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3 Q Q 20 2019 19/20 BTS GROUP EAR EARNIN INGS PR PRESENTATIO ION 19 19 Febru ruary 20 20 20 Dis isclaimer Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group


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SLIDE 1

3Q Q 20 2019 19/20 BTS GROUP EAR EARNIN INGS PR PRESENTATIO ION

19 19 Febru ruary 20 2020

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SLIDE 2

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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Holding dings PCL

3

BTS Group Up Update

Sus Sustain inable le Dev Developmen ent Rec ecognition 20 2019/20

DJS JSI in the Em Emergin ing Markets ts 20 2019

(2nd Rank in the Transportation Sector)

Thail iland Su Susta tain inabil ilit ity Inv Investment t (THSI) ) list t 201 2019

from The Stock Exchange of Thailand BTS Gro roup Ear arnings Pres Presentation

Plati tinum Award

  • f the Asset ESG Corporate Award 2019

Si Silv lver Class Disti tincti tion

in The Sustainability Yearbook 2020

Su Susta tain inabil ilit ity Disclo losure Recognit itio ion 20 2019

by Thaipat Institute

Bes est Gr Green Bon

  • nd

at The Asset Triple A Sustainable Capital Markets Regional Awards 2019 by the Asset Magazine

GROWING TOGETHER

GROWIN ING SUSTAINABIL ILITY

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prepared by Investor Relations department BTS BTS Grou

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Holding dings PCL

Agenda

BTS Gro roup Ear arnings Pres Presentation 4

3Q Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3

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prepared by Investor Relations department BTS BTS Grou

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Holding dings PCL

3Q Q 20 2019/20 Hig ighlights

5 BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance

Solid growth in profitability Ope pera ratin ing Revenue of THB THB 11.1b 11.1bn +143% YoY Reco cord Recu curr rring Net t Pro rofit it

  • f THB

THB 2. 2.4bn 4bn Balance sheet

remains strong

Cas ash h & & Li Liqu quid id Inv nvest stments THB THB 19. 19.8b 8bn Adju Adjust sted Net t D/E 0. 0.84x 84x Low leverage Financing cash earmarked for investments in Mass Transit projects (42)% YoY +21% YoY Ope pera ratin ing EBIT BITDA of THB THB 2. 2.3b 3bn Cas ash h re receiv ived fro rom the the exercis ised BTS TS-W4 W4 THB THB 13. 13.7bn Net t inv nvest stment nts s in n Pink nk & & Yello low Li Line nes s & & Gre reen Ext xtensio ions THB THB 16. 16.8b 8bn Net t cas cash h re receiv ived fro rom long ng-term deb debentures THB THB 7.5 .5bn bn P&L L HI HIGH GHLIGHTS FINANCIAL POSITION 9M M CA CASH FLOW

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Holding dings PCL

19,052 11,069 (8,461) 364 89

3Q FY18/19 Mass Transit Media Property Services 3Q FY19/20 28% 28% 24% 25% 25% (49)% )%

(THB mn) 25

OPE OPERATING REVE REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn mn) 3Q Q 2019/20 3Q Q 2018/19 % YoY 2Q 2019/20 % % QoQ 9M 2019/20 9M 2018/1 /19 %Yo YoY Operating Revenue1 11,069 19,052 (42)% 11,359 (3)% 31,513 37,959 (17)% Gross operating profit 2,882 2,299 25% 2,371 22% 7,429 5,621 32% Operating EBITDA2 2,253 1,862 21% 1,814 24% 5,730 4,420 30% Recurring net profit – after MI 2,378 980 143% 1,131 110% 4,515 2,282 98% Accounting EBITDA 3,808 2,345 62% 2,599 47% 8,480 5,140 65% Net income (loss)3 2,460 1,189 107% 1,278 93% 4,631 2,246 106% Gross operating profit margin (%) 26.0% 12.1% 20.9% 23.6% 14.8% Accounting EBITDA margin (%) 30.0% 12.0% 21.4% 24.6% 13.1% Recurring net profit margin – after MI(%) 19.0% 5.1% 9.4% 13.2% 5.9% Operating EBITDA margin (%) 20.4% 9.8% 16.0% 18.2% 11.6%

P&L &L SNAPSHOT 3Q Q 2019/20 OPE OPERATING REV REVENUE BR BREAKD KDOWN

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

6

3Q Q 20 2019/20 Overview

78% Mas Mass Tran ransit 17% Me Media 1% Property 4% Se Services BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance

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Holding dings PCL

1 CFO included

  • Corporate income tax of THB 1,413mn
  • Net interest expenses of THB 1,773mn
  • Net investment for construction of the Pink and Yellow Lines of THB 3.1bn
  • Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 4.8bn

2 CFI included net investment for construction of the Pink and Yellow Lines of THB 8.9bn 3 Excluding liquid investments of THB 15.9bn

CFI

  • Net investment for construction of the Pink and

Yellow lines of THB 8.9bn

  • Cash paid for purchase of investment properties
  • f THB 4.1bn
  • Net cash paid for acquisitions of current and
  • ther long-term investments, and investment in

derivative instruments of THB 1.0bn

  • Cash received in advance from sale of

investment in Bayswater of THB 2.3bn

  • Cash received from return of capital of asso./ JVs
  • f THB 1.0bn

9M M 20 2019/20 Cas ash Flo Flow Snapshot

CFF

  • Cash received from the exercised BTS-W4 of THB

13.7bn

  • Net increase in long-term loans from financial

institutions of THB 12.5bn mainly for the Pink and Yellow lines

  • Net increase in long-term debentures of THB 7.5bn
  • Net cash received mainly from sale of VGI and VGI-

W2 of THB 3.7bn

  • Net cash paid for short-term loans from financial

institutions and bills of exchange payables of THB 12.3bn

  • Dividend payment of THB 3.1bn in August 2019

BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance CFO

  • Profit before tax of THB 6.0bn, deducted

by

  • Non-cash reconciling items of THB 2.2bn
  • Changes in net working capital of THB

12.1bn (this includes net investment in mass transit projects of THB 7.9bn)

7 4,021 (11,415)1 (10,147)2 21,410 (39) 3,8303

Beginning cash (31/3/19) CFO CFI CFF Others Ending cash (31/12/19)

(THB mn)

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Holding dings PCL Share of

  • f net

t pr prof

  • fit

it in BTS BTSGIF 3% Con

  • nstructio

ion revenue for

  • r Pink

and d Ye Yell llow Li Lines 52% 52% Ma Mass Tr Transit it rela lated inte terest inco come 7%

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

  • Tot

Total Ma Mass Tr Transit it reve venue of THB 8,659mn, a decrease of 49% YoY from a lower recognition of construction revenue for the Pink and Yellow lines to THB 4.5mn (THB 13.6bn in 3Q 2018/19), partially offset by

  • Hi

High gher O& O&M M revenue of THB 376mn YoY to THB 942mn, chiefly as a result of the full opening of Southern Green Line ext. and the opening of the first 5 stations of Northern Green Line ext.

  • Hi

High gher Ma Mass Tr Transit it rela lated inte terest inco come of THB 357mn YoY to THB 646mn

  • Cos
  • st dropped by THB 8,903mn to THB 6,847mn largely from the reduced

recognition of construction cost for the Pink and Yellow Lines

  • Ope

Operating g EBI BITD TDA ma margin in rose YoY to 21.1% (8.0% in 3Q 2018/19)

OPE OPERATING PERFORMANCE

MA MASS TRA TRANSIT (THB THB mn mn) 3Q 20 2019 19/20 3Q 20 2018 18/19 19 %YoY 2Q 20 2019 19/20 %Qo QoQ 9M 9M 20 2019 19/20 9M 9M 20 2018 18//19 %YoY Re Revenue 8,659 17,120 (49)% 9,132 (5)% 24,998 33,188 (25)% Costs of revenue 6,847 15,750 (57)% 7,596 (10)% 20,328 30,047 (32)% Gross profit 1,812 1,369 32% 1,535 18% 4,670 3,140 49% Op Opera rating EB EBITD TDA 1,823 1,378 32% 32% 1,552 17% 7% 4,697 3, 3,16 165 48% 8% Gross margin (%) 20.9% 8.0% 16.8% 18.7% 9.5% Operating EBITDA margin (%) 21.1% 8.0% 17.0% 18.8% 9.5%

OPE OPERATING REVE REVENUE BR BREAKDOWN

3Q Q 2019/20 8

Mas ass Tra ransit

Servic ices revenue from

  • m pr

provi

  • visio

ion

  • f
  • f E&M

M wor

  • rks & train

pr procu

  • curement for
  • r Green Li

Line ext. xt. 25% O& O&M 11% 11%

BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance

3Q 18/19 19 4Q 4Q 18/19 19 1Q 19/20 2Q Q 19/20 3Q Q 19/20 Construction revenue for Pink and Yellow Lines 13.6 5.3 4.3 4.4 4.5 Services revenue from provision of E&M works & train procurement for Green Line ext. 2.2 1.5 1.4 3.1 2.1 Mass Transit related interest income 0.3 0.4 0.4 0.3 0.6 O&M 0.6 0.8 0.8 0.9 0.9 Share of net profit in BTSGIF 0.2 0.2 0.2 0.3 0.2 Others* 0.2 0.0 0.0 0.1 0.4

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

Ot Others* 2%

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Holding dings PCL

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

  • Me

Medi dia revenue of THB 1,836mn, an increase of 25% YoY mainly driven by

  • rganic growth in Transit Media and the consolidation of International

Advertising

  • Digit

gital l Servic ices revenue* rose by 27% YoY to THB 632mn mainly driven by the revenue recognition of VGI Digital Lab

  • OO

OOH H Me Media dia revenue** increased by 24% YoY to THB 1,204mn, chiefly due to the consolidation of an ‘International Advertising’ in Outdoor Media segment as well as a growth in Transit Media.

  • Cos
  • sts

ts increased by 36% YoY to THB 808mn primarily due to the consolidation of Puncak Berlian Sdn. Bhd. (PBSB) and Online Advertising

  • Ope

Operating g EBI BITD TDA ma margin in declined YoY to 37.4% (43.0% in 3Q 2018/19)

35% BTS – Re Related Me Media 25% Outdoor r Med edia

ME MEDIA A (TH THB mn mn) 3Q 2019 19/20 3Q 2018 18/19 19 %YoY 2Q 2019 19/20 %Qo QoQ 9M 9M 2019 19/20 9M 9M 2018 18/19 19 %YoY Operating revenue 1,836 1,472 25% 1,607 14% 4,806 3,807 26% Costs of revenue 808 596 36% 792 2% 2,121 1,361 56% Gross profit 1,028 876 17% 815 26% 2,685 2,446 10% Op Opera rating EBITD TDA 687 687 633 633 9% 9% 530 530 30% 30% 1,847 1,786 3% 3% Gross margin (%) 56.0% 59.5% 50.7% 55.9% 64.3% Operating EBITDA margin (%) 37.4% 43.0% 33.0% 38.4% 46.9%

3Q Q 2019/20

OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN

9

Media

6% Off ffice Buildings and Oth thers 34% Digital*

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

BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance

975 1,047 928 1,010 1,204 497 335 435 597 632 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 Digital Services Business OOH Media *

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Holding dings PCL

Re Residenti tial 12%

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

  • Operating rev

revenue was THB 114mn, an increase of 28% YoY, note that commercial property revenue now mainly comprises of revenue from Thana City Golf & Sports Club.

  • Significant ri

rise e in shar are of f net et profit from investment in U City ty, our associate, of THB 1,279mn (THB 82mn profit in 3Q 2018/19) largely due to the recognition of gain of THB 1,118mn from the sale of Mochit Land by U City.

  • Operating co

costs ts dropped by 11% YoY to THB 89mn.

OPE OPERATING PERFORMANCE

PR PROPERTY TY (TH THB mn mn) 3Q 2019 19/20 3Q 2018 18/19 19 %YoY 2Q 2019 19/20 %Qo QoQ 9M 9M 2019 19/20 9M 9M 2018 18/19 19 %YoY Operating Revenue 114 89 28% 100 13% 293 256 14% Costs of revenue 89 101 (11)% 100 (11)% 263 267 (2)% Gross profit 24 (12) N.A. N.A. 30 (11) N.A. Op Opera rating EBITD TDA 13 (20) N.A. (5) N.A. (7) 4 N.A. Gross margin (%) 21.3% N.A. 0.4% N.A. N.A. Operating EBITDA margin (%) 11.3% N.A. N.A. 1.7% 1.7%

OPE OPERATING REVE REVENUE BR BREAKDOWN

3Q Q 2019/20

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

10 10

Pr Property

88% Commercial & Oth thers BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance

89 107 79 100 114 3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20

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Holding dings PCL

52,310 72,078 50,477 70,779 41,611 29,098 31 Mar 19 31 Dec 19

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

171,955 144,398 124,474 152,738 19,924 19,217 31 Mar 19 31 Dec 19

Total non-current assets Total current assets

171,955 144,398

Cash 31 Mar 19: THB 4.0bn 31 Dec c 19: THB THB 3.8bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 31 Dec c 19: THB THB 19.8bn Current Investm tments 31 Mar 19: THB 7.7bn 31 Dec c 19: THB THB 3.8bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 31 Dec c 19: THB THB 21.5bn

86% 14% 11% 89% 17% 42% 41% 36% 29% 35% 3Q Q 20 2019 19/20:

1. 1.11x

3Q 2018/19: 1.19x

Gro ross Debt to Equ quity

3Q Q 2019 19/20: 0.84x 3Q 2018/19: 0.74x

Adj djusted Ne Net Debt2 to Equ quity

3Q Q 2019 19/20:

5.80x

3Q 2018/19: 5.75x

Adj djusted Ne Net Debt2 to Re Recurring EBITDA

3Q Q 2019 19/20: :

4.0 4.09x

3Q 2018/19: 4.10x

Inte terest Cov Coverage

3Q Q 2019 19/20: 0.

0.66x

3Q 2018/19: 0.58x

Curr Current t Rat Ratio

ASS SSETS BREA EAKDOWN LIA LIABILITIES AND ND EQ EQUITY BREA EAKDOWN KE KEY RATIOS

11 11

Fin Financial Position as as of f 31 December 20 2019

1 Comprised of 15% floating-rate debt and 85% fixed-rate debt, 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) Gros

  • ss Debt

31 Mar 19: THB 72.5bn 31 Dec c 19: THB THB 80.2bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 31 Dec c 19: THB THB 60.4b 4bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 31 Dec c 19: 13,15 154. 4.3mn

BTS Gro roup Ear arnings Pres Presentation Section 1: 3Q 2019/20 Financial Performance

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Holding dings PCL

Agenda

BTS Gro roup Ear arnings Pres Presentation

3Q Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3

12 12

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Mas ass Tra ransit Up Update

Gree een Li Line net etwork will will exp expand to

  • 66

66.7km an and d 59 59 sta stations by by 20 2020

13 13 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates Aug 2019 N8 N8: Mo Mo Chit N13 N13: : Kasetsart University N9 N9: Ha Ha Yaek Lat Lat Prao ao N1 N17: Wat at Phra Sri Mah Maha that N2 N24: Khu Khot

Nor North thern Green Line ext xtension

E15 15: Sam amrong E23: Kheha

South thern Green Line ext xtension

Dec 2019 Expected Jun 2020 Expected by 2020 Full operation since Dec 2018

Current Green Line network operation

48 48 53.9 .9 66.7 .7 59 59

To be operational in 2020

stations km stations km

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prepared by Investor Relations department BTS BTS Grou

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Transporta tation Up Update

Su Summary of pr proje ject sta status dur during 20 2017 17-2019 19

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

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 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 91bn (per market sounding) PPP Contract signing expected by Apr 20 PPP Contract signing expected by Apr 20 PPP Contract signing expected by Jun 20

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 Aug 20.

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Western n Or Orange Eas astern Or Oran ange

Eas astern Ora range We Western Orange

EXPE PECTED TI TIMELINE

Mas ass Tra ransit Up Update

Ora range Li Line – pr project at at a a gla glance

15 15 2023 Targeted Commercial Operation Date for Eastern Orange MA MAY 2017 Civil work construction of Eastern Orange began Oc Oct 2020 Expect request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale

Underground Stations Elevated Stations

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

OR ORANGE LINE (35.9 .9KM, , 28 28 STATIONS)

CA CAPEX Civil ~THB 111bn* E&M ~THB 32bn Rou Route te Length th No.

  • No. of
  • f

Sta tations Taling Chan – Thailand Cultural Center 13.4km 11 (underground) Rou Route te Length th No.

  • No. of

Sta tations Thailand Cultural Center - Min Buri 22.5km 17 (10 underground and 7 aboveground)

* Western Orange civil works and land exploration CAPEX

28 JAN 2020 Cabinet approved the project 2026 Targeted Commercial Operation Date for Western Orange

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Media Up Update: Advertising

Est stablishing a a clea clear fun unction of do domestic me media ass assets man management

16 16 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

TR TRANSACTION SUMMARY

50.0% 19.96% 38.91% 26.55% Public Hello Bangkok Holdings Company Limited 14.58% 50.0% On 14 January 2020, MACO’s EGM approved the following transactions:-

POST SHAREHOLDING STR TRUCTURE IMPACT FROM MACO AT VGI’S LEVEL

  • Deconsolidate MACO – effective on 30 January 2020
  • Retrospective restated VGI’s Profit and Loss statements since

2018/19 and 2019/20

  • Change annual revenue target from THB 6.0 – 6.2bn to THB 3.8 –

4.0bn, representing 15 – 20% growth YoY based on the restatement

  • Net profit remains unchanged, hence, increasing net profit margin

from 20 – 25% to 30 – 35%.

  • I. Th

The acquisition of Hello Bangkok k L E D D Company Limi mited (Hello LED) D) % of investment: 50.0% To Total investment: THB 1,950mn II. . Th The issuance of PP PP to Pl Plan B Me Media Pu Public Company Limi mited (Pl PlanB) No. . of share res issued: 1,080mn shares Pr Price: THB 1.44 per share To Total value: THB 1,553mn III. . Th The entry ry into the Ad Advert rtising Me Media Ma Management and Service Ag Agreement wi with Pl PlanB Mi Minimum guara rantee: THB 700mn per year Dur Duration: 5 years (start from 1 January 2020) Comp mpletion of transaction: 30 January 2020

EVE VENTS AFTER THE THE COMPLETION

  • MACO has completed a sale of its new shares to PlanB, which resulted in a

dilution of the VGI’s shareholding in MACO from 33.17% to 26.55%

  • In addition, VGI also reduced Board of Directors in MACO to 2 out of 7

persons

  • Therefore, VGI would no longer have control in MACO. As a result, MACO

changed its status from VGI’s subsidiary to associated company.

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Media Up Update: Advertising

Est stablishing the he foo

  • otp

tpri rint in in Vietn ietnam mark arket t – the he fas astest t grow

  • wing co

coun untr try y in in the he So Sout utheast t Asia sia

17 17 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

TR TRANSACTION SUMMARY RA RATIONALE SHAREHOLDING STRUCTURE

  • To establish our footprint in Vietnam market by partnering with the

leading OOH Media company, which its network covers static billboards and digital screens in prime locations nationwide.

  • The investment will allow MACO to leverage its know-how to enhance

more strength to VGI Vietnam. To invest in VGI Vietnam Joint Stock Company (VGI Vietnam), the leading OOH Media company with nationwide network coverage, through VGI MACO (Singapore) Private Limited (VGIMS) % % of investment: 25.0% Total investment: THB 457mn (MACO THB 343mn and VGI THB 114mn) 1) 10.0% from existing shareholders at THB 183mn 2) 15.0% from newly issued shares at THB 274mn Sourc rces of fund: Capital increase from VGI and MACO into VGIMS Comp mpletion Within March 2020

*Trang & Partner Co., Ltd. is 95.0% held by Ms. Nguyen Thi Ngoc Trang (Seller) and the remaining 5.0% is held by Mr. Lan Tieu Phi (Seller’s spouse)

25.0%

VG VGIMS VG VGI Vi Vietnam (Holding Co.) Tr Trang & Pa Partner r Co., ., Ltd.* .*

25.0% 75.0% 75.0%

T-Icon Co., ., Ltd. (T (T-Icon)

99.9% 100.0%

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SLIDE 18

prepared by Investor Relations department BTS BTS Grou

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Holding dings PCL

Media Up Update : : Payment

Con Continue to

  • exp

experie ience str strong us user gr growth

18 18 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

Rabbit LinePay serves more than 7.0mn users, an increase of 37.3% YoY 5.1 5.5 6.0 6.5 7.0

3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20

Single e-wallet with BTS and Rabbit Card & Rabbit LinePay

RA RABBIT LINEPAY

Rabbit Card circulation reached 12.6mn cards, increased by 22.4% YoY 10.3 11.0 11.5 12.2 12.6

3Q 18/19 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20

+37.3 .3% YoY

RA RABBIT CA CARD

+22.4% YoY

(mn cards) (mn users)

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SLIDE 19

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Holding dings PCL

19 19 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

Pr Property Up Update

Vers erso International Sch School l – pr project at at a a glan glance

Located at Thana City ty 85% 85% Construction Progress Targeted

  • pening for

the first semester in Aug g 20 2020

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SLIDE 20

prepared by Investor Relations department BTS BTS Grou

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Holding dings PCL

Pr Property Up Update

The The Cu Custom Ho House (Roi Ch Chak Sam Sam) – pr project at at a a glan glance

20 20 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

On the Fine Arts Department submission process for approval 5-Star Luxurious Hotel World-Class Dining Experience Curr Current stat tatus us 2025 2025 Expected

  • peration year
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SLIDE 21

prepared by Investor Relations department BTS BTS Grou

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Holding dings PCL

Pr Property Up Update

The The Un Unicorn Pha Phayathai

  • pr

project at at a a glan glance

21 21 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Updates

51 levels of mixed-use building

  • Retail
  • Office
  • Hotel &

Residence Located at Phay ayathai 12% Construction Progress 2022 2022 Expected

  • pening year
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SLIDE 22

prepared by Investor Relations department BTS BTS Grou

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Holding dings PCL

Agenda

BTS Gro roup Ear arnings Pres Presentation 22 22

3Q Q 20 2019/20 FIN FINANCIAL PER ERFORMANCE SE SECTION 1 BUSINESS UP UPDATES SE SECTION 2 APPENDICES SE SECTION 3

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SLIDE 23

prepared by Investor Relations department BTS BTS Grou

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Mass Tra ransit Update

Pr Progress of BTS rail rail ma mass tr tran ansit sec secured line ines

23 23

*Sources: Information was from MRTA and the Company’s report as of 31 December 2019

NO NORTHERN GREEN LI LINE EXT. (Mochit – Khu Khot) 17.8km/ 16 stations PINK LI LINE (Khae Rai – Min Buri) 34.5km/ 30 stations YELLOW LI LINE (Lad Prao - Samrong) 30.4km/ 23 stations

100%

PINK LI LINE (EXTENSION) (Sirat – Muengthong Thani) 3.0km/ 2 stations YELLOW LI LINE (EXTENSION) (Ratchada - Ratchayothin) 2.6km/ 2 stations GOLD LI LINE PHASE 1 (Krung Thon Buri – Klong San) 1.8km/ 3 stations

50% 45 45% 61% 66% 66% 50% 45 45%

Ci Civil E&M Pr Progress (%)*

69% 69%

Included in Masterplan 17 Oct 18 Included in Masterplan 17 Oct 18 NTP issued 29 Jun 18 NTP issued 29 Jun 18 FY FY 17/18 FY FY 18/19 FY FY 19/20 FY FY 20/21 /21 5 stations

  • pened

Targeted full Operation (2020) Contract Signed FY FY 21/22 Targeted

  • peration

(Oct 2021) Targeted

  • peration

(Oct 2021) Contract Signed Construction Period Construction Period Construction Period Targeted

  • peration

(Aug 2020) O&M contract Signed (31 Jul 18) Construction Period BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices Approved by MRTA BoD

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Mass Tra ransit Update

3Q Q 20 2019 19/20 Cor Core Ne Network Rid iders rship

24 24

Historica cal Rid Riders rship & & % % Growth (YoY) Historica cal Avera rage Far are & & % % Growth (YoY)

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices

For comparison purpose, abovestated average fare was calculated before extraordinary events

  • Quart

rterly ridership increased 2.2% YoY to 63.0mn trips

  • Quart

rterly average weekday ridership of 774,563trips, +3.1% YoY

  • Fare

Farebox revenue1 grew 1.3% YoY to THB 1.8bn Quart rterly average far fare rose 0.7% YoY to THB 29.3 per trip

61.6 61.1 59.6 63.9 63.0 1.3% 1.5% 4.4% 4.4% 2.2% 0.6%

  • 0.8%
  • 2.4%

7.2%

  • 1.5%

3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20 3Q 2019/20

Ridership (mn trips) Ridership Growth (YoY) Ridership Growth (QoQ)

1Farebox revenue would increase by 1.4% YoY if compared to 3Q 18/19 farebox

revenue before recognition of the reversion of THB 0.6mn from free-trip allowance to passengers from train services disruption during June 2018

29.1 29.0 29.1 28.8 29.3 1.5% 0.6% 0.1% 0.0% 0.7% 1.0%

  • 0.4%

0.4%

  • 0.9%

1.7% 3Q 2018/19 4Q 2018/19 1Q 2019/20 2Q 2019/20 3Q 2019/20

Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)

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Mass Tra ransit Update

Jan anuary an and YTD (10 (10mths) cor core Ne Network Rid iders rship

25 25 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices

FY 2019/20 Rid Riders rship Growth Target YTD TD Rid Riders rship: : Actua ual +4 +4-5% 5% +3. +3.3%

  • Ridership = 20.8mn trips, +0.2% YoY, -0.2% MoM
  • Average fare* = THB 29.0/ trip, +0.3% YoY
  • Farebox revenue* = THB 604.6mn, +0.5% YoY
  • Average weekday ridership = 759,182 trips, +1.9% YoY,
  • 3.6% MoM

JAN 20 SUMMARY

*Before discount

Rid Riders rship Far are

  • Ridership = 207.4mn trips, +3.3% YoY
  • Average fare* = THB 28.8/ trip, -0.7% YoY
  • Farebox revenue* = THB 5,965.6mn, +2.6% YoY
  • Average weekday ridership = 770,951 trips, +4.1% YoY

YTD TD SUMMARY (APR PR 19-JAN 20, 10MTHS)

1 The declined was mainly from free trips during 5-6 May to celebrate the Royal Coronation Ceremony. 2 The decline was mainly from free trips on 12 Dec to celebrate the Royal Barge Procession Coronation.

18.7 20.3 20.6 21.1 22.0 20.8 20.8 21.3 20.9 20.8 4.8% 5.3% 3.1% 7.1% 2.1% 4.3% 3.4% 0.7% 2.7% 0.2%

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20

Ridership (mn trips) % YoY ridership growth 29.3 27.5 28.9 28.8 28.9 28.7 29.2 29.1 28.3 29.0

  • 0.3%
  • 5.1%1

0.3% 0.0% 0.0% 0.2% 0.9% 0.8% -4.1%2 0.3%

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20

Average fare price (THB) % Change YoY

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Mas ass Tra ransit Up Update

Pr Progress of 46 46 Ne New Tra rains Deli Delivery

26 26

79 79 train ins cu curr rrently ly in servic ice (vs 52 52 train ins in 20 2015) 98 98 train ins are ex expected to to be be fully ly in n servic ice by by 202 2020

18 trains arrived 5 trains in service 22 trains all arrived all trains in service The remaining 6 trains will be delivered by 2020 BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices

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SLIDE 27

prepared by Investor Relations department BTS BTS Grou

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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

27 27 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 Apr 2020

Consortium’s Members

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SLIDE 28

prepared by Investor Relations department BTS BTS Grou

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Transportation Up Update

U-Tapao International Air Airport - BB BBS JV JV as as the the bes best bid bidder

Consortium’s Members

Loc Location Plub Pla ,Ban Chang District, Rayong Province Lan Land Ar Area ea

  • Approx. 1,600 Rai

Contract Type PPP Net Cost Contract t Term 50 Years Au Authority Royal Thai Navy Tota tal Project Cost THB 91bn per market sounding Sources of f Fu Fund Debt 70 : Equity 30 28 28

Project ct De Details

45% 35% 20%

3 Years 47 Years Design & Build Operation and Maintenance

BBS

JV JV 2 3 4 1 5 6 7

PPP PP Project ct Sco cope

  • 1. Passenger Terminal Building 3
  • 2. Commercial Gateway
  • 3. Cargo Village as a Free Zone
  • 4. Cargo Complex
  • 5. Maintenance, Repair & Overhaul

Facilities

  • 6. Aviation Training Center
  • 7. Passenger Terminal Building 1 & 2

Ti Timeline

Source: Company Data and Market Sounding

21 1 Mar March 2019 Bidding submission 30 Jan January y 2020 BBS JV was announced as the best bid winner October 2018 RFP selling period

Pac ackage Inc nclusion: n: Pac ackage Exclus usion:

(42 companies bought U-Tapao RFP) BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices By June 2020 Expected contract signing

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BTS Group Up Update

BTS TS-W4 4 an and d BTS TS-W5 Ter erm Sh Sheet eets

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 29 29

BTS TS-W4 TER TERMS AND ND CONDITIONS BTS TS-W5 TER TERMS AND ND CONDITIONS

Ticker BTS-W4 Term 1 year from the issuance date Issuance dat ate 30 November 2018 Expiry y dat ate 29 November 2019 War arrants pri rice nil No

  • No. of

f war arrants 1,315,710,907 units Al Allocation To existing shareholders at the ratio of 9 existing BTS shares : 1 BTS-W4 Exercise e rat ratio1 1 BTS-W4 to 1.0111 new common share of BTS Exercise e price THB 10.3841 per share Expected max maximum proceeds THB 13.8bn Exercise e per eriod Quarterly Tota tal Proceeds THB 13.7bn (1,293.8mn units exercised, equivalent to 98%

  • f maximum proceeds)

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 new common share of BTS Exercise e price THB 14 per share Expected max maximum proceeds THB 18.4bn Exercise e per eriod Quarterly

1The adjustment took effect from 30 Jul 2019 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

THB 1.5

.5 - 1.9 .9bn

bn

Mass-transit related interest income

TH THB 27

27 - 33 33bn

bn TH THB 0.7

0.7bn

bn

THB THB 0.2

.2bn

bn

(Excludes: Real estate development cost)

THB 23

23 - 27 27bn

bn

Pink and Yellow Lines Construction revenue

THB 4

4 - 6bn

bn

Revenue from E&M provision and train procurement for Green Line extensions

4 4 - 5% 5%

Core Network ridership growth

THB 3.4

3.4bn

Train O&M revenue

THB 3.8

3.8 - 4.0 4.0bn

bn

VGI Revenue (revised)

40 40 - 45 45%

VGI EBITDA margin

30 30 - 35% %

VGI NPAT margin (revised)

FY FY 20 2019/20 BTS Group Tar argets s an and CAPEX

≥ 20%

U City EBITDA margin Actual: 31.5%

THB 35

350mn

mn

BTS Group Property Revenue

THB 7.2

7.2 - 7.5 7.5bn

bn

U City Revenue Actual: THB 10.1bn

BTS TS GROUP P TARGETS CA CAPE PEX: : THB THB 28-34B 4BN MASS TR TRANSIT PROPE PERTY TY MEDIA

BTS Gro roup Ear arnings Pres Presentation Section 3: Appendices 30 30