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1Q 20 2020/21 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION 19 19 AUGU GUST 20 20 20 Dis isclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings


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1Q 20 2020/21 BTS GROUP EAR ARNIN INGS PR PRESENTATIO ION

19 19 AUGU GUST 20 2020

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prepared by Investor Relations department BTS BTS Grou

  • up Hol

Holding dings PCL

Dis isclaimer

BTS Gro roup Ear arnings Pres Presentation 2

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”) before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. It shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchange or a solicitation to sell or exchange any securities of BTS Group Holdings PCL (the "Company") or any of its subsidiaries in the United States of America or in any other jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its

  • wn investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this

presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the Company or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement 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 any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise

  • r representation of the Company as to the future.
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prepared by Investor Relations department BTS BTS Grou

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Agenda

BTS Gro roup Ear arnings Pres Presentation 3

1Q 20 2020/21 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3

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1Q 1Q 20 2020/21 Hig ighlights

4

Profitability resilience amid COVID-19 pandemic Ope pera ratin ing Revenue of THB THB 9. 9.7bn (50)% YoY Net t Pro rofit it of THB THB 443m 443mn Balance sheet remains strong Cas ash h & & Li Liqu quid id Inv nvest stments THB THB 15. 15.0b 0bn Adju Adjust sted Net t D/E 1.15 1.15x Low leverage Financing cash earmarked for investments in Mass Transit projects 16% YoY (30)% YoY Recu curr rrin ing EBIT BITDA of THB THB 1.5 1.5bn bn Cas ash h re receiv ived fro rom the the re remain inin ing pro proceeds s of the the sa sale of Baysw Bayswater land and THB THB 5. 5.4bn 4bn Net t inv nvest stment nts s in n Pink nk & & Yello low Li Line nes s & & Gre reen Ext xtensio ions THB THB 5. 5.7bn bn Net t inc ncrease in n long ng-term loans ns fro rom finan nancia ial ins nsti titutio ions s THB THB 5.0b 0bn P&L L HI HIGH GHLIGHTS FINANCIAL POSITION 3M M CA CASH FLOW

BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

58% 58%* of re

recurri ring EBITD BITDA is from development of new lines and O&M, un unaf affected by by COVID-19 19

* Based on FY 2019/20 financial performance

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8,422 9,725 2,384 (922) (44) (116) 1Q 2019/20 Mass Transit Media Property Services 1Q 2020/21

36% 36% (27)% 7)% (68)% )% (55)% )% (THB mn)

92% Mas Mass Tran ransit

OPE OPERATING REVE REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn mn) 1Q 2020/2 /21 1Q 20 2019/20 %Yo YoY 4Q 2019/20 %QoQ Operating revenue1 9,725 8,422 16% 7,793 25% Total revenue 10,770 8,761 23% 9,915 9% Gross operating profit 1,384 1,495 (7)% 1,517 (9)% Rec Recurring EBITDA2 1,520 2,18 181 (30)% 1,289 18% Recurring net profit – after MI 461 1,006 (54)% 261 76% Net income (loss)3 443 894 (50)% 3,531 (87)% Gross operating profit margin (%) 14.2% 17.8% 19.5% Recurring EBITDA margin (%) 15.6% 25.9% 16.5% Recurring net profit margin – after MI(%) 4.5% 10.5% 3.3%

P&L &L SNAPSHOT 1Q 2020/21 OPE OPERATING REVE REVENUE BR BREAKDOWN

1 Operating revenue from the operational performance of 4 BUs excludes interest income, dividend income and non-recurring items. 2 Recurring EBITDA calculated from the operational performance of 4 BUs, interest income, dividend income, other income, net share of profit /(loss) from associates/ JV, yet,

excludes other non-recurring items

3 to equity holders of the parent

5

1Q 20 2020/21 Overview

4% Me Media 1% Property 3% Se Services BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

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1 CFO after

  • Corporate income tax of THB 22mn
  • Net interest expenses of THB 936mn
  • Net investment for construction of the Pink and Yellow Lines of THB 2.3bn
  • Net investment for E&M works and trains procurement for the Northern Green Line extensions of THB 0.8bn

2 CFI included net investment for construction of the Pink and Yellow Lines of THB 2.6bn 3 Excluding liquid investments of THB 11.1bn

CFI

  • cash received from settlement received from sale
  • f investments in joint ventures of THB 5.4bn

(mostly from receiving the remaining proceeds

  • f the sale of Bayswater land)
  • net cash received from sales of current and other

long-term financial assets of THB 4.6bn

  • net investment for construction of the Pink and

Yellow Lines of THB 2.6bn

  • cash paid for purchases of investments in joint

ventures of THB 1.2bn largely from an investment in U-Tapao International Aviation Company Limited

1Q 1Q 20 2020/21 Cas ash Flo Flow Snapshot

CFF

  • net cash paid for short-term loans from financial

institutions and bills of exchange payables of THB 6.5bn

  • dividend payment of THB 2.0bn in May 2020
  • net increase in long-term loans from financial

institutions of THB 5.0bn mainly for the drawdown

  • f syndicated loans related to the Pink & Yellow

lines.

CFO

  • Profit before tax of THB 741mn, deducted

by

  • Non-cash reconciling items of THB 310mn
  • Changes in net working capital of THB

3.5bn (this includes net investment in mass transit projects of THB 3.1bn)

6

3,226 (3,430)1 6,4782 (2,383) (53) 3,8383

Beginning cash (31/3/20) CFO CFI CFF Others Ending cash (30/6/20)

(THB mn)

BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

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Holding dings PCL Develop lopment of

  • f

new lines 85% 85%

HISTORICAL OPE OPERATING REV REVENUE (THB THB mn) ) KEY FACTORS

  • Tot

Total Ma Mass Tr Transit it reve venue of THB 8.9bn, an increase of 36% YoY mainly from

  • Hi

High gher servic ices revenue from

  • m pr

provi

  • visio

ion of

  • f E&M

M wor

  • rks & train pr

procu

  • curement for
  • r

Nor

  • rth

thern Green Li Line ext

  • xt. of THB 1.4bn YoY to THB 2.7bn
  • Hi

High gher con

  • nstructio

ion revenue for

  • r Pink & Ye

Yello low Li Lines of THB 0.5bn YoY to THB 4.9bn

  • Hi

High gher O& O&M M revenue of THB 323mn YoY to THB 1,153mn, chiefly as a result of the opening of the first 9 stations of Northern Green Line ext.

  • Cos
  • st rose by THB 1.8bn to THB 7.7bn largely from higher recognition of services

cost for the provision of E&M works & train procurement for Northern Green Line ext., and construction costs for the Pink and Yellow Lines

  • Ma

Mass Tr Transit it rela lated d inte terest inco come increased by THB 159mn YoY to THB 598mn

  • Share of
  • f los
  • ss from
  • m BTS

BTSGIF of THB 24mn due to the impact from COVID-19 pandemic

  • Recu

currin ing g EBI BITDA ma margi gin rose YoY to 20.3% (19.2% in 1Q 2019/20)

OPE OPERATING PERFORMANCE

MA MASS TR TRANSIT (THB THB mn mn) 1Q 2020/21 1Q Q 2019 19/20 %YoY %YoY 4Q Q 2019 19/20 %Qo QoQ Operating Revenue 8,929 6,544 36% 6,446 39% Costs of revenue 7,672 5,902 30% 5,380 43% Gross profit 1,257 642 96% 1,066 18% Mass Transit interest income 598 439 36% 480 25% Share of profit from BTSGIF (24) 225 N.A. 152 N.A. Recu currin ing g EBI BITDA 1,815 15 1,255 45% 1,634 11% 11% Gross margin (%) 14.1% 9.8% 16.5% Recurring EBITDA margin (%) 20.3% 19.2% 25.4%

OPE OPERATING REVE REVENUE BR BREAKDOWN

1Q 2020/21 7

Mas ass Tra ransit

O& O&M 13%

*Comprises of (i) Services revenue from provision of E&M works and train procurement for Gold Line and (ii) Farebox revenue from BRT

Ot Others* 2%

5,704 7,531 6,666 5,279 7,596 830 866 942 1,115 1,153 10 115 198 52 180 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 Development of new lines O&M revenue Others *

BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

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928 1,010 1,204 568 265 435 597 632 361 176 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21 Digital Services Business OOH Media

3% Off ffice Buildings and Oth thers 4% Outdoor r Me Media 40% Digital*

HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS

  • Me

Media rev revenue of THB 441mn, a decrease of 68% YoY mainly due to an impact from COVID-19 pandemic and the deconsolidation of MACO

  • Digital Ser

ervices rev revenue* declined by 60% YoY to THB 176mn

  • OOH Me

Media rev revenue** decreased by 71% YoY to THB 265mn

  • Costs

ts decreased by 43% YoY to THB 296mn 53% BTS – Rel Related Me Media

ME MEDIA A (TH THB mn mn) 1Q 1Q 2020/21 1Q 1Q1 2019 19/20 %YoY 4Q 4Q1 2019 19/20 %Qo QoQ Operating revenue 441 1,363 (68)% 929 (53)% Costs of revenue 296 521 (43)% 506 (41)% Gross profit 145 842 (83)% 423 (66)% Re Recurr rring EBITDA DA 1 1 71 712 (100)% )% 290 290 (100)% )% Gross margin (%) 32.9% 61.8% 45.5% Recurring EBITDA margin (%) 0.2% 52.3% 31.2%

1Q 2020/21

OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN

8

Media

* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab and (iii) Trans.Ad Group under MACO ** OOH Media includes Transit, Outdoor and Office Building and Other Media

*

1 Note that 1Q & 4Q 2019/20 operating performances from Media business included contribution of MACO and

its subsidiaries for the period from April to June 2019 and January to March 2020, respectively

OOH Media (6 (60%) BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

**

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Commercial & Oth thers 100%

HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS

  • Operating rev

revenue was THB 35mn, a decrease of 55% YoY, largely due to lower commercial property revenue as a result of the effect from the COVID-19 pandemic

  • Share of

f loss from investment in U City ty, our associate, of THB 399mn (THB 193mn profit in 1Q 2019/20) primarily from lower revenue from hotel operations owing to the impact of COVID-19 pandemic

  • Operating co

costs ts rose slightly by 2% YoY to THB 75mn.

OPE OPERATING PERFORMANCE

PR PROPERTY TY (TH THB mn mn) 1Q 2020/21 1Q 1Q 2019 19/20 %YoY 4Q Q 2019 19/20 %Qo QoQ Operating Revenue 35 79 (55)% 88 (60)% Costs of revenue 75 74 2% 82 (8)% Gross profit (40) 5 N.A. 6 N.A. Re Recurr rring EBITDA DA (450) 179 79 N.A. (321) 1) N.A. Gross margin (%) N.A. 6.5% 7.1% Recurring EBITDA margin (%) N.A. 226.3% N.A.

OPE OPERATING REVE REVENUE BR BREAKDOWN

1Q 2020/21

NOT OTE: Property operating performances exclude share of profit/(loss) from investment in U City

9

Pr Property

79 100 113 88 35 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 1Q 20/21

BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

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Holding dings PCL

67,245 63,034 72,940 84,412 32,915 28,371

31 Mar 20 30 Jun 20 Total current liabilities Total non-current liabilities Total shareholders' equity

175,817 173,100 150,702 164,458 22,398 11,359

31 Mar 20 30 Jun 20 Total current assets Total non-current assets

175,817 173,100

Cash 31 Mar 20: THB 3.2bn 30 Jun 20: THB THB 3. 3.8bn Cash & liqu quid id investment 31 Mar 20: THB 17.7bn 30 Jun 20: THB THB 15.0bn Current Financia ial Assets1 1 Apr 20: THB 2.8bn 30 Jun 20: THB THB 2.5bn Non

  • n-current Financi

cial Assets1 1 Apr 20: THB 18.0bn 30 Jun 20: THB THB 17. 7.5bn

87% 13% 6% 94% 16% 36% 48% 39% 19% 42%

1Q Q 2020/21: 1:

1.39x

1Q 2019/20: 1.32x

Gross Deb ebt to Equity

1Q Q 2020/21: 1: 1.15x 1Q 2019/20: 0.82x

Ad Adjusted Ne Net Deb ebt2 to Equity

1Q Q 2020/21: 1:

8.06x

1Q 2019/20: 6.52x

Ad Adjusted Ne Net Deb ebt3 to Rec Recurring EBITDA

1Q Q 2020/21: 1:

2.65x

1Q 2019/20: 3.90x

Interest t Coverage

1Q Q 2020/21: 1: 0.40x 1Q 2019/20: 1.05x

Current Rati Ratio

ASS SSETS BREA EAKDOWN LIA LIABILITIES AND ND EQ EQUITY BREA EAKDOWN

KEY RA RATIOS

10 10

Fin Financial Position as as of f 30 Jun June 20 2020

1 The Group adopted TFRS 9 which the cumulative effect is recognised as an adjustment to the retained earnings as at 1 April 2020 2 Comprised of 13% floating-rate debt and 87% fixed-rate debt 3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) Gros

  • ss Debt

31 Mar 20: THB 88.6bn2 30 Jun 20: THB THB 87. 7.4b 4bn2 Adjus justed d Net t Debt2 31 Mar 20: THB 70.9bn 30 Jun 20: THB THB 72 72.4b 4bn ** **** ****** Issued d Or Ordina dinary y Shares 31 Mar 20: 13,154.3mn 30 Jun 20: 13,15 154. 4.6mn

BTS Gro roup Ear arnings Pres Presentation Section 1: 1Q 2020/21 Financial Performance

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Agenda

BTS Gro roup Ear arnings Pres Presentation

1Q 1Q 20 2020/21 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3

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Im Impact fr from COVID ID-19 pandemic

Overal rall bus usin iness hav have been n af affe fected esp speci cially ly in in Media ia and and Prop

  • perty

ty se sect ctors

Media Pr Property ty Mas ass Tran ansit

Cor

  • re Networ
  • rk Ride

dership  69% YoY in 1Q 20/21  44% YoY in Jul 20 to 12mn trips, (yet, gradually recovered MoM)

Me Measure res Ta Taken:

  • Social distancing encouragement
  • Wearing masks are required at all time

during BTS travelling

  • Increasing in cleaning frequency from once

daily to once every loop at the terminal

Me Measure res Ta Taken:

Hos Hospit pitalit ity

Me Measure res Ta Taken:

Advertis ising ing Significant impacts in 1Q 20/21 due to delay in advertising spending to 3Q and 4Q 20/21 80% reopened (June 2020) 20% expected reopen in 2H 2020 53 hotels out of 57 were closed since the 2H of March 20

  • Some promotions given to retain customers
  • Maintenance cost cut down to a per-time

basis

  • Negotiation with office building landlords to

reduce rental fees

  • Reduction in rental fees for the office and

retail spaces for a certain period in order to help its tenants

  • Cost control policies & cost saving measures
  • Negotiations with creditors and landlord to

postpone principal/ interests and rental fee ▲ No impact from COVID-19 58% 58%* of recurri rring g EBIT ITDA is from development of new lines and O&M, unaffected d by COVID ID-19 19 Of Offic ice Bu Buil ildi dings gs  Some tenants were struggled to pay the rental fee Paym yment Financia ial l Imp mpact ▲ 39% YoY O&M revenue  Recognised share of loss from BTSGIF of THB 24mn in 1Q 20/21  Decrease in physical transactions at BTS stations and retail Financia ial l Imp mpact  51% YoY in 1Q 20/21 Media revenue  64% YoY in OOH revenue ▲ +12% YoY in Digital services revenue Financia ial l Imp mpact  Recognised share of loss from U City of THB 399mn in 1Q 20/21 ▲ 33% YoY Revenue from development

  • f new lines to THB 7.6bn

O& O&M M Bu Busin iness ▲ Recognised share of profit from Kerry in 1Q 20/21 Lo Logis isti tics cs ▲ Huge surge in online shopping

BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

* Based on FY 2019/20 financial performance

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Mas ass Tra ransit & Tra ransportation Up Update

13 13 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

Nor North thern Green Line ext xtension Pink & & Yellow Lines Gold Line Phas ase 1 U-Tap apao Int nternational Airp rport Int ntercity Motorways (M6 & & M81) Or Orange Line Ear arly 2022 2022 Expected Notice to Proceed to be issued Under feasibility study Sep 2020 Expected bid submission Aug ug 2020 Expected contract signing Jun un 20 2020 20 The 1st batch of trains was delivered Oc Oct 2020 Expected Commercial

  • peration

De Dec 20 2020 20 Targeted full

  • peration of

Northern Green ext. Oc Oct 2021 Expected partial

  • peration of Pink &

Yellow Lines

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Media Up Update

VGI’s key developments in 1Q 2020/21

14 14 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

ADVE DVERTISING PAYMENT AWARD AND ND ACHIEVEMENT

Created new Station Entrance Experience welcoming commuters on BTS stations Continued to experience strong user growth

  • 13.3mn Rabbit cards
  • 7.7mn Rabbit LinePay

users

  • Expanding network to

cover in every transportation mode e.g. bus, boat and widen its reach to cafeteria in shopping malls and industrial estates.

  • ASEAN’s

Transformation Champions

  • SET50 Index
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U City’s Project Update

VE VERSO INTERNATI TIONAL SCHOOL TH THE CUSTO TOMS HOUSE (RO ROI CHAK SAM AM) TH THE UNICORN PH PHAYATHAI Concept Providing unique learning experience by paring modern technology and contemporary teaching techniques A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside 51 levels of mixed-use building comprising of retail, office, hotel and residence Pr Project Va Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn Location Thana City On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link Land Ar Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm) Constru ruction Ti Time meline Pr Project Pe Peri riod Approximately 42 months (Phase 1 & 2) 6 years Approximately 60 months Status (a (as of 30 Ju June 20) Phase 1: 100% Phase 2: 96% School opened in 17 Aug 2020 Restoration plan approved by the Fine Arts Department 18% 4Q 2019 20 2025 Start Comp mpletion 3Q 2017 2Q Q 20 2022 Start Comp mpletion 2017 3Q 3Q 20 2020 Start Comp mpletion

BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

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U City’s Project Update NUE Noble Ra Ratchada – Lat Ph Phrao: Noble JV JV

BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

Concept A condominium with wide frontage units and full furniture package next to BTS Yellow line and MRT Blue line Pr Project Va Value Approximately THB 2.0bn Location 50m from BTS Yellow line (Lat phrao station) 150m from MRT Blue line (Lat phrao station) Land Ar Area 2-0-96.5 Rai Cons nstru ruction Ti Time meline Pr Presale Va Value THB 470mn by 2 weeks 1Q 2021 3Q Q 2023 Start Comp mpletion

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Agenda

BTS Gro roup Ear arnings Pres Presentation 17 17

1Q 20 2020/21 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3

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Transporta tation Up Update

18 18

EXTE XTENSION GRE REEN ZON ONE 2 PI PINK AN AND YELLOW LINE Consort rtium N.A. (100% BTS TS) 75 75% BTS TS 15% STEC 10% RATCH Au Authori rity BMA MRTA Investment Typ Type O&M Contract PPP Net Cost Op Opera ration 25 years 30 years Scope

  • Train procurement
  • 25 years: O&M
  • 39 months:

Construction

  • 30 years: Farebox

revenue collection and O&M Pr Project Cost Train procurement ≈THB 9.8bn ≈THB 96.1bn

(gov’t subsidy, THB 47.55bn)

Status

  • Southern: full operation

in Dec 18

  • Northern: Expected full
  • peration by 2020
  • PPP Contract signed
  • Expected partial COD:

Oct 21 M6 M6 MO MOTO TORWAY M8 M81 1 MO MOTORWAY U-TA TAPAO AI AIRP RPORT 40% BTS TS 40% GULF 10% STEC 10% RATCH 40% BTS TS 40% GULF 10% STEC 10% RATCH 45% BA 35% BTS TS 20% STEC DOH DOH RTN PPP Gross Cost PPP Gross Cost PPP Net Cost 30 years 30 years 47 years

  • 3 years: Design &

Construction (Toll Plaza, Toll Collection System, Traffic Mgt Control System, Other infrastructure

  • 30 years: O&M
  • 3 years: Design &

Construction (Toll Plaza, Toll Collection System, Traffic Mgt Control System, Other infrastructure

  • 30 years: O&M
  • 3 years: Design &

Build Passenger Terminal Building 3, Commercial Gateway, Cargo Village, Cargo Complex

  • 47 years: O&M

[to be disclosed] [to be disclosed] THB 27bn (phase 1) PPP Contract signing expected by Aug 20 PPP Contract signing expected by Aug 20 PPP Contract signed on 19 June 2020, currently awaiting Notice-to- proceed

Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.7km, 3 stations) which the contract was signed in Jul 18, expected COD in 4Q 20.

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices

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Role le & & resp sponsi sibil ilitie ies

Desig esign and nd dev evelo lopment of the required Airport Infrastructure Op Opera ratio ions s and nd ma main intenanc nce

  • ver the concession term

Fina nanc ncing ng and nd ma main intena nance

  • ver the project components

Consortium Commerc rcial Ga Gateway 269 Rai (430,000 sq.m.) Ai Airp rport

  • rt City

654 Rai (1,047,000 sq.m.) 45% 35% 20% Carg rgo

  • &

& Free Tr Trade de Zo Zone 430 Rai (688,000 sq.m.) Passenge ger r Te Term rminal Bu Building 3 Ti Timelin ine

3 Years 47 47 Years 30 Jan n 2020 Announced Pricing Proposal Winner 2 Jun un 2020 19 Jun un 2020 Cabinet Approved PPP Contract PPP Contract Signing Early 2022 Early 2025 Early 2072 End of PPP contract Notice to proceed (NTP) O&M Start Date Start t constr nstruc ucti tion 

Lo Location

  • n

Plub Pla ,Ban Chang District, Rayong Province La Land d Area

  • Approx. 6,500 Rai (10,400,000 sq.m.)

Con

  • ntr

tract Ty Type pe PPP Net Cost Con

  • ntr

tract Te Term 50 Years Author thority Royal Thai Navy Tot Total Proje

  • ject Cos
  • st

THB 31bn (phase 1) Equit ity y Inje jectio ion Paid-up capital of THB 9bn at COD Sou

  • urces of
  • f Fund

Debt 70 : Equity 30

Proje ject Details ls 3 Years 47 Years Design & Build Operation and Maintenance

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices

Transporta tation Up Update

U-Tapao int international air airport – at at a a glan glance

19 19

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Holding dings PCL

Transporta tation Up Update

Intercity Motorway – BGS BGSR JV JV as as the the be best bid bidder

20 20 Sta tatus M6: : Ban ang Pa Pa In – Nak Nakhon Rat Ratchasima

Investment Typ Type PPP Gross Cost Di Distance 196km Contra ract Te Term 2 phases

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

Budget Ap Appro roved by y the Cabinet THB 33.2bn

M81: : Ban ang Yai ai – Ka Kanchanaburi

PPP Gross Cost 96km THB 27.8bn Au Authori rity Department of Highways Department of Highways Pr Price Pr Proposed by y BGSR THB 21.3bn THB 17.8bn BGSR JV JV 40% 40% 10% 10% Expected COD OD 2023 2023

Bang ng Pa Pa In In Nakhon n Ratchasima

196km 96km km

Bang ng Yai Kanc nchan anaburi

M 6 M 81 81 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices Scope of Wo Work rks

Ph Phase I: Des Design and Constru ruction (3 ye years rs)

  • Toll Collection System
  • Traffic Management and Control System
  • Other infrastructure

Ph Phase 2: Op Opera ration and Ma Maintenance (30 ye years rs) PPP Contract signing expected by Aug 2020

Consortium’s Members

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Holding dings PCL

Western n Or Orange Eas astern Or Oran ange

(under r co construction)

Mas ass Tra ransit Up Update

Ora range Li Line bid biddin ing su submission is is exp expected in in Sep Sep 20 20

21 21

Underground Stations Elevated Stations

Or Orange Line (35.9 .9km, , 28 stat tations)

* Western Orange civil works and land exploration CAPEX

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices

Exp xpected ti timeline

2023 Targeted COD of Eastern Orange 10 10-24 Jul 2020 Request for proposal (RFP) selling period 2026 Targeted COD of Western Orange Sep 2020 Expected bid submission Dec Dec 2020 Expected contract signing

Contract t Type PPP Net Cost with subsidy

(covering (i) civil work construction of Western Orange and (ii) E&M and train procurement services for the entire Orange Line

Term 30 Years CAPEX Civil ~THB 111bn* E&M ~THB 32bn Rou Route Taling Chan – Thailand Cultural Center Len Length 13.4km No

  • No. of

f stat tations 11 (underground) Rou Route Thailand Cultural Center - Min Buri Len Length 22.5km No

  • No. of

f stat tations 17 (10 underground and 7 aboveground)

10 companies bought Or

Oran ange Line RF RFP

1. BTS Group Holdings PCL. 2. Bangkok Mass Transit System PCL. 3. Bangkok Expressway and Metro PCL. 4. Sino-Thai Engineering and Construction PCL. 5. Italian-Thai Development PCL. 6. Ratch Group PCL. 7.

  • Ch. Karnchang PCL.

8. Gulf Energy Development PCL. 9. Sino-hydro Corporate Limited

  • 10. Voranitas Development Limited
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Holding dings PCL

BTS Group Up Update

BTS TS-W5 Term Sh Shee eet

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 22 22

BTS TS-W5 TER TERMS AND ND CONDITIONS

Ticker BTS-W5 Term 1 year from the issuance date Issuance dat ate 17 February 2020 Expiry y dat ate 16 February 2021 War arrants pri rice nil No

  • No. of

f war arrants 1,315,385,979 units Al Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5 Exercise e rat ratio 1 BTS-W5 to 1.010 new common share of BTS Exercise e price THB 13.865 per share Expected max maximum proceeds THB 18.4bn Exercise e per eriod Quarterly

1The adjustment took effect from 29 Jul 2020 onwards, following the condition in the event that the Company distributed dividends in cash in excess of 95% of the Company’s net profit

after income tax under the standalone financial statements of the Company of any relevant fiscal year.

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Holding dings PCL

23 23

FY FY 20 2020/21 Mas ass Tra ransit Gui uidance

THB bn

20 20

Pink & Yellow Lines Construction

THB bn

6

Mass-transit related interest income

THB bn

2.6 .6

E&M provision and train procurement for Green Line extensions Train O&M revenue

THB bn

5.2 .2

FY 2020/21 CAPEX

THB bn

26

40% YoY BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices