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prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Holdings PCL

GROUP GENERAL PRESENTATION FEBRUARY 2014

BTSG Group General Presentation


IR Contacts

2

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. (“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



Contents

3

Section 1 BTS Group Holdings PCL

Section 2 Group Profile

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

Appendix 1: Shareholding Structure

Appendix 2: Key Terms of the Core Network Concession Agreement

Appendix 3: Future Funding Requirements (Mass Transit)

Appendix 4: BTS-W3

Appendix 5: Saphan Taksin Station Removal

Appendix 6: BTSC’s Quality Management System

Appendix 7: Fare Adjustment History – Bangkok Concessions



BTS Group History

4

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

Tanayong listed on The Stock Exchange of Thailand under Property Development sector

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

Commercial operation of the BTS SkyTrain began

BTSC exit court supervised rehabilitation procedure

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

Tanayong 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

1968 1991 1992 2008 2009 1999 2010 2012 2013

MAY: BTSC signed a 30-year operating & maintenance (O&M) contract covering all Green Line extensions under the purview of the Bangkok Metropolitan Administration (BMA) OCT: The Group’s Media subsidiary, VGI Global Media PCL, listed on The Stock Exchange of Thailand

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

BTSG Group General Presentation Section 1: BTSG Group Holdings PCL


Shareholding Structure

5

KANJANAPAS FAMILY OTHERS

BTSC

MEDIA2 PROPERTY2 SERVICES2

1 Information based on the close book date as at 28 Jan 14 with total issued shares = 11,914.2mn shares 2 Major subsidiaries and associates only. Please see the full shareholding structure of the Company in Appendix 1: Shareholding Structure 3 BTSG holds 60.5% in VGI indirectly and directly

INSTITUTIONAL INVESTORS1

10.8%

41.7%1 21.8%1 36.5%1

BTS GROUP

97.5%

VGI BTS ASSETS CO., LTD. TANAYONG INTERNATIONAL LTD.

NUVO LINE AGENCY CO., LTD.

CARROT REWARDS CO., LTD.

HHT CONSTRUCTION CO., LTD.

BANGKOK SMARTCARD SYSTEM

CO., LTD.

100%

80.0%

100%

100%

100%

51.0%

90.0%

51.0%3

THANA CITY GOLF & SPORTS CLUB CO., LTD.

BTSGIF

33.3%


MAN KITCHEN CO., LTD.

Listed entities

MASS TRANSIT2

70.0%


- 1 43

136

FY 10/11 FY 11/12 FY 12/13 9M 13/14

661 728

1,523

2,653

FY 10/11 FY 11/12 FY 12/13 9M 13/14

1,370 1,959

2,795 2,489

FY 10/11 FY 11/12 FY 12/13 9M 13/14

3,861 5,177 6,016

1,713

FY 10/11 FY 11/12 FY 12/13 9M 13/14

BTS Group Overview 4 Business Units

6

MASS TRANSIT

PROPERTY

MEDIA

SERVICES

(1) Figures are calculated by combining revenues of each business without consideration of eliminating transactions of related parties in order to present performance of particular business unit (2) FY ended 31 March (3) Services revenue excludes revenue of HHT Construction (Thailand) Co., Ltd. as it is consolidated as cost of project under property business

Historical operating revenues(1&2)

Media Revenue (THB mn)

Property Revenue (THB mn)

Services Revenue(3) (THB mn)

Mass Transit Revenue (THB mn)

25%

36%

38%

2%


Revenue contribution

58%

27%

15%

0%

FY 12/13 9M 13/14

FY 12/13 9M 13/14

FY 12/13 9M 13/14

FY 12/13 9M 13/14


BTSG at a glance

7

KEY FIGURES (as of 31 Mar 2013)

EMPLOYEES (as of 31 Mar 2013)

PROGRESSIVE DIVIDEND POLICY

SHARE INFORMATION (as of 31 Dec 2013)

MASS TRANSIT 1,969 MEDIA 475

PROPERTY 763 SERVICES 150

THB (mn) USD (mn)*

OPERATING REVENUE 10,375 323

OPERATING EBITDA 5,273 164

NET INCOME 2,736 85

TOTAL ASSETS 67,031 2,089

TOTAL 3,420

STOCK CODE BTS

OUTSTANDING SHARES (MN SHARES) 11,914.2

MARKET CAPITALISATION (THB MN) 103,653.8

MARKET CAPITALISATION (USD MN) 3,156.3

AVERAGE DAILY TRADED VALUE (THB MN) 656.3

AVERAGE DAILY TRADED VALUE (USD MN) 20.7

*Source: Bank of Thailand, based on weighted-average Interbank Exchange Rate of USD 1 = THB 32.089 as of 31 Aug 2013

Minimum THB 21bn dividend over the next 3 years

No less than THB 6bn in 2013/14



Not less than 50% of net profit (stand alone basis)


BTS GROUP HOLDINGS 63


Investment Highlights

8 BTSG Group General Presentation Section 1: BTSG Group Holdings PCL

GROWTH

INCREASE IN RIDERSHIP: Prime beneficiary of mass transit development and market share shift from bus to rail. Increasing ridership on Core network; increasing ‘eyeballs’ for BTS-related media

GROWING WITH RETAIL PARTNERS: automatic rights to manage advertising space in new Modern Trade branches

SHAREHOLDER RETURN

HIGH DIVIDEND YIELD: 3-year progressive dividend policy with minimum committed amount of THB 21bn SECURE BUSINESS: underlying concession with advertising rights on BTS until 2029; O&M contract until

2042

OPPORTUNITIES

STRONG FINANCIAL POSITION: BTS Group has excess cash and liquid investments of THB 42.7bn FUTURE MASS TRANSIT LINES: potential developer and operator of future mass transit lines and

extensions EXPANSION OF FRANCHISE: expansion of VGI Global Media franchise to new extension lines and

other markets


2,015 2,748

4,359

10/11 11/12 12/13

2,549

4,141 5,273

10/11 11/12 12/13

Key Developments 2012/13

9

Full year effect of extension On Nut – Bearing Additional rolling stocks into services Organic growth and urbanisation

RIDERSHIP

12.0%

OPERATING EBITDA

27.3%

Economies of scale from scalable ridership Increase in operating revenues especially from Mass Transit & Media

MEDIA REVENUE

42.7%

New sales floor advertising contracts from Tesco Lotus, Big C New advertising space on new trains

DIVIDEND PAYMENT

THB 4.4bn

145 176

197

10/11 11/12 12/13

mn passengers

1,371

1,959

2,795

10/11 11/12 12/13

THB mn

THB mn

THB mn



Contents

10








Appendices




Appendix 4: BTS-W3






THB 1.5bn

>THB 10bn

2013 2018 TARGET

6x

36.3km

114.8km

2013 2018 TARGET

3x

BTS Group Vision 2018

11 BTSG Group General Presentation Section 2.1: Mass Transit Business

“TO BE THAILAND’S LEADING MASS TRANSIT DEVELOPER AND OPERATOR”

3X BKK MASS TRANSIT COVERAGE

6X MASS TRANSIT O&M REVENUE

O&M = Operation and Maintenance

MASS TRANSIT RAIL LENGTH TARGETS (KM)

T = Target

74.2 79.5 84.8

236

390

508

31.0 31.0 36.3

114.8

2010 2011 2013T 2016T 2019T 2029T

Target Network Length in KM (OTP)

BTS Target Distance in KM


Role of BTS Group in Mass Transit Investor, Operator, Developer, Concessionaire

12

OPERATOR OF CORE NETWORK EXTENSIONS DEVELOPER OF RAIL MASS TRANSIT

BTS GROUP

ROLE IN MASS TRANSIT

OPERATOR OF BTS SKYTRAIN CORE NETWORK

Underlying assets have 13 year track record Growth & resilience characteristics Stable and growing dividend yield Full beneficiary of

Ridership growth Fare increases Operating leverage until Dec 2029

Exclusive operator of BTS SkyTrain Core Network (23.5km) 13 year track record Operate at cost, but potential benefit from incentive fee Limited CAPEX, large CAPACITY Remain legal concessionaire

Appointed to operate & maintain Green line by the Bangkok Metropolitan Administration (BMA) Track record since 2009 30-year contract covering Green line extensions (12km) from 2012 - 2042 Also covers Core network (23.5km) from 2029 to May 2042 No ridership risk

Original developer of BTS Core SkyTrain network Expertise as well as financial capability to invest in future mass transit lines

33.3% INVESTMENT IN BTSGIF

O

O

D

I

BTSG Group General Presentation Section 2.1: Mass Transit Business


Bangkok Rail Mass Transit Master Plan 508 km by 2029, 42.4% share of mass transit commute by 2032

13

Source: Office of Transportation and Traffic Policy and Planning


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

Seoul 51% Hong Kong 46% Singapore 40% Tokyo 36% Guangzhou 17% Bangkok 6%

RAIL MASS TRANSIT MARKET SHARE*

Hong Kong 34.7 Singapore 34.2 Tokyo 24.2 Bangkok 7.6

PERVASION (per million population)

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

(rail track length per mn population)

* Percentage of people using rail mass transit over other forms of mass transit


Existing Bangkok Mass Transit Network Immature network, 84.8km as of 2013

14 BTSG Group General Presentation Section 2.1: Mass Transit Business

LINE ROUTE DISTANCE

(KM) OPERATING

SINCE

DARK GREEN (CORE)

MO CHIT – ON NUT 17.0 DEC 99

LIGHT GREEN (CORE)

NATIONAL STADIUM – SAPHAN TAKSIN

6.5 DEC 99

BLUE BANG SUE –

HUA LAMPHONG 20.0 JUL 04

LIGHT GREEN (EXTENSION)

SAPHAN TAKSIN – WONGWIAN YAI

2.2 MAY 09

RED LINE AIRPORT LINK

PHAYATHAI – SUVARNABHUMI

28.5 AUG 10

DARK GREEN (EXTENSION)

ON NUT – BEARING 5.3 AUG 11

LIGHT GREEN (EXTENSION)

WONGWIAN YAI – BANG WA

5.3 DEC 13

EXISTING LINES - 84.8KM; 60 STATIONS

CORE NETWORK

3 RAIL MASS TRANSIT OPERATORS

BTS: 36.3km (SkyTrain)

BMCL: 20.0km (Underground)

SRT: 28.5km (Airport Rail Link)

LIGHT GREEN NATIONAL STADIUM – BANG WA 14.5km

DARK GREEN MO CHIT – BEARING 21.8km

BLUE BANG SUE - HUA LAMPHONG 20.0km

RED PHAYATHAI - SUVARNABHUMI 28.5km

EXTENSIONS TO OUR CURRENT CORE NETWORK


BTS Group: INVESTOR in BTSGIF (Core Network) Prime position to capture growth from Network Expansion

15

BTSGIF has the rights to receive NET FAREBOX REVENUE collected by BTSC on the SkyTrain Core Network until Dec 2029

Formerly these revenues were retained by BTSC in accordance with the terms and conditions of its Concession Agreement with the BMA on the core network*

In Apr 2013, BTSC SOLD THE RIGHTS TO NET FAREBOX REVENUE under its concession agreement for the BTS SKYTRAIN CORE NETWORK to BTSGIF

NO REVENUE SHARING TO BMA

BTS Group used the proceeds to purchase 1/3 units in BTSGIF which is the maximum permitted amount under SEC regulations

BTS Group is subject to a lock up of 10 years on these units

*See Appendix 2 for details of Concession Agreement

WHAT IS BTSGIF?

WHAT IS THE CORE NETWORK?

23 stations, 23.5km located at the heart of Bangkok Inaugural Mass Transit route, operated since Dec 1999 NO REVENUE SHARING TO BMA

I


DARK GREEN MO CHIT – ON NUT 17.0km

LIGHT GREEN NATIONAL STADIUM - SAPHAN TAKSIN 6.5km


1,4

19

1,7

80

2,1

22

2,2

94

2,5

73

2,8

17

3,0

66

3,2

24

3,2

92

3,4

85

3,5

45

4,2

97

4,8

96

59

79

96 105

118

132 139

133 136 144 145

176

197

-

20

40

60

80

100

120

140

160

180

200

-

1,00 0

2,00 0

3,00 0

4,00 0

5,00 0

6,00 0

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13

Farebox revenue (THB mn) Ridership (mn)

BTS Group: INVESTOR in BTSGIF (Core Network) Uninterrupted revenue growth and resilient under pressure

16

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

May 09: Opening of Silom Line extension

May 10: Opening of Bangkok BRT;

Thai political protests

Aug 10: Opening of Airport Rail Link

Aug 11: Opening of On Nut – Bearing extension

Oct – Nov 11: Floods

INITIAL GROWTH RIDERSHIP CAGR (3 YRS): 21%

STABLE GROWTH RIDERSHIP CAGR (5 YRS): 7%

FASTER GROWTH RIDERSHIP CAGR (4 YRS) 10%

Dec 99: BTS SkyTrain service opening

Mar 07: First fare rate increase

I


Farebox revenue CAGR: 10.9% Ridership CAGR: 10.6%

GROWTH (12 YRS)


21

.4

22

.1

24

.2

24

.2

24

.2

24

.4

24

.4

24

.8

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13

BTS Group: INVESTOR in BTSGIF (Core Network) Flexibility to increase fares

17

NO. OF STATIONS

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 12/13)

SJT 46% AVG FARE THB 27.1

30-DAY PASS (STUDENT) 8% AVG FARE THB 18.9

30-DAY PASS (ADULT) 28% AVG FARE THB 22.8

SKY PASS (STV) 17% AVG FARE THB 24.3

ONE-DAY PASS 1% AVG FARE THB 33.9

I


DISTANCE-BASED FARE (BY NO. OF STATIONS)

20.1

26.8

33.5

40.2

46.9

53.6

60.3

15.0

22.3 25.0

28.0 31.0

34.0 37.0

42.0

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

AUTHORISED FARE

EFFECTIVE FARE

POTENTIAL FARE UPSIDE

THB / Trip

THB


57.1%

32.9%

45.7%

67.5%

27.3%

41.7%

BTSC SkyTrain Singapore MRT HK MTR

FY2011 FY2012

BTS Group: INVESTOR in BTSGIF (Core Network) Efficient operation; further scope for cost efficiency

18

COST EFFICIENCY

& OPERATING LEVERAGES

STRONG RIDERSHIP GROWTH ALONG WITH SUSTAINED MARGIN EXPANSION

CORE COSTS AND SG&A BREAKDOWN

144 145

176

197

54.9% 57.1%

67.5% 67.8%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

100

150

200

250

2009/10 2010/11 2011/12 2012/13

Core BTS SkyTrain Ridership (mn) Core BTS SkyTrain op EBITDA margin (%)

367 387 391 417 377 365 344

59

171 200

59

40 27 11

250

300

350

400

450

500

550

600

650

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13

Major overhaul expenses General maintenance expense

(THB mn)

EBITDA MARGIN COMPARISON (CORE ONLY)

MAINTENANCE EXPENSES BREAKDOWN

I


DEPRECIATION & AMORTISATION 46%

ELECTRICITY 9%

SECURITY GUARD & CLEANING EXP 4%

OTHERS 8%

STAFF COST 21%

MAINTENANCE 12%


ESTIMATED FLEET***

X7 28 +54.3%

70

+100.0%

TOTAL CURRENT FLEET X59 306

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES CAPACITY INCREASE (CUMULATIVE)

INDICATIVE CAPEX (THB mn)

X35 105 FULLY PAID

X12 48

35

+22.9%

FULLY PAID

~THB 2.3bn (paid ~THB 2.0bn)

X5 20

+35.9%

~THB 1.2bn (paid ~THB 1.1bn)

TOTAL CURRENT FLEET X52 208

BTSGIF Investment Core Concession for BTS Core SkyTrain network Ample capacity with limited Capex for concession period

19

SYSTEM DESIGN

CAPACITY

OF 50,000 PPHPD*

CURRENT CAPACITY

OF 24,000** PPHPD

Already operated in May 2013

Expect to order in 2017, expect to be delivered in 2019

* Based on 2 assumptions: i) 6-car trains in service and ii) 2 min headway ** Based on Sukhumvit Line morning peak time *** Based on existing contracts (core network and O&M contracts up to 2042)


Expected required by 2032

Fully operated by Feb 2014


BTSC is the OPERATOR of the Core Network Thailand’s most experienced Operator

20

Reliable Operations Team with 13-year track record Impeccable safety record Strong management expertise

OPERATED & MAINTAINED THE CORE NETWORK SINCE 5 DEC 1999

REMAINS THE CORE NETWORK OPERATOR FOLLOWING

ESTABLISHMENT OF BTSGIF

BTSC operates the Core Network on behalf of BTSGIF It deducts OPEX and CAPEX at cost (no margin) BTSC receives an incentive fee from BTSGIF

Net Farebox Revenue (transferred to BTSGIF daily)

FAREBOX REVENUE OPERATING EXPENSES

CAPITAL EXPENDITURE

Incentive Fee

All farebox revenue from passengers in the Core BTS SkyTrain system

Other revenue and compensation from any person under, arising out of or relating to concession or the farebox revenue of the Core BTS SkyTrain system

Excludes revenue from O&M business extension, media business and revenue from BTSC’s other business

Cost relevant to the Core BTS SkyTrain system such as maintenance capital expenditure, labor, electricity, etc.

New rolling stock for the Core BTS SkyTrain system to serve future ridership

net of PAYABLE BY BTSGIF TO BTSC ONLY WHEN NET FAREBOX REVENUE EXCEEDS BUDGET

1. NO INCENTIVE FEE If actual Net Farebox Revenue ≤ 100 of Budget 2. 10% INCENTIVE FEE On actual amount exceeding 100% but not exceeding 125% of Budget 3. FEE FROM ITEM 2 PLUS 15% OF THE

INCREMENTAL AMOUNT EXCEEDING 125%

If actual amount > 125% of Budget

O



BTSC: OPERATOR of Green Line Extensions 12km of extensions already under contract

21

8% 15% 19%

O&M Contribution (% of Mass Transit revenue)

FY 09/10 FY 11/12 FY 12/13

BTSC has operated & maintained the extensions since 2009

Agreed fee income with no ridership risk 30-year contract now covers:

11 stations/12km extensions (May 2012 – May 2042) 23 stations/ 23.5km Core Network (Dec 2029 – May 2042)

Existing extensions LIGHT GREEN: Saphan Taksin - Wongwian Yai

(2.2km/2 stations) DARK GREEN: On Nut – Bearing

(5.3km/5 stations) LIGHT GREEN: Wongwian Yai - Bang Wa

(5.3km/4 stations)

2012 2015* 2031

2042

THB 1,700 mn

THB 6,000 mn

O&M CORE

Year

CAGR 3.8%

CAGR 3.8% O&M EXTENSION

Note: Including full year effect of Wongwian Yai – Bang Wa extension

O&M figures (excluding VAT)

O



LINE ROUTE OPERATE YEAR CONSTRUCTION PROGRESS DISTANCE (KM)

LIGHT RED BANG SUE - TALINGCHAN 2012 UNDER CONSTRUCTION 15.0

PURPLE BANG YAI - BANG SUE 2015 UNDER CONSTRUCTION 23.0

BLUE HUA LAMPHONG - BANG KHAE 2016 UNDER CONSTRUCTION 14.0

BLUE BANG SUE - THA PRA 2016 UNDER CONSTRUCTION 13.0

DARK RED BANG SUE - RANGSIT 2017 UNDER CONSTRUCTION 26.3

DARK GREEN BEARING - SAMUT PRAKARN 2017 UNDER CONSTRUCTION 12.8

DARK GREEN MO CHIT – SAPHAN MAI 2017 11.4

LRT BANG NA - SUVARNABHUMI 2017 18.3

PINK LINE KHAE RAI – PAK GRED – MIN BURI 2017 36.0

DARK GREEN SAPHAN MAI - KUKOD 2017 7.0

DARK GREEN SAMUT PRAKARN - BANGPU 2017 7.0

LIGHT RED BANG SUE - PHAYATHAI - MAKKASAN 2017 9.0

LIGHT RED MAKKASAN - HUA MAK 2017 10.0

DARK RED RANGSIT -THAMMASART UNIVERSITY 2017 10.0

DARK RED BANG SUE - HUA LAMPHONG 2017 6.5

TOTAL (KM) 219.3

219.3KM ONGOING PROJECTS TO BE COMPLETED BY 2017, 104.1KM UNDER CONSTRUCTION

CORE AND EXTENSIONS TO OUR CURRENT LINES LINES CONNECTING TO OUR LINES

78.5km

22

BTS Group: Potential DEVELOPER of Mass Transit Extensions Focused on 4 extension lines; total length of 78.5km

D



BTS Group: Potential DEVELOPER of Mass Transit extensions BTSG well positioned for new contracts

23

BTSG is WELL POSITIONED FOR NEW CONTRACTS

Relevant expertise Financial strength Green line advantage

New contracts are expected to be on a ‘PPP GROSS COST BASIS’

Operator to invest in civil works and E&M works with repayment from government Operator given operation contract Variations will be considered

Light Rail Transport (LRT) Bang Na – Suvarnabhumi 18.3km; completed by 2017

Dark Green South Line Bearing – Samut Prakarn 12.8 km; completed by 2017

Light Green Line National Stadium – Yodse

1.0 km; completed by 2019

Dark Green North Line Mo Chit – Saphan Mai


Pink Line Khae Rai – Min Buri 36.0 km; completed by 2017

Dark Green North Line Kukod – Lamlukka 6.5 km; completed by 2019

Dark Green North Line Saphan Mai – Kukod


Dark Green South Line Samut Prakarn – Bang Pu


D


*See Appendix 3 for details of CAPEX requirements


With 6 distinctive advantages, we are in very good position to achieve our vision

Green North (Mo Chit –

Saphan Mai)

Green South (Bearing –

Samut Prakarn)

Pink LRT

1) The only operator who can provide seamless services

~15-minute interchange time saved*

2) Lower project CAPEX

3) Lower O&M OPEX ~10% operating costs and 15% maintenance costs saved*

4) Proven track records • 13 years’ experience in running BTS core lines • Complete BTS core line construction in 35mths

5) Financial strength with THB 33bn excess liquidity

6) Financial flexibility from the new Warrant3

*compared between seamless model and shuttle service model


24


Contents

25








Appendices




Appendix 4: BTS-W3






TV 59.9%

In-Store 2.4%

Radio 7.0%

Outdoor 4.0%

Newspapers 13.3%

Transit 2.6%

Magazines 4.7%

Cinema 5.6%

Internet 0.5%

Source: The Nielsen Company (Thailand) Limited

Total market value of advertisement industry = THB 113,750mn

Thai media market overview (2012)

Source: The Nielsen Company (Thailand) Limited

Historical Thai ad expenditures (THB mn)

114 314

570 826 819 1,121

1,640

2,732

708 994 956

1,372

1,764

2,188 2,603

2,960 85,602 89,734 92,033 90,122 90,341

101,011 104,641 113,750

2005 2006 2007 2008 2009 2010 2011 2012

In-store Transit Total market

Top 10 ad spending by segments (FY 12/13)

Industry CAGR

4.1%

Transit CAGR

22.7%

In-store CAGR

57.4%

26 BTSG Group General Presentation Section 2.2: Media Business

Note: Excludes classified and house ads.

OVERALL MEDIA INDUSTRY 1 FMCG 41% 2 Motor vehicles 7% 3 Govt. & community announcement 6% 4 Communications 5% 5 Leisure 4% 6 Retail shops/stores 4% 7 Banks 3% 8 Real estate 3% 9 Insurance 2%

10 Food outlets & restaurants 2% TOP 10 78%

VGI MASS TRANSIT 1 FMCG 41% 2 Communications 9% 3 Food outlets & restaurants 4% 4 Travel & tours 4% 5 Real estate 4% 6 Retail shops/stores 4% 7 Leisure 4% 8 Photographic products 3% 9 Computers 3%

10 Banks 3% TOP 10 77%

VGI IN-STORE 1 FMCG 93% 2 Motor vehicle accessories 2% 3 Motor vehicles 1% 4 Photographic products 1% 5 Communications 0.4% 6 Food outlets & restaurants 0.3% 7 Pharmaceuticals 0.3% 8 Real estate 0.2% 9 Leisure 0.2%

10 Govt. & community announcement 0.2% TOP 10 78%

Source: The Nielsen Company (Thailand) Limited Note: Excludes classified and house ads.

Overview of Media Business


87

1

1,1

25

1,3

79

2010/11 2011/12 2012/13

BTS SkyTrain Media

27

Train Body Wrap

Digital Screen inside the train

Standard

Platform Truss

Pier Head

Merchandising Shop

BTS Media Revenue (THB mn)

CAGR (2 years) = 25.9%

KEY CONCESSION TERMS MERCHANDISING SPACE

BTS SkyTrain BTS Platform

Exclusive rights for 23 stations & all BTS trains In Trains & On-Stations Merchandising Area Additional areas

RIGHTS

First right to renew contract and extend space on additional mass transit projects that BTSC is granted the rights to operate media space

18 May 2012 – 4 December 2029

EFFECTIVE PERIOD

CONCESSION FEE (PAYABLE TO BTSC)

5% - 20% of total revenues/year (an incremental increase of 5% every 5 years)

PAST SUCCESS

Exclusive rights for the core BTS SkyTrain Network

BTSG Group General Presentation Section 2.2: Media Business

MULTIMEDIA

STATIC


Modern Trade Media

28

KEY CONCESSION TERMS

RIGHTS

Exclusive rights for existing and upcoming branches Tesco Lotus Big C (including former Carrefour) Watsons (digital media)

LENGTH OF CONTRACT

3-5 years on average

LICENSE FEE

Mainly based on percentage of revenue sharing and minimum guarantee

PAST SUCCESS

Acquired exclusive rights to manage all advertising areas from Tesco Lotus and Big C, the top 2 players in the Modern Trade Retailer industry

Big surge in revenue (93% growth in FY 2011/12) mainly from sales floor areas, which account for over 70% of total Modern Trade Media revenue

Shelf Divider

Radio Media in Tesco Lotus & Big C

Shelf Frame

& Floor Sticker

Sensormatic

Health and Beauty Zone

Aisle Arch

STATIC MEDIA

Sales Floor Area Non-Sales Floor Area

DIGITAL MEDIA

Entrance Lightbox



Office Building and Other Media

29

KEY CONTRACT TERMS

RIGHTS AND LENGTH OF CONTRACT

Office Buildings 75 buildings in CBD, 3-5 years contract (avg.) Outdoor LED (Selling Agent) 4 locations in Bangkok 1 year contract with renewable rights Chulalongkorn University (CU) Bus 15 buses and 15 bus-stops 1 year contract with renewable rights Airport Rail Link (Selling Agent) 9 trains, train body wrap, LCD in-train media, and 8 stations Contract expires in October 2021

LICENSE FEE

Revenue sharing and fixed rates

PAST SUCCESS

Changed to integrated network across all office buildings, increasing sales by 50%

Bundled Office Building Media with the Company’s other media and sold as a package, increasing occupancy and driving sales by 100%

Digital Screen in Elevators Platform Banister

Rama 9 Junction

Bus Body Wrap Bus Shelter

Patunam Junction

OFFICE BUILDING MEDIA AIRPORT LINK MEDIA

CHULALONGKORN UNIVERSITY (CU) BUS

OUTDOOR LED SCREENS



Media Business: Financial Performance

30

Revenues by business unit

Operating EBITDA margin

Operating revenues and Operating EBITDA

Cost (% Rev) breakdown - FY 2012/13

(THB mn)

49.4% 57.4%

44.7% 38.5%

5.9% 4.1%

FY 12/13 FY 11/12

Office Buildings

Modern Trade

BTS-related

BTS MODERN

TRADE OFFICE BUILDING

AND OTHERS TOTAL

CONCESSION N/A 53% 18% 25%

DEPRECIATION (COST)

4% 3% 2% 4%

STAFF COSTS 2% 5% 1% 3%

OTHERS 7% 13% 8% 10%

TOTAL COST 13% 75% 29% 41%

FY 12/13 FY 11/12

OVERALL 51% 52%

BTS-RELATED 79% 78%

MODERN TRADE 16% 10%

OFFICE BUILDING & OTHERS 61% 60%

High Margins, No Leverage


812 970

1,124 1,370

1,959

2,795

458 572 649 756 1,012

1,420

07/08 08/09 09/10 10/11 11/12 12/13

Operating Revenue Operating EBITDA


Contents

31








Appendices




Appendix 4: BTS-W3






Property portfolio

32

Residential Book value of ~THB 2.4bn

Commercial Book value of ~THB 5.4bn

Land Bank* Book value of ~THB 3.6bn

TOTAL BOOK VALUE OF ~THB 11.4BN LAND FOR DEVELOPMENT ALONG MASS TRANSIT ROUTE

Location Total Area (Rai) Total Area (Sqm)

Bangkok 74.8 119,758.8

Samutprakarn 338.6 541,756.0

Nakorn Ratchasima 640.8 1,025,200.0

Chiang Mai and Chiang Rai 190.3 304,564.0

Phuket 37.3 59,740.0

Other Provinces 97.5 155,958.8

Total 1,379.3 2,206,977.6

Complete existing projects Open for joint-venture/divestment

ORGANIC GROWTH

LONG-TERM VISION

BTSG Group General Presentation Section 2.3: Property Business

EASTIN GRAND HOTEL

ABSTRACTS 66/1

PHAYATHAI: LAND BANK

SITE AREA: 5,664 SQM

MOCHIT: LAND BANK

SITE AREA: 25,113.2 SQM

ABSTRACTS PHY

THANA CITY GOLF & SPORTS CLUB

*as of 30 Sep 2013


Commercial and Residential Property

33

COMMERCIAL PROPERTY

RESIDENTIAL PROPERTY

LOCATION: SATHORN, BANGKOK

SITE AREA: 16-0-81 RAI

LAND TENURE: LEASEHOLD, 30 YEARS LEASE CONTRACT WITH TREASURY DEPARTMENT

SIZE: 3 FLR, 86 ROOMS

TOTAL GFA: 16,200 SQM

EXPECTED OPERATION OCT 2014

Debt THB 415mn USD 13mn

Equity THB275mn

USD 9mn

Equity THB275mn

USD 9mn

LOCATION: SATHORN, BANGKOK, DIRECT ACCESS TO BTS SURASAK

SITE AREA: 3,828 SQM (2-1-57 RAI)

LAND TENURE: FREEHOLD

SIZE: 33 FLR, 396 ROOMS

TOTAL GFA: 38,280 SQM

TOTAL NLA: 17,561 SQM

Debt THB 1.8Bn USD 57mn

Equity THB1.3Bb

USD 42mn

EASTIN GRAND SATHORN U SATHORN

LOCATION: 250M FROM NEW BTS STATION



AVERAGE SALE PRICE: THB 75,000 PER SQM

LOCATION: 250M FROM BTS UDOMSUK



AVERAGE SALE PRICE: 75,000 PER SQM

ABSTRACTS PHAHONYOTHIN PARK ABSTRACTS SUKHUMVIT 66/1

# UNITS GFA(SQM) NFA(SQM)

TOWER A 1,012 62,091 42,818

TOWER B 1,012 62,091 42,818

TOWER C 1,012 62,091 42,818

TOTAL 3,036 189,273 128,455

# UNITS GFA(SQM) NFA(SQM)

THE MOON 56 4,540 2,500

THE SUN 56 4,540 2,500

TOTAL 112 9,080 5,000

Deposit & Sales

proceed THB 93mn USD 3mn

Equity THB203mn USD 7mn

TDC: THB 296MN (USD 10MN) TDC: THB 2,527MN (USD 81MN)

TDC: THB 690MN (USD 22MN) TDC: THB 3.1BN (USD 99MN)

BTSG Group General Presentation Section 2.3: Property Business

Debt THB 1,697mm USD 54mn

Equity THB 732mn USD 24mn

Deposit & Sales proceeds THB 196mn USD 6mn

http://www.abstractscitizen.com/p-lnsprtn.php


Contents

34








Appendices




Appendix 4: BTS-W3






Overview of Services Business

35

Aim to provide common ticketing system across network >> Mass Transit – BTSC, BMCL, BRT, etc. >> Retail, Service and Tourism sectors

Received E-Money License from BOT Public launch on 1 May 2012

~2.0mn cards

Targeted potential rabbit cards base from BTSC and BMCL

passengers by Mar 2014

Joint venture originally founded between BTS and HHT Construction, a major HK contractor

Over 50 years of experience in delivering large complex construction projects on time and to the quality demanded by discerning clients

Responsible for project management of all BTS Group property projects

Partnership between BTS and experienced management team, whose track record include Four Seasons Samui & Chiang Rai & JW Marriott Phuket & Bangkok

Provide hospitality and consultancy services for hotel development across Asia

Currently manages 3 to 4 star hotels under “U” and “Eastin” brands

Number of hotels 30 44 Number of rooms 3,900 5,200 Under AHS contracts 2011/12 2012/13

BANGKOK SMART CARD SYSTEM ABSOLUTE HOTEL SERVICES (AHS)

BTSG Group General Presentation Section 2.4: Services Business


Contents

36








Appendices




Appendix 4: BTS-W3






BTSG Financial Performance

37

(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

Consolidated financials (THB mn)

3Q 13/14

FY 12/13 FY 11/12

FY 10/11

Operating revenues 2,115 10,375 7,720 5,893

Operating expenses 937 5,317 4,077 3,358

Non-recurring items 43 897 1,189 641

EBITDA 1,301 3,185 3,688 3,206

Operating EBITDA(1) 875 5,081 4,141 2,549

Net income(2) 449 1,974 2,106 252

Key financial ratios 3Q 13/14 FY 12/13 FY 11/12 FY 10/11

Profitability ratios (%)

Gross operating profit margin 55.7% 48.8% 47.2% 43.0%

SG&A to operating sales ratio 20.4% 16.6% 15.8% 21.7%

Accounting EBITDA margin 54.0% 79.5% 74.4% 47.0%

Operating EBITDA margin(1) 41.3% 49.0% 53.6% 43.3%

Recurring net profit margin (%) 22.5% 19.0% 13.2% -5.5%

Leverage (Times)

Total liability to total asset 0.21x 0.25x 0.45x 0.41x

Total liability to total equity 0.27x 0.33x 0.81x 0.70x

Net debt to equity (0.07)x 0.17x 0.67x 0.56x

Net debt to operating EBITDA (1.04)x 4.46x 5.97x 8.19x

Interest coverage(3) 6.54x 4.07x 2.89x 1.59x

Per share ratios (THB per share)

Book value per share 5.35 5.05 4.05 4.48

Dividend yield (4) 7.45%* 4.71% 6.38% 5.00%

5,032

1,959 728

1

7,720

6,016

2,795 1,523

43

10,375

MassTransit

Media Property Services Total

FY 11/12

FY 12/13

REVENUE CONTRIBUTION BY BUSINESS UNIT

REVENUE COMPARISON BY BUSINESS UNIT

58%

Mass Transit

27%

Media

15%

Property

0%

Services

BTSG Group General Presentation Section 3: Financial Summary

FY 2012/13

* Based on last 12 months dividend per share divided by closing share price on 11 Feb 2014



50,501.7 63,634.6

7,767.3 8,332.9 9,021.9 8,543.0

31-Mar-13 31-Dec-13

Equity Structure

38

LIABILITIES AND EQUITY

DILUTION IMPACT

SHAREHOLDER’S EQUITY

THB mn

Registered Capital (15,913.1mn shares @ THB 4.0)

63,653

Issued and paid-up (11,914.2mn shares @ THB 4.0)

47,657

Others 10,225

Retained earnings (Deficits) 5,752

Total Shareholders’ Equity 63,635

as of 31 Dec 2013

Type No. of outstanding

warrants (mn) Exercise ratio

(warrant : share) Exercise price (THB)

No. of shares (mn)

% Dilution

BTS-WA 100 1 : 0.16 4.375 16.0 0.1%

BTS-WB 16 1 : 1 5.01 16.0 0.1%

BTS-W3 3,972 1 : 1 12.00 3,971.6 24.0%

Total 4,080.0 24.9%


67,291 80,511 (THB mn)

Equity

Current liabilities

Non-current liabilities


2013/14 Targets and CAPEX

39

SERVICES

MEDIA MASS TRANSIT

PROPERTY

5X4-Car Delivery by FY 13/14

6.5% Effective Fare Increase

7-10% Ridership Growth 30% Revenue Growth

Revenue of ~THB2.4bn from Abstracts Projects

~75% Hotel Occupancy Rate 2mn Rabbit Cards

THB 1,300MN CAPEX

THB 570MN CAPEX

THB 950MN CAPEX

THB 100MN CAPEX

FY 13/14 TOTAL CAPEX

THB 2,920MN



Contents

40








Appendices




Appendix 4: BTS-W3






50%

THANA CITY GOLF & SPORTS CLUB CO., LTD.


41

1 Information based on the close book date as at 28 Jan 14 with total issued shares = 11,914.2mn shares 2 Major subsidiaries and associates only 3 BTSG holds 60.5% of VGI indirectly and directly

OTHERS

2.5% , 407.7 mn shares

BTSGIF

33.3%

BTSG Group General Presentation Appendix 1: Shareholding Structure

100%

YONGSU CO., LTD.

KANJANAPAS FAMILY OTHERS

BTSC

MASS TRANSIT2 MEDIA2 PROPERTY2 SERVICES2

INSTITUTIONAL INVESTORS 1

10.8%

41.7%1 21.8%1 36.5%1

BTS GROUP

97.5%

VGI GLOBAL MEDIA PCL

BTS LAND CO., LTD.

NUVOLINE AGENCY CO., LTD.

BTS ASSETS CO., LTD.

HHT CONSTRUCTION CO., LTD.

ABSOLUTE HOTEL SERVICES CO., LTD.

BANGKOK SMARTCARD SYSTEM CO., LTD.

100%

51%

90%

51.0%3

VGI ADVERTISING MEDIA CO., LTD.

999 MEDIA CO., LTD.

888 MEDIA CO., LTD.

POINT OF VIEW (POV) MEDIA GROUP CO., LTD.

VGI MULTI-TECH INTERNATIONAL CO., LTD.

VGI ADVERTISING CHINA CO., LTD.

100%

100%

100%

100%

100%

100%

KAMKOONG PROPERTY CO., LTD.

DNAL CO., LTD.

MUANGTHONG ASSETS CO., LTD.

TANAYONG FOOD & BEVERAGE CO., LTD.

TANAYONG PROPERTY MANAGERMENT CO., LTD.

SIAM PAGING AND COMMUNICATION

CO., LTD.

PRANNAKIRI ASSETS CO., LTD.

TANAYONG INTERNATIONAL LIMITED

TANAYONG HONG KONG LIMITED

ABSOLUTE HOTEL SERVICES HONG KONG LIMITED

CARROT REWARDS CO., LTD.

100%

100%

75.5%

100%

100%

100%

100%

100%

100%

SAM PAO PETCH CO., LTD.

100%

80%

100%

100%

100%

100% MAN KITCHEN CO., LTD.

Listed entities

70%

12.3%


Appendix 2: Core Network Concession Agreement Key terms and background

42

BTS SKYTRAIN

BTSC BMA

EXCLUSIVE OPERATION RIGHT

CONCESSION AGREEMENT

MINISTRY OF

INTERIOR

AUTHORISATION

BTS SKYTRAIN

BTSC BMA

EXCLUSIVE OPERATION RIGHT

CONCESSION AGREEMENT

MINISTRY OF

INTERIOR

AUTHORISATION

BTSGIF NET REVENUE TRANSFER AGREEMENT

23 STATIONS, 23.5 KM IN CBD

Connecting Bangkok’s most important business and tourist destinations, serving as the backbone to all Bangkok’s mass transit systems

ALL INVESTMENTS MADE BY BTSC

Including civil works, E&M and trains (except land acquisition) from private sector sources. BTO for civil works, BOT for electrical and mechanical works, including trains

30 YEARS CONCESSION

30 years of concession period ending 4 Dec 2029, approximately 17 years remaining

NO REVENUE SHARING OR CONCESSION FEES FOR BMA

Exclusive right to operate and retain all farebox revenues from BTS SkyTrain System during the period of the concession

SCOPE

Procuring, operating and maintaining the mass transit system. BTS has the right to earn revenues from the business related to the BTS Sky Train's system including advertisement, sublicensing and fare collection for 30 years commencing from 5 Dec 1999

EXTENSIONS

BTS must inform the BMA of such intent at least 3 years (< 5 years) prior to the expiration of the Concession Agreement. The extension is subject to the prior approval of the Interior Minister. BTS is granted a ROFR for negotiations with BMA to construct and operate such network extensions or new routes, provided that BTS matches the best price offered by other potential investors.

BTSG Group General Presentation Appendix 2: Core Network Concession Agreement


Appendix 3: Future Funding Requirements (Mass Transit) BTS Pipeline

CAPEX BREAKDOWN FOR CIVIL WORKS AND E&M OF 4 EXPECTED FUTURE LINES

PPP GROSS COST CIVIL WORKS + E&M

Total CAPEX for 4 lines = THB 116.8bn with D/E Ratio = 1.5 : 1 Total equity required = THB 46.7bn

36,514

9,494

50,770

20,000

134,616

21,775 23,390 11,927

57,092

9,494

14,739

27,380

8,073

59,686

Dark Green(Bearing - Samut

Prakarn)

Dark Green(Mo Chit -

Saphan Mai)

Pink(Kae Rai - Min

Buri)

LRT(Bang Na -

Suvarnabhumi)

Total

E&M Civil works

116,788 THB mn


Appendix 3: Future Funding Requirements (Mass Transit) 43


35,000

10,000 (21,000)

(19,000)

(46,711)

Net Cash 3-Year Earnings 3-Year Dividend Plan Additional Dividend(Years 4&5)

Equity Requirement(D/E 1.5x)

3-year projected FCF Assumed Committed 3-year dividend plan

Total shortfall = THB 41,711mn

THB mn

Appendix 3: Future Funding Requirements (Mass Transit) Total expected shortfall of THB 41,711mn

BTSG Group General Presentation Appendix 3: Future Funding Requirements (Mass Transit)

44

Remarks: The dividend payment for Years 4&5 are just assumed figures and DO NOT represent the Company’s actual commitment.


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 34

(12,357) (12,733) (13,121)

-1,089 -974 -860 -745 -630 -516 -401 -287 -172 -57 1 2 3 4 5 6 7 8 9 10 11 12 13

E&M + Civil Investment Cost Interest expense Reimburse from Gov. Interest Income from Gov.

Appendix 3: Future Funding Requirements (Mass Transit) PPP Gross Cost (Civil Works and E&M) – Dark Green North

134,616 THB mn

FINANCING AND REPAYMENT OF CIVIL WORKS AND E&M

O&M REVENUE

KEY ASSUMPTIONS

1) 3-year investment period 2) 10-year repayment from

govt. 3) Interest rate (neutral) 4) D/E of 1.5x

KEY ASSUMPTIONS

1) 30-year contract from operating date

2) O&M revenue of THB 141mn/km in FY 16/17 with growth rate of 3.5% p.a.

3) EBITDA margin of 40% 4) Tax holiday of 8 years

YEAR

YEAR

5,386 5,203 5,021 4,838 4,655 4,473 4,290 4,108 3,925 3,743


Appendix 3: Future Funding Requirements (Mass Transit) 45


Appendix 4: BTS-W3 Term Sheet

46

TICKER BTS-W3

TERMS 5 YEARS

ISSUE DATE 1 NOV 2013

EXPIRY DATE 1 NOV 2018

EXERCISE PERIOD QUARTERLY STARTING FROM DEC 2016 TO SEP 2018 WITH THE LAST EXERCISE DATE ON 1 NOV 2018 (TOTAL 9 TIMES)

WARRANT PRICE -

ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 3 BTS EXISTING SHARES : 1 BTS-W3

NO. OF WARRANTS 3,971,617,378 UNITS

EXERCISE RATIO 1 BTS-W3 TO 1 NEW COMMON SHARE OF BTS

EXERCISE PRICE THB 12.00 PER SHARE

EXPECTED MAXIMUM

PROCEEDS THB 47,659MN

WARRANTS TERMS AND CONDITIONS

BTSG Group General Presentation Appendix 4: BTS-W3



BRIEF INFORMATION

• All costs in relation to station removal & dual track construction covered by BMA

• All costs in relation to walkway construction paid for by BMA

• Walkway construction will take approx 1 year to complete

• Station removal & dual track construction will take approx 1 year to complete

• No service interruption expected in walkway construction & station removal

• No significant impact to BTS SkyTrain core revenue and core cost expected

S5 S6

S7

SURASAK SAPHAN TAKSIN KRUNG THON BURI

BTSG Group General Presentation Appendix 5: Saphan Taksin Station Removal

47



48

OCCUPATIONAL HEALTH AND SAFETY ZONE CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

OHSAS 18001 : 2007

QUALITY MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

ISO 9001 : 2008

LLOYDS REGISTER RAIL’S BEST PRACTICE MODEL IMPLEMENTATION.

LLOYDS REGISTER RAIL

BTSG Group General Presentation Appendix 6: BTSC’s Quality Management System


10 10 10 10 10 10 10 10

15 15 15 15 15 15

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0.0% CAGR

4.6% CAGR

Appendix 7: Fare Adjustment History – Bangkok Concession

49

BTS (THB) BMCL (THB)

BECL (THB) DON MUANG TOLLWAY (THB)

max

min

2004 2005 2006 2007 2008 2009 2010 2011 2012

1.2% CAGR

1.5% CAGR

max

min

30 30 30 30 30

40 40 40 40 40 40 40 40 40 40 45 45 45 45 45

2.6% CAGR 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35

60 60 60 60

3.4% CAGR

BTSG Group General Presentation Appendix 7: Fare Adjustment History – Bangkok Concession

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