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Prepared by Investor Relations DepartmentVGI Global Media Plc

VGI Global Media PCL

VGI Group General PresentationAugust 2018


Investment involves risk. Prospective should understand the characteristics of Securities and study information about VGI Global Media Public CompanyLimited (“VGI” or the “Company”) before making a decision to invest in Securities.

This Presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not beconsidered as a recommendation to any recipient of this Presentation. Some statements made in this presentation are forward-looking statements, whichare subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and otherstatement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” ,“intend”, “estimate”, “continue”, “plan” or other similar words.

The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company.These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from anyfuture results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be, reliedon as promise or representation of the Company as to the future.

Disclaimer

2


Agenda

Section 1 Company at a Glance 4

Section 2 3-Year Target: O2O Solutions 10

Section 3 VGI – Thailand’s No.1 Offline-to-Online (O2O) Solutions Provider 12

Section 4 Business Profile by Segment and Potential Upsides

Section 4.1 Transit Media 15

Section 4.2 Outdoor Media 19

Section 4.3 Office Building and Residential Media 21

Section 4.4 Aviation Media 23

Section 4.5 Activation Media 24

Section 4.6 Digital Services Business 25

Section 5 2017/18 Financial Performance 28

Section 6 1Q 2018/19 Financial in More Detail & Business Update 30

Appendices

3


Company at a GlanceKey investment features

Section 1: Company at a Glance

A unique position to grow revenue

• The leader in O2O Solutions, creating a seamless customer experience

• O2O Solutions enabling advertisers to reach target audiences at every stage of the consumer journey with greater efficiency and effectiveness.

Diversified world-class assets

• Consolidated OOH advertising channels with over THB 7,000mn inventory on hand

• Partnership with leading players including transportation, logistics, telecommunications, mobile and messaging and micropayment applications

• Potential reach of over 40mn people in the right place, at the right time and with the right message

Leading and exclusive market positions

• Unique, long-term contract portfolio with 30-year exclusive contracts.

• Future growth underpinned by relationship with BTS and its preeminent role in mass transit development in Thailand. 4 – 5 times expected increase in transit media capacity by 2021/22.

• Having Rabbit Group – the largest micropayment service provider in Bangkok.

Largest and most profitable media company

• No. 1 listed Media Company on SET by market capitalisation of THB 59,303m (USD 1,786m) as of July 2018.

• Most profitable OOH media company in Thailand and is the top five most profitable OOH media companies in Asia, generating THB 3,936m in total sales revenue with a superior profit margin of 21.5% in 2017/18.

• Offer no less than 50% of net profit in dividend payment.

4


Three Integrated PlatformsDelivering O2O solutions

ADVERTISING

Rabbit Group – the leading digital solutions. Their main business is Payment, which they have joined hand with the leading partners including BTS, AIS, Line, Kerry Express and BBL.

Currently, Rabbit Group is the largest micro-payment platform with more than 12mn users. Through Rabbit Group’s data analytics, enabling VGI to offer measureable and targeted advertising.

In July 2018, VGI successfully acquired 23% in Kerry Express – the leading parcel delivery in Thailand. Kerry Express pioneered payment-on-delivery in the country including the acceptance of cash or Rabbit LinePay upon the deliveries to households. Our logistics and activation allow us to connect with more than 40mn customers every year.

O2O SOLUTIONS

With over 20 years of experience in advertising business, VGI has built the largest and most captive Out-of-Home (“OOH”) media platform.

Currently, our media covers 4 principal segments: 1) Transit, 2) Office, 3) Outdoor and 4) Aviation with over THB 7,000mn inventory on hand covering nationwide network.

PAYMENT LOGISTICS

ConversionEngagementAwareness

Section 1: Company at a Glance 5

Having these 3 platforms, VGI business portfolio is diversified from traditional OOH Advertising to Payment and Logistics, bringing countless opportunities. VGI is now a unique market leader in Thailand providing fully integrated Offline-to-Online (O2O) Solutions, creating an ecosystem of awareness, engagement and conversion through leveraging Rabbit group’s data touchpoints on VGI’s out-of-home media platform.

DATA


O2O Solutions in Consumer Daily Life

Walking pass by McDonald’s Advertising

Out-of-Home and Online media syncronisation

McDonald's Promotion on BillboardBesides BTS, we have other OOH media to reach wider audience

McDonald’s Promotion on FacebookOur big data enables the target

audiences to see the same advertisement both OOH and Online

Being notified McDonald's Promotion via LINEDirectly push to LINE Official Account users nearby the brand’s beacon.

Grabbing Meal at the shop on BTS station, Paying by Rabbit LINE Pay.

Payment made easy by Rabbit LINE Pay.

Going to work via BTSGet behavioral data from Rabbit Card.

6Section 1: Company at a Glance


Company at a GlanceKey milestone


1BTS refers to Bangkok Mass Transit System Plc.2POV refers to Point of View Media Group Co. Ltd.3MACO refers to Master Ad Plc.4Aero Media refers to Aero Media Group Co. Ltd.5Demo Power refers to Demo Power (Thailand) Co. Ltd.6Bangkok Smartcard System Co. Ltd. and BSS Holdings Co. Ltd.

1990s: Keeree Kanjanapas founded the BTS1, operator of BTS SkyTrain

1998: His son as business successor, Kavin Kanjanapas then invented the new concept and business model of BTS SkyTrain financed by advertising, laying the foundations for the company’s future success. VGI Global Media (“VGI”) was born.

1999: The BTS Skytrain system was officially opened. VGI was granted the exclusive right from BTS to manage the advertising spaces and commercial areas on all BTS network which will be expired in December 2029.

1990s - 1999

BEGINNINGS

THE NO.1 OOH NATIONWIDE MEDIA REAL ESTATE AGENT

2012: Become a publicly traded company on the SET

2013 – 2014: Included as a constituent member of SET 100 and SET 50

2015:

• Exited the Modern Trade media business.

• Expanded its stake in MACO3 to 37% – the leading Outdoor media with nationwide network coverage and overseas expansion.

• Acquired 30% of Aero Media4 – the leading Aviation media across Thailand

• Acquired 40% stake in Demo Power5 – the leading demonstration services reaching to end-consumer nationwide.

2016:

• Now present in all provinces of Thailand, VGI becomes the #1 Out-of-Home Media Platform in Thailand

2012 – 2016

TRANSFORMING TO THE O2O SOLUTIONS

2017: Acquired 90% in Rabbit Group6 – the leading digital solutions.

2018: Successfully acquired 23% in Kerry Express (Thailand) – the leading parcel delivery services in Thailand.

2017 - Present

EXPANSION

2003-2010: Entered into the Modern Trade media business at Tesco Lotus and Big C.

2009: Acquired 100% of POV2, the leading Office media in Bangkok CBD.

2010: Acquired the right to manage advertising on the BRT bus system

2003 – 2010

7


Company at a GlanceShareholding structure, historical dividend payment and share price movement

1,0

33

75

5 41

2

74

1

2.7% 2.7%1.2% 1.2%

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

Dividend (THB mn) Dividend Yield (%)

(THB) (THB mn)

SHAREHOLDING STRUCTURE (as of August 2018) DIVIDEND INFORMATION

Note:• Dividend yield is calculated using VGI closing share price one day before the date of BOD meeting approving

the relevant dividend.• 2014/15 interim dividend included stock dividend (at par value) of 1:1

SHARE PRICE MOVEMENT (as of 25 May 2018)SHARE INFORMATION (as of 31 July 2018)


Stock code VGI

Outstanding shares (mn shares) 8,556.7

Market capitalisation (THB mn) 59,302.6

Market capitalisation (USD mn) 1,786.0

Average daily traded value (THB mn)* 115.0

Average daily traded value (USD mn)* 3.4

*Last 12 months average daily traded value

Kanjanapas Family

BTSG’s Minorities

45.0%

0.5%

20.1%25.3%

0.1%

41.0% 59.0%

97.5% BTSG

PublicBTSCKanjanapas

Family

VGI

0.6%

7.10

0

200

400

600

800

1,000

1,200

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

VGI TURNOVER (RHS) SET Index (rebased) VGI TB

ADTV = THB 115mn

Payout Ratio:

2014/15 123%

2015/16 85%

2016/17 62%

2017/18 87%

Dividend Policy: Not less than 50% of net profit

8


Agenda













Appendices

9


VGI’s 3-Year TargetEnhancing our platforms to offer O2O Solutions

ADVERTISING

40MUSERBASE DATA

User base will grow from 16m to 40mn and also enriching the depth and more dimension for targeting and media planning.

O2O SOLUTIONS

PAYMENT LOGISTICS

ConversionEngagementAwareness

Section 2: VGI’s 3-Year Target 10

+40%DIGITAL SCREENS

10mnMAUs

2mnDAILY INTERACTION

Digital screens will link offline content toonline by applying our programmatictechnology.

Increase monthly active users from 1mnto 10mn and expand our payment touchpoints nationwide

Doubling the delivery and activationcapacity.


Agenda













Appendices

11


VGI Focus on Highest Growth Segments

Section 3: VGI – Thailand’s No.1 Offline-to-Online (O2O) Solutions Provider

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 in Bangkok

• The sole player in Office media with 175 Grade A&B buildings under management

• The leading Outdoor media with nationwide network coverage and overseas expansion

• Thailand’s No.2 Aviation media at 14 airports in Thailand and Yangon airport in Myanmar

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

• We are also the first mover in making advertising become more data-driven, hence, creating O2O Solutions.

-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*

ADVERTISING MARKET 5 YRS CAGR (2012/13 – 2017/18)

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.

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

VGI’s Focus

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

5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)

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

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

Coupd’etat

ShutdownBKK

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%

121bn0.8%

68.0%

19.4%

3.7%8.1%

Mourning effect

4bn 6bn8bn 9bn

100bn

64.8%

13.4%

13.3%7.0%1.5%

12bn

12


Expanding Our Business Around Data-driven Segment

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

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

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

70% = CASH

30% = ALL OTHER PAYMENT TYPES

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

17 21 26 31 35 3949

150

2010 2011 2012 2013 2014 2015 2016 2020E

9x increased

United Kingdom314

Singapore716

Malaysia82

South Korea413Thailand

49

18 24 36 48

56 68

91

126 221

348 512

669 788 883 1,076

1,272

2010 2011 2012 2013 2014 2015 2016 2017

Value of e-money transaction (bn) Volume of e-money transaction (mn txn)

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

Source: Payment systems statistics, Bank of Thailand

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

Source: Ecommerce IQ

VALUE & VOLUME CAGR (6 YRS): 30%

Sweden420

13Section 3: VGI – Thailand’s No.1 Offline-to-Online (O2O) Solutions Provider


Agenda













Appendices

14


Transit MediaNo.1 in Transit Media

No. of location 30 stations/208 carriages

Static Media > 4,000 displays

Digital Media >2,000 screens

Viewer reach >740,000 people/day

Merchandising space > 8,000sqm.

I. TRAIN

II. STATION

III. MERCHANDISING & OTHER

TRANSIT MEDIA PROFILE OUR PRODUCTS

• Exclusive rights to manage advertising space on BTS Sky Train network:

RIGHTS & NETWORK

• 23 core network: 18 May 2012 – 4 Dec 2029• 7 extensions: 6 May 2015 – 4 Dec 2029

EFFECTIVE PERIOD

• 23 core network: 5% - 20% of BTS revenues/year (an increase of 5% every 5 years)

• 7 extension's: fixed rate

CONCESSION FEE (PAYABLE TO BTSC & BMA)

• First right of refusal for Core Network and new extension lines that BTS secures post 2029

8 YRS CAGR: +12.4%

KEY FINANCIAL HIGHLIGHTSDespite frequent interruptions, ridership growth drives continuous revenue growth of BTS-related media.

889 934 1,143

1,422 1,679 1,805 1,793 1,865

2,262

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

coupd’etat

ShutdownBKK

floodsRedshirt

Yellowshirt

Section 4.1: Transit Media

2017/18Revenue Contribution

Transit media revenue (THB mn)

57.5%

15


ROUTE DISTANCE NO. OF

STATIONOPERATING

DARK GREEN MO CHIT 17.0 17 DEC-99

(CORE) – ON NUT

LIGHT GREEN NATIONAL STADIUM 6.5 6 DEC-99

(CORE) – SAPHAN TAKSIN

LIGHT GREEN SAPHAN TAKSIN 2.2 2 MAY-09

(EXTENSION) – WONGWIAN YAI

DARK GREEN ON NUT – BEARING 5.3 5 AUG-11

(EXTENSION)

LIGHT GREEN WONGWIAN YAI 5.3 3 DEC-13

(EXTENSION) – BANG WA

DARK GREEN(EXTENSION)

BEARING – SAMRONG 1.8 1 APR-17

EXISTING LINES AS OF 2017/18 EXISTING LINES BY OPERATOR

BANG YAI – TAO POON23.0km

NATION. STADIUM – BANG WA14.0km

MO CHIT – SAM RONG24.1km

PHAYATHAI – SVB28.5km

TAO POON– HUA LAMPHONG21.2km


STATIONOPERATING

BLUE BANG SUE – TAO POON 21.2 19 JUL-04

PURPLE BANG YAI – TAO POON 23.0 16 AUG-16


STATIONOPERATING

AIRPORT LINK (RED LINE)

PHAYATHAI –SUVARNABHUMI

28.5 8 AUG-10

Existing Bangkok Mass Transit NetworkAt 110.8km Bangkok’s Network is immature

35 35 8

38.1 44.2 28.5

TOTAL DISTANCE: 110.8KM

743,223 378,167 70,000

BTS BEM SRT

TOTAL AVG. WEEKDAY RIDERSHIP: 1,191,390

TOTAL STATION: 78

Source: BTSC, BEM and State Railway of Thailand (SRT)

Section 4.1: Transit Media 16


137.3 125.4

113 67

ADDITIONAL LINES IN 2021/22 FUTURE LINES IN 2021/22

BTS’SFOCUS


STATIONOPERATING

GREEN (SOUTHERN)

BEARING- SAMUT PRAKARN

12.6 9 2018

GREEN (NORTHERN)

MO CHIT – SAPHAN MAI – KHU KHOT

18.2 16 2020

PINKKHAE RAI – PAK GRED

– MIN BURI34.5 30 2021

YELLOWLAD PRAO

– SAM RONG30.4 23 2021

GREEN (WESTERN)

BANG WA - TALING CHAN

7.0 6 2022

LRT BANG NA - SUVARNABHUMI 18.3 14 2022

GREY (I) WATCHARAPHON – THONG LO 16.3 15 2022

OTHER ROUTE DISTANCE NO. OF

STATIONOPERATING

BLUEHUA LAMPHONG

- BANG KHAE14.0 11 2020

BLUE BANG SUE - THA PRA 13.0 9 2020

BLUEBANG KHAE –

BHUDHAMONTHON 48.0 4 2021

DARK RED BANG SUE - RANGSIT 26.3 8 2021

DARK RED BANG SUE – HUA LUM HONG 6.5 5 2020

LIGHT REDBANG SUE – PHAYATHAI – MAKKASAN – HUAMAK

19.0 9 2020

LIGHT RED BANG SUE – TALING CHAN 15.0 4 2021

PURPLE(SOUTHERN)

TAO POON – RAT BURANA 23.6 17 2022

Future Bangkok Mass Transit NetworkBTS is well positioned to secure additional 133.7km.

TOTAL DISTANCE: 262.7KM

TOTAL STATION: 180

BEARING – SAMUT PRAKARN12.6km

MO CHIT – SAPHAN MAI – KHU KHOT18.2km

WATCHARAPHON – THONG LO16.3km

LAD PRAO – SAM RONG30.4km

BANG NA – SUVARNABHUMI18.3Km

KHAE RAI – MIN BURI34.5km

BANG WA - BOROMMARATCHACHONNANI7.0km

Source: MRTA & Systra MVA (Thailand)Note: Pink, Yellow, Grey and LRT’s ridership is based on Systra MVA

Secured by BTSC Under negotiation


BTS Other


Solid Growth OpportunitiesUpside from BTS rail mass transit expansion

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

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

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



636 732 725

622 694 735

932

2011 2012 2013 2014 2015 2016 2017

Outdoor MediaNo.2 in Outdoor Media

MACO’S PRODUCTS

I. BILLBOARD

II. STREET FURNITURE

III. CREATIVE PRODUCTION

INTERNATIONAL NETWORK

• Expand its footprint to Malaysia by investing 100% in MACO Outdoor Sdn. Bhd. (MACO Outdoor)

• On process to acquire 75% in VGI Malaysia Sdn. Bhd.

INVESTMENT & ACCOUNTING METHOD

OUTDOOR MEDIA PROFILE

KEY FINANCIAL HIGHLIGHT

Section 4.2: Outdoor Media

Investment: 30.3% in Master Ad Plc (MACO; a listed in SET)Accounting Method: Consolidation

MACO’s revenue (THB mn)

DOMESTIC NETWORK


24.3%

BKK & Vicinities 250 panelsNationwide 735 panelsPTT Poster 240 panelsCBD LED 35 screensLCD screen 250 screensStreet furniture 494 panels under 23 BTS Sky Train stations,

19 major flyovers bridges

• Billboard and street furniture covering all provinces in Thailand

19


MACO Strategic RoadmapGrowth drivers from existing media and acquisition opportunity

Existing Network Target 2018

LED SCREEN IN UPCOUNTRY (HATYAI PROVINCE) BILLBOARD IN MALAYSIA

KEY GROWTH AND DEVELOPMENT

2.INTERNATIONAL MARKET EXPANSION

Invest in additional potential companies in Malaysia within 2017 by establishing a strategic alliance with a strong local partners.

10 panels in portfolio

Expand media coverage in Malaysia

3.STRATEGIC PARTNERSHIP

Strengthen alliance and partnership network to

build our competitive advantage 1-2 additional M&A

After combined with Multi Sign & Comass, MACO now have 30% market share in

outdoor media

1.DIGITISATIONTo convert static media to digital media in potential areas in order to reach customers’ need and gain more interaction with audiences.

100%static

To have 50 digital screens in our portfolio

21 screensIn 2017

50 screensIn 2018

4.ADAPTIVE MEDIA CAMPAIGN

Create value added media through Rabbit’s data driven

Multi-platform Big Data

MACO VGIMulti SignCo-Mass

RABBIT

20

TransadRoctec

Section 4.2: Outdoor Media


No. of location 175 office buildings

Digital Media 1,350 screens


Office Building & Residential MediaNo.1 in Office Building and Residential Media

OFFICE BUILDING AND RESIDENTIAL MEDIA PROFILE OUR PRODUCTS

• Exclusive rights to manage advertising space in office buildings throughout Bangkok CBD:-

RIGHTS & NETWORK

• Office buildings: 3-5 years• Residential buildings: 3 years

LENGTH OF CONTRACT

• Office buildings: Revenue sharing & fixed rates• Residential buildings: Revenue sharing

CONCESSION FEE

KEY FINANCIAL HIGHLIGHTS

• Exclusive sale agent for ARTISTA media:-No. of location 281 residential buildingsDigital Media 650 screens


19

76 79

145 149 163201

227 238

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

I. MEDIA INSIDE ELEVATORS AND OFFICE BUILDING AREAS

II. MEDIA INSIDE ELEVATORS AND RESIDENTIAL BUILDING AREAS

REVENUE CAGR (8 YRS) : 37.2%

VGI bundled office building networks and sold in package. The sale strategy has proven to be successful as evidence in historical revenue record.

Section 4.3: Office Building & Residential Media


8.6%

21


-

50

100

150

200

250

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F

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

• Working people and Family• Middle Income• Grade B residential buildings in Bangkok

• White collar workers• Middle – High Income• Grade A& B office buildings in Bangkok

• Grade C office and residential buildings• Middle Income• Upcountry market

Office Building & Residential MediaUpside from our existing office assets base and new office & residential supply

NEW OFFICE SUPPLY IN BANGKOK

Expected of 583,700 sq.m. new office supply during 2018 – 2020

TO DOMINATE OFFICE BUILDING MARKET IN BANGKOK

Our network is currently concentrated in CBD

WELL-POSITIONED TO SECURE PARTNER’S REMAINING CONDO.

Expand the media coverage through all partner’s condominiums comprising of LPN, AP and Grand U as well as new partners

CAPTURING ALL CONSUMER PROFILE INCOME AND GEOGRAPHIC

Expand our viewer based by tapping into Grade C and upcountry market

Office Building

Residential

TO BE CAPTURED

VGI’s office building network

Bangkok CBD

Potential buildings

50%

50%

Total 439 Buildings

ARTISTA’s network

Source: Artista Media

583,700 sq.m.

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

22Section 4.3: Office Building & Residential Media


39 42 45 49 50 43 49 57 61 7598

122137 148

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Strong growth is expected mainly driven by an increasing in air traffic which will directly facilitating Aero Media’s performance.

HISTORICAL NUMBER OF PASSGENGERS

Source: Airport of Thailand PLC and Department of Airport, Thailand

AERO MEDIA’S PRODUCTSAVIATION MEDIA PROFILE

No. of location 15 airportsDigital Media 343 LEDs screensStatic Media 57 jet bridges

2,500 trolleysMedia on plane 37 planes of Thai Lion Air

35 planes of Air Asia20 planes of Nok Air4 planes of Nok Scoot Air

Website management All websites of AOT airports

RIGHTS & NETWORK

• Rights to manage advertising space across 14 airports in Thailand, and 1 airport in Myanmar


Investment: 30.0% in Aero Media Group Co., LtdAccounting Method: Equity sharing

• 3 – 5 years on average

LENGTH OF CONTRACT

13YRS CAGR: 10.7%

I. LEDS SCREEN

III. JET BRIDGES

IV. TROLLEYS V. WEBSITE MANAGEMENT

Aviation MediaNo. 2 in Aviation Media

Section 4.4: Aviation Media

II. MEDIA ON PLANE

23


Activation MediaNo. 1 in Thailand

Section 4.5: Activation Media

ACTIVATION MEDIA PROFILE

RIGHT AND NETWORK

• Right to manage the entire process of demonstration service in a thousands of locations nationwide.


Investment: 40.0% in Demo Power (Thailand)Accounting Method: Equity sharing

DEMO POWER SERVICES, PARTNERS AND BRANDS

Non-exclusivity location: > 650 stores

Exclusivity locations: > 360 stores

I. SERVICES

II. BUSINESS PARTNERS

III. BRANDS

No. of location >1,000 stores

Audience interaction >40mn people/ year

Consumer journey Retail (Supermarkets & Hypermarkets)

Transit (BTS & MRT)

Work (Offices, Factories and Exhibitions)

Leisure (Malls & Cinemas)

Demo Power is the largest trial and demonstration service company in Thailand, covering a nationwide network with more than 10 years experience in demonstration business.

UPSIDE: ADDITIONAL CONSUMER INTERACTION (PEOPLE/DAY)

Potential expansion on VGI’s existing network both commercial space on BTS stations and office buildings

>110,000 >100,000

>740,000

>800,000

Demo Power Demo Power + Upside from VGI

15.0X increased

BTS

Office Building

Demo Power

>1,600,000

24


Digital Services BusinessRabbit: Payment Business

OFFLINE PAYMENT: RABBIT CARD


Investment: 90.0% in Bangkok Smart Card System (BSS)Accounting Method: Consolidation

PAYMENT PRODUCTS

I. RABBIT CARD

II. RABBIT LINE PAY

A contactless smart card to make electronic payments across Bangkok’s mass transit network and participating brick-and-mortar merchants.

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

Current 2020

Rabbit Cards 9.3mn >15.0mn

Active Cards 3.5mn > 8.0mn

Retailer Points > 6,400 >10,000

Current 2020Line Users 45.0mn >55.0mn

Rabbit Line Pay Users 3.4mn >10.0mn

Online Merchants > 1,000 >1,500

CURRENT VS FUTURE’S RIGHT AND NETWORK

ONLINE PAYMENT: RABBIT LINE PAY


Investment: 24.0% in Rabbit Line Pay1

Accounting Method: Equity sharing

CURRENT VS FUTURE’S RIGHT AND NETWORK

1 The JV between Rabbit Pay System 50% and other 50% held by 1) 24.99% held by LINE Biz+ Pte. Ltd. 2) 25.01% held by LINE Company (Thailand)

Section 4.6: Digital Services Business 25


Digital Services BusinessRabbit: Service Business

ONLINE INSURANCE BROKER SERVICE PRODUCTS

I. ONLINE INSURANCE BROKERInsurance aggregator services on Rabbit Finance website and also a licensed broker for insurance products.


Investment: 27% in Rabbit Internet (RI)Accounting Method: Consolidation1

1 BSSH can consolidate RI financial performance as they invested 25% in equity and 30% in convertible loan.

CURRENT VS FUTURE’S SERVICE AND NETWORK

• Rabbit offers personal insurance comprised of Car, Life, Health and Travel insurance

MICRO LOAN THROUGH THE JOINT VENTURE WITH AEON


Investment: 46% in ATSAccounting Method: Equity sharing

CURRENT VS FUTURE’S SERVICE AND NETWORK

• Rabbit offers micro loans through its partnership with AEON

II. AEON RABBIT MEMBER CARD

Insurance companies in-services

Current 2020

Outstanding Loan >THB 1,380mn >THB 4,000mn

Section 4.6: Digital Services Business 26


Agenda













Appendices

27


VGI Financial Performance2014/15 2015/16

(restated)1

2016/17 2017/18 YoY (%)

INCOME STATEMENT (THB mn)

Operating Revenue 2,963 2,341 3,052 3,936 29.0%

Transit Media 1,805 1,793 1,865 2,262 21.3%

Outdoor Media - - 550 958 74.3%

Office Building & Other Media 189 240 266 338 27.3%

Modern Trade Media2 969 50 - - -

Digital Services - 258 371 378 1.9%

Cost of sales 1,325 881 1,269 1,535 21.0%

Gross profit 1,638 1,461 1,783 2,401 34.7%

EBITDA 1,225 1,391 1,356 1,691 24.6%

Net profit 838 941 826 846 2.4%BALANCE SHEET (THB mn)

Total assets 3,286 5,563 7,985 9,617

Total liabilities 1,457 1,728 4,880 3,699

Interest bearing debt 762 446 2,957 1,763

Total shareholders' equity 1,829 3,835 3,105 5,917CASH FLOW (THB mn)

Cash from operating activities 1,070 732 957 1,272

Capital expenditures (521) (207) (311) (549)PER SHARE DATA (THB/ share)

Earnings per share 0.1 0.1 0.1 0.1

Dividend per share 0.2 0.1 0.1 0.1

Book value per share 0.3 0.6 0.5KEY RATIOS

Gross profit margin (%) 55.3% 62.4% 58.4% 61.0%

EBITDA margin (%) 41.4% 59.4% 44.5% 43.0%

Net profit margin (%) 28.3% 40.2% 27.1% 21.5%

Debt to equity (times) 0.3x 0.1x 1.0x 0.3x

ROA (%) 27.8% 19.1% 12.2% 9.6%

ROE (%) 44.3% 31.6% 23.8% 26.9%

Section 5: 2017/18 Financial Performance

1The Company restated 2015/16 financial performance after the consolidation of Rabbit Group under the common control basis.2The Company terminated the Modern Trade Media business in 4Q 14/15. Therefore, this business unit will no longer generate revenue from 2Q 15/16 onwards.

TRANSITTHB 2,262mn

57.5%

9.6%

DIGITAL SERVICESTHB 378mn

8.6%

OFFICE & OTHERTHB 338mn

24.3%

OUTDOORTHB 958mn

THB 3,936mn

• Revenue expansion by 29.0% YoY driven by all business segments and synergies from Offline-to-Online (O2O) solutions.

• Better Gross profit margin from operational efficiency and cost management especially in Outdoor media and Digital services segment. (Cost-to-sales ratio decreased to 39.0% from 41.6%).

• EBITDA rose as a result of the substantial improved revenue.

• Adjusted net profit increased by 27.7% YoY mainly due to higher revenue despite 1) an increase in concession fee of Transit media from 5% to 10% and 2) higher interest expenses.

28


Agenda













Appendices

29


PROFIT AND LOSS STATEMENT

1Q 2018/19 Overview

• Further increase in revenue of 26.5% YoY. The strong growth is driven by the robust performance across OOH media.

• Gross profit margin significantly increased from 58.2% to 63.6% due to high sales despite increase in cost from Transit media concession fee, cost related to the launch of 35 digital billboards and consolidation effect of Co-Mass by MACO.

• EBITDA climbed considerably by 43.9% as a result of the continuously positive performance.

• Net profit increased by 49.4% YoY to THB 261mn.

KEY FACTORS1Q 2018/19 REVENUE CONTRIBUTION

TRANSITTHB 620mn

57.6%

7.5%

DIGITAL SERVICESTHB 80mn

8.6%

OFFICE & OTHERTHB 93mn

26.4%

OUTDOORTHB 284mn

THB 1,077mn

1Adjusted for share of investment in JV and associates and non-recurring expenses.2As shown in financial statement, excluding minority interest. 3Net profit excludes minority interest, is adjusted for amortisation of PPA in MACO, non-recurring expenses and share of investment in JV and associates.

(THB mn) 1Q 17/18 4Q 17/18 1Q 18/19 QoQ (%) YoY (%)Operating revenue 852 1,128 1,077 -4.6% 26.5%Cost of sales 356 406 392 -3.5% 10.1%Gross profit 496 722 685 -5.1% 38.2%EBITDA 352 524 507 -3.2% 43.9%Adjusted EBITDA1 361 535 542 1.3% 50.3%EBIT 251 413 384 -7.1% 53.0%

Interest expense 23 17 15 -10.2% -33.5%Tax 55 66 82 23.8% 50.4%

Net Profit2 175 288 261 -9.3% 49.4%Adjusted net profit3 192 305 304 -0.6% 58.4%

Gross profit margin 58.2% 64.0% 63.6%

EBITDA margin 41.4% 46.4% 47.1%

Adjusted EBITDA margin 42.3% 47.4% 50.3%

Net profit margin 20.5% 25.5% 24.3%

Adjusted net profit margin 22.5% 27.1% 28.2%

Section 6: 1Q 2018/19 Financial in More Detail & Business Update 30


170

232 265

291 284

1Q 2Q 3Q 4Q 1Q

TRANSIT MEDIA REVENUE (THB mn) OFFICE & OTHER MEDIA REVENUE (THB mn)

Revenue by Business Units

OUTDOOR MEDIA REVENUE (THB mn) DIGITAL SERVICES REVENUE (THB mn)

+67.4% YoY

97 87 84 110

80

1Q 2Q 3Q 4Q 1Q

-17.2% YoY

458 488 463 516 540

61 88 85

102 80 519 576 548

618 620

1Q 2Q 3Q 4Q 1Q

+19.5% YoY

2017/18 2018/19

O2O SYNERGIES ON TRANSIT MEDIA

66 83 81

108 93

1Q 2Q 3Q 4Q 1Q

+40.0% YoY

Higher utilisation rate as well as price increases. In addition, VGI recognised more revenue from new media under the Other media.

Driven by the ongoing revenue recognition of 35 digital screens as well as consolidation of Co-Mass by MACO.

Lower revenue from project management fee.

Driven by strong organic growth, higher utilisation rate from digital media and merchandising spaces in particular as well as benefit from O2O Solutions.

2017/18 2018/19

2017/18 2018/19 2017/18 2018/19

31Section 6: 1Q 2018/19 Financial in More Detail & Business Update


Balance Sheet & Cash Flow

ASSETS BREAKDOWN (THB mn)

CASH FLOW (THB mn)

LIABILITY & EQUITY BREAKDOWN (THB mn)

5,927 5,930

3,705

10,956

31 March 18 30 June 18

64.9%

35.1%Non-current assets

Current assets

38.5%

61.5%

16,886

9,632

Actual Target

1Q 18/19 FY 18/19

Transit Media 10 300

Office & Others Media 16 100

Total VGI 26 400

Outdoor Media 23 450

Digital Services 9 150

Total VGI, MACO & Rabbit 58 1,000

CAPEX (THB mn)

757 727

Beginning cash(Restated)

(31/3/2018)

CFO CFI CFF Ending cash(30/6/2018)

*After tax and net tax refund (THB -40mn) and interest expense (THB -15mn)**Included translation adjustment of (THB 0.1mn)

IB Debt THB 1,763mn THB 1,798mn

D/E ratio 0.3x 0.1x

347*(128)**

Equity

5,926

13,1131,658

1,649

2,048

2,124

31 March 18 30 June 18

Non-current liabilities

Current liabilities

61.5%

17.2%

21.3%

77.7%

9.8%

12.6%

16,886

9,632

(250)



Business UpdateAn acquisition of Kerry Express (Thailand)

SERVICE CHANNEL

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

B2C delivering parcels from e-market place to the individual

shoppers

C2C delivering letters and parcels from online retailers to individualconsumers

NETWORK AND CHANNEL

• Deliver more than 800,000 parcels per day

• 6,000 delivery vehicles

• 700 distribution centers

• >2,500 services points at alliance shops such as

VGI SHAREHOLDING STRUCTURE (as of August 2018)

TRANSACTION DETAILS

% of investment 23% of total shares

Total investment THB 5,901mn

Source of funds Cash from proceed from PP-1 and VGI-W1

KERRY BUSINESS

Kerry is the No. 1 private express delivery services in Thailand, with a network of more than 1,200 services points nationwide and more than 6,000 delivery vehicles.

Remark: VGI total shares = 8,556,680,098 shares, which based on shares after exercise of VGI-W1 and subscription of PP by Kerry.1 BTS includes 45.0% of BTSC, 23.1% of BTSG and 0.6% from Kanjanapas Family 2 Kerry Express includes 1.3% of KLN Logistics, 0.1% of Siam Chao Phraya Express and Gather Excellence

BTS Public

VGI

KERRY Express(Thailand)

68.7%1 29.9% 1.4%2



Business UpdateTrans.Ad Solutions Co., Ltd. and Roctec Technology Ltd.

TRANSACTION DETAILS TRANSACTION RATIONALE

MACO, through our wholly-own subsidiary Eye On Ads Co., Ltd., to acquire 81.65% of Trans.Ad Solutions Co., Ltd.

Trans.Ad will use investment funds from MACO to invest 89.0% of RoctecTechnology Ltd.

Total value THB 388mn

Target Trans.Ad Solutions Co., Ltd. Roctec Technology Ltd.

Source of funding Bank loans and proceeds from issuance and allocation of newly issued shares (Right Offering). Maximum proceeds: THB 1,375.6mn

Completion date 26 July 2018

• Obtain expertise in media solutions, system integrations, networking infrastructures, securities and maintenances of asset.

• Understand and Capable of future business development process in terms of hardware, system integration and service on large-scale public transportations, Government Organization and Advertisement industry.

• Capable to provide Communication Networks between multiple large organizations and Manage the networks.

• High growth potential for expanding our business into core mass transits of ASEAN region and leverage media industry by using data benefits.



Network Developments

TRANSIT MEDIA

Station Sponsorship Campaign

• AIS at Siam

• Shopee at Phrom Phong and Victory Monument

• Line Mobile at Mo Chit and Sala Daeng

• Krung Thai at Ploen Chit

• AEON brand at Asok

• McDonald’s at National Stadium

• Netflix at Thong Lo

• Werk Co-working Space at Ratchadamri

OFFICE MEDIA

• Total 175 office buildings (1,350 digital screens)

OUT-OF-HOME MEDIA

DIGITAL SERVICES

OFFLINE PAYMENT

• 9.3mn cardholders

• 6,400 retail points

• 177 brand partners

ONLINE PAYMENT

• 3.4mn Rabbit LinePay members

• 991 merchants

MICRO LOAN SERVICES

• THB 1,380mn



Agenda













Appendices

36


Company Structure

BTSG

VGI

• 41.0% Kanjanapas Family• 59.0% BTSG’s Minorities

BTSC97.5%

25.3% 45.0%

Appendix: Company Structure

PublicKerry Express (Thailand)

1.4% 28.3%

37

VGI Advertising

Media

100%

888 Media

100%

POV

100%

MACO

30.4%

Aero Media

30%

BSS

90%

BSSH

90%

Demo Power

40%

Group Work

VGM

100%

The ICON VGI

25%

SupremoMedia

PBSB

25%

20%

25%

Kerry Express

(Thailand)

23%


52.2%

10.5%

10.5%

1.8%

20%

49%

30%

80%

51%

49%

49%

33.3%

33.3%

33.3%

51%

51%

Rabbit’s Company Structure

Rabbit Internet

Rabbit Pay System

ATS

Rabbit Insurance Broker

ASK Direct Group

Theory

Mavericks

Som-O 1984

Mr. Pongpaichayont T.

Kerry Logistics(Thailand)

AEONTS

Rabbit Line Pay

BTSG

BTSC

VGI

BSS Bangkok Bank97.5%

22.8% 90%

90% 10%

10%

BSSH

LINE Biz + PteLINE Company (Thailand)

AIS/ mPay

Appendix: Rabbit’s Company Structure 38


Organisation Structure

Board of Directors

Company Secretary

Audit Committee

Executive Committee

Nomination and Remuneration

Committee

Internal Audit Office

Chief Operating Officer

Chief Sales OfficerChief Technology

OfficerChief Financial

OfficerChief Legal and

Compliance Officer

Advisory Board

Corporate GovernanceCommittee

Appendix: Organisation Structure

Chief Executive Officer

39


Transit Media ProductsI. TRAIN

II. STATION III. MERCHANDISING

Appendix: Transit Media Products 40


Transit Media ProductsStation Sponsorship Campaign

Appendix: Transit Media Products 41


Office & Residential Media ProductsI. MEDIA INSIDE ELEVATORS AND OFFICE BUILDING AREA

II. MEDIA INSIDE ELEVATORS AND RESIDENTIAL BUILDING AREA

Appendix: Office & Residential Media Products 42


Outdoor Media Products

II. STREET FURNITURE III. CREATIVE PRODUCTION

I. BILLBOARD

Appendix: Outdoor Media Products 43


Aviation Media ProductsI. LED SCREEN

II. JET BRIDGES III. WEBSITE MANAGEMENT

Appendix: Aviation Media Products 44


Activation Services

Appendix: Activation Media Services 45


VGM Business Overview

46

Outdoor OtherAirportTransit Cinema & Retail

Titanium Compass (TCSB)PT Avabanindo Perkasa (AVA)

Meru Utama (MUSB) Focus Media (Network) (FMN)Point cast (M) (PCSB)

Redberry Outdoors (RBO)Ten Plus Recourses (TPSB)

Puncak Berlian (PBSB)Redberry Media (RMSB)Nova Berry (NBSB)

AVA: Holds 20-year advertising concession for MRT system in Indonesia (North – South Line)

MUSB:Holds 7 years concession for manage advertising space in KL International airport 1 and 2 and SenalAirport

PCSB: Operates the media at payment cashiers in major hypermarket stores throughout Malaysia

RBO: Operates media on buses in KL and Penang and manage billboards on KAJANG SILK Highway and Duta Ulu-Kelang Expressway

PBSB: Investment Holding CompanyRMSB: Investment Holding Companyand MOF License

HolderNBSB: No operation at the present

MUSB:354 static panels3 Aero trains114 panels of link bridge158 panels of PBL285 Digital screen

TCSB:31 MRT stations58 trains 232 carriages

AVA:13 MRT stations16 trains 96 carriages

En

tity

Bu

sin

es

s/C

on

ce

ssio

nN

etw

ork

FMN:2 large LED screens37 cinema locations 302 cinema halls

PCSB:52 supermarkets 875 screens80 office buildings

RBO:11 static billboards 918 buses in KL and Penang14 KTM train stations

TPSB:45 street bunting panels

FMN: Operates advertising in 3 cinema chains and digital media business in office building

TCSB: Holds 10-year advertising concession in the MRT SBK Line in Malaysia

TPSB: Manages digital billboard (E-bunting) in Malaka state, Malaysia

Appendix: VGM Business Overview


VGM Shareholding Structure

47

PRE-TRANSACTION POST-TRANSACTION

VGI

VGM

PBSB

TCSB FMN RBO PCSB

MUSB RMSB TPSB NBSB

SenandungSonik

Tea FM

75.0%

25.0%

40.0% 83.86% 89.98% 100.0%

74.81% 49.0% 90.0% 100.0%

50.0% 30.0%

30.0%

25.1%

AVA

25.0%10.0%

MACO

25.0%

*Transit Media in Indonesia

VGI

VGM

PBSB

TCSB FMN RBO PCSB

MUSB RMSB TPSB NBSB

SenandungSonik

Tea FM

100.0%

25.0%

40.0% 83.86% 89.98% 100.0%

74.81% 49.0% 90.0% 100.0%

50.0% 30.0%

19.0%

11.0%1

2

3

1. PBSB holds 11% of TCSB for and on behalf of VGM under the Declaration of Trust2. Prior to transaction, VGI will transfer its beneficial interest in 19% of TCSB to VGM3. Prior to transaction, VGM must obtain 10% of AVA and PBSB must obtain 25% of AVA

Appendix: VGM Shareholding Structure


Bangkok Rail Mass Transit Master Plan515km* by 2029, 24% share of mass transit commute by 2037

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

Appendix: Bangkok Rail Mass Transit Master Plan

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

RAIL MASS TRANSITMARKET SHARE

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

Tokyo 42.0 Singapore 39.4 Hong Kong 34.9 Bangkok 10.2

RAIL TRACK LENGTH PERVASION(per million population)

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

48


Malaysian Mass Transit Map

SBK Line

Operated

Line

Appendix: Malaysia Mass Transit Map 49


VGI and MACO Top20 Customer Profile

VGI: CUSTOMER TYPE

MACO: CUSTOMER TYPE

77.4%

22.6%

Agency

Direct customer

70.0%

30.0%

VGI: TOP BRAND

MACO: TOP BRAND

Appendix: VGI and MACO Top20 Customer Profile

Agency

Direct customer

50

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=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.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/

http://www.phdmedia.com/


Warrant Issuance and Stock Dividend

VGI-W1: KEY TERMS & CONDITIONS

STOCK DIVIDEND

TICKER VGI-W1

TERMS 4 Years

EX-RIGHTS DATE 9 July 2014

ISSUANCE DATE 1 Aug 2014

EXPIRATION DATE 1 Aug 2018

EXERCISE PERIOD Quarterly basis

WARRANT PRICE Free

ALLOCATIONTo existing shareholders at the ratio of 4 VGI existing shares : 1 VGI-W1

NO. OF WARRANTS Up to 1,715,572,328 Units

EXERCISE RATIO 1 VGI-W1 to 1 ordinary share of VGI

EXERCISE PRICE THB 7.00

Expected maximum proceeds THB 12,011mn

Total amount from proceeds THB 6,818mn

1:1 STOCK DIVIDEND (INCREASING CAPITAL)

No. of allocated shares 3,431,975,575 shares

Total shares after increasing capital 6,863,978,450 shares

STOCK AND CASH DIVIDEND

Ratio of stock dividend payment 1 VGI existing share: 1 stock dividend or at rate of

THB 0.10 per share

Cash dividend payment THB 0.011111111111 per share

XD Date 17 Mar 2015

Payment Date 31 Mar 2015

Appendix: Warrant Issuance and Stock Dividend

VGI-W2: KEY TERMS & CONDITIONS

TICKER VGI-W2

TERMS 4 Years

EX-RIGHTS DATE 14 Aug 2018

ISSUANCE DATE To be announced

EXPIRATION DATE To be announced

EXERCISE PERIOD Quarterly basis

WARRANT PRICE Free

ALLOCATIONTo existing shareholders at the ratio of 5 VGI existing shares : 1 VGI-W2

NO. OF WARRANTS Up to 1,808,296,751 units

EXERCISE RATIO 1 VGI-W2 to 1 ordinary share of VGI

EXERCISE PRICE THB 10.00

Expected maximum proceeds THB 18,083mn

51


Timeline of Upcoming Transit Lines

START CIVIL WORKS CONSTRUCTION

START FULL OPERATIONCONSTRUCTION PERIOD

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

Appendix: Timeline of Upcoming Transit Lines 52

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