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prepared by Investor Relations departmentBTS Group Holdings PCL

BTS Group General Presentation

BTS Group Holdings PCL

GENERAL PRESENTATIONAPRIL 2016


IR Contacts

2

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information purposes. Itdoes 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 thisdocument 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 orcontrol 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, BTSGassumes 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, orall 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 orotherwise 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 statementsas to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual resultsto differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes norepresentations 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 PCLIR Department15th 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



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

Appendix 1: Key Terms of the Core Network Concession Agreement

Appendix 2: Future Funding Requirements (Mass Transit)

Appendix 3: BTS-W3

Appendix 4: BTSC’s Quality Management System

3

Contents



4

BTS Group History

BTS Group General PresentationSection 1: BTS Group in Brief

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

1968

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 SkyTrainconcession bid

1992

Commercial operation of the BTS SkyTraincommenced

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)

2010BTSC 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 all Green Line extensions under the purview of the Bangkok Metropolitan Administration (BMA)

MAY 2012


Nine Square Property Co., Ltd.

100%

Nuvo Line Agency Co., Ltd.

50%

75.47%

50%

51%

Keystone Estate Co., Ltd.

100% BTS Sansiri Holding Twelve Limited

50%

BayswaterCo., Ltd.

50%

5

BTS Group Holdings PCL


Shareholding Structureas of 31 March 2016

BTS Rail Mass Transit Growth

Infrastructure Fund (BTSGIF)

97.46%

Mak8 Co., Ltd.100% BTS Sansiri Holding

Eleven Limited50%

100% BTS Sansiri Holding Nine Limited

50%

Yongsu Co., Ltd.100% BTS Sansiri Holding

Eight Limited50%

100% BTS Sansiri Holding Seven Limited

50%

100% BTS Sansiri Holding Six Limited

50%

BTS Land Co., Ltd.100% BTS Sansiri Holding

Five Limited50%

MuangthongAssets Co., Ltd.

100% BTS Sansiri Holding Four Limited

50%

DNAL Co., Ltd.100%

BTS Sansiri Holding Three Limited

50%The Community One Co., Ltd.

100%

Siam Paging and Communication

Co., Ltd.

100%BTS Sansiri Holding

Two Limited50%Kingkaew Assets

Co., Ltd.100%

PrannaKiri Assets Co., Ltd.

100% BTS Sansiri Holding One Limited

50%Ratburana Property Co., Ltd.

100%

Bangkok Mass Transit System PCL (BTSC)

U City PCL

23.30%

MEDIA BUSINESS

41.0% Kanjanapas Family1

32.8% Institutional Investors1

26.2% Individual Investors1

35.64% 100%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd.

100%

888 Media Co., Ltd.

100%

100%

Master Ad PCL24.96%

Aero Media Group Co., Ltd.

20%

VGI Global Media PCL (VGI) 2

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

Unicorn Enterprise Co., Ltd.

Tanayong Food and Beverage Co., Ltd.

Thana City Golf & Sports Club Co., Ltd.

Tanayong Property Management Co., Ltd.

33.33%

MASS TRANSIT BUSINESS

Tanayong International Ltd.100%

SERVICES BUSINESS

RabbitPay System Co., Ltd.

80%

Bangkok Payment Solutions Co., Ltd.

60%

ASK Direct Group Co., Ltd.

51%

ASK Broker Association Co., Ltd.

51%

Rabbit Internet Co., Ltd.

25%

Tanayong Hong Kong Ltd.100%

Rabbit Rewards Co., Ltd.100%

Primary Kitchen Co., Ltd.100%

BSS Holdings Co., Ltd.100%

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

Little Corner Co., Ltd.69%

Man Kitchen Co., Ltd.70%

HHT Construction Co., Ltd.51%

Absolute Hotel Services

Hong Kong Ltd.90%

12.26%

Bangkok Smartcard System Co., Ltd.

Absolute Hotel Services Co., Ltd.

1 Information based on book closure date on 26 Jan 16 with total issued shares = 11,929.3mn shares2 BTSG holds 74.3% of VGI indirectly and directly

Listed entities

Subsidiaries

Associates

LEGEND

The Community Two Co., Ltd.

100%

BTS Sansiri Holding Fourteen Limited

50%


6BTS Group General PresentationSection 1: BTS Group in Brief

Synergistic Business Strategyacross all our businesses

MASS TRANSIT

Sole concessionaire and operator of the BTS SkyTrain Core Network, its extensions and Bus Rapid Transit system

MEDIA

PROPERTY

SERVICES

E-money service provider for common ticketing system that can be used across

mass transit systems and retail stores

Residential and commercial property projects along rail mass transit route with a portfolio of

land bank for future real estate development

Largest Out-of-Home Media company in Thailand with

exclusive contracts to manage advertising space on the BTS

SkyTrain Core Network, its extensions and all BTS trains


7BTS Group General PresentationSection 1: BTS Group in Brief

Investment HighlightsPrime beneficiary from mass transit network expansion across all our businesses

≈9.5x BKK mass transit

extension coverage

≈9.5x mass transit

O&M revenue

4x expected increase in

BTS train capacity

4x expected increase in

BTS extension stations capacity

Real estate development along mass transit worth

THB 100bn in 5 years

Leading digital lifestyle & payment service company

with >10mn users

MEDIA

PROPERTY SERVICES

MASS TRANSIT

MASS TRANSIT NETWORK EXPANSION


121 399

548 548

FY 12/13 FY 13/14 FY 14/15 9M 15/16

1,445

2,934

1,355 725

FY 12/13 FY 13/14 FY 14/15 9M 15/16

2,795 3,121 2,926

1,578

FY 12/13 FY 13/14 FY 14/15 9M 15/16

6,016

2,077 2,274 1,834*

FY 12/13 FY 13/14 FY 14/15 9M 15/16

(1) FY ended 31 March (2) VGI discontinued operations in Modern Trade Media effective 1Q 15/16(3) Services revenue excludes revenue of HHT Construction (Thailand) Co., Ltd. as it is consolidated as cost of project under Property business

BTS Group Overview4 Business Units

MASS TRANSIT

PROPERTY

MEDIA

SERVICES

Historical operating revenues(1)

Media Revenue(2) (THB mn)

Property Revenue (THB mn)

Services Revenue(3) (THB mn)

Mass Transit Revenue (THB mn)

Revenue contribution (9M 15/16)

65%9M 15/16

63%9M 15/16

10%9M 15/16

7%9M 15/16

*O&M Revenue: THB 1,184mn; Share in BTSGIF: THB 650mn


8

Operating EBITDA margin

39%

34%

15%

12%


BTSG at a Glance

PROGRESSIVE DIVIDEND POLICY

Minimum THB 21bn committed dividends over 3 years:

No less than THB 6bn in 2013/14



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


HISTORICAL DIVIDEND PAYMENTS / DIVIDEND YIELD

KEY FIGURES (as of 31 Mar 2015)

EMPLOYEES (as of 31 Mar 2015)

BTS Group Holdings 72

Mass Transit 2,039

Media 466

Property 918

Services 505

Total 4,000

THB (mn) USD (mn)**

Operating revenue 7,102 218

Operating EBITDA 2,836 87

Net income*** 2,944 90

Total assets 66,811 2,053

Excess cash and liquid investments 24,088 740

Cash 10,180 313

Current investments 4,766 146

Long-term investments 7,989 245

Restricted deposits 1,154 35

Free cash flow (1,768) (54)

**Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB 32.548 as of 28 May 2015***to equity holders of the parent

2,015 2,748

4,359

7,073 7,094

2010/11 2011/12 2012/13 2013/14 2014/15

4.8%

7.3% 6.2%

6.5%5.2%

Actual dividend paid (THB mn)

Dividend yield* (%)

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

Committed dividend period

9


Name %

1 MR. KEEREE KANJANAPAS’S GROUP 41.0%

2 THAI NVDR CO., LTD. 7.6%

3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6%

4 UOB KAY HIAN PRIVATE LIMITED 1.4%

5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.1%

6 K EQUITY 70:30 LTF 0.8%

7 CHASE NOMINEES LIMITED 0.8%

8 BTS GROUP HOLDINGS PCL 0.8%

9 STATE STREET BANK EUROPE LIMITED 0.8%

10 GOVERNMENT PENSION FUND 0.7%

TOTAL TOP 10 SHAREHOLDERS 59.6%

Stock code BTS

Outstanding shares (mn shares) 11,919.3

Treasury shares (mn shares) 95.8

Market capitalisation (THB mn) 109,061.1

Market capitalisation (USD mn) 3,350.8

Average daily traded value (THB mn) 445.4

Average daily traded value (USD mn) 13.7

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2015)


SHARE PRICE MOVEMENT (as of 31 Mar 2015)

SHARE STRUCTURE (as of 26 Jan 2016)

Kanjanapas family 41.0%

BTS Group treasury shares 0.8%

Institutional investors 32.0%

Others 26.2%

Free float 58.2%

Foreign limit 49.0%

TOP 10 SHAREHOLDERS (as of 26 Jan 2016)

10

9.15

0

500

1,000

1,500

2,000

2,500

6.00

6.50

7.00

7.50

8.00

8.50

9.00

9.50

10.00

10.50

11.00

BTS Turnover (RHS) BTS TB

SET Index (rebased)

THB THB mn

12M ADTV = THB 444mn









Appendices



Appendix 3: BTS-W3


Contents

BTS Group General Presentation 11


THB 1.5bn

> THB 14bn

2014 2020 TARGET

12.8 km

121.6 km

2014 2020 TARGET

≈9.5x

≈9.5x

BTS Group Vision 2020

“THAILAND’S LEADING MASS TRANSIT DEVELOPER AND OPERATOR”

≈9.5X BKK MASS TRANSIT EXTENSION COVERAGE

≈9.5X MASS TRANSIT O&M REVENUE

O&M = Operation and Maintenance

MASS TRANSIT RAIL LENGTH TARGETS (KM)

74.2 79.5 94.8 100.1

461.3

515.3

31.0 31.0 31.0 36.3

145.1

2010 2011 2012 2013 2019T 2020T 2029T

Target Network Length in km

BTS Target Distance in km

T = Target

*

*Source: Office of Transport and Traffic Policy and Planning

BTS Group General PresentationSection 2.1: Mass Transit Business

12


Role of BTS Group in Mass TransitInvestor, Operator, Developer, Concessionaire

13

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 15-year track recordGrowth & resilience characteristicsStable and growing dividend yieldFull beneficiary of

Ridership growthFare increasesOperating leverage

until Dec 2029

Exclusive operator of BTS SkyTrainCore Network (23.5km)15 year track recordOperate at cost, but potential benefit from

incentive feeLimited CAPEX, large CAPACITYRemain legal concessionaire

Appointed to operate & maintain Green line by the Bangkok Metropolitan Administration (BMA)Track record since 200930-year contract covering Green line extensions

(12.8km) from 2012 - 2042Also covers Core Network (23.5km)

from 2029 to May 2042No ridership risk

Original developer of BTS Core SkyTrainNetworkExpertise as well as financial capability to

invest in future mass transit lines

33.3% INVESTMENT IN BTSGIF

O

O

D

I



Bangkok Rail Mass Transit Master Plan515.3 km* by 2029, 42.4% share of Mass Transit commute by 2032Sources: Office of Transport and Traffic Policy and Planning,Bangkok Metropolitan Administration

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 TRANSITMARKET 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 TransportDepartment, 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

*Includes MRTA and BMA projects

14BTS Group General PresentationSection 2.1: Mass Transit Business


Existing Bangkok Mass Transit NetworkImmature network, 84.8km as of 2015

LINE ROUTEDISTANCE

(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

BLUEBANG SUE –

HUA LAMPHONG20.0 JUL 04

LIGHT GREEN(EXTENSION)

SAPHAN TAKSIN –WONGWIAN YAI

2.2 MAY 09

AIRPORT LINK(RED LINE)

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)

BEM: 20.0km(Underground)

SRT: 28.5km(Airport Rail Link)

EXTENSIONS TO OUR CURRENT CORE NETWORK

LIGHT GREENNATIONAL STADIUM –BANG WA14.0km

DARK GREENMO CHIT – BEARING22.3km

BLUEBANG SUE - HUA LAMPHONG20.0km

ARLPHAYATHAI -SUVARNABHUMI28.5km



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

16

*See Appendix 1 for details of Concession Agreement

BTSGIF has the rights to receive the 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

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

DARK GREENMO CHIT – ON NUT17.0km

LIGHT GREENNATIONAL STADIUM -SAPHAN TAKSIN6.5km



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

5,6

77

5,8

74

59

79 96

105 118

132 139 133 136 144 145

176

197 215 219

-

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

210

220

230

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 2013/14 2014/15

Farebox revenue (THB mn) Ridership (mn)

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

17

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 GROWTHRIDERSHIP CAGR (3 YRS): 21%

STABLE GROWTHRIDERSHIP CAGR (5 YRS): 5%

FASTER GROWTHRIDERSHIP CAGR (6 YRS) 8%

Dec 99: BTS SkyTrainservice opening

Mar 07: First fare rate increase

May 09: Opening of SilomLine extension

Farebox revenue CAGR: 10.7% Ridership CAGR: 9.8%

GROWTH (14 YRS)

Nov 13: Thai political protests

Dec 13: Wongwian Yai – Bang Waextension opening

Apr 13: Sale of net farebox revenue to BTSGIF

Jun 13: Fare increase



SJT 36%AVG FARE THB 30.9

30-DAY PASS (ADULT)* 30%AVG FARE THB 23.9

PURSE (STV)* 25%AVG FARE THB 26.5

30-DAY PASS (STUDENT)* 8%AVG FARE THB 19.5

ONE-DAY PASS 1%AVG FARE THB 34.1

18

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 14/15)

DISTANCE-BASED FARE (BY NO. OF STATIONS)

THB / Trip

20.1

26.8

33.5

40.2

46.9

53.6

60.3

15.0

22.025.0

28.031.0

34.037.0

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

NO. OF STATIONS

THB

* Counted as Rabbit

21

.4

22

.1 24

.2

24

.2

24

.1

24

.4

24

.4

24

.8 26

.4

26

.9

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15


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


145

176197

215 219

57.1%

67.5% 67.8% 68.8% 69.9%

0.0 %

10. 0%

20. 0%

30. 0%

40. 0%

50. 0%

60. 0%

70. 0%

80. 0%

2010/11 2011/12 2012/13 2013/14 2014/15

100

120

140

160

180

200

220

240

260

280

300

Core BTS SkyTrain Ridership (mn) Operating EBITDA Margin (%)

Core Network Performance Efficient operation; further scope for cost efficiency

19

STRONG RIDERSHIP GROWTH ALONG WITH SUSTAINED MARGIN EXPANSION

CORE COSTS AND SG&A BREAKDOWN – FY 14/15

EBITDA MARGIN COMPARISON (CORE ONLY)

MAINTENANCE EXPENSES BREAKDOWN

MAINTENANCE, 14%

STAFF COST, 19%

UTILITIES, 8%DEPRECIATION, 50%

ADMIN, 4%

* FY ending 31 Mar 2014, 2015 ** FY ending 31 Dec 2013, 2014

68.8%

15.1%

44.3%

69.9%

17.4%

43.1%

BTS SkyTrain* Singapore MRT* Hong Kong MTR**

FY 13/14 FY 14/15

387 391 417 377 365 344 361

387

171 200

59

40 27

11 79

95

250

300

350

400

450

500

550

600

650

2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15Major overhaul expenses General maintenance expense

(THB mn)OTHERS, 7%



ESTIMATED FLEET***

X7 28 +13.5% ~THB 2.0bn

70 +47.1%

TOTAL FUTURE FLEET X59 306

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

INDICATIVE CAPEX (THB mn)

X35 105 FULLY PAID

X12 48

35

FULLY PAID

FULLY PAID

X5 20 FULLY PAID

TOTAL CURRENT FLEET X52 208

Rolling StockAmple capacity with limited Capex for concession period

20

SYSTEM DESIGN

CAPACITY

OF 50,000 PPHPD*

CURRENT CAPACITY

OF 24,000** PPHPD* 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)

Already operated in May 2013

Already fully operated in Feb 2014

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

Expected required by 2032



BTSC is the OPERATOR of the Core NetworkThailand’s most experienced operator

21

Reliable Operations Team with 16-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 BTSGIFIt 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 ofPAYABLE BY BTSGIF TO BTSC ONLY WHEN NET FAREBOX REVENUE EXCEEDS BUDGET

1. NO INCENTIVE FEEIf actual Net Farebox Revenue ≤ 100% of Budget

2. 10% INCENTIVE FEEOn 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



THB

1.5

bn

THB

3.7

bn

THB

4.6

bn

14/15

15/16

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

Interest income O&M - Core Network O&M - Extension

BTSC: OPERATOR of Green Line Extensions12.8km of extensions already under contract

22

O&M COSTS AND SG&A BREAKDOWN - FY14/15

BTSC has operated & maintained the extensions since 2009 Agreed fee income with no ridership risk 30-year contract, covers:

11 stations/12.8km 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)

MAINTENANCE, 21%

STAFF COST, 39%

OTHERS, 14%

CLEANING & SECURITY GUARD, 9%

DEPRECIATION, 2%

UTILITIES, 14%

EXTENSIONSaphan Taksin – Bang Wa

EXTENSIONOn Nut - Bearing

CORE NETWORK

O&M PRE-AGREED REVENUE (Excl. VAT)

• CAGR (extension) from FY 14/15 to FY 41/42 = 5.5%• CAGR (core network) from FY 30/31 to FY 41/42 = 1.5%



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

23

Dark Green North

(Mo Chit –Saphan Mai – Khu Khot)

Dark Green South

(Bearing –Samut

Prakarn)

Pink LRT

LightGreen

(Bang Wa –Boromma

ratchachonnani)

Grey

1) The only operator who can provide seamlessservices ~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• 16 years’ experience in running BTS core lines• Completed BTS core line construction in 35 mths

5) Financial strength with THB 15bn excess liquidity

6) Financial flexibility from the BTS-W3 warrants

*compared between seamless model and shuttle service model



LINE ROUTEAUTHORISING

BODYOPERATE YEAR

CONSTRUCTIONPROGRESS

DISTANCE (KM)

PURPLE BANG YAI - BANG SUE MRTA 2015 UNDER CONSTRUCTION 23.0

BLUE HUA LAMPHONG - BANG KHAE MRTA 2016 UNDER CONSTRUCTION 14.0

BLUE BANG SUE - THA PRA MRTA 2016 UNDER CONSTRUCTION 13.0

DARK RED BANG SUE - RANGSIT SRT 2017 UNDER CONSTRUCTION 26.3

DARK GREENSOUTH

BEARING - SAMUT PRAKARN BMA 2018 UNDER CONSTRUCTION 12.8

DARK GREENNORTH

MO CHIT – SAPHAN MAI – KHU KHOT BMA 2019 UNDER CONSTRUCTION 18.4

LIGHT GREEN BANG WA - BOROMMARATCHACHONNANI BMA 2019 7.0

LRT BANG NA - SUVARNABHUMI BMA 2018 18.3

GREY (PHASE I) WATCHARAPHON – THONG LO BMA 2019 16.3

PINK KHAE RAI – PAK GRED – MIN BURI MRTA 2020 – 2021 36.0

DARK GREEN SAMUT PRAKARN - BANGPU MRTA 2018 7.0

YELLOW LAD PRAO – SAM RONG MRTA 2019 30.4

ORANGE TALING CHAN – MIN BURI MRTA 2019 39.8

LIGHT RED BANG SUE - PHAYATHAI – MAKKASAN SRT 2019 9.0

LIGHT RED MAKKASAN – HUA MARK SRT 2019 10.0

DARK RED RANGSIT – THAMMASART UNIVERSITY SRT 2018 10.0

DARK RED BANG SUE - HUA LAMPHONG SRT 2018 6.5

TOTAL (KM) 297.8

297.8KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT, 107.5KM UNDER CONSTRUCTION

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

108.8km

BTS Group: Potential DEVELOPER of Mass Transit extensionsFocused on 6 lines; total length of 108.8km

24

Sources: Office of Transport and Traffic Policy and Planning, National Council for Peace and Order, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, Ministry of Transport



BTS Group: Potential DEVELOPER of Mass Transit extensionsBTSG well-positioned for new contracts


*See Appendix 2for details of CAPEXrequirements

PINK LINE• Khae Rai – Min Buri (36.0km)• Expected turnkey bidding: 2016• Target operation: 2020 – 2021

DARK GREEN NORTH LINE• Mo Chit – Saphan Mai – Khu Khot (18.4km)• Civil works progress: 4.7% (as of Feb 2016)• Expected O&M award: mid 2016• Target operation: 2020

GREY LINE• Watcharaphol – Rama 9 Bridge (26.0km)• Awaiting EIA approval• Expected bidding (Phase I): late 2016• Target operation (Phase I): 2019

Phase I: Watcharaphol – Thong Lo (16.3km)

LIGHT RAIL TRANSIT (LRT)• Bang Na – Suvarnabhumi (18.3km)• Expected bidding: 2016• Target operation: 2019

DARK GREEN SOUTH LINE• Bearing – Samut Prakarn (12.8km)• Civil works progress: 79.3% (as of Feb 2016)• Expected O&M award: mid 2016• Target operation: late 2019

Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand,Bangkok Metropolitan Administration, Ministry of Transport

LIGHT GREEN LINE• Bang Wa – Borommaratchachonnani (7.0km)• Expected O&M award: 2017• Target operation: 2019









Appendices



Appendix 3: BTS-W3


Contents

26BTS Group General Presentation


28% 30% 30% 30% 35% 40%

44% 39% 36% 30% 32%34%

15% 15% 13%12% 9%

6%

13% 16% 20% 27% 24% 19%

FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15

Transit Billboards Street Furniture & Others In-Store

OOH MEDIA FY 14/15

1 FMCG 37.0%

2 REAL ESTATE 12.5%

3 COMMUNICATIONS 7.2%

4 MOTOR VEHICLES 5.8%

5 RETAIL SHOPS/STORES 3.0%

6 TRAVEL & TOURS 2.8%

7 BANKS 2.7%

8 LEISURE 2.5%

9 CREDIT/DEBIT CARDS 2.5%

10 FOOD OUTLETS & RESTAURANTS 2.2%

TOTAL 78.1%

OVERALL THAI MEDIA MARKET SHARE OOH MEDIA MARKET OVERVIEW

OOH MEDIA SECTOR PRIMARILY DRIVEN BY TRANSIT MEDIATransit Media continued to dominate the OOH Media market and is expected to further increase with the rail mass transit network expansion.

BTS Group General PresentationSection 2.2: Media Business

27

Thai Media Market Overview

TOTAL ADSPEND AND THAI MEDIA MARKET SHARE (FY 09/10 – FY 14/15)The transition from Traditional Media to Out-of-Home (OOH) Media was driven by urbanisation, infrastructure development and increase in number of people who spend time outdoors.

Note: Out-of-Home Media = Outdoor, Transit and In-StoreTraditional Media = Radio, Newspapers and MagazinesData excludes classified ads, house ads, digital TV, cable TV and satellite TVSource: The Nielsen Company (Thailand) Limited

TOP 10 ADSPEND FOR OOH MEDIA BY BUSINESS SEGMENTS

Note: VGI discontinued operations in Modern Trade Media effective 1Q 15/16

59% 61% 60% 61% 62% 62%

28%

26% 25% 24% 24%

23%

7%

7% 8% 9% 9%

10%5%

6% 7%

7 % 5%

4% 0%

0% 1% 1%

1% 1%

FY09/10

FY10/11

FY11/12

FY12/13

FY13/14

FY14/15

Internet

Cinema

OOH Media

Traditional Media

TV

AdSpend (THB bn)

93104 105

114 111102

(+28.5% CAGR)

(-2.4%% CAGR)

(+8.4% CAGR)

(-2.2% CAGR)

(+2.9% CAGR)

(+1.9% Industry CAGR)


77% 85%

23% 15%

FY 13/14 FY 14/15

Non-BTSMedia

BTS-relatedMedia

REVENUE CONTRIBUTION

FY 13/14 FY 14/15

Net profit margin (%) 36.4% 28.3%

ROA (%) 43.1% 27.8%

ROE (%) 60.7% 44.3%

Net debt to equity (times) N.A. 0.3x

HISTORICAL OPERATING PERFORMANCE


28

GROSS PROFIT MARGINS

Media Business: Financial PerformanceHigh margin business and low leverage

1,370

1,959

2,795 3,121 2,926

756 1,012

1,386 1,580 1,530

FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15

Operating Revenue Operating EBITDA

(THB mn)

OPERATING REVENUE AND OPERATING EBITDA

Revenue CAGR: 21%EBITDA CAGR: 19%

FY 13/14 FY 14/15

Overall 61% 59%

BTS-related Media 88% 83%

Non-BTS Media 30% 23%

GROSS PROFIT CONTRIBUTION

Note: Ratios calculated from VGI’s consolidated financial statements

FINANCIAL INFORMATION BY BUSINESS SEGMENTS

KEY FINANCIAL RATIOS

53% 61%

47% 39%

FY 13/14 FY 14/15

Non-BTSMedia

BTS-relatedMedia


Rights

Exclusive rights for 23 stations on Core Network, 7 stations on the BTS extension lines and all BTS trains

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

Effective Period

23 Core Network stations: 18 May 2012 – 4 December 2029

7 Extension stations: 6 May 2015 – 4 December 2029

Concession Fee (payable to BTSC & BMA)

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

fixed rate for 7 extension stations

BTS-related MediaOverview

KEY CONCESSION TERMS OUR PRODUCTS

Source: The Nielsen Company (Thailand) Limited

TRANSIT MARKET SHARE

No. of Media Locations:

30 stations/52 trains

Static Media: >4,000 displays

Digital Media: 2,029 screens

Viewer Reach: >700,000 people/day

Merchandising Space:

>10,000 sq.m.

VGI66%

Others34%

14/15 Transit Media

AdSpend ofTHB 3.9bn

BTS-RELATED MEDIA PROFILE

I. Trains (46% of VGI’s FY 14/15 BTS-related Media revenue)

II. Stations (32% of VGI’s FY 14/15 BTS-related Media revenue)

III. Merchandising & Others (22% of VGI’s FY 14/15 BTS-related Media revenue)


29


543.0 636.5 756.9

580.6654.9

647.7

FY 12/13 FY 13/14 FY 14/15

Static

Digital

2015 2029E

Total rail length (km) 84.8 515.3

No. of stations 60 >320

Market share of rail mass transit commuters

6.4%42.4%

(by 2032E)

UPSIDE FROM MASS TRANSIT NETWORK EXPANSION INCREASED DIGITALISATION

DIGITAL MEDIA PENETRATION STILL RELATIVELY LOW IN THAILANDDigital Media market share is expected to increase over time as its platforms provide more capacity and are cost effective. Moreover, it proves to be more adaptable and dynamic than Traditional Media.


30

BTS-related MediaGrowth drivers

4X EXPECTED INCREASE IN BTS TRAIN CAPACITY IN 5 YEARS (108.8KM)

FY 14/15 FY 19/20E

Green Lines (no. of carriages)* 208 412

Other Lines (no. of carriages)** none 418

Total (no. of carriages) 208 4X 830

4X EXPECTED INCREASE IN BTS STATIONS IN 5 YEARS (108.8KM)

FY 14/15 FY 19/20E

Green Lines (no. of stations)* 34 66

Other Lines (no. of stations)** None 57

Total (no. of stations) 34 4X 123

BANGKOK RAIL MASS TRANSIT MASTER PLAN

* BTS’s existing network, Dark Green South and North extensions and Light Green Line extension** LRT, Grey Line and Pink Line

97.7% 96.4% 95.2%

2.3% 3.6% 4.8%

2012 2013 2014

Digital (online)***

Offline

*** Including Display, Search, social Media, Creative, Mobile, Facebook Ad and VideoSource: Digital Media Advertising Association (Thailand)

BTS-RELATED MEDIA REVENUE AT VGI LEVEL (STATIC VS DIGITAL MEDIA)BTS Digital Media (Platform Truss LEDs and E-posters) launched in late 2014 and still has room to grow due to increased capacity and strong recovery post economic slump.

48% 49%54%

46%51%52%

1,123.61,291.5 1,404.6(THB mn)

(6% CAGR)

(18% CAGR)


Office Building MediaOverview

KEY CONTRACT TERMS OUR PRODUCTS

31

OFFICE MARKET SHARE

No. of Media Locations:

123 grade A buildings in Bangkok

Multimedia: 1,091 screens

Viewer Reach: >660,000 people/day

Average time spent in an elevator:

14 mins/day

VGI87%

Others13%

141 Grade A Buildings in

Bangkok

OFFICE MEDIA PROFILE

Media inside elevators and office building areasRights

Exclusive rights to manage 123 grade A buildings in Bangkok CBD

Contract Length

3-5 years on average

Contract Fee (payable to building owners)

Approximately 20-30% revenue sharing and fixed rates



1976 79

145 149 163 146

41 41 47 5175

103123

FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 9M 15/16

Office Building Media Revenue* (THB mn) No. of buildings

OFFICE BUILDING NETWORK EXPANSION VS REVENUE* NEW OFFICE SUPPLY IN BANGKOK

424,000 SQ.M. OF NEW OFFICE SUPPLY EXPECTED IN THE NEXT 3 YEARS


32

Office Building MediaGrowth drivers from existing office asset base and new office supply

VGI’S EXISTING OFFICE BUILDING NETWORK IN BANGKOK (BY DISTRICT)

CONTINUOUS REVENUE GROWTH FROM NETWORK EXPANSIONOffice Building Media is set to recover post economic slump and the addition of new office buildings will drive growth in this segment.

* At VGI level

Source: CB Richard Ellis (Thailand) Co., Ltd.

Revenue CAGR (5 yrs): 59%

VGI’s office building network

Bangkok CBD

47 6

112

22

86 62

30

139 23

23

20

197

130

116

2009 2010 2011 2012 2013 2014 2015F 2016F 2017F

CBD ('000 sq.m.) Non CBD ('000 sq.m.)


KEY INVESTMENT AND CONTRACT DETAILS OUR PRODUCTS

33

I. Investments in MACO, AERO MEDIA & MIDAS


Investments

OUTDOOR MEDIA (Billboards, Street Furniture & Transit Media) 24.96% stake in Master Ad PCL (MACO; listed on SET)

AVIATION MEDIA 20% stake in Aero Media Co., Ltd. (342 screens across 13 airports)

ROADSIDE MEDIA 11.11% stake in Midas Global Media Co., Ltd. (MIDAS; non-listed)

Contracts

CHAMCHURI SQUARE (3-yr + 3-yr contract) Exclusive rights to manage media (≈127 media panels)

EMPIRE TOWER (5-yr contract) Exclusive rights to operate mega LED screens at Empire Tower

BUSES Chulalongkorn University (CU Bus): 15 buses and 15 bus stops BRT buses

Exclusive Selling Agent

ARTISTA MEDIA Manage 549 LCD screens in 219 residential buildings

THAI AIRASIA (3-yr contract with renewable rights) Manage media on 30 planes & future fleets

STREET FURNITURE (3-yr contract) Street Furniture including BTS columns and bridge columns at major

junctions across Bangkok

MEGA LEDS >200 sq.m. LEDs in Bangkok and Laos

II. Contracts and Exclusive Selling Agent

Other MediaOverview









Appendices



Appendix 3: BTS-W3


Contents



35

BANGKOK CONDO LAUNCHES

63%

61%

56%

61%

50%

52%

54%

56%

58%

60%

62%

64%

66%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2012 2013 2014 2015

Take-up RateUnits

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

Total 47,339

Total 51,150

Total 50,105

Total 34,666

CONDO LAUNCH PRICES (THB/SQ.M)

LAUNCH PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

63% 47%70%

76%

52% 63% 65%

64%

70% 60% 46%

58%

51% 48% 48% 78%

-

50,000

100,000

150,000

200,000

250,000

2012 2013 2014 2015

THB/sq.m 0 - 200m (CAGR +24.0%)

201 - 500m (CAGR +13.4%)

501 - 1,000m (CAGR +22.6%)

Over 1,000m (CAGR +9.8%)

28%

49%

22%

2%

13%

45%

29%

12%

0

5,000

10,000

15,000

20,000

25,000

30,000

Below THB 50,000 /sq.m

THB 50,000 -100,000 / sq.m

THB 100,001 -200,000 / sq.m

THB over 200,000sq.m

Units 2014 2015

BUYING SENTIMENT AND AVERAGE HOUSEHOLD SIZE

Thai Condo Market OverviewBuyers Willing to Pay Premium Prices for Proximity to BTS

2.29

2.24

2.19

2.14

2.09

1.95

2.00

2.05

2.10

2.15

2.20

2.25

2.30

2.35

40

50

60

70

80

90

Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15

PersonsIndexAverage Household Size Bangkok & Vicinities (RHS)

New Residence Buyer's Confidence Index

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

Source: Colliers International (Thailand) Source: REIC, University of the Thai Chamber of Commerce

BTS Group General PresentationSection 2.3: Property Business


2,975 2,993 3,019 3,231 3,152 3,287

1,6111,907 2,134 2,404

1,9612,475

53.2%

63.5%

70.6%74.4%

61.9%

75.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010 2011 2012 2013 2014 2015

OccupancyTHB/Night

ADR RevPAR Occupancy Rate

36

INTERNATIONAL TOURIST ARRIVALS

FUTURE BANGKOK HOTEL SUPPLY BY SEGMENTS

BANGKOK HOTEL PERFORMANCE METRICS

THAI BAHT PERFORMANCE TO MAJOR CURRENCIES

Thai Hospitality Industry OverviewPositive Outlook

15.9

19.222.4

26.524.8

29.9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2010 2011 2012 2013 2014 2015

Mn of Visitors

Total Tourist Arrivals to Thailand China Malaysia Russia Others

0.15

0.16

0.17

0.18

0.19

0.20

0.21

0.22

0.23

0.020

0.022

0.024

0.026

0.028

0.030

0.032

0.034

0.036

Jan

-10

May

-10

Sep

-10

Jan

-11

May

-11

Sep

-11

Jan

-12

May

-12

Sep

-12

Jan

-13

May

-13

Sep

-13

Jan

-14

May

-14

Sep

-14

Jan

-15

May

-15

Sep

-15

Jan

-16

THBUSD THBEUR THBCNY (RHS)

29,235 31,806

35,028 38,139 40,355 41,961

44,872 47,015 48,255

40%

42%

44%

46%

48%

-

10,000

20,000

30,000

40,000

50,000

2010 2011 2012 2013 2014 2015 2016 2017 2018

Market ShareKeys

Economy Mid-RangeFirst-Class LuxuryMid-Range Market Share (RHS)

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

Source: BloombergSource: CBRE



Property Portfolio and Business StrategySubstantial Development Potential of Assets for Long-Term Value

37

PROPERTY BOOK VALUE BREAKDOWN RESIDENTIAL PROPERTY DEVELOPMENT: JV WITH SANSIRI

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

BTS Group Plc 506.8 810,933.2

Bayswater 24.4 38,999.6

U City Plc 418.8 670,140.8

Total 950.0 1,520,073.6

•Excludes upcountry land bank from BTS of 965.8 Rai (1,545,310.8 sq.m) and U City of 139.2 Rai (222,764.0 sq.m)•Data as of 31 Dec 2015

TOTAL BOOK VALUE:

THB 15.2BN

ATTRACTIVE LAND BANK IN BANGKOK & VICINITIES


2.1%

23.1%

19.9%6.3%

48.7%

U CityTHB 7.4bn

CommercialTHB 3.5bn

ResidentialTHB 0.3bn

Land BankTHB 3.0bnBTS-Sansiri JV

THB 1.0bn

COMMERCIAL PROPERTY: STRATEGIC STAKE IN U CITY

Establish 50:50 joint venture companies to accommodate the development of new

residential projects for sale along mass transit lines

Target to launch THB 100bn in project value over 5 years with expected NPAT

margin ≈ 12% and equity IRR ≈ 17%

Divested 3 assets to U CITY for total consideration of THB 9.4bn in exchange for

35.64% of total issued shares of U CITY

U CITY is a separately listed vehicle for developing a portfolio of recurring

income-generating assets along mass transit routes


Property Business Strategy - BangkokLand: Over 1,100,000m² of Potential Near Mass Transit Lines

38BTS Group General PresentationSection 2.3: Property Business

i

a

b

c

f

d e

g h

j

Projects and Propertiesa. The Line Jatujak – Mochitb. The Line Sukhumvit 71c. The Line Ratchathewid. The Grande. The Royal Place II f. TST Tower Office Buildingg. U Sathorn Hotelh. Thana City Golf & Sports Clubi. Park Ramindra Condoj. Eastin Grand Sathorn Hotel

BTS Group Land Bank

U City Land Bank

New/Extension Lines

Inner City Area

Bayswater Land Bank

Commercial Properties (f-h)

Residential Projects & Properties(a-e)

U City Commercial Properties (j)

U City Residential Projects (i)

Residential Development: 3 JV

project condominiums, totaling

THB 11bn, sold out within the

first two days of sales

Commercial Property

Development: Solid income

generation and land value

multiplier through city life

solutions

Projects and Properties

Land Bank


Project Name Presale Period

Project Value

(THB mn)Units

Avg. Price per sqm

(THB)Sold Construction

Progress*Est. Transfer

Start Est. Transfer Completion

Foreign Participation

BTS-SIRI JV

THE LINE Jatujak – Mochit May 2015 5,727 841 179k 100% 16% Dec 2017 Feb 2018 14%

THE LINE Sukhumvit 71 Aug 2015 1,990 291 169k; fullyfurnished

100% 72% Nov 2016 Apr 2017 48%

THE LINE Ratchathewi Oct 2015 2,925 231 266k 100% 8% May 2018 Jul 2018 15%

Total 10,642 1,363 100% 21%

Residential PropertyProjects under Development & Development Pipeline

39BTS Group General PresentationSection 2.3: Property Business

ACTIVE RESIDENTIAL PROJECTS

TOTAL PRESALES BACKLOG

1,822

10,642 5,895

2,925

FY 16/17E FY 17/18E FY 18/19E BTS-SIRI JVPresales Backlog

(THB mn)

Calculated based on 3 launched joint venture projects

Equity method is applied to joint venture transactions

Calculated based on BTS Group’s fiscal year

* As of March 2016

2016 RESIDENTIAL PROPERTY LAUNCH PLAN

Building on our launch momentum:

• Launch 6 Projects with total project value of THB 23bn


40

COMMERCIAL PROPERTY REVENUE BREAKDOWN HOTEL PORTFOLIO


Hotel Name Number of keys Ownership

1. U Sathorn Bangkok 86 100%

2. U Chiang Mai 41 100%

3. U Inchantree Kanchanaburi 24 100%

4. Eastin Grand Sathorn 390 36%*

5. Centara Khon Kaen 195 36%*

6. Anantara Chiang Mai 84 36%*

Blended Averages 11M 2014 11M 2015

Occupancy Rate 77.0% 80.2%

ADR (THB) 2,479 2,660

RevPAR (THB) 1,930 2,159

Gross Margin (%) 49.0% 44.6%

HOTEL PERFORMANCE* BTS Group’s stake in U City

Thana City 33%

U Hotels37%

Others22%

Eastin Grand Sathorn*9%

*Sold to U City on 20 April 2015

9M 15/16 Commercial

Property Revenue:

THB 429mn

1 2 3

4 5 6

2016 COMMERCIAL PROPERTY LAUNCH PLAN

Commercial PropertyA Diversified Portfolio of Recurring Income Generating Assets

Expanding our income base with high quality assets :

• Launch at least 2 projects, including mixed-use Phayathai project









Appendices



Appendix 3: BTS-W3


Contents



Services BusinessCurrent Rabbit: Offline Platform and mostly Focused in Bangkok

42

BANGKOK SMARTCARD SYSTEM (BSS)

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.

RABBIT

Use on BTS SkyTrain & BRT

Use in retail stores

5.2mnRabbit cardsin circulation

(as of Mar 2016)

BTS Group General PresentationSection 2.4: Services Business

LARGE PARTNERS NETWORK BUILT

90brand

partners>3,000

RetailsOutlet

acceptant

AIS RABBIT SIM: exclusive NFC contract signed with AIS in Dec 2012

BBL CO-BRANDED DEBIT/CREDIT CARD: officially launched BBL Rabbit Card

and Be 1st Smart Rabbit Card in Mar 2013

AEON RABBIT CARD: launch in Feb 2015. This can be used both the Rabbit

functions (travel on the BTS SkyTrain system and purchase of products and

services at retail stores) and obtain personnel loans from AEONTS.

COMMON TICKETING SYSTEM: in Feb 2015, BTSC, as part of BVS consortium,

won the bid for design and implementation of Central Clearing House (CCH)

system for common ticketing system

KEY MILESTONES FOR THE PAST 4 YEARS

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

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


Services BusinessRabbit Outlook: Expand to Online Platform & Utilised Data

43BTS Group General PresentationSection 2.4: Services Business

Micro Finance & Financial

Comparison broker

THB 5bn accumulated loan portfolio expected in FY2018/19

“Aim to be the Leading Digital Lifestyle & Payment Services Company in Thailand”

Common Ticketing and Offline Payment

5.2mn Rabbit cards

15mn rabbit cards

expected in 2020

TRANSIT & RETAILS GROWTH PROSPECTS

Online Payment

2mn Rabbit Pay accounts

Targeted in FY2016/17

THB 70mn settlement

value / day expected in FY 2016/17

Online Content&

Digital Media Platform

3mn unique visitors

per month

Rabbit Reward Big Data Customer


Thana City Branch

Overview of Services Business

44

Premium Chinese restaurant chain managed by Man Kitchen

4 existing dine-in branches and 3 express branches

Plans underway to develop 6-9 more branches under various formats by

2015

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 Hotels & Resorts” and

“Eastin Hotels & Residences” brands

Number of hotels 60 80Number of rooms >8,900 10,000Under AHS contracts 2014/15 2015/16E

CHEFMAN RESTAURANTS ABSOLUTE HOTEL SERVICES (AHS)

Eastin Grand Sathorn Branch

Express Branch at Royal Place 2

Royal Place 2 Branch

BTS Group General PresentationSection 2.4: Services Business









Appendices



Appendix 3: BTS-W3


Contents



Key financial ratios FY 14/15 FY 13/14 FY 12/13 FY 11/12Profitability ratios (%)

Gross operating profit margin 55.5% 51.4% 48.8% 47.2%SG&A to operating sales ratio 22.0% 19.5% 16.6% 15.8%Accounting EBITDA margin 51.8% 73.% 53.3% 57.8%Operating EBITDA margin(1) 39.9% 36.3% 49.0% 50.7%

Recurring net profit margin (%) 32.8% 25.4% 9.7% 13.2%Liquidity ratio

Current ratio (times) 3.83x 4.36x 5.79x 0.94x

Leverage (Times)

Total liability to total asset 0.22x 0.22x 0.25x 0.45x Total liability to total equity 0.28x 0.29x 0.33x 0.81x Interest bearing debt to equity 0.09x 0.11x 0.24x 0.71xNet debt to equity (0.11)x (0.03)x 0.17x 0.67x Net debt to operating EBITDA (1.96)x (0.65)x 1.66x 6.32x Interest coverage(3) 7.03x 4.94x 4.07x 2.73x

Per share ratios

Book value per share (THB) 4.38 5.09 5.05 4.05Dividend yield (4) 6.38% 7.37% 4.71% 6.38%

FY 14/15 REVENUE & EBITDA CONTRIBUTION BY BU

32%37%

41%

44%

19%

15%8%4%

Revenue Contribution 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

REVENUE COMPARISON BY BUSINESS UNIT

46

(THB mn)

2,077 3,121 2,934

399

8,532

2,274 2,926

1,355 548

7,102

Mass Transit Media Property Services Total

FY 13/14 FY 14/15

Property

Mass Transit

Media

Services

Consolidated P&L (THB mn) FY 14/15 FY 13/14 FY 12/13 FY 11/12

Operating revenues 7,102 8,532 10,375 7,720

Operating expenses 3,163 4,147 5,317 4,077

Non-recurring items 520 10,971 897 1,189

EBITDA 4,937 10,334 6,186 5,344

Operating EBITDA(1) 2,836 3,100 5,081 3,913

Net income(2) 2,944 12,598 1,719 2,106

Debt Information (THB mn) 31 Mar 15 31 Mar 14 31 Mar 13 31 Mar 12

Interest bearing debt 4,556 6,655 11,961 26,047

Net debt (5,556) (2,013) 8,447 24,714

BTS Group General PresentationSection 3: Financial Summary

BTS Group Financial Performance


39,368 40,809

37,343 26,003

31-Mar-14 31-Mar-15

59,542 52,012

8,612 8,004

8,557 6,795

31-Mar-14 31-Mar-15

THB mn

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

63,653

Issued and paid-up (11,919.3mn shares @ THB 4.0)

47,677

Others 3,860

Retained earnings (Deficits) 475

Total Shareholders’ Equity 52,012

TypeOutstanding

warrants (mn)

Exercise ratio (warrant : share)

Exercise price (THB)Outstanding shares

reserved for warrants (mn)

% Dilution

BTS-WA 6.2 1 : 0.166* 4.220* 0.8 0.0%

BTS-WB 11.1 1 : 1 5.01 11.1 0.1%

BTS-WC 16.0 1 : 1 To be determined 16.0 0.1%

BTS-W3 3,971.6 1 : 1 12.00 3,971.6 25.0%

Total 3,999.6 25.1%

SHAREHOLDERS’ EQUITY

ASSSETS BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN)

76,757 66,812

Non-current assets

Current assets

as of 13 Oct 2015

Balance Sheet

47

* Adjusted under the conditions as stated in the terms and conditions of the warrants

DILUTION IMPACT

as of 31 Mar 2015

ESOP

Current liabilities

Non-current liabilities

76,757 66,812

Equity

49%

51%

39%

61%

11%

78%

11%

10%

78%

12%

BTS Group General PresentationSection 3: Financial Summary


2016/17 BTS Group Targets and CAPEX

48BTS Group General PresentationSection 3: Financial Summary

4,100

200

1,000

180

300

500

1,200

Mass Transit Media Property Services BTS Group

Thana City renovation

• 5-6% Ridership Growth

• 1% Average Fare Increase

• 3-4% O&M Revenue Growth

BTS GROUP CAPEX (THB mn)

FY16/17 TOTAL CAPEX** THB 7.6BN

*assumes consolidates MACO from Jun 2016 onwards **excludes real estate development cost for Property business

2016/17 BTSGIF CAPEX is expected to be approx. THB 490mn (not included in BTS Group CAPEX)

BTS GROUP TARGETS

MASS TRANSIT

MEDIA*

• 50% Revenue Growth

PROPERTY

• THB 620mn Commercial Property Revenue

• THB 60mn Residential Property Revenue

• THB (100)mn Share of Net Loss from BTS-SIRI JVs

SERVICES

• 6.5mn Rabbit Cards in circulation

• Reach to 2,000 retail shops with 4,500 readers

• 3mn Rabbit Rewards Membership

4,280

500

Rolling stocks

Outdoor

Invest in BTS-SIRI JVs

Land acquisition & others

10110

2,700









Appendices



Appendix 3: BTS-W3


Contents



Appendix 1: Core Network Concession Agreement Key terms and background

50

BTS SKYTRAIN

BTSC BMA

EXCLUSIVE OPERATION RIGHT

CONCESSIONAGREEMENT

MINISTRY OF

INTERIOR

AUTHORISATION

BTS SKYTRAIN

BTSC BMA

EXCLUSIVE OPERATION RIGHT

CONCESSIONAGREEMENT

MINISTRY OF

INTERIOR

AUTHORISATION

BTSGIFNET 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

SCOPEProcuring, 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.

BTS Group General PresentationAppendix 1: Core Network Concession Agreement


23,117 15,000 12,250

50,367

26,727

10,500 12,000

49,227

4,255 5,958 2,400

12,613

6,847

Dark Green South(Bearing - Samut

Prakarn)

Dark Green North (MoChit - Saphan Mai - Khu

Khot)

Pink Line (Kae Rai -Min Buri)

LRT (Bang Na -Suvarnabhumi)

Light Green line (BangWa - Borommaratcha-

chonnani)

Grey Line(Watcharaphon -

Thong Lo)

Gov't responsibility Rolling Stock E&M Civil works

Appendix 2: Funding Requirements (Mass Transit)BTS Pipeline

51

PROJECTED CAPEX BREAKDOWN OF 6 EXPECTED FUTURE LINES (THB mn)

KEY ASSUMPTIONS

Total CAPEX for 6 lines = THB 112.2bn

with D/E Ratio = 2.0 : 1

Total equity required by BTS Group = THB 37.4bn

Source: Office of Transport and Traffic Policy and Planning (OTP), Mass Rapid Transit Authority of Thailand (MRTA) and Company estimates

112,207

24,25025,500

56,691

12.8km 18.4km

36.0km

18.3km

7.0km

16.3km

108.8km

BTS Group General PresentationAppendix 2: Future Funding Requirements (Mass Transit)


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

Reimburse from gov't (civil) E&M Civil works 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 2: Funding Requirements (Mass Transit)Economic profile of O&M Contract & PPP Net Cost

52

ECONOMIC PROFILE (O&M CONTRACT)

ECONOMIC PROFILE (PPP NET COST)

KEY ASSUMPTIONS

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%YEAR

YEAR

1) 3 year investment in civil and E&M works (includes rolling stock)

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

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

BTS Group General PresentationAppendix 2: Future Funding Requirements (Mass Transit)


Appendix 3: BTS-W3 Term Sheet

53

TICKER BTS-W3

TERMS 5 YEARS

ISSUE DATE 1 NOV 2013

EXPIRY DATE 1 NOV 2018

EXERCISE PERIODQUARTERLY 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 EXISTING BTS SHARES : 1 BTS-W3

NO. OF WARRANTS 3,944,626,464 UNITS

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

EXERCISE PRICE THB 12.00 PER SHARE

EXPECTED MAXIMUM

PROCEEDSTHB 47,336MN

WARRANTS TERMS AND CONDITIONS

BTS Group General PresentationAppendix 3: BTS-W3



54

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

ISO 14001: 2004

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

BTS Group General PresentationAppendix 4: BTSC’s Quality Management System

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