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JULY 2018

BTS GROUP HOLDINGS PCL

INVESTOR

PRESENTATION

prepared by Investor Relations department BTS Group Holdings PCL

IR Contact

2

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

Disclaimer

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

BTS Group Investor Presentation


Section 1 BTS Group in Brief

Section 2 Business Segment Profiles

Section 2.1 Mass Transit Business

Section 2.2 Media Business

Section 2.3 Property Business

Section 2.4 Services Business

Section 3 Financial Summary

Appendices

Contents

BTS Group Investor Presentation 3


4

BTS Group History

BTS Group Investor Presentation Section 1: BTS Group in Brief

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

1991

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

1992

Commercial operation of the BTS SkyTrain commenced

1999

BTSC exit court supervised rehabilitation procedure

2008

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

2009

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

2010

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

APR 2013

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

OCT 2012

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

MAY 2012

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

1968

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

MAR 2018

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

JUN 2017

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

MAR 2017


18.09%

BTS Infrastructure

Services Co., Ltd

1 Information based on book closure date on 14 Jun 18 with total issued shares = 11,845.5mn shares 2 BTSG holds 72.4% of VGI indirectly and directly 3 Revenue from the Company recorded under Services BU

33.33%

48.59%

Bayswater Co., Ltd.

50%

5

BTS Group Holdings PCL


Business Organisation and Shareholding Structure as of 31 March 2018

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF)

97.46%

Yongsu Co., Ltd. 100%

DNAL Co., Ltd. 100%

The Community One Co., Ltd.

100%

Kingkaew Assets Co., Ltd.

100%

Bangkok Mass Transit System PCL (BTSC)

25.02%

MEDIA BUSINESS

41% Kanjanapas Family1

34% Institutional Investors1 25% Individual Investors1

38.97%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd.

100%

888 Media Co., Ltd.

100%

100%

Master Ad PCL

30.38%

Aero Media Group Co., Ltd.

30%

VGI Global Media PCL (VGI) 2

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

33.33%

MASS TRANSIT BUSINESS

Tanayong International Ltd. 100%

SERVICES BUSINESS

RabbitPay System Co., Ltd. 80%

Rabbit-Line Pay Co., Ltd.

ASK Direct Group Co., Ltd. 51%

Rabbit Insurance Broker Co., Ltd.

51%

Rabbit Internet Co., Ltd. 30%

Rabbit Rewards Co., Ltd.

100%

KMJ Co., Ltd.

BSS Holdings Co., Ltd. 90%

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

Little Corner Co., Ltd. 69%

Man Food Holdings Co., Ltd. 41.18%

HHT Construction Co., Ltd.3

51%

90% Bangkok Smartcard System Co., Ltd.

The Community Two Co., Ltd.

100%

Man Kitchen Co., Ltd.

Man Food Products Co., Ltd.

Bangkok Payment Solutions Co., Ltd.

60%

Listed entities

Subsidiaries

Associates

LEGEND

JVs

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

49%

49%

100% VGI Global Media (Malaysia) Sdn Bhd

The ICON VGI Co., Ltd.

25%

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

Northern Bangkok

Monorail Co., Ltd.

Eastern Bangkok

Monorail Co., Ltd.

75%

75%

Primary Kitchen Co., Ltd.

51%

100%

BTS Infrastructure Development

Co., Ltd

100%

Supremo Media Co., Ltd

25%

Group Work Co., Ltd

20%

100%

100%

100%


548 492 743

449

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

1,355 897

617 639

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

2,926 2,318 3,010

3,902

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

2,274 2,574 4,237

9,112

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

(1) FY ended 31 March

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

MASS TRANSIT

PROPERTY

MEDIA

SERVICES

Historical operating revenues(1)

Media Revenue (THB mn)

Property Revenue (THB mn)

Services Revenue (THB mn)

Mass Transit Revenue (THB mn)

FY 17/18 Operating revenue contribution

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


6

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

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

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

THB 14,102mn

Mass Transit

Media

Property

Services

65% 28%

4% 3%


FY 16/17 FY 21/22

Services

Property

Media

Mass Transit

FY 16/17 FY 21/22

Others

Services

Property

Media

Mass Transit

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

Strategy and 5-Year Growth Targets Target average operating revenue and recurring net profit growth of 29% per year from FY 16/17 to FY 21/22

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

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

BU 5-YEAR GROWTH DRIVERS

Mass transit Organic growth: 4-5% CAGR ridership growth, inflationary fare increase on Core Network (23.5km): pre-agreed O&M fee increase to Green Line extensions (12.8km) New contracts: 95.7km (Pink, Yellow, Dark Green North & South extensions) already secured taking total to 132km Target contracts for an additional 82.9km (Gold, Green West, Orange, LRT and Grey)

Media

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

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

5Y CAGR ≈ 29%

STRATEGY 5-YEAR OPERATING REVENUE OUTLOOK

5-YEAR RECURRING NET PROFIT (AFTER MI) OUTLOOK

THB 1.4BN

THB 5.1BN

THB 8.6BN

THB 30.3BN

5Y CAGR ≈ 29%


+40% of digital screens

Advertising Platform

>10mn payment users

Payment Platform

>2mn daily interactions

Logistics Platform

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

Business Synergy and Investment Features Benefit from Rail Mass Transit Network Expansion

U City targets

20% revenue CAGR over 5 years

• The sole concessionaire and operator of the BTS SkyTrain Core Network (Green lines), its extensions and the Bus Rapid Transit (BRT) system.

• BTSG is the controlling partner in the consortium that was awarded the Pink and Yellow monorail line concessions.

• Currently operating 38.1km (35 stations), by acquiring 4 additional lines totaling 95.7km since 1H 2017, increasing length by 3.5x compared to 2016/17

MASS TRANSIT 62% ridership market share in Bangkok

66% ridership market share in bangkok1

• The largest Out-of-Home media company in Thailand.

• A multi-faceted media services company that is pioneering data-driven, targeted advertising in Thailand.

• Uniquely exclusive long-term contracts to manage advertising space on the BTS SkyTrain Network as well as future lines secured by BTSG.

• The number one provider of a fully integrated Offline-to-Online (O2O) Solutions.

MEDIA 50%1 market share by media revenue

PROPERTY 2nd largest Hotel Company in Thailand operating globally

• U City is developing or investing in residential and recurring income properties predominantly in close proximity to mass transit lines to benefit from the “mass transit premium”

• U City is Thailand’s 2nd largest listed hotel group that directly and indirectly owns, operates or manages over 19,100 keys globally*

*as measured by keys owned, leased and managed (both operating and under contract)

5 times expected increase in BTS rail length from current 38.1km to 215km in 2022/23

1 Based on listed OOH Media Company


7,073 7,094 8,048

4,716 4,876(2)

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

BTSG at a Glance

PROGRESSIVE DIVIDEND POLICY

Completed Minimum THB 21bn committed dividends over 3 years:

No less than THB 6bn in FY 13/14



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


HISTORICAL DIVIDEND PAYMENTS / DIVIDEND YIELD

KEY FIGURES (as of 31 Mar 2018)

EMPLOYEES (as of 31 Mar 2018)

Mass Transit 2,372 53%

Media 495 11%

Property 548 12%

Services 955 21%

BTS Group Holdings 148 3%

Total 4,518 100%

THB (mn) USD (mn)**

Accounting revenue 16,987 532

Operating revenue 14,102 442

Operating EBITDA 4,089 128

Net income*** 4,416 132

Total assets 106,058 3,324

Excess cash and liquid investments 31,096 975

Cash 9,458 296

Current investments 5,672 178

Long-term investments 15,948 500

Restricted deposits 18 1

**Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB 31.909 as of 7 June 2018 ***to equity holders of the parent

Actual dividend paid (THB mn)

Dividend yield(1) (%)

(1) Calculated based on share price one day before the Board of Directors’ approval date for relevant dividend payment (2) Final dividend of THB 0.185 per share or equivalent to the dividend payment in the amount of not exceeding THB 2,922.1mn is subject to shareholders’ approval.

6.2% 7.8%

4.0%

7.3%

3.9%

Committed dividend period

9


0

400

800

1,200

1,600

2,000

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

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

1 MR. KEEREE KANJANAPAS’S GROUP 41.1%

2 THAI NVDR CO., LTD. 9.2%

3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6%

4 SOCIAL SECURITY OFFICE 2.5%

5 STATE STREET EUROPE LIMITED 2.1%

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

7 CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED 1.7%

8 UOB KAY HIAN PRIVATE LIMITED 0.9%

9 GIC PRIVATE LIMITED 0.6%

10 Mr. Min Tieanworn 0.6%

TOTAL TOP 10 SHAREHOLDERS 65.3%

Stock code BTS

Outstanding shares (mn shares) 11,940.4

Treasury shares (mn shares) 95.8

Market capitalisation (THB mn) 99,702.3

Market capitalisation (USD mn) 3,197.5

Average daily traded value (THB mn) 157.7

Average daily traded value (USD mn) 5.0

Credit Rating (by TRIS) A/Stable

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2018)

SHARE PRICE MOVEMENT (as of 31 Mar 2018)

SHARE STRUCTURE (as of 14 Jun 2018)

TOP 10 SHAREHOLDERS (as of 14 Jun 2018)

10

THB THB mn

12M ADTV = THB 183mn

Kanjanapas family*

Institutional investors*

Others*

41% 34% 25%

Free float (as of Jun 18) 58.6%

Foreign limit 49.0%

Foreign holdings (incl. NVDR) 9.2%

*Total of 11,845,222,893 shares



Contents









Appendices


Bangkok Rail Mass Transit Network At 110.8km Bangkok’s Network is Immature

12 BTS Group Investor Presentation Section 2.1: Mass Transit Business

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

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

RAIL MASS TRANSIT MARKET SHARE

Tokyo 42.0 Singapore 39.4 Hong Kong 34.9 Bangkok 10.2

RAIL TRACK LENGTH PERVASION (per million population)

OPERATING LINES: 110.8KM

BTS: 38.1km (SkyTrain Green Line)

BEM: 44.2km (Blue Subway & Purple)

SRT: 28.5km (Airport Rail Link)

WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC)

Total Average Weekday Ridership of 1,191,390 trips

BTS 743,223

62%

BEM* 378,167

32%

ARL 70,000

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

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

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

*Includes MRTA and BMA projects

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

110.8km 78 stations by 3 operators


BTS Lines Expanding 3.5x from 38.1km in 2017/18 to 132km in 2021/22


*The first station (E15, Samrong, 1.8km) of the Southern Green Line Extension from Bearing to Samutprakan began operation on 3 Apr 17. Full operation of the Southern part is targeted in 2018.

MOCHIT TO ONNUT AND NATIONAL STADIUM TO SAPHAN TAKSIN • 23.5KM & 23 STATIONS • CONCESSION CONTRACT (1999-2029) • 13YR O&M CONTRACT (2029-2042)

ONNUT TO BEARING AND SAPHAN TAKSIN TO BANG WA • 12.8KM & 11 STATIONS • 30YR O&M CONTRACT (2012-2042)

BEARING TO SAMUTPRAKARN AND MOCHIT TO KHU KHOT • 30.8KM & 25 STATIONS • 26YR O&M CONTRACT (2017-2042)

KHAE RAI TO MIN BURI AND LAD PRAO TO SAM RONG • 64.9KM & 53 STATIONS • 30YR PPP NET COST CONTRACT

BTS NETWORK: 132KM (112 STATIONS)

SAPHAN TAKSIN – BANG WA 7.5KM

ONNUT – BEARING 5.3KM

BEARING – SAMUT PRAKARN 12.6KM

LAD PRAO – SAM RONG 30.4KM

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

KHAE RAI – MIN BURI 34.5KM

MO CHIT - KHU KHOT 18.2KM

CORE NETWORK

EXT. ZONE 1

EXT. ZONE 1

EXT. ZONE 2

EXT. ZONE 2 PINK

YELLOW

CORE NETWORK

ZONE 1: GREEN LINE EXTENSIONS

ZONE 2: GREEN LINE EXTENSIONS

PINK AND YELLOW LINES


1.4

2

1.7

8

2.1

2

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

59 79

96 105 118

132 139 133 136 144 145

176 197

215 219 233 238 241

Farebox revenue (THB bn)

Ridership (mn)

1.7

3.4

6

.0

16/

17

17/

18

18/

19

19/

20

20/

21

21/

22

22/

23

23/

24

24/

25

25/

26

26/

27

27/

28

28/

29

29/

30

30/

31

31/

32

32/

33

33/

34

34/

35

35/

36

36/

37

37/

38

38/

39

39/

40

40/

41

41/

42

42/

43

Core Line Zone 1

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


CORE NETWORK: 23.5KM

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

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

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

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

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

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%)

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0 23.0

26.0 30.0

33.0 37.0 40.0

44.0

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

NO. OF STATIONS

AUTHORISED FARE (APR 13)

NEW EFFECTIVE FARE (OCT 17)

PREVIOUS EFFECTIVE FARE (JUN 13)

POTENTIAL FARE UPSIDE

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

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

BTSC has operated & maintained the extensions since 2009

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

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

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

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

EXT. ZONE 1

ONNUT – BEARING 5.3KM

SAPHAN TAKSIN – BANG WA 7.5KM


STEC

15%

BTS Recently-Secured Lines 30.8km New Extension and 64.9km Pink & Yellow Monorail Lines


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

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

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

(18.2km/ 16 stations)

PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

PINK YELLOW

Route Kae Rai – Min Buri

Lad Prao – Sam Rong

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

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

30; 4-car train (120 cars )

Contract length 30yr operation 30yr operation

Daily ridership in Y1 199k trips 195k trips

Ridership CAGR (30Y) 5.2% 4.5%

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

EBITDA margin (%)

26% at early stages rising to 69% at Y30

34% at early stages rising to 64% at Y30

Commercial revenue 10% of farebox revenue

15% of farebox revenue

Total Project Cost THB 49.4bn THB 46.7bn

Civil Subsidy Amount THB 22.5bn THB 25.05bn

Civil Subsidy Term

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

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

Sharing to MRTA THB 250mn THB 250mn

Funding (D/E) 2.5x 2.5x

OWNERSHIP STRUCTURE

PR

OJE

CT

DET

AIL

S EX

PEC

TED

RID

ERSH

IP A

ND

R

EVEN

UE

PR

OJE

CT

CA

PEX

& F

INA

NC

ING

EASTERN BANGKOK MONORAIL COMPANY

LIMITED

NORTHERN BANGKOK MONORAIL COMPANY

LIMITED

PINK LINE PROJECT (INCLUDE EXTENSIONS)

YELLOW LINE PROJECT (INCLUDE EXTENSIONS)

BTS

75% RATCH

10%

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

MO CHIT - KHU KHOT 18.2KM

BEARING – SAMUT PRAKARN* 12.6KM

YELLOW LAD PRAO – SAM RONG 30.4KM

EXT. ZONE 2

EXT. ZONE 2

KHAE RAI – MIN BURI 34.5KM

PINK

YELLOW


BTS Group Investor Presentation Section 2.1: Mass Transit Business

BTS Targeted Lines Interested in an additional 302.9km

BANG WA - TALING CHAN 7.0km

BANG NA – SUVARNABHUMI 18.3Km

WATCHARAPHON – THONG LO 16.3km

THAILAND CULTURAL CENTER - MIN BURI 22.6km

TALING CHAN - THAILAND CULTURAL CENTER 17.0km

KRUNG THON BURI – KLONG SAN 1.7km

16

WESTERN ORANGE LINE EASTERN ORANGE LINE

WESTERN GREEN LINE EXT.

GREY LINE (PHASE 1)

LRT

GOLD LINE (PHASE 1)

302.9KM FUTURE LINES IN THE NEXT 5 YEARS BTS TARGET ROUTE AUTHORITY DISTANCE

(KM) NO. OF

STATION EXPECTED

OPERATING

GOLD PHASE 1 KRUNG THON BURI – KLONG SAN BMA 1.7 3 2020

GREEN EXT. (WESTERN)

BANG WA - TALING CHAN

BMA 7.0 6 2022-2023

LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022

GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2022

ORANGE (E) THAILAND CULTURAL CENTER - MIN BURI

MRTA 22.6 17 2023

ORANGE (W) TALING CHAN - THAILAND CULTURAL CENTER

MRTA 17.0 12 2023

HIGH SPEED RAIL

DON MUEANG – SUVARNABHUMI – U-TAPAO

SRT 220.0 9* 2024

OTHER ROUTE AUTHORITY DISTANCE (KM)

NO. OF STATION

EXPECTED OPERATING

BLUE HUA LAMPHONG - BANG KHAE

MRTA 14.0 11 2020

BLUE BANG SUE - THA PRA MRTA 13.0 9 2020

BLUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 2021

DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021

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

LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK

SRT 19.0 9 2020

LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021

PURPLE (SOUTHERN)

TAO POON – RAT BURANA MRTA 23.6 17 2022

TOTAL 428.3

Under construction (including Extension Zone 2, total of 119.9km under construction) NOTE: *Excluding 6 stations in ARL


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

BTS Group Earnings Presentation Section 2.1: Mass Transit Business

95

.7K

M A

WA

RD

ED L

INES

3

02

.9K

M B

TS T

AR

GET

ED L

INES

SOUTHERN GREEN LINE EXTENSION: 12.6KM

NORTHERN GREEN LINE EXTENSION: 18.2KM

PINK LINE: 34.5KM

YELLOW LINE: 30.4KM

WESTERN GREEN LINE EXTENSION: 7.0KM

GOLD LINE PHASE 1: 1.7KM

LRT: 18.3KM

GREY LINE PHASE 1: 16.3KM

ORANGE LINE: 39.6KM

NOTE: 1Under the terms of the contract signed on 28 June 2016 with Krungthep Thanakom (KT) - a wholly owned subsidiary of the BMA (Bangkok Metropolitan Administration). BTSC is pre-financing E&M provision and installation. KT will repay the costs of E&M works in a lump sum amount after four years after contract signing date. 2Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake in JV Cos. Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation. 3Assume O&M revenue of THB 140mn/km p.a. 4Excluding land acquisition of THB 3.6bn.

17.31

34.52 CIVIL + TRAINS + E&M

32.62

CIVIL + TRAINS + E&M

2.1

0.4

3.6

12.9 TRAINS + E&M

33.3 TRAINS + E&M

4.5 – 5.03 (Y1)

BY 2022

BY 2020

BY 2022

BY 2023

BY 2022

OCT 2021 MID 18

BY 2019

BY 2018

BY 2018

BY 2018

MID 2017 BY 2019

DEC 2018 2041/42

OCT 2021 MID 18 2051/52

MID 2020 2041/42

2051/52

EXPECTED TIMELINE

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

EXPECTED CAPEX (THB BN)

EXPECTED REVENUE (THB BN P.A.)

FAREBOX REVENUE

O&M REVENUE

FY 23/24

FY ended 31 March

TRAINS E&M WORKS

9.8

5.0

4.5 – 5.0 (Y1)

START CIVIL WORKS CONSTRUCTION

START FULL OPERATION CONSTRUCTION PERIOD

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

TOTAL CAPEX/FINANCING

THB 316.6bn

17

HIGH SPEED RAIL: 220.0KM

BY 2024 BY 2018

FY 24/25

165.14 CIVIL + TRAINS + E&M


BTS’s 5-year Target of Network Expansion Quintuple Growth from 38.1km in 2018 to 215km in 2023

BTS Group Investor Presentation Section 2.1: Mass Transit Business

18

38.1

35

48.9

43

50.7

44

68.8

62

175.3

150

215

179

Samrong (1.8km) began operation

South ext. (12.6km)

1st station of North ext. (1.8km)

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

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

Orange line (39.6km)

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

Full operation

Partial operation

Distance (km)

No. of stations 400km Total network in 2023 from 110km currently

215km Targeted BTS network in 2023 from 38.1km currently

120km Lines under construction


Contents









Appendices


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

TV Traditional media OOH media Cinema Online* Digital adspend (DAAT)**

100bn

64.8%

13.4% 13.3% 7.0% 1.5%

Focusing on the Highest Growth Media Segments OOH and Online

20 BTS Group Investor Presentation Section 2.2: Media Business

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

VGI GROUP’S FOCUS

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

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

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

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

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

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

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

OOH MARKET SHARE: VGI GROUP VS PEERS

VGI controls almost half of the OOH media market share. Thanks to our continuing organic growth and participating in M&A.

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

2,838 3,149 3,678 3,021 3,537

3,352 4,082 2,715 3,223

4,297

6,189 7,231

6,393 6,244

7,834

2012/13 2013/14 2014/15 2015/16 2016/17VGI Group Revenue Peers

45.8% 43.6% 57.5% 48.4%

1

54.2% 56.4% 42.5%

51.6%

45.2%

54.8%

Coup d’etat Shutdown BKK Mourning effect

ON LINE

OOH MEDIA

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

VGI’s Focus

* Online adspend includes banner ad on 50 websites and 10 mobile sites ** based on December year-end Source: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT)

113bn

62.3%

23.3% 9.0% 4.7% 0.8%

107bn

65.7%

16.0% 11.3% 5.5% 1.6%

120bn 1.0%

68.5%

18.0% 8.0% 4.4%

121bn 0.8%

68.0%

19.4%

3.7% 8.1%

4bn 6bn 8bn 9bn

12bn

-19.7%

-13.1%

-10.8%

-2.7%

-0.7%

9.9%

18.3%

34.8%

In-store

Traditional media**

Analogue TV

Total industry

Cinema

OOH

Online

Digital*

* Digital adspend based on December year-end reported by DAAT ** traditional media includes Radio, Newspapers, Magazines

1 terminated Modern Trade business Note: VGI’s market share is based on 35% nominal market discount rate Source: The Nielsen (Thailand) Co., Ltd


A Well-Diversified Out-of-Home Media Business

BTS Group Investor Presentation Section 2.2: Media Business

21

VGI GROUP

BKK, Thailand KL, Malaysia

BKK, Thailand Nationwide, Thailand KL, Malaysia

Nationwide, Thailand Yangon, Myanmar

Nationwide, Thailand



OOH Media Platform Digital Services

THB 3,559mn THB 378mn

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

TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES

MACO AERO MEDIA DEMO POWER BSS & BSSH VGI COMPANY SEGMENT

GEOGRAPHICAL ACTIVITY

LEADING POSITION & NETWORK

AUDIENCE REACH

KEY GROWTH AREA

SEGMENT

2017/18 REVENUE1

No. 1 in Transit media

31.0km, BKK 51.0km, Malaysia

No. 1 in Office media

174 office building 281 condominium

No. 2 in Outdoor media

>2,000 billboards

No. 2 in Aviation media

15 airports

The largest Activation services

>1,000 stores

8.9mn cardholders 2.9mn LINE pay users

>1,300mn outstanding loan

Additional inventory from BTS’s new line extensions

Grade B&C and upcountry market

To convert 10% of static billboards to digital screens

Expand to airports in South East Asia

Potential expansion in BTS stations and office buildings

Expand Rabbit card & Rabbit Line Pay network

Rabbit’s data

Expand insurance and micro loan network

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

40mn potential reach 16mn users

The largest micro payment platform


Digital Services: Synergy between VGI and Rabbit Rabbit Platform’s Database

22

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

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

tourism sectors.

OFFLINE PAYMENT: RABBIT CARD

8.9mn Rabbit cards in circulation

(as of Mar 2018)


LARGE PARTNERS NETWORK BUILT

157 brand

partners

5,680 Card

readers

Use on BTS SkyTrain & BRT

Use in retail stores

ONLINE PAYMENT: RABBIT LINE PAY

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

SERVICES BUSINESS

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

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

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

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

2.9mn users

>670 merchants

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


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


23

ONE-STOP SHOP SOLUTIONS

OFFLINE/ OOH

• No. 1 Transit media in Bangkok

• No. 1 Office media in CBD Bangkok

• No. 2 Outdoor media nationwide

• No. 2 Aviation media

• No. 1 Activation media

Transit Office Outdoor

Aviation Activation

Full service OOH media platform

O2O SOLUTIONS

• Creating awareness through offline OOH platform

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

• Activating conversion at last mile touch point

• Completing the customer journey

Integrating Offline and Online world

ONLINE/ DATA

• Partnership with No. 1 market leaders

>1mn BTS daily commuters

>45mn LINE users

>40mn AIS users

>5mn Kerry customers

Over 40mn data points


772,132 932,000

1,065,000

2016/17 2021/22

Ridership from VGI’s existing network

2017/18 2021/22 E

CORE + EXTENSION 208 236

GREEN (SOUTHERN) NONE 60

GREEN (NORTHERN) NONE 84

PINK NONE 168

YELLOW NONE 120

GREEN EXT. (WESTERN) NONE 32

LRT NONE 64

GREY (PHASE I) NONE 72

TOTAL 208 4.0X 836

TOTAL SECURED 208 3.2X 668

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

2MN TARGETED ADVERTISING VIEWERS

3.8X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY

New extensions are expected to add more than 1 million passengers daily. Together with our existing networks, the exposure to VGI advertising is expected to increased by 2.9X.

24 BTS Group Investor Presentation Section 2.2: Media Business

2020/21 GOALS Revenue of THB 10,000mn (37% 2-Year CAGR) NPAT 42% 2-Year CAGR

2.6X increased

Ridership from New extensions

1,997,000

2017/18 2021/22 E

CORE + EXTENSION 30 34

GREEN (SOUTHERN) NONE 9

GREEN (NORTHERN) NONE 16

PINK NONE 30

YELLOW NONE 23

GREEN EXT. (WESTERN) NONE 6

LRT NONE 14

GREY (PHASE I) NONE 15

TOTAL 30 4.9X 147

TOTAL SECURED 30 3.6X 108

To create targeted media through Rabbit’s data across BTS’s existing and future media platform

Improved occupancy by monetising rabbit’s data and BTS platform

80% 95%

20% 5%

3YRS AVG. 2017/18 - 2020/21

Successful case: 11 STREET Station Sponsorship (launched in February 2017) • Innovative Rabbit Media has partnered with

11 STREET, which stimulates the 3 key senses – touch, sight and sound.

• Leveraging on the data analysis of travel behavior coupled with strategically selected VGI’s media

Occupied inventory

Unoccupied inventory

FIRST PHASE OF MONETISING RABBIT’S DATA AND PLATFORM


Contents









Appendices


47% 63% 60%

48%

70%

65% 46%

48%

76%

64% 58%

78%

75%

60%

75%

65%

0

50,000

100,000

150,000

200,000

250,000

300,000

0 - 200m(CAGR +22.4%)

201 - 500m(CAGR +10.7%)

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

Over 1,000m(CAGR +6.0%)

Baht/sqm

2014 2015 2016 2017

56% 61% 60% 57%

0

5,000

10,000

15,000

20,000

25,000

2014 2015 2016 2017

Units

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

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

26

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

Property Business Industry Overview

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

BTS Group Investor Presentation Section 2.3: Property Business

INTERNATIONAL TOURIST ARRIVALS IN THAILAND GLOBAL INTERNATIONAL TOURIST ARRIVALS

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

19.2 22.4

26.5 24.8

29.9 32.6

35.4

2011 2012 2013 2014 2015 2016 2017

Millions of Persons

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

2011 2012 2013 2014 2015 2016 2017


2%

9%

3%

72%

15%

BTS Commercial (q)

BTS Residential (o - p)

U City Commercial (k - n)

U City Residential (a - j)

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

27

PROPERTY BOOK VALUE BREAKDOWN


OUR HOTEL PORTFOLIO UNDER U CITY

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

BTS Group Plc 489.4 782,966.0

Bayswater JV 48.8 78,051.2

U City Plc 766.1 1,225,707.6

Total 1,304.3 2,086,724.8

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

ATTRACTIVE LAND BANK

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

Directly-held 6 1,179 100%

Owned* 4 1,052 100%

Leased 2 127 100%

Vienna House 40 7,832 100%

Owned 18 2,881 100%

Leased 10 2,378 100%

Managed 12 2,573 100%

AHS 46 10,233 50%

Managed 46 10,233 50%

Grand Total 92 19,244

BTS Group Land Bank

U City Land Bank Bayswater JV Land Bank

Projects and Properties Land Bank

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

a e

k

c d

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

b

o p

f

g

q l m h

Kukot 56.5 rai (9.4 ha)

Thana City 308.6 rai (49.7 ha)

Bayswater JV 48.8 rai (7.8 ha)

* Data as of 31 Dec 17

Residential THB 0.5bn

Total Book Value as of 31 Mar 18:

THB 28.2bn

U City

THB 20.2bn

Bayswater JV THB 4.3bn

* Adjusted for equity stake

Commercial THB 2.5bn

Land Bank THB 0.8bn

i

j

Ratburana & Suksawad 44.1 rai (7.6 ha)

n

*Includes financial lease hotels and hotels currently under construction


U City’s Business Overview Currently Over 19,000 Hotel Keys and 27,000 sqm of Office Space

28 BTS Group Investor Presentation Section 2.3: Property Business

RECURRING INCOME PROPERTY (as of June 2018)

33 Gracechurch Street

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

Interests in 10 European Countries

• Thailand • Vietnam • Indonesia • India • Oman

Interests in 5 Asian & Middle Eastern Countries

6-14 Underwood Street TST Tower

OFFICE

The Unicorn

MIXED USE EDUCATION

Verso International School

HOSPITALITY

U Chiang Mai Hotel

U Sathorn Hotel

Vienna House Hotels

Eastin Grand Sathorn Hotel


U City’s Business Overview Globally Developing and Investing in Diversified Property

29

THB 32.3bn

THB 4,453mn

FY 2017 REVENUE CONTRIBUTION

Office THB 162mn

3.6%

Others THB 423mn

9.5%

Hospitality THB 3,868mn

86.9%

DECEMBER 2017 BOOK VALUE BREAKDOWN

Office THB 3.4bn

10.5%

Hospitality THB 18.4bn

57.0%

Land bank THB 10.0bn

30.9%

RECURRING INCOME PROPERTY

RESIDENTIAL PROPERTY

LANDBANK

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

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

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

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

806 1,027

3,868

2015 2016 2017

0

63

162

2015 2016 2017

159

0 0

2015 2016 2017

Operating Revenue (THB mn)

Residential THB 0.5bn

1.6%



U City’s Strategy and 5-Year Target Poised for Substantial Growth Ahead

30

2,620

176 1,204

1,380

FY 2017 Hospitality Office Alternatives Residential FY 2022

5 PILLARS OF SUSTAINABLE VALUE ACCRETION

FY 2017 FY 2022

Operating Revenue

Recurring Net Profit

Operating Revenue 20% CAGR

Recurring Net Profit 15% Margin*

Key Growth Drivers

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

Office Full-year effect of acquisitions and rent reversion

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

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

CAPEX / Investment 5-year aggregate of THB 14.6bn

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

Operating Revenue Development (Growth 2017 - 2022)

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

9,400

4,030

2. EFFICIENT USE OF

CAPITAL

• Recycle capital for future

investment.

• Potential for fee-based

income.

3. SUSTAINABILITY

• Respond to changes in

consumer lifestyles,

including digital disruption

• Environmental awareness

• Benefit to communities

• Enterprise Value/Return

To Shareholders

4. PARTNERSHIPS

• Access to expertise and

new business

opportunities

• Reduce development

and investment risk

• Increase long-term firm

value and synergies

1. INVESTMENT

• Diversified portfolio

• Grow through project

development and acquisition

• Enhance value through

prudent management and

value engineering

• Maximize synergy

5. MASS TRANSIT LINK

• To benefit from the

‘mass transit premium’

4,030

9,410

72% Overseas 28% Thailand

59% Overseas 41% Thailand

1,360

(127)


(THB mn) ( THB mn)


Contents

BTS Group Investor Presentation

31








Appendices


Services Business Strategic Support and Business Incubator

32

Premium Chinese restaurant chain managed by Man Kitchen

As of 31 Mar 2018, 8 existing branches:

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

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

Kitchen buffet

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

Rabbit Card and/or Rabbit Line Pay

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

and additional Rabbit Rewards partners.

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

CHEFMAN RESTAURANTS BANGKOK PAYMENT SOLUTIONS (BPS)

Eastin Grand Sathorn Branch

BTS Group Investor Presentation Section 2.4: Services Business

Thana City Branch

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

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

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

business domestically and internationally.

41%

Man Food Holdings

41% 18%

Bangkok Ranch BTS Group Chef Man

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

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

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

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

an integrated mass transit and payment systems for Thailand

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

and revenue from software development services.

RABBIT REWARDS PROGRAMME

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

civil and foundation company

HHT CONSTRUCTION


Contents









Appendices


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

Profitability ratios (%) Gross operating profit margin 41.0% 51.9% 60.4% 55.5% SG&A to operating sales ratio 17.3% 24.6% 24.6% 22.0% Accounting EBITDA margin 42.3% 41.2% 59.7% 52.0% Operating EBITDA margin(1) 29.0% 34.0% 42.9% 39.9%

Recurring net profit margin (%) 16.0% 15.4% 29.2% 28.2%

Liquidity ratio Current ratio (times) 0.93x 1.38x 0.81x 3.96x Leverage (Times) Total liability to total asset 0.56x 0.52x 0.28x 0.22x Total liability to total equity 1.29x 1.07x 0.39x 0.28x

Interest bearing debt to equity 1.02x 0.85x 0.20x 0.09x Adj. net debt(5) to equity 0.37x 0.13x (0.13)x (0.40)x Adj. net debt(5) to operating EBITDA 4.19x 2.07x (2.23)x (7.32)x Interest coverage(3) 3.31x 4.55x 9.30x 7.03x Per share ratios Book value per share (THB) 3.92 3.82 3.96 4.38 Dividend yield (4) 3.95% 4.00% 7.75% 6.38%

FY 17/18 OPERATING REVENUE & EBITDA CONTRIBUTION

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

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

OPERATING REVENUE COMPARISON (YoY)

34

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

Operating revenues 14,102 8,606 6,280 7,102

Accounting revenues 16,987 9,618 10,069 8,126

Operating expenses 8,325 4,143 2,489 3,163

EBITDA 7,571 4,114 6,254 4,937

Operating EBITDA(1) 4,089 2,928 2,693 2,836

Net income(2) 4,416 2,003 4,134 2,944

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

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

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

BTS Group Investor Presentation Section 3: Financial Summary

BTS Group Financial Performance

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

THB 14,102mn

THB 4,089mn

Mass Transit Media Property Services

Revenue Contribution

EBITDA Contribution

8,606

14,102 4,875 893 (294)

FY16/17 Mass Transit Media Property Services FY17/18

4%

(40%)

30% 115%

(THB mn)

22

60% 42%

-0.1%

-1.6%

65% 28%

4%

3%


Balance Sheet

35 BTS Group Investor Presentation Section 3: Financial Summary

45,182 46,355

29,833 36,779

18,616 22,923

31 Mar 17 31 Mar 18

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

106,058 93,631

67,909 84,747

25,722 21,311

31 Mar 17 31 Mar 18

Total non-current assets Total current assets

106,058 93,631

Cash

31 Mar 17: THB 15.09bn

31 Mar 18: THB 9.46bn

Current Investments

31 Mar 17: THB 6.24bn

31 Mar 18: THB 5.67bn

Long-Term Investments

31 Mar 17: THB 13.52bn

31 Mar 18: THB 15.95bn

Gross Debt

31 Mar 17: THB 38.31bn

31 Mar 18: THB 47.17bn

Adjusted Net Debt*

31 Mar 17: THB 6.06bn

31 Mar 18: THB 17.13bn

*****

Issued Ordinary Shares

31 Mar 17: 11,935.0mn

31 Mar 18: 11,940.4mn

73%

27% 20%

80%

22%

44%

34%

48%

20%

32%

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

Gross Debt to Equity

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

Adjusted Net Debt* to Equity

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

Adjusted Net Debt* to Recurring

Operating EBITDA

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

Interest Coverage

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

Current Ratio

ASSET BREAKDOWN (THB MN)

LIABILITIES AND EQUITY BREAKDOWN (THB MN)

KEY RATIOS

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


36

MED

IA

2018/19 BTS Group Targets and CAPEX

FY 2018/19 BTS GROUP TARGETS

THB 4.4-4.6bn Targeted Media Revenue

4-5% Core Network ridership growth

1.5-2% Core Network average fare increase

30% Train O&M revenue growth

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

THB 350mn Targeted BTS Group Property Revenue

(more details in U City presentation)

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

THB 6-6.7bn Targeted U City Property Revenue

≥ 25% EBITDA margin (at U City level)

40-45% EBITDA margin

20-25% NPAT margin

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

MA

SS T

RA

NSI

T

FY 2018/19 CAPEX: THB 27-34BN

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

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

construction

THB 1.1bn

THB 0.4bn (Excludes: Real estate development cost)

PR

OP

ERTY

BTS Group Investor Presentation Section 3: Financial Summary


Contents








Section 3ction 3 Financial Summary

Appendices


Apr 17: Opening of Samrong Station

1.4

2

1.7

8

2.1

2

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

6.8

2

59

79

96 105

118 132

139 133 136 144 145

176

197

215 219 233 238 241

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

Farebox revenue (THB bn) Ridership (mn)

Appendix 1: Core Network Ridership Uninterrupted Revenue Growth and Resilient Under Pressure

38

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

May 10: Opening of

Bangkok BRT; Thai political

protests

Aug 10: Opening of

Airport Rail Link

Aug 11: On Nut – Bearing extension opening

Oct – Nov 11: Floods

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

Dec 99: BTS SkyTrain service opening

Mar 07: First fare rate increase

May 09: Opening of Silom Line extension

Farebox revenue CAGR: 9.7% Ridership CAGR: 8.7%

GROWTH (17 YRS)

Jan-Mar 14: Bangkok

Shutdown

May 14: Martial law

Oct 16: The passing of

His Majesty King Bhumibol

Aug 16: Opening of

Bangkok MRT System (Purple line)

Oct 17: Fare Increased

Ridership +1.3% YoY

Fare +1.4% YoY

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

BTS Group Investor Presentation Appendix 1: Core Network Ridership

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

Dec 13: Wongwian Yai – Bang Wa extension opening

Nov 13: Thai political protests


15.0

22.0 25.0

28.0

31.0 34.0

37.0

42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0 23.0 26.0

30.0

33.0 37.0

40.0

44.0

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

SJT 34% AVG FARE THB 31.5

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

PURSE (STV)* 31% AVG FARE THB 27.0

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

ONE-DAY PASS 1% AVG FARE THB 35.8

39

FARE ADJUSTMENT MECHANISM

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

EFFECTIVE FARE

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

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

AUTHORISED FARE

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

THB / Trip

* Counted as Rabbit (65%)

BTS Group Investor Presentation Appendix 2: Core Network Fare Adjustment

Appendix 2: Core Network Fare Adjustment Flexibility to Increase Fares

DISTANCE-BASED FARE (BY NO. OF STATIONS)

NO. OF STATIONS




FARE PRICE (THB)


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

21

.4

22

.1

24

.2

24

.2

24

.1

24

.4

24

.4

24

.8

26

.4

26

.9

27

.5

27

.9

28

.3

20

05/0

6

20

06/0

7

20

07/0

8

20

08/0

9

20

09/1

0

20

10/1

1

20

11/1

2

20

12/1

3

20

13/1

4

20

14/1

5

20

15/1

6

20

16/1

7

20

17/1

8


Appendix 2: Core Network Fare Adjustment Increased from 1 October 2017

BTS Group Investor Presentation Appendix 2: Core Network Fare Adjustment

40

15.0

22.0 25.0 28.0

31.0 34.0

37.0

42.0

20.1

26.8

33.5

40.2

46.9

53.6

60.3

16.0

23.0 26.0

30.0

33.0

37.0 40.0

44.0

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

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

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Previous 15 22 25 28 31 34 37 42

1 Oct 17 16 23 26 30 33 37 40 44

RABBIT SENIOR

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Previous 7 11 13 14 16 17 19 21

1 Oct 17 8 12 13 15 17 19 20 22

• Fare of SJT, Rabbit monthly pass and Rabbit senior tickets in the Core Network will be increased from 1 October 2017 onwards • For Rabbit Purse Card (Stored Value Card: STV), the promotional prices for the effective fare were in the range of THB 15 - 43 until 31 March 2019 • Expected FY 18/19 average fare increased by 1.5-2% to THB 28.7-28.9 per trip

RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip

15 Trips 450 30 465 31

25 Trips 700 28 725 29

40 Trips 1,040 26 1,080 27

50 Trips 1,250 25 1,300 26

RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip

15 Trips 345 23 360 24

25 Trips 525 21 550 22

40 Trips 760 19 800 20

50 Trips 900 18 950 19




FARE PRICE (THB)


NO. OF STATIONS


Appendix 3: Rolling Stocks Enlarging Our Fleet for Future Growth

41

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

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

BTS Group Investor Presentation Appendix 3: Rolling Stocks

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

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

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM

1ST BATCH 35 105 SIEMENS

2ND BATCH 12 48 CRRC

3RD BATCH 35 SIEMENS

4TH BATCH 5 20 CRRC

TOTAL 52 208

FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM

DELIVERED BY FY 18/19

22 88 SIEMENS

DELIVERED BY FY 20/21

24 96 CRRC

TOTAL 46 184

PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM

PINK 42 168 BOMBARDIER

YELLOW 30 120 BOMBARDIER

TOTAL 72 288

10,000 – 44,000 PPHPD: SERVICE CAPACITY

NOTE: PPHPD = Passengers per Hour per Direction


42

Appendix 4: Debentures & Syndicated Loan Agreement CAPEX for newly-awarded lines - secured by debt financing

BTS Group Investor Presentation Appendix 4: Debentures and Syndicated Loan for the Pink and Yellow Lines

Tenor Amount up to Coupon Rate

3-year THB 5.5bn 2.46%



10-year (NC5) THB 10.2bn 3.87%

Total THB 22bn 3.31% (average)

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

Issuance Date 10 November 2016

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

10 October 2017: BSR JV signed the syndicated loan agreement between Bangkok Bank, Krungthai Bank and Siam Commercial Bank at a total value of up to THB 63.36bn.

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

Syndicate Banks Bangkok Bank, Krung Thai Bank, Siam Commercial Bank

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

Rationale Financing of both Pink and Yellow lines

Tenor Amount up to Coupon Rate



10-year THB 2.0bn 3.65%

12-year (NC5) THB 2.0bn 3.78%

Total THB 7.0bn 3.17% (average)

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

Issuance Date 26 December 2017

THB 7BN BTSG DEBENTURE


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

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

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

Rolling stocks Investment O&M revenue

Appendix 5: Mass Transit Economic profile O&M Contract & PPP Net Cost

ECONOMIC PROFILE (O&M CONTRACT)

ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)

KEY ASSUMPTIONS

KEY ASSUMPTIONS

1) 30-year contract from operating date

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

3) EBITDA margin of 40-50% YEAR

YEAR

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

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

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

BTS Group Investor Presentation Appendix 5: Mass Transit Economic profile

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

43


Appendix 6: Our Media Capacity reach 6.8bn from our Diversified Media Segments

44 BTS Group Investor Presentation Appendix 6: Our Media Capacity reach 6.8bn from our Diversified Media Segments

• 177 office buildings • 281 residential buildings • 1,990 digital screens

• 996 static billboards • 240 PTT posters • 35 LED screens and 250 LCD screens • 494 street furniture panels

THB 0.5bn

THB 3.0bn

• 30 BTS stations • 208 carriages • >4,000 static displays • 2,029 digital screens • 8,800 sq.m. merchandising space

THB 1.0bn

• 3,000 salespeople • 360 exclusive stores • 275 brand clients • 77 provinces nationwide

THB 0.3bn

TRANSIT

THB 0.6bn THB 1.4bn

• 14 airports in Thailand and 1 airport in Myanmar

• 343 LED screens • 2,500 trolleys • 57 jet bridges • Sale agent for 80 aircrafts

• Banner Advertising • Direct Targeted Marketing

OFFICE OUTDOOR

AVIATION ACTIVATION DIGITAL SERVICES

Media capacity of THB 6.8bn (as of December 2017)

Note: Media capacity of VGI’s standalone basis was THB 3.3bn comprising of Transit media of THB 3.0bn and Office media of THB 0.3bn.


Appendix 7: VGI Products BTS-Related Media and Office Building & Residential Media Products

BTS Group Investor Presentation Appendix 7: VGI Products

45

TRAIN

MERCHANDISING STATION

OFFICE BUILDING INSIDE-TRAIN


Appendix 7: VGI Products Outdoor Media and Aviation Media Products

46

BILLBOARD

STREET FURNITURE

AIRPORT LED SCREEN

AVIATION: JET BRIDGE CREATIVE PRODUCTION

BTS Group Investor Presentation Appendix 7: VGI Products


Appendix 8: VGI & MACO Top20 Customer Profile

BTS Group Investor Presentation Appendix 8: VGI and MACO Top20 Customer Profile

47

VGI: CUSTOMER TYPE

MACO: CUSTOMER TYPE

77.4%

22.6%

Agency

Direct customer

70.0%

30.0%

VGI: TOP BRAND

MACO: TOP BRAND

Agency

Direct customer

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

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

http://www.phdmedia.com/


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

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

• Service: Vienna International Hotel Management

• Under developing: The Unicorn and Mo Chit Complex

• Roi Chak Sam • Land Bank: Sukhumvit,

Suksawad, Khukot and Bang Krachao

REMAINING KEY ASSETS AT BTSG

U CITY’S PROPERTY PORTFOLIO CONSIDERATION

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

• Office Building: TST Tower • Services: Absolute Hotel

Services, Thana City and Tanayong Property Management

• International School • Land Bank:

Khao Yai and Ratburana • BTS-Sansiri JVs

ASSETS TRANSFERRED FROM UE

NET GAIN OF THB 1.9BN FROM EBT

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

48

Appendix 9: Overview of Property Restructuring EBT of UE to U City

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

THB 2.2bn

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

THB 12.2bn

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

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

(THB 1.2bn)

Net gain on the entire business transfer of subsidiary

THB 1.9bn

THB 10.1bn

THB 12.2bn Total Settlement Value

BTS Group Investor Presentation Appendix 9: Overview of the Entire Business Transfer Transaction

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

PRE EBT

Total Assets Value: THB 12.2bn


49 BTS Group Investor Presentation Appendix 10: Residential Segment Overview – BTS-Sansiri JV

Appendix 10: Residential Segment Overview - BTS-Sansiri JV

PARTNERSHIP ROADMAP

2015 (3 projects)

2016 (5 projects)

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 12% and equity IRR 17%

2018

At least 3 JV projects to be launched

• The LINE Jatulak – Mo Chit Project value: THB 5,829mn Est. Transfer: Sep 2017

• The LINE Sukhumvit 71 Project value: THB 1,967mn Est. Transfer: Sep 2016

• The LINE Ratchathewi Project value: THB 3,015mn Est. Transfer: May 2018

• The LINE Asoke-Ratchada Project value: THB 3,022mn Est. Transfer: Oct 2018

• The BASE Garden Rama 9 Project value: THB 2,344mn Est. Transfer: Oct 2018

• The LINE Pradipat Project value: THB 5,892mn Est. Transfer: Jan 2020

2017 (3 projects)

• The BASE Phetkasem 29 Project value: THB 2,010mn Est. Transfer: Jan 2020

• The MONUMENT Thonglor Project value: THB 6,244mn Est. Transfer: Jul 2019

• The LINE Sathorn Project value: THB 3,919mn Est. Transfer: Apr 2021

• The LINE Sukhumvit 101 Project value: THB 4,652mn Est. Transfer: Nov 2019

• KHUN BY YOO Thonglor 12 Project value: THB 4,069mn Est. Transfer: Nov 2019

• The LINE Wongsawang Project value: THB 4,871mn Est. Transfer: Mar 2018

The LINE Wongsawang

The LINE

Sukhumvit 101 KHUM BY YOO

The LINE

Jatujak-Mo Chit The LINE Sukhumvit 71


Appendix 11: BTS-W3 Term Sheet

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 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

PROCEEDS THB 47,336MN

WARRANTS TERMS AND CONDITIONS

BTS Group Investor Presentation Appendix 11: BTS-W3 Term Sheet

50


Appendix 12: BTS-W4 Term Sheet

51

TICKER BTS-W4

TERMS 1 YEAR

WARRANTS PRICE NIL

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

SCENARIO 2: UP TO 1,316,158,099 UNITS**

No. OF SHARE SCENARIO 1: UP TO 1,755,034,187 UNITS*

SCENARIO 2: UP TO 1,316,158,099 UNITS**

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

EXERCISE PRICE THB 10.50 PER SHARE

EXPECTED MAXIMUM PROCEEDS SCENARIO 1: THB 18,427,858,963.50*

SCENARIO 2: THB 13,819,660,039.50**

EXERCISE PERIOD QUARTERLY

SET LISTING BOTH BTS-W4 AND THE NEW SHARES TO BE LISTED

WARRANTS TERMS AND CONDITIONS

*Assuming all BTS-W3, BTS-WB and BTS-WC are exercised **If only BTS-WB are exercised

BTS Group Investor Presentation Appendix 12: BTS-W4 Term Sheet


OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) FY 2017/18 FY 2016/17 % YoY 4Q 2017/18 4Q 2016/17 % YoY 3Q 2017/18 % QoQ

Operating Revenues1 14,102 8,606 64% 3,574 3,395 5% 4,875 (27)%

Gross operating profits 5,778 4,463 29% 1,652 1,393 19% 1,552 6%

Operating EBITDA2 4,089 2,928 40% 1,154 988 17% 1,144 1%

Recurring net profit – after MI 2,515 1,417 78% 810 288 181% 938 (14)%

Accounting EBITDA 7,571 4,114 84% 3,367 1,167 188% 1,696 99%

Net income (loss)3 4,416 2,003 120% 2,470 439 463% 889 178%

Gross operating profit margin (%) 41.0% 51.9% 46.2% 41.0% 31.8%

Accounting EBITDA margin (%) 42.3% 41.2% 56.0% 32.7% 31.0%

Recurring net profit margin (%) 16.0% 15.4% 19.6% 8.4% 17.1%

Operating EBITDA margin (%) 29.0% 34.0% 32.3% 29.1% 23.5%

P&L SNAPSHOT

65%

Mass Transit 28%

Media

4%

Property

3%

Services

FY 2017/18 OPERATING REVENUE BREAKDOWN

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

52

Appendix 13: 4Q and FY 2017/18 Overview

8,606

14,102 4,875 893 (294)

FY16/17 Mass Transit Media Property Services FY17/18

4%

(40)%

30% 115%

(THB mn)

22

BTS Group Investor Presentation Appendix 13: 4Q and FY 17/18 Performances


15,095 (9,929)*

(1)

4,270 9,458** 23

Beginning cash(31/03/17)

CFO CFI CFF Others Ending cash(31/03/18)

* After corporate income tax of THB 624mn, interest expenses of THB 707mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 6bn and an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 8.2bn ** Excluding liquid investments of THB 20.6bn

CFO • Profit before tax of THB 5,576mn, deducted

by • Non-cash reconciling items of THB 2,235mn • Changes in net working capital of THB 11.9bn

(this includes THB 6bn Green Line extensions E&M works and train procurement as well as an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 8.2bn)

CFI • Cash paid for purchases of investments in associates of

THB 3,223mn • Cash paid for acquisitions of current and other long-

term investments of THB 1,242mn • Cash paid for purchases of property, plant and

equipment of THB 1,063mn • Cash received from loan to related parties of THB

5,263mn • Dividend Income of THB 1,836mn and Interest income

of THB 1,272mn

CFF • Cash received from long-term debentures and BE of THB

7bn • Cash received from STEC and RATCH (re. pink and yellow

line projects) and proceeds from VGI newly issued ordinary shares (through PP) of THB 2,250mn

• Proceeds from VGI newly issued ordinary shares of THB 2,040mn

• Increase in bills of exchange payables of THB 1,756mn • Cash paid from investment in subsidiaries (VGI & MACO)

of THB 4,074mn

Appendix 13: FY 2017/18 Cash Flow Snapshot

(THB mn)

53 BTS Group Investor Presentation Appendix 13: 4Q and FY 17/18 Performances


10%

Share in BTSGIF

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Services revenue from the provision of E&M works and the train procurement service for the Southern and Northern Green Line extensions of THB 5.8bn was recorded

O&M revenue rose by 12% YoY to THB 1,865mn mainly from the existing extensions and one new additional station (Samrong: E15)

Farebox revenue of THB 6,821mn (up 2.8% YoY) with 1.3% YoY ridership growth and 1.4% YoY average fare increase

Share of net profit in BTSGIF of THB 949mn (increased 0.4% YoY) Costs rose by 194% YoY to THB 6,274mn largely due to cost of services

related to the provision of E&M works and the train procurement service for Green Line extensions

Operating EBITDA margin was 31.5% (50.4% in FY 2016/17)

OPERATING PERFORMANCE

MASS TRANSIT (THB mn)

FY 17/18 FY 16/17 %YoY 4Q 17/18 4Q 16/17 %YoY 3Q 17/18 %QoQ

Revenue 9,112 4,237 115% 2,159 2,197 (2)% 3,642 (41)%

Costs of revenue 6,274 2,131 194% 1,389 1,466 (5)% 2,808 (51)%

Gross profit 2,837 2,105 35% 770 731 5% 834 (8)%

Operating EBITDA 2,872 2,136 35% 779 740 5% 843 (8)%

Gross margin (%) 31.1% 49.7% 35.7% 33.3% 22.9%

Operating EBITDA margin (%) 31.5% 50.4% 36.1% 33.7% 23.1%

OPERATING REVENUE BREAKDOWN

20%

O&M

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

64%

FY 2017/18 Int income from

train procurement & E&M

6%

54

Appendix 13: 4Q and FY 2017/18 Mass Transit

409 417 411 411 422 474 472 452 467 33 33 32 32 90 78 82 109 234 197 221 199 284 241 218 247 233 252

1,444 1,224

519

2,848

1,205

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

Services revenue from provision of E&Mworks & train procurement

Share of NP in BTSGIF

Int income from train procurement

O&M


IR Quarterly Presentation 4Q 1213_Draft1.xlsx



Overall Media revenue up 30% YoY to THB 3,902mn mainly from healthy performance in OOH Media

OOH Media revenue* increased 35% YoY to THB 3,559mn chiefly attributable to higher prices, synergies from the Digital Services segment, the launch of a new product (LED billboards) as well as the full year consolidation of MACO

Costs rose by 18% YoY to THB 1,234mn from higher sales and the full year consolidation of MACO

Operating EBITDA margin improved YoY to 50.6% (46.7% in FY 2016/17)

58%

BTS – Related Media

25%

Outdoor Media

MEDIA (THB mn)


Operating revenue 3,902 3,010 30% 1,107 845 31% 976 13%

Costs of revenue 1,234 1,043 18% 321 289 11% 310 4%

Gross profit 2,668 1,967 36% 786 556 41% 667 18%

Operating EBITDA 1,976 1,407 41% 529 392 35% 507 4%

Gross margin (%) 68.4% 65.3% 71.0% 65.8% 68.3%

Operating EBITDA margin (%)

50.6% 46.7% 47.8% 46.4% 52.0%

FY 2017/18



55

8%

Office Buildings and Others

9%

Digital

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

570 542

790 754 741 753 891 894

1,020 79

104 96

79 82

87

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

Digital Services Media OOH

Appendix 13: 4Q and FY 2017/18 Media




Residential

4%


Operating revenue was THB 639mn, increasing 4% YoY Residential property revenue reduced by THB 10mn to THB 24mn from

lower housing unit sales at Thana City Commercial property revenue rose by 5% YoY to THB 616mn mainly from

the improving overall hotel performance and Thana City Golf & Sports Club

Operating costs increased by 29mn or 8% YoY


PROPERTY (THB mn)


Operating Revenue 639 617 4% 160 186 (14.2)% 174 (8)%

Costs of revenue 413 385 8% 105 113 (7)% 105 0%

Gross profit 226 233 (3)% 54 73 (26)% 68 (20)%

Operating EBITDA (4) 3 N.A. (5.3) 17 N.A. 12 N.A.

Gross margin (%) 35.3% 37.7% 34.1% 39.4% 39.4%

Operating EBITDA margin (%)

(0.6)% 0.5% (3.3)% 9.2% 6.7%


FY 2017/18

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

56

171

142 142 147

186

146 159

174 160

4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18

96%

Commercial & Others

Appendix 13: 4Q and FY 2017/18 Property



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