink and yellow line projects) • Cash received of THB 0.7bn from non-controlling interests

for issuances of MACO’ordinary shares via RO

Appendix 14: 1H 2018/19 Cash Flow Snapshot

(THB mn)

60 BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances


2Q 2018/19

Ridership = 61.2mn trips, -1.5% YoY, +7.1% QoQ

Average fare = THB 28.8 per trip, +3.7% YoY, -0.8% QoQ

Average weekday ridership = 747,472 trip, -1.2% YoY

Historical average fare & % growth (YoY) Historical ridership & % growth (YoY)

Appendix 14: 2Q 2018/19 Mass Transit Update Quarterly Ridership in BTS Core Network

Explanation Ridership: YoY : slightly dropped partly as a result of passengers’ sensitivity to the

fare increases in the core skytrain network. QoQ: increased from (i) more weekdays in this quarter (several holidays in last quarter such as the Song Kran Festival and National Labor Day) and (ii) low-base effect from train services disruption in prior quarter.

Average fare: YoY rose from fare increase since Oct 2017 and the adjustments to promotional price for stored-valued card since Apr 2018.

* Excluding the impact of free-trip allowance to passengers from train services disruption

62.2

60.8 60.2

57.1

61.2

0.8%

1.7% 0.2% -1.5% -1.5%

7.1%

-2.2% -1.0% -5.0%

7.1%

-50.0%

0.0 %

53.0

58.0

63.0

2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19

Ridership (mn trips) Passenger Growth (YoY)

Passenger Growth (QoQ)

27.8 28.7 28.8 29.0* 28.8

-0.2% 3.2% 3.3% 3.9% 3.7%

-0.6% 3.2%

0.4% 0.9% -0.8%

25.0

30.0

35.0

40.0

2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19

Average Fare (THB/trip) Average Fare Growth (YoY)

Average Fare Growth (QoQ)


61


Appendix 14: 2Q 2018/19 Mass Transit Update October 2018 and YTD Core Network Ridership

OCT 18 SUMMARY

• Ridership = 138.5mn trips, -0.8% YoY

• Average fare* = THB 28.9 / trip, +3.7% YoY

• Farebox revenue* = THB 4,003.5mn, +2.9% YoY

• Ridership = 20.1mn trips, 3.8% YoY, 0.7% MoM

• Average fare* = THB 28.9 / trip, +3.4% YoY

• Farebox revenue* = THB 581.2mn, +7.4% YoY

• Average weekday ridership = 739,858 trips, 1.5% YoY

FY 2018/19 Ridership Growth Target

+4-5%

YTD Ridership: Actual

-0.8%

FY 2018/19 Avg Fare Increase Target

+1.5-2%

YTD Avg. Fare: Actual

+3.7%

FY 2018/19 Fare-box Increase Target

+5.5-7%

YTD Farebox: Actual

+2.9%

YTD SUMMARY (APR-OCT, 7 MONTHS)

*Before discount

Ridership Fare

19.3

20.0 19.7

21.5

19.9 20.1

-0.1% -2.7% -2.2%

0.7%

-3.2%

3.8%

-6.0%

-3.0%

0.0 %

3.0 %

6.0 %

18.0

18.5

19.0

19.5

20.0

20.5

21.0

21.5

22.0

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Ridership (mn trips) % YoY ridership growth

29.0

28.8 28.8

28.9

28.7

28.9

3.7% 4.6%

3.3% 4.0% 3.7% 3.4%

-2.0%

-1.5%

-1.0%

-0.5%

0.0 %

0.5 %

1.0 %

1.5 %

2.0 %

2.5 %

3.0 %

3.5 %

4.0 %

4.5 %

5.0 %

28.5

28.6

28.6

28.7

28.7

28.8

28.8

28.9

28.9

29.0

29.0

29.1

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Average fare price (THB) % Change YoY


62


Appendix 14: 2Q 2018/19 Media Update Empowering Digital Strategy through Strategic Partnership

TRANS.AD GROUP’S BUSINESS OVERVIEW and STRUCTURE

81.65%

89%

100%

MACO

Eye on Ads

Trans.Ad

Roctec

Multimedia display systems provider

Provider of multimedia & communications systems, system integrations and total network infrastructure

Trans.Ad Group LCD in Stations and Buildings

Platform Screen Door

Control System & Media Management

Passenger Information

LED outdoor


63


Appendix 14: 2Q 2018/19 Media Update Digital Transformation Project


64

No. of screen: 5 screens

Where: Chong Non Si

When: 3Q 2018/19

No. of screen: 35 screens

Where: Chong Nonsi, Phrom Phong, Sala Dang and Asok

When: 2Q 2019/20

PHASE 1 PHASE 2


Appendix 14: 2Q 2018/19 Media Update Revamping ‘More-tap’ to the ‘Wallet’ page in LINE Application

• One click to ‘Wallet’ feature in LINE app.

• Add BTS function to provide a smarter and easier journey on BTS.

USER INTERFACE – NEW VERSION RABBIT CARD circulation reached 9.8mn cards. Nearly achieving its full-year target of 10.5mn cards.

9.0 9.1 9.2 9.3 9.4

9.6 9.8

10.5

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Mar-19

FY Target +9.3%

RABBIT LINEPAY serves more than 4.5mn users, an increase of 55.2% in less than 6 months.

So easy!

2.9 3.1 3.2 3.4

3.8

4.2 4.5

5.3

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Mar-19

FY Target +55.2%

partnership with AIS

Single e-wallet with Rabbit Card


65


Appendix 14: 2Q 2018/19 Media Update Delivering Marketing Solutions Synergy through Logistics Platform


66

Retarget high prospect customers online

Locate the right target audience and drive product awareness with

100% viewability

Encourage perfect trial

at home

Obtain product user feedback for actionable marketing insights

SMART SAMPLING THROUGH KERRY EXPRESS


(355)

(388) (151)

52

(99)

1,700

(621)

(825)

(133)

(175)

9 13

Op. Revenue Op. Cost SG&A Impairments Finance Cost D&A Share of Profit Tax & Others 2Q 2018 NetLoss

2Q 2018/19Share of Loss

to BTS

Deferred GainAdjustments

2Q 2018/19Share of Loss

to BTS

Appendix 14: 2Q 2018/19 Property Update 3Q 2018 U City Performance and 2Q 2018/19 Share of net Loss from U City Breakdown

Release of Net Deferred Gain THB 52mn (2Q 2018/19)

FX Gain Vienna House Loans THB 106mn (excluding gain, finance cost was THB (238)mn)

Vienna House Operating Expenses THB 435mn (70% of operating cost)

1. Vienna House SG&A THB 464mn (56% of SG&A cost) 2. One-off expenses THB 122mn

One-off Impairment of NMG shares THB 355mn

(38.99% Stake) (38.99% Stake)

*U City’s Share of Profit from Associates & JVs comprised of 1. JV Sansiri: THB 9mn 2. AHS: THB 2mn and 3. Keystone JVS: THB (2)mn

(THB mn)

*


67

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